Financial Performance Highlights

Standalone Results (Q1 FY27):

  • Operating Income: ₹125.72 crores (50% increase YoY)
  • EBITDA: 25.53% margin (39.81% increase YoY)
  • PAT: ₹15.03 crores (184.65% increase YoY)

Consolidated Results (Q1 FY27):

  • Operating Income: ₹157.24 crores (30% increase YoY)
  • EBITDA: ₹28.14 crores (31.62% increase YoY)
  • PAT: ₹15.49 crores (1.28% increase YoY)

Order Book and New Contracts

  • Order book as of July 2026: ₹2,329 crores
  • Q1 FY27 order intake: ₹317 crores
  • Q2 FY27 additional orders (till date): ₹158 crores
  • Currently L1 for a project in Banaras exceeding ₹100 crores

Operational Updates and Challenges

West Bengal Project:

  • Execution was impacted by election-related restrictions and moral code of conduct
  • Restrictions have been lifted but full execution rate of ₹70-80 crore expected only from Q3 FY27
  • This is a sewerage network project requiring gradual ramp-up

Uttarakhand Operations:

  • Heavy rains in previous quarters caused work disruptions
  • Fixed establishment costs during low revenue periods compressed margins
  • Government bureaucracy delays in processing revised estimates and escalation claims

Management Guidance and Outlook

Revenue Guidance:

  • FY27 revenue target: ₹900-950 crores (similar to FY2024-2025 levels)
  • Expected quarterly progression: Q2 +30-35% vs Q1, Q3/Q4 +50% vs previous quarters
  • Strongest quarter expected to be Q4, weakest Q2

Margin Guidance:

  • Targeting return to historical EBITDA margins of 25%
  • Targeting PAT margins of 15%
  • Confidence in achieving these margins as order book contains projects built with these margin assumptions

Geographic Revenue Mix

  • Uttar Pradesh: 42% of revenue
  • Uttarakhand: 61% of revenue

Working Capital Management

  • Typical working capital cycle: 120 days
  • Working capital requirement: ₹300-350 crores for ₹1,000 crore turnover
  • Payment delays from government during work stoppages create cyclical challenges

Project Execution Timeline

  • Typical project duration: 2-3 years
  • Engineering and design approval: 6 months post work order
  • Revenue generation begins: 6-7 months post work order
  • Full revenue conversion: 18-24 months

Expansion Plans

  • Currently bidding in Bihar and Madhya Pradesh
  • Exploring projects in Maharashtra and Karnataka
  • No major CAPEX plans for FY27

Management Participants

  • Mr. Ashish Tomar - Promoter and Managing Director
  • Mr. H.K. Kansal - Chief Executive Officer