Date: May 25, 2026

Consolidated Financial Performance Highlights

Q4FY26 Financial Results (₹ crore):

| Particulars | Q4FY26 | Q4FY25 | YoY Change | Q3FY26 | QoQ Change | FY26 | FY25 | YoY Change |

| Revenue | 2,163 | 2,146 | 1% | 1,927 | 12% | 7,540 | 7,436 | 1% |

| EBITDA | 170 | 211 | -19% | 148 | 15% | 541 | 609 | -11% |

| Profit before Tax (PBT) | 131 | 175 | -25% | 107 | 22% | 384 | 465 | -18% |

| Profit after Tax (PAT) | 98 | 130 | -24% | 80 | 23% | 286 | 347 | -18% |

| EBITDA Margins | 7.9% | - | - | - | - | - | - | - |

Key Performance Drivers:

  • Consolidated revenue stood at ₹2,163 crore in Q4FY26, broadly stable YoY and higher by ~12% QoQ
  • PAT improved sequentially by 23% to ₹98 crore, supported by better realizations and improved product mix
  • Net cash surplus of ₹337 crore as on 31st March 2026
  • Total Order Book stands at ₹1,160 crore as on 31st March 2026
  • Recommended a Final Dividend of ₹2.50 per share of ₹5 each, in addition to the interim dividend of ₹2.50 per share paid in November 2025

Balance Sheet & Ratios:

  • Net Working Capital cycle: 58 days in Q4FY26, 66 days for FY26
  • Return on Capital Employed (ROCE): 20.76% in Q4FY26, 15.93% for FY26
  • Return on Equity (ROE): 15.23% in Q4FY26, 11.21% for FY26
  • Zero-debt company with cash surplus of ₹337 crore

Segment-wise Performance

Lighting & Consumer Durables Segment

Financial Performance (₹ crore):

| Particulars | Q4FY26 | Q4FY25 | YoY Change | Q3FY26 | QoQ Change | FY26 | FY25 | YoY Change |

| Revenue | 501 | 458 | 9% | 476 | 5% | 1,809 | 1,690 | 7% |

| EBITDA | 44 | 47 | -6% | 42 | 5% | 156 | 162 | -4% |

| EBITDA Margins | 8.8% | 10.3% | -146 bps | 8.8% | -2 bps | 8.6% | 9.6% | -98 bps |

| PBT | 33 | 37 | -11% | 31 | 6% | 115 | 125 | -8% |

Operational Highlights:

  • Achieved highest-ever quarterly revenue of ₹501 crore in Q4FY26
  • Professional Lighting achieved revenue of ₹473 crore (26% share of segment revenue) with double-digit growth
  • Professional Lighting order book stood at ₹160 crore at quarter-end
  • Wires & Cables business closed FY26 with revenues of ₹38 crore
  • March 2026 was the highest-ever sales month across every business category

Strategic Initiatives:

  • FY27 revenue target for Wires & Cables business: ₹250 crore
  • Three-year guidance for Wires & Cables: ₹500 crore
  • Target of reaching 3 lakh billing points by March 2028 and 4 lakh by March 2030
  • Newly commissioned testing and manufacturing facility at Kashipur unit
  • Developing BLDC-based fan solutions and premium appliance tier
  • Exploring higher-margin adjacencies including solar wires and cables, motor-winding wire

Steel Pipes & Strips Segment

Financial Performance:

  • Q4FY26 revenue: ₹1,662 crore (Q4FY25: ₹1,688 crore, -2% YoY; Q3FY26: ₹1,451 crore, +15% QoQ)
  • FY26 revenue: ₹5,731 crore (FY25: ₹5,749 crore)
  • Q4FY26 EBITDA: ₹126 crore (Q4FY25: ₹164 crore, -23% YoY; Q3FY26: ₹106 crore, +19% QoQ)
  • FY26 EBITDA: ₹385 crore (FY25: ₹446 crore)
  • EBITDA per tonne: ₹5,121 in Q4FY26 (Q3FY26: ₹4,810; Q4FY25: ₹6,708)
  • FY26 EBITDA per tonne: ₹4,553 (FY25: ₹5,392)

Operational Highlights:

  • Q4FY26 sales volumes: 2.6 lakh tonnes (ever highest quarterly sales)
  • FY26 overall volumes: 9.04 lakh tonnes (YoY growth of ~3%)
  • Capacity utilization: ~78% during FY26
  • Value-added products contributed 43% of overall volumes during FY26
  • Export volumes in FY26: 1.41 lakh tonnes
  • API order book: ~55,000 tonnes (exports) + ~8,000 tonnes (domestic)

Strategic Initiatives:

  • FY27 volume target: ~11 lakh tonnes (21-22% growth over FY26)
  • FY27 export target: 2.5 lakh tonnes (25% growth)
  • FY27 value-added product target: ~45% of overall volumes
  • Expanded into UK market for section pipes
  • Strengthened order pipeline across North America and Europe
  • Recently commissioned facilities: Gwalior spiral plant, Bahadurgarh, cold rolling operations

Management Commentary

Mr. Raju Bista, Managing Director:

  • Delivered steady sequential improvement despite macroeconomic and geopolitical uncertainties
  • Lighting & Consumer Durables business showed healthy growth with strong traction across categories
  • Steel Pipes business witnessed strong sequential recovery aided by improved EBITDA per tonne
  • Geopolitical situation created turbulence in Q4 export logistics with container availability tightening and freight costs spiking
  • Global supply chain realignment presents structural opportunity for Indian manufacturers

Mr. Vinay Surya, Managing Director:

  • Lighting business targeting ~25% annual volume growth over next 3-4 years
  • Input cost pressures are sector-wide but manageable through backward integration and pricing discipline
  • Export logistics conditions have largely normalized after Q4 disruptions
  • Company received multiple certifications including BIS facilitation across manufacturing locations

Mr. Bharat Bhushan Singal, CFO:

  • Improved capacity utilization, working capital optimization and cost rationalization enabled zero-debt status
  • Net Working Capital cycle improved to 58 days in Q4FY26 from 66 days for full year
  • ROCE of 20.76% in Q4FY26 and 15.93% for FY26

Future Outlook

Lighting & Consumer Durables:

  • Strong growth trajectory expected over next 3-4 years
  • Premiumisation agenda across select appliance categories
  • Distribution expansion targeting 3 lakh billing points by March 2028
  • New product launches planned for FY27

Steel Pipes & Strips:

  • Healthy export visibility with record export volumes expected in FY27
  • Section pipes emerging as major growth opportunity
  • Rising infrastructure investments to drive sustained steel consumption growth
  • Long-term growth outlook remains confident supported by expanding capacities and wider product portfolio