Performance Highlights (Standalone)

  • Q4FY26 Revenue: ₹277.5 crore, up 2% YoY from ₹273.0 crore in Q4FY25
  • FY26 Revenue: ₹1,116.5 crore, up 10% YoY from ₹1,013.9 crore in FY25
  • Q4FY26 Gross Profit: ₹119.5 crore (43.1% margin), down 7% YoY from ₹128.8 crore (47.2% margin)
  • FY26 Gross Profit: ₹500.7 crore (44.8% margin), up 2% YoY from ₹491.6 crore (48.5% margin)
  • Q4FY26 EBITDA: ₹32.8 crore (11.8% margin), down 19% YoY from ₹40.5 crore (14.8% margin)
  • FY26 EBITDA: ₹125.7 crore (11.3% margin), down 10% YoY from ₹140.4 crore (13.8% margin)
  • Q4FY26 PAT: ₹12.8 crore (4.6% margin), down 24% YoY from ₹16.9 crore (6.2% margin)
  • FY26 PAT: ₹38.8 crore (3.5% margin), down 33% YoY from ₹57.6 crore (5.7% margin)
  • Adjusted PAT (excluding exceptional item): Q4FY26 ₹13.2 crore (4.8% margin), FY26 ₹44.1 crore (3.9% margin)

Exceptional Item

  • Implementation of new labour code impacted results by ₹0.4 crore in Q4FY26 and ₹5.2 crore for FY26

Geographic Performance (Standalone)

  • Domestic Business: Strong growth with 7% YoY increase in Q4FY26 and 20% growth in FY26, reaching ₹864 crore revenue
  • Export Business: Declined 11% in FY26 due to geopolitical uncertainties and external market headwinds

Consolidated Performance

  • Q4FY26 Revenue: ₹485.9 crore, up 7% YoY from ₹452.2 crore
  • FY26 Revenue: ₹1,904.0 crore, up 14% YoY from ₹1,670.4 crore
  • International Operations: US region grew ~25%, Europe grew ~15%
  • Q4FY26 PAT: ₹14.3 crore (2.9% margin), up 69% YoY from ₹8.4 crore (1.9% margin)
  • FY26 PAT: ₹34.7 crore (1.8% margin), down 19% YoY from ₹43.0 crore (2.6% margin)

Goodwill Amortization

  • Legacy goodwill from 2017 amalgamation fully amortized in FY26
  • Annual non-cash amortization charge of ₹26.7 crore will not impact earnings from FY27 onwards

Dividend Declaration

  • Board recommended dividend of ₹2.15 per equity share for FY26

Balance Sheet (Standalone as of Mar-26)

  • Total Assets: ₹1,012.5 crore
  • Property Plant & Equipment: ₹262.1 crore
  • Inventories: ₹259.1 crore
  • Trade Receivables: ₹266.6 crore
  • Cash & Cash Equivalents: ₹0.5 crore
  • Bank Balances: ₹1.5 crore
  • Total Equity: ₹635.9 crore
  • Borrowings (Non-current + Current): ₹128.1 crore

Balance Sheet (Consolidated as of Mar-26)

  • Total Assets: ₹1,673.0 crore
  • Property Plant & Equipment: ₹417.7 crore
  • Goodwill: ₹142.2 crore
  • Inventories: ₹411.4 crore
  • Trade Receivables: ₹425.1 crore
  • Cash & Cash Equivalents: ₹52.7 crore
  • Bank Balances: ₹1.5 crore
  • Total Equity: ₹1,174.9 crore
  • Share Capital: ₹72.1 crore
  • Borrowings (Non-current + Current): ₹195.6 crore

Capital Expenditure Plans

  • Khurdha Greenfield Project: Dolomite Bricks, investment ₹300-350 crores, completion by end of FY28
  • Gujarat Greenfield Project (IFGL-Marvel JV): Basic Bricks, investment ₹300 crores, completion by FY29, under regulatory approval process

Management Commentary

Mr. Mihir Bajoria, Managing Director, stated that FY26 was a year of resilient execution despite challenging global operating environment characterized by elevated raw material costs, intense competition, geopolitical uncertainties and subdued export demand. Domestic business maintained growth momentum with ~20% growth over past several years. International businesses made meaningful progress with SRL delivering strong profitability growth, EI Ceramics continuing margin improvement, and turnaround initiatives across Hoffmann and Monocon gaining traction.

Outlook

Global steel demand is expected to bottom out during 2025-2026 and return to growth trajectory thereafter. World steel demand projected to grow by 0.3% in 2026 to 1,724 Mt, followed by 2.2% growth in 2027 to 1,762 Mt. India remains fastest-growing major steel market globally with steel demand projected to increase by 7.4% in 2026 and 9.2% in 2027.