• Event Type: Q1 FY27 Earnings Conference Call held on Monday, 10th August, 2026 at 4:00 P.M. (IST).
  • Management Participants: Mr. Chirag Patel (Joint Managing Director), Mr. Malav Patel (Joint Managing Director), Mr. Sanjay Majmudar (Director), and Mr. Keyur Shah (Chief Financial Officer).
  • Moderator: Ms. Krishna Patel from EY.
  • Purpose: Discussion of quarterly results for the quarter ended 30th June, 2026 and operational highlights.
  • Compliance: The transcript stated that certain statements may constitute forward-looking statements subject to risks and uncertainties. The audio recording and transcript are the property of the company.
  • Financial Period Discussed: Q1 FY27 (quarter ended 30th June, 2026).
  • Key Financial Highlights:
  • Revenue from operations: INR291 crores (22.5% YoY growth from INR238 crores in Q1 FY26)
  • EBITDA: INR36 crores
  • Operating EBITDA: INR33 crores (11.4% margin)
  • Profit After Tax: INR22 crores (22% YoY growth from INR18 crores)
  • Export revenue: INR28 crores (significant YoY growth)
  • IPO proceeds utilization: INR146.69 crores utilized out of INR259.32 crores (57% as of 30th June 2026)
  • Operational Highlights:
  • Order book: INR1,053 crores (25% YoY growth)
  • Proflex contribution: INR216 crores (21% of order book)
  • Phenix contribution: INR837 crores (79% of order book)
  • Export orders outstanding: INR278 crores (includes large order announced October 2025)
  • 28% of large export order already dispatched
  • Sanand facility operating at optimal utilization
  • Brownfield expansion adding 20,000 TPA at Sanand (commissioning October 2026)
  • New heavy structural steel line investment: INR30 crores for 10,000 TPA capacity (operational by Q1 FY28)
  • Cheyyar facility received AISC certification, targeting 60% utilization in FY27
  • Cheyyar brownfield expansion: 20,000 TPA (completion Q3 FY28)
  • Q1 Capex: INR27 crores (Sanand expansion, Proflex mobile units, solar plant)
  • Proflex capacity: Increased to 21 lakh square meters per annum
  • Division Performance:
  • Proflex revenue: INR77 crores (26% of total, 25% YoY growth)
  • Phenix revenue: INR214 crores (74% of total, 22% YoY growth)
  • Domestic revenue: INR263 crores (90% of total)
  • Export revenue: INR28 crores (10% of total)
  • Guidance and Outlook:
  • Revenue growth guidance: Over 25% in FY27
  • Inquiry pipeline: INR4,000 crores in Phenix, INR200 crores in Proflex
  • Medium-term target: Over 20% CAGR for next 3-4 years
  • Margin guidance: Withheld due to freight cost uncertainty (expected improvement in H2 FY27)
  • US Section 232 duties reduced from 50% to 25%
  • Challenges:
  • Geopolitical tensions increased freight costs 2-2.5x (USD10,000-12,000 per container)
  • Other expenses increased by approximately 3%
  • Export EBITDA margins currently estimated at 15% (vs. normal 16-18%)
  • Domestic EBITDA margins at approximately 11%

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session.
  • The company confirmed that no unpublished price sensitive information (UPSI) was shared during the call.
  • The transcript was filed with stock exchanges and hosted on the company's website at https://www.mbel.in/investors.
  • Financial data was extensively disclosed during the call including revenue breakdowns, margin discussions, and capacity details.