Quarter-over-Quarter Growth: Increased by 18.16% compared to Q3 FY26.
Year-over-Year Performance: Decreased by 9.5% compared to Q4 FY25. The degrowth is attributed to the execution of a large one-time order worth INR 3.3 crores in March 2025.
EBITDA: INR 2.09 crores.
Profit After Tax (PAT): INR 1.39 crores.
Earnings Per Share (EPS): INR 0.17 per share.
Full Year FY26 (Year Ended March 31, 2026)
Total Revenue from Operations: INR 90.87 crores.
Year-over-Year Growth: Increased by 5.41% over FY25.
EBITDA: INR 10.21 crores.
Profit After Tax (PAT): INR 6.72 crores.
Earnings Per Share (EPS): INR 0.86 per share.
Order Book & Intake
Order Intake for FY26: INR 90.2 crores.
Closing Order Backlog (as of March 31, 2026): INR 17.4 crores.
Export Contribution: 20% of the orders received in FY26 were from overseas customers.
Operational and Strategic Updates
Odisha Facility (Silicon Carbide)
The project is structured in two phases.
Phase 1: Comprises epitaxy and packaging.
Phase 2: Comprises fabrication.
Current Status: Clean room construction for the epitaxy unit is completed. Plant and machinery installation is currently in progress.
Timeline: Machinery installation and power supply availability are estimated by end of July 2026. Epitaxy operations are expected to commence in Q2 FY27 (July-September 2026).
Initial Revenue Model: The company plans to sell Epi wafers to fabricators outside India and will outsource manufacturing of SiC devices using its own Epi wafers for validation and revenue generation in FY27.
New Orders and Product Development
First Overseas Order: Secured a contract to supply 5kV Silicon Control Rectifier (SCR) Thyristors. The order involves the supply of 120 numbers of 125 mm press pack SCR devices designed for high power and high current applications. The order will be executed in phases with completion expected by the end of 2026.
R&D Milestone: Announced the development of a 25kV, 120 kiloamps capacitor discharge semiconductor switch.
Product Expansion: Expanded portfolio with new Silicon Carbide MOSFETs and MPS diodes targeting EVs, industrial systems, and energy infrastructure.
Halol Facility Upgrade
The company will invest approximately INR 5 crores from internal accruals to upgrade the Halol facility.
Purpose: To meet growing customer demand for high-power devices and to enhance testing facilities for defence development.
Capital Expenditure and Financing (Odisha Project)
Total Project Capex: Approximately INR 618 crores.
Capex Undertaken to Date: INR 120 crores.
Government Subsidy: 50% of the undertaken capex (INR 60 crores) has been provided by the Government of Odisha.
Remaining Capex: INR 500 crores is yet to be undertaken.
INR 100 crores pertains to Phase 1 (packaging).
INR 400 crores pertains to Phase 2 (fabrication).
Subsidy for Future Capex: 50% subsidy is expected from the Government of Odisha on the entire remaining INR 500 crores.
Completion Timeline: The entire capex is expected to be undertaken by December 2027 or March 2028.
Asset Turnover Expectation: Management expects an asset turnover ratio of around 0.65x of gross assets, in line with the global industry range of 0.5x to 0.75x.
Bank Financing: Discussions for a term loan of INR 100 crores for the packaging facility are ongoing, with an in-principle approval received. Certain formalities are being fulfilled for final sanction.
Other Corporate Updates
NSE Listing: The approval process for listing the company's shares on the National Stock Exchange is underway. The company has responded to relevant clarifications and expects approval in due course.
Strategic Partnerships: Management confirmed ongoing discussions with potential strategic investors/partners. Proper disclosures will be made once discussions are finalized.
Management Commentary and Outlook
Focus Sectors: The company is focused on high-growth sectors aligned with Make in India and Self-Reliant India initiatives, including Defence, Railways, Grid, and Renewables.
Defence: The company has replaced ABB as a supplier for a defence application after successful testing and sample delivery. Multiple follow-on orders are expected over the next five years.
Technology Moat: Management emphasized 20+ years of expertise and continuous R&D investment (~10% of revenue) in high-power semiconductor design, packaging, and application know-how as key differentiators against global competitors.
Halol Growth: Targeting to 2x-3x revenue from the Halol facility in the next 2-3 years through productivity improvements, shift expansions, and focus on exports and new product development for Railways and Defence.
Fab Profitability: For the planned fabrication unit, management indicated that breakeven is achieved at around 60-65% capacity utilization, with margins potentially exceeding 40% above that level.
Q&A Session Highlights
Odisha Power Supply: A 33 kV power supply line for the Odisha plant, crucial for operations, has been delayed. The Government of Odisha has committed to a June 30, 2026, deadline, with a possibility of hiring a transformer temporarily. Management expects power by mid-to-late July 2026.
Rupee Depreciation: Management stated that the impact of a depreciating rupee is neutral as exports and imports are currently at similar levels.
Institutional Shareholding: The company has FPI/FII investors on its cap table and is engaging with domestic institutions.
