• Event Type: Earnings Conference Call to discuss the Company's Financial Results for the 4th Quarter and Financial Year ended March 31, 2026 (Q4 FY26).
  • Event Date and Time: The call was held on Wednesday, May 27, 2026, at 12:30 p.m. IST.
  • Purpose: To discuss and provide a detailed overview of the quarterly and annual financial performance, business updates, and strategic direction.
  • Management Participants: The following management representatives were present on the call:
  • Mr. Anil Jain – Chairman and Managing Director
  • Mr. Dinesh Kumar Agarwal – Whole-Time Director and Chief Financial Officer
  • Mr. Sonal Jain – Head, Accounts and Taxation
  • Availability of Materials: The transcript of the call has been made available on the company's website. An investor presentation (deck) was referenced as being available on the exchange and company website prior to the call.
  • UPSI Statement: The call began with a standard disclaimer that it may contain forward-looking statements based on beliefs and expectations, which are not a guarantee of future performance and involve risks and uncertainties.

Financial & Business Highlights Discussed

  • Q4 FY26 Standalone Performance (Continuing Operations):
  • Revenue: INR701 crores, up 18% YoY (vs. INR594 crores in Q4 FY25).
  • EBITDA: INR141 crores, significantly up from INR62 crores YoY.
  • EBITDA Margin: 20.1% (vs. 10.4% in Q4 FY25).
  • PAT: INR94 crores, up 67% YoY (vs. INR56 crores).
  • PAT Margin: 13.4%.
  • FY26 Standalone Performance (Continuing Operations):
  • Revenue: INR2,039 crores (vs. INR2,259 crores in FY25). The decrease is attributed to a strategic shift away from lower-margin trading activities.
  • EBITDA: INR350 crores, up 68% YoY (vs. INR208 crores).
  • EBITDA Margin: 17.2%.
  • PAT: INR247 crores (vs. INR184 crores).
  • PAT Margin: 12.12%.
  • Business Segment Updates:
  • Ash & Coal Handling Business: Described as a key growth driver. The segment maintained strong operational performance. The order book stands at nearly INR1,500 crores, providing strong revenue visibility.
  • Wind Energy Business (Venwind Refex Power Ltd): Transitioned into active execution phase. Contributed INR233 crores in Q4 FY26. The order book is INR1,860 crores, with ~INR238 crores executed in FY26. The company aims to complete the remaining ~INR1,500 crores of orders in FY27. The business has received ALMM approval.
  • Mobility Business: The demerger process is ongoing and is expected to be completed in approximately 60-90 days, subject to NCLT timelines. The business crossed INR100 crores in revenue in FY26 and is progressing towards profitability.
  • Discontinued Operations: The Refrigerant Gas business stock is fully liquidated (only receivables remain), and the company has completely exited the Power Trading business.
  • Guidance and Outlook:
  • Management expressed confidence in sustaining growth in FY27 across both the Ash & Coal and Wind businesses.
  • For the Ash & Coal business, they expect a growth rate similar to the adjusted 28% seen in FY26 and aim to increase daily handling volume from ~70,000 tons.
  • For the Wind business, the entire pending order book (~INR1,500 crores) is expected to be executed in FY27, with new orders in the pipeline.
  • EBITDA margins are expected to be sustained around 15-18% for the Ash & Coal business. Wind business margins are currently ~8%, with an aim to improve through localization.

Additional Notes

  • This disclosure is a filing of the transcript pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The transcript was enclosed with the letter to the exchanges and is available on the company website.
  • The document itself is a compliance filing and does not contain new financial data beyond what was discussed in the call and previously reported results.