Financial Performance Highlights

Consolidated FY26 Performance (Year ended March 2026):

  • Revenue from operations: INR5,723 crores (1% growth from INR5,693 crores in FY25)
  • EBITDA: INR823 crores (vs. INR826 crores in FY25)
  • EBITDA margin: 14.4% (vs. 14.5% in FY25)
  • PAT: INR387 crores (vs. INR391 crores in FY25)
  • PAT margin: 6.8% (vs. 6.9% in FY25)

Consolidated Q4 FY26 Performance:

  • Revenue from operations: INR1,585 crores (3% decline from INR1,633 crores in Q4 FY25)
  • EBITDA: INR224 crores (5% decline from INR235 crores in Q4 FY25)
  • EBITDA margin: 14.1% (vs. 14.4% in Q4 FY25)
  • PAT: INR110 crores (5% decline from INR114 crores in Q4 FY25)
  • PAT margin: 7.0% (vs. 7.0% in Q4 FY25)

Balance Sheet and Operational Metrics

  • Net debt as of March 31, 2026: Negative INR264 crores (cash positive position)
  • Working capital for FY26: 99 days (improved from 112 days in FY25)
  • Total order book as of March 31, 2026: INR18,554 crores (excluding GST)
  • Order book composition: Metro projects (11%), elevated corridors and flyovers (51%), road and tunnel projects (18%), others (20%)

Order Intake and Pipeline Update

  • FY27 order intake already secured: INR4,500 crores (booked orders)
  • Current L1 position: INR1,770 crores (expected to be awarded within 15-30 days)
  • Total FY27 order intake so far: INR6,300 crores (excluding GST)
  • Full-year FY27 order intake guidance: INR9,000-10,000 crores
  • Bid pipeline for current financial year: INR15,000-20,000 crores worth of projects expected to be bid

Project-Specific Updates

GMLR Project:

  • More than 3.5 km of tunnels already casted
  • INR800 crores COS (Cost of Sales) for new casting yard
  • Both Tunnel Boring Machines (TBMs) have arrived at job site
  • First TBM in advanced stage of assembly, Site Acceptance Test (SAT) expected by June 8, 2026
  • Second TBM has 1.5 month difference in timeline
  • Tree cutting permissions from Supreme Court received and completed

Chennai NHAI Project:

  • Work has commenced with foundation and substructure work in progress
  • Casting yard fully operational and casting segments

Versova-Dahisar Coastal Road:

  • Approvals received for most portions, some minor environmental approvals pending
  • 10% mangrove cutting completed
  • Temporary access bridge (TAB) material procured, work starting
  • 100+ piles completed, 14-15 foundations, 7-8 piers casted
  • Traffic permissions obtained

FY27 Guidance

  • Revenue growth: 15% expected (targeting over INR6,500 crores)
  • Bottom line growth: 15% expected
  • EBITDA margin target: 14-15%, endeavor to increase to 15-16%
  • PAT margin target: ~7%

Capital Expenditure

  • FY27 and FY28 capex guidance: INR200-250 crores each year
  • Includes incremental capex and requirements for new orders (INR6,500 crores)

Working Capital Details

  • Unbilled revenue: INR578 crores
  • Mobilization advance: INR706 crores
  • Retention money: INR464 crores

Commodity Price Impact

  • All contracts covered under price variation and escalation clauses
  • Zero material impact on bottom line from commodity price fluctuations
  • Escalation covers steel, cement, POL, labor, and other components
  • Monthly billing includes work done plus price variation component

Labor Situation

  • Current 10-15% labor shortage at sites due to elections and seasonal factors (April-May)
  • Considered temporary and routine annual occurrence

Vizag Investment Property

  • INR106 crores loan taken for PSL
  • INR90 crores already repaid through plant/machinery sale and internal accruals
  • Land disposal expected in Q2 FY27 with good profitability expected

Dividend vs Buyback Discussion

  • Company paid dividend instead of buyback for FY26
  • Board discussed buyback option but opted for direct investor benefit through dividend
  • Buyback remains on cards for future consideration

Depreciation

  • Q4 FY26 depreciation: INR66 crores
  • Expected to remain elevated due to INR600 crores capex in last 2 years (INR280 crores in FY25, INR400 crores in FY26)

Management Commentary

  • FY26 described as "year of consolidation" with operational challenges due to external factors
  • Strong balance sheet and liquidity maintained throughout
  • Company focused on margin preservation rather than order booking without profitability
  • Positive outlook for Maharashtra infrastructure projects with INR100,000 crores pipeline in Mumbai region alone
  • Key projects in pipeline: Metro Lines 5, 10, 13, 14; Uttan-Virar elevated corridor (INR50,000-60,000 crores)