Key Financial Performance

  • FY26 Revenue: Crossed ₹1,800 crore
  • Q4 FY26 Revenue: Crossed ₹500 crore for the first time
  • EBITDA: Grew ahead of revenue with improved gross margins
  • Cash Profit: Expanded despite higher depreciation from capacity additions

Segment Performance

Consumer & Industrial (C&I) Segment
  • FY26 Revenue: ₹784 crore (26% growth YoY)
  • Q4 FY26 Revenue: ₹214 crore (strongest quarter on record)
  • Segment Share: Increased from 37% to 43% of total revenue in FY26
  • Product Breakdown:
  • Wires & Cables: ₹340 crore (50% growth in FY26)
  • Switchgear: Steady performance with manufacturing depth and technical credentials
  • Lighting & Fans: Competitive categories that complete the C&I basket
Smart Metering Segment
  • Order Book: Over ₹3,200 crore as of May 22, 2026 (97% of total order book)
  • Q4 Performance: Strongest quarter of the year after industry-wide execution disruption earlier in FY26
  • Government Target: 7 crore smart meters installed against initial sanction of 22 crore meters

Operational Highlights

  • Distribution Network: Over 900 authorized dealers and 85,000 retailers
  • R&D Focus: Significant investments in both smart metering and C&I segments
  • International Expansion: Exploring markets in Middle East, SAC countries, and Africa

Strategic Initiatives

  • Neeram Pulse: Smart water meter initiative representing strategic adjacency
  • Dedicated manufacturing facility inaugurated at Gurugram
  • BIS mark obtained; international certifications ongoing
  • Marginal revenues expected in second half of FY27
  • New Product Launches: New range of switches launched in Patna
  • Gas Meters: Internally studied but no current plans for entry

Capital Expenditure and Debt

  • FY26 Capex: Substantial investments in metering and other segments
  • FY27 Capex: Expected to be mainly maintenance-focused
  • Debt Levels: Expected to remain at current levels with revenue growth

Management Commentary and Outlook

  • FY27 Priorities:
  • Execute smart metering order book
  • Scale C&I segment with quality growth
  • Protect margins and manage receivables
  • Focus on working capital and calibrated capacity expansion
  • Growth Expectations:
  • C&I segment expected to cross ₹1,000 crore revenue in FY27
  • Smart metering execution to continue with government target extended to 2028
  • International market expansion over next 3-4 years

Promoter Pledge

  • Promoter pledge of 2.42% expected to be reduced in coming quarters
  • Not related to capex requirements