Financial Performance Highlights

Q2 FY27 (Quarter Ended September 30, 2026)

  • Revenue from Operations: ₹505.4 crore (vs. ₹491.1 crore in Q2 FY26, +2.9% YoY)
  • EBITDA: ₹41.7 crore (vs. ₹41.7 crore in Q2 FY26, +0.1% YoY)
  • EBITDA Margin: 8.3% (vs. 8.5% in Q2 FY26, -23 bps)
  • Profit After Tax: ₹30.7 crore (vs. ₹32.3 crore in Q2 FY26, -4.9% YoY)
  • PAT Margin: 6.1% (vs. 6.6% in Q2 FY26, -50 bps)
  • Basic EPS: ₹18.27

H1 FY27 (Half Year Ended September 30, 2026)

  • Revenue from Operations: ₹965.0 crore (vs. ₹871.9 crore in H1 FY26, +10.7% YoY)
  • EBITDA: ₹81.1 crore (vs. ₹73.3 crore in H1 FY26, +10.7% YoY)
  • EBITDA Margin: 8.4% (vs. 8.4% in H1 FY26, flat)
  • Profit After Tax: ₹58.9 crore (vs. ₹60.7 crore in H1 FY26, -2.8% YoY)
  • PAT Margin: 6.1% (vs. 7.0% in H1 FY26, -85 bps)
  • Basic EPS: ₹35.11

Expense Breakdown (H1 FY27)

  • Cost of Goods Sold: ₹585.2 crore
  • Employee Cost: ₹90.3 crore
  • Erection and Installation Charges: ₹98.6 crore
  • Job Work Charges: ₹31.6 crore
  • Other Expenses: ₹78.1 crore
  • Depreciation: ₹9.0 crore
  • Finance Cost: ₹1.1 crore
  • Tax: ₹19.5 crore

Balance Sheet Position (as of September 30, 2026)

  • Total Assets: ₹1,409.5 crore (vs. ₹1,301.0 crore as of March 31, 2026)
  • Property Plant & Equipment: ₹349.0 crore (vs. ₹219.4 crore as of March 31, 2026)
  • Capital work-in-progress: ₹2.2 crore (vs. ₹56.5 crore as of March 31, 2026)
  • Inventories: ₹236.3 crore (vs. ₹215.0 crore as of March 31, 2026)
  • Contract assets: ₹101.7 crore (vs. ₹85.0 crore as of March 31, 2026)
  • Trade receivables: ₹279.1 crore (vs. ₹288.2 crore as of March 31, 2026)
  • Cash and cash equivalents: ₹60.7 crore (vs. ₹20.6 crore as of March 31, 2026)
  • Bank balances: ₹16.5 crore (vs. ₹60.6 crore as of March 31, 2026)
  • Total Equity: ₹923.2 crore (vs. ₹881.1 crore as of March 31, 2026)
  • Share Capital: ₹16.8 crore (unchanged)
  • Contract Liabilities: ₹206.2 crore (vs. ₹183.2 crore as of March 31, 2026)
  • Trade Payables: ₹198.1 crore (vs. ₹161.2 crore as of March 31, 2026)
  • The company maintains a debt-free balance sheet with minimal borrowings of ₹12.6 crore.

Cash Flow Statement (H1 FY27)

  • Profit Before Tax: ₹78.4 crore
  • Cash generated from Operations: ₹108.6 crore
  • Direct taxes paid (net of refund): ₹23.4 crore
  • Net Cash from Operating Activities: ₹85.3 crore
  • Net Cash from Investing Activities: -₹21.5 crore
  • Net Cash from Financing Activities: -₹23.7 crore
  • Net Increase in Cash and Cash equivalents: ₹40.1 crore

Operational Highlights

  • Order book reached an all-time high of ₹2,011 crore as of October 31, 2026
  • Order book composition: 65% Industrial, 28% Logistics, 7% Construction & Infrastructure
  • Key customers in Q2 included Hindustan Unilever India, GE Vernova T&D India, Blue Star, Suroj Buildcon, Indo Asia Copper, Takenaka India, Value Space Logistics & Industrial Park, and KEC International
  • Commissioned Phase 1 of PEB facility at Kheda, Gujarat
  • Commissioned Phase 1 of Heavy Steel Structures facility in Andhra Pradesh

Manufacturing Capacity Details

  • Total existing PEB capacity: 221,000 MTPA
  • Heavy Steel Structure capacity: 25,000 MTPA
  • Total workforce: 3,200+ employees
  • 155+ qualified structural design engineers and detailers
  • 7 manufacturing facilities (6 PEB + 1 HSS)
  • Gujarat Facility Phase 2 (PEB) expected in Q3FY27 with 20,000 MTPA capacity
  • Andhra Pradesh Phase 2 (HSS) expected in Q4FY27 with 24,000 MTPA capacity

Strategic Initiatives

  • Joint Venture with ER Steel Inc., Canada (Interarch 76%, ER Steel 24%)
  • JV focused on expanding Structural Steel and PEB/PEMB business across Canada and North America
  • ~₹80 crore indicative JV funding requirement for land procurement and business development
  • Growth driven by core PEB business, Heavy Steel Structures, and exports

Management Commentary

Managing Director & CEO Mr. Manish Garg stated that performance was steady and in line with expectations. He noted that while near-term challenges from external market conditions and seasonal nature of the PEB industry may persist, customer enquiries across key end markets remain healthy. The long-term industry outlook remains encouraging, supported by private capex spending and India's manufacturing-led growth. Execution momentum is expected to improve in the second half, supported by strong order book, healthy enquiry pipeline and expanded capacities.

Forward-Looking Statements

The presentation contains forward-looking statements concerning future business prospects and profitability, subject to risks including fluctuations in earnings, ability to manage growth, competition, economic growth, ability to attract professionals, time and cost overruns, international operations, and government policies.