The event was a Q4 FY26 Earnings Conference Call hosted by Ambit Capital Private Limited on June 01, 2026. The purpose was to discuss the company's financial results for the quarter and full year ended March 31, 2026, and provide a business update.
Management participants included Mr. Shobhit Uppal (Deputy Managing Director), Mr. Vikas Ahluwalia (Director), and Mr. Satbeer Singh (Chief Financial Officer). The call was moderated by Mr. Sudeep Bora from Ambit Capital.
Q4 FY26 Financial Performance:
Turnover: ₹1,322.30 crores (Growth of 8.76% YoY from ₹1,215.84 crores in Q4 FY25)
PAT: ₹80.14 crores (Degrowth of 3.63% YoY from ₹83.16 crores in Q4 FY25)
EPS: ₹11.96 (compared to ₹12.41 in Q4 FY25)
EBITDA Margin: 9.35% (compared to 10.17% in Q4 FY25)
PAT Margin: 5.95% (compared to 6.74% in Q4 FY25)
Full Year FY26 Financial Performance:
Turnover: ₹4,565.20 crores (Growth of 11.38% YoY from ₹4,098.62 crores in FY25)
PAT: ₹264.32 crores (Growth of 31.17% YoY from ₹201.51 crores in FY25)
EPS: ₹39.46 (compared to ₹30.08 in FY25)
EBITDA Margin: 9.52% (compared to 8.34% in FY25)
PAT Margin: 5.70% (compared to 4.85% in FY25)
Net Worth crossed ₹2,000 crores as of March 31, 2026.
Order Book & Inflow:
Net Order Book as of March 31, 2026: ₹21,096.31 crores (to be executed over 24-30 months).
Total Order Inflow during FY26: ₹10,257.39 crores.
The company is currently L1 (Lowest Bidder) in two projects worth ₹1,620.95 crores (RML Hospital, Delhi and a university project in Bhubaneswar, Odisha).
FY27 Guidance & Outlook:
Revenue Growth Guidance: 15% to 20% for FY27.
Order Inflow Target: Approximately ₹8,000 crores for FY27 (including the current L1 status projects).
Margin Guidance: Management expressed confidence in achieving double-digit EBITDA margins in FY27, citing a improved order mix (over 60% private clients) and built-in escalation clauses in 89% of the order book.
Capex Plan: Approximately ₹300 crores for FY27.
Key Project Updates:
Central Vista (₹2,600 Cr project): Awarded on January 14. Design is being frozen; excavation and concrete work has begun on one building (Nirman Bhawan). Targeted execution for FY27 is ~₹1,000 crores. Not impacted by NGT bans.
CSMT Station Redevelopment (~₹2,076 Cr ex-GST): Designs approved; execution has picked up speed. Targeted execution for FY27 is ~₹600 crores.
India Jewellery Park (IJPM): Designing ongoing; excavation work has started. Execution on ground expected to begin post-Mumbai monsoon. A modest target of ~₹100 crores for FY27 was cited due to administrative delays.
Dahlias Project: Targeted execution for FY27 is ~₹400 crores.
Balance Sheet & Working Capital Highlights (as of March 31, 2026):
Cash & Bank Balance: ₹817 crores.
Mobilization Advance: ₹802 crores (37% is interest-bearing).
Retention Money: ₹450 crores.
Unbilled Revenue: ₹688 crores.
Working Capital Days: 104 days.
Depreciation: Run rate is expected to continue proportionally with planned capex.
Challenges & Headwinds Discussed:
The geopolitical conflict was cited as a significant headwind, causing labor shortages (due to LPG scarcity), supply chain disruptions (e.g., electrical panels), and raw material inflation.
Labor shortages and skill deficits are a persistent industry-wide issue.
NGT (National Green Tribunal) bans in the NCR region cause periodic execution shutdowns, though clients are now often compensating for idle labor.
Elections in various states (West Bengal, Assam) led to a slowdown in execution and payments in Q4.
The company stated that no unpublished price sensitive information (UPSI) was shared during the call.
Additional Notes Section
The document is a transcript of a post-results earnings conference call. No attachments like presentations or decks were mentioned in the provided transcript.
Financial data was extensively disclosed as part of the results announcement and subsequent Q&A.
Logistical details like dial-in numbers were part of the transcript but are excluded from this summary as per instructions.
