Meeting Details

  • Date of Meeting: June 1, 2026
  • Mode: Virtual
  • Platform: Online Platform
  • Participants: Senior Management of the Company and Analysts/Institutional Investors
  • Management Representatives: Mr. Umang Prithani (Joint Managing Director) and Mr. Vivek Malhotra (General Manager Finance)

Financial Performance Highlights (FY26 Standalone)

  • Revenue from Operations: ₹365 crores (vs. ₹242 crores in FY25), representing 50% year-on-year growth.
  • EBITDA: ₹83.45 crores (vs. ₹48.53 crores in FY25), representing 71% growth.
  • EBITDA Margin: 22.83% (vs. 20.03% in FY25), an expansion of 280 basis points.
  • Profit After Tax (PAT): ₹59.61 crores (vs. ₹29.89 crores in FY25), representing 100% growth.
  • PAT Margin: 16.31% (vs. 12.34% in FY25), an expansion of 397 basis points.
  • Basic EPS: ₹20.54 (vs. ₹10.30 in FY25).
  • Consolidated PAT: ₹59.58 crores, representing 100.7% growth.

Q4 FY26 Financial Performance

  • Revenue from Operations: ₹93.93 crores.
  • Profit Before Tax: ₹16.79 crores.
  • Profit After Tax: ₹14.78 crores.
  • EPS: ₹5.09.

Operational Performance & Strategy

Seasonal Execution Improvement: The company proactively managed monsoon seasonality (July-September) by diversifying workflow to areas with lower monsoon intensity. This resulted in Q2 and Q3 FY26 revenue of ₹180 crores combined, a 2.6x improvement over the ₹70 crores achieved in the same period of FY25. This eliminated the structural drag of under-utilization and near-nil margins previously seen in wet seasons.

Business Segments:

  • EPC Infrastructure: Contributes approximately 90% of revenue. The company operates in roads and bridges, railways and tunnels, institutional buildings, river protection works, and general civil infrastructure. Projects are executed for NHI, NHAI, NHIDCL, Northeast Frontier Railway, MoRTH, Water Resources Departments, and various state government agencies.
  • Real Estate: Contributes approximately 10% of revenue but offers high margins (~85%). The flagship asset is the City Center Mall in Guwahati, operational for over seven years. FY26 segment revenue was ₹19.58 crores with a profit of ₹16.70 crores. The decrease in top-line versus FY25 was due to the sale of industrial plots in the prior year not repeating.

Competitive Advantage: The company highlighted its deep regional expertise and execution capabilities in Northeast India, which requires understanding complex terrain, weather cycles, logistics, and river systems. This expertise allows for efficient execution and healthy margins (13-20% across projects, averaging ~15% in EPC). The company also possesses specialized engineering capability in river and slope protection works, creating a niche profile.

Order Book & Visibility

  • Order Book as of March 31, 2026: ₹1,600 crores.
  • Revenue Visibility: 4.46x FY26 revenue.
  • Order Book Composition:
  • Buildings: ₹405 crores
  • Roads and Bridges: ₹498 crores
  • Railways and Tunnels: ₹400 crores
  • River Protection Work: ₹250 crores
  • Bidding Pipeline: The company currently has a bidding pipeline of ₹3,000 crores, with results expected in the next 30-45 days. For the full coming year, the pipeline is estimated at ₹7,000-8,000 crores, with an expected mix of 40% building works, 20% protection works, and 40% road works.
  • Execution Timeline: The average execution period for projects is 2-3 years.
  • JV Revenue Share: Approximately 70% of order book revenue is expected to be recognized by Brahmaputra Infrastructure Ltd. (BIL), with 30% going to joint venture partners.

Future Outlook & Guidance

Growth Expectations: Management targets maintaining a 50% year-on-year revenue growth rate over the next 2-3 years, citing FY26 as an inflection point. The outlook is supported by strong tailwinds in Northeast India from government initiatives (PM Gati Shakti, Bharatmala, Act East policy, railway expansion, border connectivity). Key growth segments are expected to be highway infrastructure, hydropower, border infrastructure (roads, fencing), and railway projects.

Real Estate Expansion: The company is planning a new mixed-use commercial and residential project in Guwahati in the format of an open plaza shopping destination. The project is planned phase-wise with an approximate total value of ₹500 crores over the next 4-5 years. The commercial leasable area is expected to be about 4 lakh square feet. The project launch is anticipated in the next 4-5 months, with the goal of scaling up rental income.

Capital Allocation & Debt: The company plans to support growth using a mix of surety bonds (now accepted across departments), bank guarantees, and strategic partnerships/joint ventures. Management is also working with lenders to release promoter share pledges (created in 2014) over the next year or two, citing lower debt levels now.

Key Management Commentary

  • The combination of EPC and high-margin real estate provides strategic cash flow stability and annuity income.
  • The company aims to be a primary beneficiary of and contributor to infrastructure development in Northeast India.
  • This conference call marked the beginning of a more transparent and consistent engagement with the investor community.