Financial Highlights - Q4FY26

  • Revenue from Operations: Rs 892.1 million, up 20.4% YoY from Rs 740.8 million in Q4FY25
  • EBITDA: Rs -3.2 million, down 103.3% YoY from Rs 95.6 million in Q4FY25
  • EBITDA Margin: -0.4%, down 1,326 basis points from 12.9% in Q4FY25
  • EBIT: Rs 96.1 million, up 34.6% YoY from Rs 71.4 million in Q4FY25
  • EBIT Margin: 10.8%, up 113 basis points from 9.6% in Q4FY25
  • Profit Before Tax (PBT): Rs 88.2 million, up 48.0% YoY from Rs 59.6 million in Q4FY25
  • Profit After Tax (PAT): Rs 66.0 million, up 78.3% YoY from Rs 37.0 million in Q4FY25
  • PAT Margin: 7.4%, up 240 basis points from 5.0% in Q4FY25
  • EPS: Rs 1.2 compared to Rs 0.7 in Q4FY25
  • Cash PAT (Depreciation + PAT): Rs 94.2 million, up 42.1% YoY from Rs 66.3 million in Q4FY25

Financial Highlights - FY26

  • Revenue from Operations: Rs 3,883.4 million, down 7.0% YoY from Rs 4,174.5 million in FY25
  • EBITDA: Rs 388.2 million, down 33.1% YoY from Rs 580.0 million in FY25
  • EBITDA Margin: 10.0%, down 390 basis points from 13.9% in FY25
  • EBIT: Rs 692.8 million, up 42.4% YoY from Rs 486.4 million in FY25
  • EBIT Margin: 17.8%, up 619 basis points from 11.7% in FY25
  • Profit Before Tax (PBT): Rs 656.3 million, up 74.8% YoY from Rs 375.4 million in FY25
  • Exceptional Items: Rs 52.0 million (ex-gratia)
  • Profit After Tax (PAT): Rs 458.3 million, up 60.5% YoY from Rs 285.5 million in FY25
  • PAT Margin: 11.8%, up 496 basis points from 6.8% in FY25
  • EPS: Rs 8.5 compared to Rs 5.3 in FY25
  • Cash PAT (Depreciation + PAT): Rs 575.1 million, up 43.7% YoY from Rs 400.3 million in FY25

Segment Performance - Q4FY26

  • Commercial Explosives: Rs 215 million, down 19.8% YoY from Rs 268 million in Q4FY25
  • Defence & Space Services: Rs 677 million, up 43.1% YoY from Rs 473 million in Q4FY25
  • Total Revenue: Rs 892 million, up 20.4% YoY from Rs 741 million in Q4FY25
  • Defence & Space contribution: 76% of total revenue

Segment Performance - FY26

  • Commercial Explosives: Rs 729 million, down 9.0% YoY from Rs 801 million in FY25
  • Defence & Space Services: Rs 3,154 million, down 6.5% YoY from Rs 3,374 million in FY25
  • Total Revenue: Rs 3,883 million, down 7.0% YoY from Rs 4,175 million in FY25

Order Book Position

  • Highest-ever order book of Rs 15,690 million as on date
  • 95% contribution from Defence segment
  • Order book provides ~4.04x revenue visibility based on FY26 revenue

Cost Structure Analysis

  • Cost of Raw Materials: Q4FY26 - Rs 521.5 million; FY26 - Rs 2,238.6 million
  • Employee Benefit Expenses: Q4FY26 - Rs 169.4 million; FY26 - Rs 689.1 million
  • Other Expenses: Q4FY26 - Rs 204.4 million; FY26 - Rs 567.5 million
  • Finance Cost: Q4FY26 - Rs 7.9 million; FY26 - Rs 36.5 million
  • Depreciation: Q4FY26 - Rs 28.2 million; FY26 - Rs 116.9 million
  • Tax Expense: Q4FY26 - Rs 22.3 million; FY26 - Rs 146.1 million

Balance Sheet Position (Standalone)

  • Other Equity: Rs 2,095.1 million
  • Non-current Liabilities: Rs 360.6 million
  • Current Liabilities: Rs 1,883.3 million
  • Total Liabilities: Rs 4,446.5 million
  • Net Fixed Asset Block: Rs 1,907.1 million
  • Capital Work in Progress: Rs 30.9 million
  • Other Non-current Assets: Rs 162.2 million
  • Current Assets: Rs 2,346.3 million
  • Total Assets: Rs 4,446.5 million

Business Overview

Premier Explosives Limited is a leading manufacturer of high energy materials for defence, aerospace and mining sectors. The company also undertakes operation and maintenance services of solid propellant plants at ISRO's Sriharikota Centre and DRDO's Solid Fuel Complex at Jagdalpur.

Manufacturing Capabilities

  • 6 manufacturing facilities located in Telangana, Madhya Pradesh, and Maharashtra
  • Facilities produce bulk explosives, detonators, detonating fuse, solid propellants, HMX/RDX, and various defence products
  • Only qualified Indian company for countermeasures (Chaffs and Flares)
  • Specializes in export of fully assembled rocket motors

Technological Capabilities

  • Collaboration with Gulbanga University, IIT Madras and BITS Pilani for research
  • Developed solid propellants for various missiles including LRSAM, MRSAM, ASTRA
  • Laboratories certified by DSIR and accredited by NABL
  • Holds licenses from DPIIT & PESO for manufacturing high energy products

Growth Opportunities

  • Enhancing product offering including Chaffs & Flares, Air Target Imitators, various missile systems
  • Expansion into UAVs, drones, loitering missiles, war-heads, mines, and ammunition
  • Beneficiary of Indian government's defence focus with Rs 6,81,000 Cr defence budget (FY26)
  • Defence production target of Rs 3,00,000 Cr by FY29
  • Defence exports reached Rs 23,622 Cr (FY25), targeting Rs 50,000 Cr by 2029

Management Team

  • Dr. A. N. Gupta - Non-Executive Chairman
  • T V Chowdary - Managing Director
  • Y. Durga Prasad Rao - Director Operations
  • Supported by team of over 850 employees including ~100 engineers/scientists
  • About 550 people trained in Propellant and Pyrotechnic products

Board of Directors

  • Dr. (Mrs.) Kailash Gupta - Non-Executive Director
  • Dr. D K Nanda - Independent Director
  • Lt. Gen. P R Kumar (Retd.) - Independent Director
  • CA. Seshagiri Rao - Independent Director
  • Dr. V G Sekaran - Independent Director
  • Dr. (Mrs.) Kumuda Raghavan - Independent Director
  • Shonika Prasad - Non-Executive Director

Impact Assessment

  • Operating profit impacted by elevated raw material prices amid global market conditions
  • FY26 revenue performance affected by execution timing of high-value Chaffs and Flares orders from FY25
  • Strong order book provides multi-year revenue visibility
  • Defence segment showing robust growth momentum