Financial Performance Highlights

Full Year FY26 (Consolidated)

  • Revenue from operations: ₹96.53 crore, up 9.2% year-on-year
  • EBITDA: ₹13.96 crore, up 9.6% year-on-year
  • EBITDA margin: 14.3% (vs 14.0% in previous year)
  • PAT: ₹7.41 crore
  • Operating cash flow before tax: ₹10.9 crore
  • Operating cash flow after tax: ₹8+ crore
  • Capital expenditure: ₹9.3 crore invested in technology infrastructure, manufacturing capabilities, and digital platforms

Half Year H2FY26 Performance

  • Revenue: ₹47.61 crore, up 12.4% year-on-year

Jettings Subsidiary Performance (Acquired 2024)

  • Revenue: ₹19.22 crore, up 7% year-on-year
  • EBITDA growth: 18%+ year-on-year
  • EBITDA margin: 10.2% (100 basis points expansion)
  • Purchase costs increased 41.5% to ~₹9 crore
  • Employee costs reduced 20%
  • Operating expenses reduced 11%

Operational Highlights

Install Base & Sales

  • Total printer install base: 8,000+ units (including Jettings contribution)
  • FY26 printer sales: 1,550 units
  • After-sales business contributes significantly to recurring revenue

Backward Integration

  • Ink manufacturing: 100% backward integrated
  • Overall backward integration: 40-50% achieved for printer components
  • Specific applications: 95% backward integrated for ink business

Industry Segmentation

  • Extrusion: 85% CIJ application
  • Food & FMCG: Major CIJ penetration
  • Pharma: Laser and NIJ focus
  • Customer profile: Extrusion (primary), Food/Pharma/FMCG, Industrial Equipment, Agriculture, Packaging/Printing

Product Portfolio

  • CIJ (Continuous Inkjet), TIJ, DOD, Laser, TTO, PIJ printers
  • Revenue mix: ~30% printer sales, ~30% inks, ~30% makeup/cleaner fluids, balance spares
  • Annual recurring revenue per printer: ₹80,000-₹120,000 for extrusion segment

Strategic Initiatives

Capacity Expansion

  • CAPEX allocation: 41% infrastructure capacity, 30% exports/global expansion, 8% tech/ERP, 3% R&D, 5% product development
  • Funding sources: Internal accruals, debt, equity (under evaluation)
  • Focus on maintaining margin profile over pure top-line growth

Market Expansion

  • Government tendering: Won 2 tenders in FY26, multi-location projects
  • Automation projects: Big-ticket, long-duration projects
  • Vertical specialization: Food/Pharma/FMCG, Agriculture/Chemicals, Extrusion vertical heads appointed

Technology Development

  • R&D focus on next-generation printhead technologies
  • Indigenous development capabilities
  • Digital-physical integration initiatives
  • Cybersecurity and data management investments

Management Commentary

Growth Outlook

  • Confidence in delivering sustainable double-digit growth medium term
  • Healthy order pipeline and industry tailwinds
  • Focus on margin preservation over haphazard growth

Risk Factors

  • Geopolitical uncertainties affecting supply chains
  • Raw material price volatility (Middle East conflict impact)
  • Dependence on imported components for precision parts

Competitive Advantages

  • Complete backward integration (inks, consumables, printers)
  • Margin control through integration
  • Strong R&D and quality compliance infrastructure
  • Pan-India service network (12-24 hour response time)

Q&A Session Highlights

Install Base Clarification

  • 8,000+ install base includes Jettings contribution
  • FY25 base was 5,000+ excluding full Jettings integration

Geographic Exposure

  • Southern India market strengthened through Jettings acquisition
  • Customers include Deccan Cements, Zydus, Patanjali, Denmark

Margin Sustainability

  • Target to maintain 13-14% EBITDA margins
  • Ability to pass on input cost increases through service value

Equity Dilution Concerns

  • Management acknowledged investor concerns about equity fundraising
  • Preference for internal accruals and debt funding for CAPEX