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FY26 Performance Highlights

  • Revenue from Operations: ₹1,811.10 crore, up 6.52% YoY from ₹1,700.24 crore in FY25
  • Q4 FY26 Revenue: ₹519.70 crore, up 5.52% YoY from ₹492.54 crore in Q4 FY25
  • Gross Profit: ₹652.09 crore, up 9.48% YoY
  • Gross Margin: 36.01%, improved 97 bps from 35.03% in FY25
  • EBITDA: ₹281.43 crore, up 10.52% YoY from ₹254.65 crore
  • EBITDA Margin: 15.54%, improved 56 bps from 14.98% in FY25
  • Profit After Tax: ₹91.25 crore, down 2.91% YoY from ₹93.99 crore
  • PAT Margin: 5.04%, down 49 bps from 5.53% in FY25
  • Cash Profit: ₹155.51 crore, up 13.43% YoY from ₹137.10 crore
  • EPS: ₹14.15, down 2.95% from ₹14.58 in FY25
  • Cash EPS: ₹24.15, up 13.43% from ₹21.29 in FY25

Segment Performance Analysis

Consumer & Industrial Segment

  • FY26 Revenue: ₹784.67 crore, up 25.62% YoY
  • Q4 FY26 Revenue: ₹213.96 crore, up 19.80% YoY
  • Revenue Share: Increased from 37% in FY25 to 43% in FY26
  • EBIT Margin: 10.21% in FY26 vs 11.45% in FY25

Metering, Systems & Services Segment

  • FY26 Revenue: ₹1,026.43 crore, down 4.57% YoY
  • Q4 FY26 Revenue: ₹305.74 crore (strongest FY26 quarter)
  • EBIT Margin: 17.52% in FY26 vs 17.01% in FY25

Wires & Cables Performance

  • FY26 Revenue: ₹340.74 crore, up 50.0% YoY
  • Q4 FY26 Growth: +81.96% YoY
  • 3-year cumulative growth: +85.4% from FY24 to FY26
  • Demand diversification: Across real estate, industrial OEMs, solar, telecom & 5G, and institutional channels

Operational Metrics

  • Manufacturing Capacity: Electronic Meters (11 million units), Lighting Equipment (26 million units), Switchgear (16 million units), Wires & Cables (194 million meters)
  • Distribution Network: 90+ Branch & Representative Offices, 900+ Authorised Dealers, 85,000+ Retailers
  • R&D Capabilities: 2 R&D centers with 100+ expert engineers
  • Order Book: ₹3,200+ crore as of May 22, 2026, with 97%+ from Metering, Systems & Services

Balance Sheet Position (as of March 31, 2026)

  • Total Assets: ₹2,398.32 crore vs ₹2,094.76 crore in Mar-25
  • Equity Share Capital: ₹64.30 crore (unchanged)
  • Other Equity: ₹935.90 crore vs ₹850.83 crore in Mar-25
  • Property, plant and equipment: ₹608.25 crore vs ₹491.95 crore in Mar-25
  • Inventories: ₹748.51 crore vs ₹696.67 crore in Mar-25
  • Trade receivables: ₹765.27 crore vs ₹713.68 crore in Mar-25
  • Borrowings (Current): ₹649.92 crore vs ₹612.19 crore in Mar-25
  • Borrowings (Non-Current): ₹99.83 crore vs ₹20.90 crore in Mar-25

New Product Development

  • Neeram Pulse: Smart water meter launched in January 2026
  • Switchgear & Industrial Products: Launched ATS 310/360, AFDDs, Mini MCBs and RCBOs
  • Lighting & Solar Solutions: Expanded portfolio with LED streetlights (15W–350W), modular and high-power flood lights, glass-frame luminaires

Marketing and Distribution Initiatives

  • Social Media Reach: Over 21 million
  • International Participation: Iraq Energy Exhibition (January 10-12, 2026)
  • Domestic Exhibitions: Vidyut Expo Nagpur, PEATA Exhibition Bhavnagar, Electra'2026 Kolkata
  • Dealer Conference: Elite 150+ dealers in Phuket (March 16-19, 2026)
  • Technical Seminars: Conducted with South-Eastern Rail, Kharagpur Division

Business Strategy Focus for FY27

  • Scale both Consumer & Industrial and Smart Metering verticals
  • Protect margins through pricing discipline and product mix improvement
  • Leverage R&D-led differentiation and calibrated capacity expansion
  • Focus on four growth pillars with defined growth drivers and monitorable anchor metrics

Market Opportunity Context

  • Smart Metering: Government of India announced ₹3.03 trillion smart metering initiative
  • Current Installation: ~4.7 crore smart meters installed in India
  • Sanctioned Connections: Over 20 crore connections under RDSS
  • Global Smart Water Meter Market: Estimated to grow from ~USD 4.61 billion (2024) to ~USD 9.04 billion by 2030 (~11.9% CAGR)