Event Type: Q4 and FY'26 Earnings Conference Call

Event Date and Time: June 05, 2026 (time not specified in transcript)

Purpose of Event: Discussion of quarterly results and annual performance for Q4 and FY'26, including strategic updates and future outlook.

Management Participants:

  • Mr. Sanjay Patel – Managing Director
  • Mr. Shabbir Merchant – Director
  • Finance Team (unnamed members)
  • Ms. Yashvi Jain – Moderator/IR representative

Financial Period Discussed: Q4 FY26 and Full Year FY26 (April 2025 - March 2026)

Key Financial Highlights:

  • FY26 Revenue: ₹1,090 crores, representing 46.7% YoY growth
  • FY26 EBITDA: Growth of 55.4% YoY
  • FY26 PAT: Growth of 79.7% YoY
  • Order Book: ₹1,548 crores (engineering and EPC segments only)
  • Bidding Pipeline: Exceeding ₹2,200 crores

Strategic Updates and Forward-looking Statements:

  • FY27 Revenue Guidance: Approximately ₹1,600 crores (30-40% growth)
  • FY27 PAT Margin Guidance: 10-12%
  • Defense Business: Secured small arms manufacturing license (Dec 31, 2025) and ammunition license (April 19, 2026). Expected revenue contribution beginning Q4 FY27, targeting 5-10% of FY27 revenue
  • Defense Margins: Expected PAT margins of 30-35% once scaled
  • Solar Projects: 28 sites in progress, 7-8 sites nearing commissioning. All sites expected operational by end of Q2 FY27
  • Solar Project Cost: ₹600 crores, with ₹300 crores already spent
  • Capacity Expansion: Engineering capacity expanded from 18,000 MTA to 100,000 MTA in January 2026
  • Long-term Target: ₹20,000 crores revenue by FY30

Funding and CAPEX Plans:

  • Debt Addition for FY27: ₹300-350 crores (for solar, defense, and working capital)
  • No additional CAPEX planned for FY28 beyond current projects

Compliance Statement: The transcript includes standard forward-looking statement disclaimer noting that discussions may contain statements subject to risks and uncertainties beyond management's control.

Additional Notes Section

Attachments: None mentioned in the transcript

Financial Data Disclosure: The announcement contains extensive financial data including FY26 results, FY27 guidance, segment-wise performance details, and specific project financials.