• The document is a transcript of a post-results earnings conference call held on May 22, 2026, to discuss the company's Q4 FY26 and full-year FY26 performance.
  • The call was hosted by Ashika Institutional Equities and featured management participants Mr. S.K. Ramaiah (Director, Business Development) and Mr. N. Nani Aravind (Chief Financial Officer).
  • The stated purpose was to discuss quarterly results, provide a business update, and share the company's outlook.

Financial Highlights Disclosed:

  • Q4 FY26 Performance: Revenue of INR 2,121 crores (13% YoY growth), EBITDA of INR 237 crores (2% YoY growth) with margin at 11.17%, PAT of INR 153 crores (18% YoY growth) with margin at 7.27%.
  • FY26 Performance: Revenue of INR 6,107 crores (16% YoY growth), EBITDA of INR 750 crores (16% YoY growth) with margin stable at 12.3%, PAT of INR 412 crores (18% YoY growth).
  • Revenue Mix (Q4 FY26): 94% domestic, 6% international; 57% from Power segment, 43% from Non-Power segment.
  • Revenue Mix (FY26): 95% domestic, 5% international; 64% from Power segment, 36% from Non-Power segment.
  • Order Inflow: Secured orders worth INR 7,210 crores in FY26 against a target of INR 10,000 crores (72% achievement). The shortfall was primarily due to the cancellation of a INR 1,563 crore Battery Energy Storage System (BESS) order by the West Bengal State Electricity Department.
  • Order Backlog: Total order backlog including MDO contracts stands at INR 55,151 crores. Excluding MDO, the executable book is INR 15,899 crores.
  • Cash Flow & Debt: Operating cash flow improved significantly to INR 430 crores in FY26 from INR 74 lakhs in FY25. Gross debt was INR 622 crores and net debt was INR 163 crores as of March 31, 2026, with a debt-equity ratio of 0.32x.

Key Business Developments & Strategic Updates:

  • Major Contract Wins: Awarded a large Balance of Plant (BOP) EPC package for the 800 MW Singareni Thermal project from BHEL. Entered the metro rail O&M space with a contract for Mumbai Monorail.
  • MDO Business Update:
  • KBP Mine: Started production in November 2025, generated INR 248 crores revenue in last 5 months of FY26. Projecting INR 350 crores revenue for FY27 and INR 500 crores for FY28.
  • SAIL (Tasra) Mine: Generated INR 106 crores revenue in FY26. Washery construction ongoing, expected completion by December 2026. Projecting INR 150 crores revenue for FY27 and INR 750 crores for FY28.
  • MDO revenue mix expected to be 7% of total in FY27 and 13% in FY28. Blended EBITDA margin is currently 15%, expected to reach 20% at peak capacity.
  • New Business Verticals: Entered solar power development with a 16 MW plant in Bihar. Pursuing opportunities in mining (NMDC expansion worth ~INR 70,000 Cr), steel plants (ArcelorMittal, JSW), and international O&M (West Africa).
  • Labor & Cost Inflation: Acknowledged labor shortages and attrition but stated they are managed through recruitment and training. Noted cost inflation in steel, cement, and diesel but clarified that contracts have price variation clauses (PVC) for reimbursement from clients.

Guidance & Outlook:

  • FY27 Targets: Order inflow of INR 12,000 crores, revenue growth of 21%, EBITDA margin improvement to 12.5% (from 12.3% in FY26).
  • Capex Plan: INR 400 crores allocated for FY27, primarily for completing the Tasra washery and coal handling plant, to be funded without debt.
  • Growth Visibility: Management expressed clear visibility of growth till FY30, driven by a strong pipeline across thermal power BOP systems, civil infrastructure, railways, and energy transition projects. Identified a total opportunity pipeline of INR 70,000 crores.

Compliance Statement:

The company included standard forward-looking statement disclaimers and did not indicate that any Unpublished Price Sensitive Information (UPSI) would be shared during the call.

Additional Notes Section

  • The document was a submission to the National Stock Exchange of India Limited (NSE) and BSE Limited, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The transcript was enclosed as an attachment to the formal disclosure letter dated May 29, 2026, signed by Mr. M. Raghavendra Prasad, Company Secretary and Compliance Officer.
  • The call included a Q&A session with analysts from firms including ICICI Securities, Nexus Equity, Sequent Investments, Sapphire Capital, and others.
  • Financial data was extensively disclosed in the transcript, including revenue, EBITDA, PAT, order book, and segment-wise breakdowns.