Key Financial Results (H1 FY27 Consolidated)

Income Statement Highlights:

  • Revenue from Operations: ₹7,152.8 lakh (₹71.5 Cr), up 76.2% from H1-FY26 (₹4,058.8 lakh)
  • EBITDA: ₹1,027.7 lakh (₹10.3 Cr), up 78.5% from H1-FY26 (₹575.2 lakh)
  • EBITDA Margin: 14.4% vs 14.2% in H1-FY26 (+20 bps)
  • Profit Before Tax: ₹730.5 lakh, up 201.3% from H1-FY26 (₹242.1 lakh)
  • Profit After Tax: ₹542.4 lakh (₹5.4 Cr), up 123.6% from H1-FY26 (₹242.1 lakh)
  • PAT Margin: 7.6% vs 6.0% in H1-FY26 (+160 bps)
  • EPS: ₹4.00 vs ₹2.43 in H1-FY26

Balance Sheet Position (as of September 2026):

  • Total Assets: ₹14,106.9 lakh
  • Property, Plant and Equipment: ₹3,178.7 lakh
  • Inventories: ₹4,676.0 lakh
  • Trade Receivables: ₹4,390.8 lakh
  • Share Capital: ₹1,357.5 lakh
  • Reserves & Surplus: ₹4,883.7 lakh
  • Long Term Borrowings: ₹2,107.5 lakh
  • Short Term Borrowings: ₹3,299.4 lakh

Cash Flow Statement (H1 FY27):

  • Net Cash from Operating Activities: -₹568.6 lakh
  • Cash Flow from Investing Activities: -₹485.7 lakh
  • Cash Flow from Financing Activities: ₹1,049.1 lakh
  • Net decrease in Cash and Cash equivalents: ₹-5.2 lakh

Operational and Business Highlights

Order Book and Contract Wins:

  • Won 14 works orders worth ₹53.4 Cr between April and September 2026
  • Current order book stands above ₹120 Cr
  • 35 live contracts across seven states

Business Model and Capabilities:

  • Integrated model from design to installation
  • In-house design solutions, manufacturing of gabions, rockfall nettings and SlopeMat
  • Manufacturing plants in Himachal Pradesh and Assam
  • Received standalone design orders from clients including Hindalco, NCC, D.H. Desai, Rockeira, and QC Infrastructure

Growth Initiatives:

  • New Mining & Industrial vertical for ash ponds and mine works
  • Dedicated Bid Desk for larger government tenders
  • Pursuing ETA and CE certification for rockfall barriers with early warning systems
  • Backward integration into PVC compound

Manufacturing and Geographic Presence:

  • ISO and BIS-certified manufacturing facility in Himachal Pradesh
  • Group capacity utilization: 18,000 MTPA
  • International presence through subsidiaries in Nepal (Gabion Technologies Nepal Pvt Ltd, Morang) and Bangladesh (Gabion Technologies BD Ltd, Dhaka)

Management Commentary:

Mr. Madhusudan Sarda, Chairman & Managing Director, stated: "H1 FY27 has been the strongest first half in our history. We have used our post-IPO balance sheet to bid for and win larger works. Slope protection in hilly terrain is no longer optional; it is essential. We intend to be the company that the country relies on for it."

Industry Context

  • Indian gabion market projected to grow from USD 16.23 Mn in FY2024 to USD 37.89 Mn by FY2032 at 11.18% CAGR
  • Union Budget FY27 public capex: ₹12.22 lakh Cr (+11.5% over FY26 RE)
  • MoRTH allocation, FY27: ₹3.10 lakh Cr (+8% over FY26 RE)
  • 12.6% of India's land area (~0.42 mn sq km) is landslide-prone