Gabion Technologies H1 FY27 Revenue Up 76%

Revenue from operations: ₹71.53 crores (up 76.2% YoY from ₹40.59 crores in H1 FY26)
EBITDA: ₹10.27 crores (up 78.5% YoY from ₹5.7 crores)
EBITDA margin: 14.4% (vs 14.2% in H1 FY26)
Finance cost: ₹2.09 crores (vs ₹2.52 crores in H1 FY26)
Profit after tax: ₹5.42 crores (up 124.1% YoY from ₹2.42 crores)
PAT margin: 7.6% (vs 6% in H1 FY26)
EPS for the half: ₹4

Strongest first half in company history as a listed entity (listed on BSE SME platform on 13th January 2026)
Business model: Integrated geotechnical solutions provider for slope protection, rockfall mitigation, and river erosion control
Revenue mix: Approximately 50% from solutions business (projects) and 50% from supply business (products)
Solutions business has approximately 5% higher PAT margin than product business
Volume (tonnage) growth: 80% above same period last year

Total order book: Above ₹120 crores
35 live work contracts with total value: ₹179.9 crores
Amount billed to date: ₹69.4 crores
Amount still to be billed: ₹110.5 crores
Order book composition: >50% in rockfall and slope protection, followed by embankments and retaining walls, with new contribution from Ash Ponds
Geographic spread: Across 11 states (Andhra Pradesh, Odisha, Uttarakhand, Bihar, Himachal Pradesh, Chhattisgarh leading)
Client mix: 79% private and EPC clients, 21% direct government work

Already bid count: Approximately ₹200 crores
Expected new orders in current year: Approximately ₹150 crores (mostly for execution next year)
Expected government orders: ₹40-50 crores
Expected private orders: ₹100 crores

Assam unit near Guwahati (5,000 MTPA capacity with on-site PVC coating) now operational
Paonta Sahib expansion underway with new lines alongside existing 9,200 MTPA certified plant
Group capacity post-expansion: 18,000 MTPA (almost double FY26 production of 9,108 tons)
Full capacity expected operational by January 2027 (last quarter of FY27)
Manufacturing revenue potential at full capacity: ₹150 crores

1. New mining and industrial vertical for ash ponds and mine works (potential ₹200-300 crores over 2-3 years)

2. Larger government tenders leveraging post-IPO net worth and dedicated bid desk

3. Exports: Gabions certified to Bhutan Standards; ETA and CE certification for rockfall barriers underway

4. Northeastern and South Asian expansion through Assam unit and subsidiaries in Nepal and Bangladesh

PVC compound in-house production: Expected Q1 FY28, expected to add 1% to manufacturing PAT margin
GI wires backward integration: In discussions with manufacturers, expected to add another 1.1% to PAT margin

Operating cash flow H1 FY27: Outflow of ₹5.69 crores (inventory build-up to support order book execution)
Trade receivables (Sept 2026): ₹43.91 crores (vs ₹42.82 crores in March)
Inventories (Sept 2026): ₹46.76 crores (vs ₹35.50 crores in March)
Net cash usage in investing activities: ₹4.86 crores (primarily for Assam unit and Paonta Sahib expansion)
Net debt-to-equity: 0.86 as of 30th September 2026
Expected debt increase by FY27 end: ₹10-15 crores, with debt-equity ratio remaining under 1
Collections improvement target: 10% improvement by year-end through enhanced recovery team

Designs vetted by IIT Guwahati and IIT Bhubaneswar
Standalone design orders from Hindalco, NCC, and D.H. Desai
Wire mesh approved for Mumbai-Ahmedabad high-speed rail project
European certification for rockfall protection products expected in H2 FY27, with full certification by mid-FY28

Differentiates through superior quality (vs small competitors) and technical abilities/design acumen (vs large competitors)
Integrated model (design, manufacture, install) provides competitive advantage