• The document is a transcript of the 1QFY27 Earnings Conference Call hosted by Ambit Capital Private Limited. It was an earnings call held to discuss the company's financial results for the quarter ended June 2026 (Q1FY27).
  • The call was held on August 17, 2026. A specific time and time zone were not mentioned in the provided transcript.
  • The stated purpose of the event was to discuss the company's financial results for the first quarter of FY27 and provide a business update.
  • The meeting was scheduled after the earnings announcement, as it is a discussion of the announced results.
  • Management participants included:
  • Mr. Shobhit Uppal – Deputy Managing Director
  • Mr. Vikas Ahluwalia – Director
  • Mr. Satbeer Singh – Chief Financial Officer
  • The moderator was Mr. Sudeep Bora from Ambit Capital.
  • The transcript does not indicate that a presentation, earnings deck, transcript, or recording would be made available on a specific website. The call was recorded, as stated by the moderator.
  • The transcript does not contain any explicit compliance language stating that no unpublished price sensitive information (UPSI) would be shared.

Financial Highlights & Guidance

  • The financial period discussed is Q1 FY27 (Quarter ended June 2026).
  • Key Financials (Q1FY27 vs Q1FY26):
  • Turnover: INR 1,125.81 Crores (up 12.03% from INR 1,004.88 Crores)
  • PAT: INR 11.42 Crores (down 77.65% from INR 51.11 Crores)
  • EPS: INR 1.70 (down from INR 7.63)
  • EBITDA Margin: 4.29% (down from 8.59%)
  • PAT Margin: 1.01% (down from 5.09%)
  • Reasons for Margin Contraction: Management cited four primary reasons for the EBITDA margin dip:

1. AIIMS Jammu Project Dispute: Finalization of the bill resulted in a reduction of bill value by INR 29 Crores, leading to an adverse EBITDA impact of 2.6%. This matter is being taken to arbitration.

2. State Elections: Adverse impact due to elections in West Bengal and Assam, leading to reduced turnover and higher IDC costs in projects in these states.

3. Labor Cost Surge: A significant increase (35-40%) in minimum wage rates for unskilled and skilled categories in the NCR region, which contributes nearly 50% to the company's portfolio.

4. Increased Staff Costs: The company has significantly increased its employee base to strengthen the organization and mobilize resources for an enlarged project portfolio.

  • Order Book & Inflow:
  • Net order book as of June 30, 2026: INR 20,663.52 Crores (execution timeline: 3-3.5 years).
  • Order inflow during FY27 till June 30, 2026: INR 512.81 Crores.
  • Forward-Looking Statements & Guidance:
  • Revenue Growth: Management expects top-line growth of 12% to 15% for FY27. This is a more conservative outlook compared to previous guidance, citing market volatility.
  • EBITDA Margin: Management ruled out achieving a double-digit EBITDA margin for FY27 due to ongoing headwinds (labor costs, potential NGT impact). They expressed a hope to return to historical margins (around 8.59%) over the next three quarters, barring further issues.
  • Order Inflow: The FY27 order inflow target has been reduced. Management is no longer aggressive and expects inflows of around INR 4,000 - INR 5,000 Crores for the full year, down from a previous target of ~INR 8,000 Crores.
  • Capital Expenditure: Full-year capex guidance was reduced to INR 220 - INR 250 Crores from INR 300 Crores. Q1 capex was INR 60 Crores.

Project-Specific Updates

  • Central Vista Project:
  • Work is ongoing. Nirman Bhawan demolition is complete, and foundation work has begun. Udyog Bhawan demolition is 90% complete.
  • FY27 Billing Target: ~INR 700 Crores
  • FY28 Billing Target: ~INR 1,000 Crores
  • Expected Completion: FY29
  • Gems and Jewellery Park:
  • Work delayed due to client-side design changes.
  • Groundwork expected to begin in Q3FY27.
  • FY27 Billing Target: ~INR 100 Crores
  • FY28 Billing Target: ~INR 450 Crores
  • CST Project:
  • FY27 Billing Target: ~INR 400-450 Crores (ramping up to ~INR 700 Crores in FY28)
  • Challenges related to phased client approvals and traffic blocks.

Additional Notes Section

  • The provided data is a full transcript of the earnings conference call, which includes the management's presentation and the entire Q&A session with analysts.
  • Financial Data Disclosure: Significant financial data was disclosed during the call, including the Q1 results, balance sheet figures, and project-specific financial targets.
  • Balance Sheet Highlights (as discussed in Q&A):
  • Trade Payables: INR 776 Crores
  • Debtors: INR 632 Crores
  • Retention Money: INR 401 Crores
  • Inventory (incl. real estate): INR 391 Crores
  • Mobilization Advances: INR 924 Crores (31% interest-bearing at ~8%)
  • Unbilled Revenue: INR 946 Crores
  • Cash & Bank Balance: INR 920 Crores
  • Gross Debt: INR 2.28 Crores
  • Finance Cost: Increased due to mobilization advance availed for the Central Vista project; expected to remain at a similar level (~INR 15-16 Cr) in coming quarters.