Date: 31.05.2026

Consolidated Financial Performance

Annual Performance (FY26 vs FY25)

  • Revenue from Operations: ₹401.59 crore (FY26) vs ₹317.73 crore (FY25) - Growth of 26.40% YoY
  • Gross Profit: ₹95.06 crore (FY26) vs ₹94.31 crore (FY25)
  • Gross Margin %: 23.67% (FY26) vs 29.68% (FY25) - Contraction of 601 bps
  • EBITDA: ₹47.10 crore (FY26) vs ₹52.36 crore (FY25)
  • EBITDA Margin %: 11.73% (FY26) vs 16.48% (FY25) - Contraction of 475 bps
  • Profit Before Tax: ₹30.40 crore (FY26) vs ₹41.97 crore (FY25) - Decline of 27.6%
  • PBT Margin %: 7.57% (FY26) vs 13.21% (FY25) - Contraction of 564 bps
  • Profit After Tax: ₹22.45 crore (FY26) vs ₹30.89 crore (FY25) - Decline of 27.3%
  • PAT Margin %: 5.59% (FY26) vs 9.72% (FY25) - Contraction of 413 bps
  • EPS (₹): 21.18 (FY26) vs 29.80 (FY25) - Decline of 28.9%

Quarterly Performance (Q4 FY26 vs Q4 FY25)

  • Revenue from Operations: ₹142.94 crore (Q4 FY26) vs ₹165.66 crore (Q4 FY25) - Decline of 13.7% YoY
  • Gross Profit: ₹31.61 crore (Q4 FY26) vs ₹29.81 crore (Q4 FY25) - Growth of 6.0% YoY
  • Gross Margin %: 22.11% (Q4 FY26) vs 17.99% (Q4 FY25) - Expansion of 412 bps
  • EBITDA: ₹17.63 crore (Q4 FY26) vs ₹16.66 crore (Q4 FY25) - Growth of 5.84% YoY
  • EBITDA Margin %: 12.34% (Q4 FY26) vs 10.06% (Q4 FY25) - Expansion of 228 bps
  • Profit Before Tax: ₹12.98 crore (Q4 FY26) vs ₹13.75 crore (Q4 FY25) - Decline of 5.6% YoY
  • PBT Margin %: 9.08% (Q4 FY26) vs 8.30% (Q4 FY25) - Expansion of 78 bps
  • Profit After Tax: ₹9.30 crore (Q4 FY26) vs ₹9.85 crore (Q4 FY25) - Decline of 5.6% YoY
  • PAT Margin %: 6.51% (Q4 FY26) vs 5.95% (Q4 FY25) - Expansion of 56 bps
  • EPS (₹): 8.81 (Q4 FY26) vs 9.53 (Q4 FY25) - Decline of 7.6% YoY

Quarterly Sequential Performance (Q4 FY26 vs Q3 FY26)

  • Significant turnaround from Q3 FY26 loss of ₹7.07 crore to Q4 FY26 profit of ₹9.30 crore

Key Business Highlights

Operational Performance

  • Strong annual revenue growth of 26.40% YoY to ₹401.59 crore in FY26
  • Q4 FY26 marked a significant recovery from Q3 FY26 loss position
  • Performance supported by continued execution across power infrastructure and EPC businesses
  • Sustained demand across core operating segments

Business Segments and Capabilities

  • Diversified power infrastructure platform operating across multiple segments:
  • Switchgear engineering
  • Smart metering solutions
  • Electrical safety products
  • EPC projects
  • Manufacturing and project execution capabilities serving utilities, infrastructure companies, and government-led projects
  • Operations across multiple states in India

Management Commentary

According to Mr. Ashok Kumar Agarwal, Managing Director:

  • FY26 was a year of strong revenue growth reflecting execution capabilities and project portfolio depth
  • Profitability challenges faced due to:
  • Rising commodity costs
  • Currency volatility
  • Global supply chain disruptions
  • Geopolitical uncertainty
  • Q4 turnaround driven by:
  • Improved project execution
  • Better cost controls
  • Stronger project mix
  • Operational efficiencies across the business

Outlook and Strategy

  • Remain optimistic about FY27 opportunities
  • Focus areas include:
  • Power distribution modernisation
  • Renewable energy expansion
  • Smart metering implementation
  • Sustained infrastructure capex
  • Strategic initiatives:
  • Healthy order pipeline development
  • Ongoing cost optimisation initiatives
  • Sharper focus on execution efficiency
  • Scaling operations
  • Enhancing execution capabilities
  • Improving operational efficiencies
  • Building strong project pipeline

Market Positioning

  • Integrated power infrastructure company with over three decades of experience
  • Established in 1994 as RFH Metal Castings Pvt. Ltd.
  • Key milestones:
  • Entry into turnkey EPC projects in 2014
  • Listing on BSE SME platform in 2017
  • Execution of large-scale metering and power distribution projects
  • Expansion into Solar EPC segment
  • Well-positioned to participate in Government of India's power infrastructure initiatives