• Event Type: The document is a transcript of the Q4 FY26 Earnings Call held with investors and analysts.
  • Date and Time: The call was held on 26th June, 2026, at 4:00 P.M. IST.
  • Purpose: The call was held after the announcement of the Audited Financial Results for the quarter and year ended 31st March, 2026, to discuss the company's performance and outlook.
  • Management Participants: The call featured Dr. Pradeep Khandagale (Chairman and Managing Director) and Girish Deshmukh (Chief Financial Officer). The session was moderated by Khushi from the Finportal Investor Relations Team.
  • Availability of Materials: The transcript of the call was submitted to the exchange and is also available on the company's website. No presentation deck was referenced as being made available.
  • UPSI Statement: The company did not include any specific compliance language stating that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial Highlights Discussed:

  • Financial Period: Q4 FY26 and Full Year (FY26) ended 31st March, 2026.
  • Q4 FY26 Performance: Revenue from operations was ₹109.44 crores, reflecting growth of 174.23% Year-on-Year (YoY) and 94.88% Quarter-on-Quarter (QoQ). EBITDA was ₹15.26 crores (Margin: 13.94%). Profit After Tax (PAT) was ₹10.33 crores (Margin: 9.44%). Earnings Per Share (EPS) for the quarter was ₹2.84.
  • Full Year FY26 Performance: Revenue from operations was ₹243.35 crores, a growth of 42.16% YoY. EBITDA was ₹41.61 crores (Margin: 17.10%). PAT was ₹25.69 crores (Margin: 10.56%). Full Year EPS was ₹6.48.

Strategic and Operational Highlights from Management Commentary:

  • Business Model: The company described itself as scaling up from a civil contractor to a "tech-driven infrastructure company" with a Class 1A unlimited license enabling it to bid for large government tenders independently.
  • Order Book: The order book stands at ₹1,854 crores of ongoing work, against ₹916 crores completed, representing a 2x book-to-bill ratio and providing revenue visibility for the next 2-3 years.
  • Business Segments: The company operates across 8 business segments to diversify risk, with specializations in niche, high-margin areas like Metro BMS, tunnel ventilation, and data centers.
  • Acquisitions & Partnerships: Key partnerships were highlighted:
  • Bootes Infra LLP for net-zero projects in North India.
  • Strategic JVs (T&T and ANSH) for projects like Pune Metro to meet qualification criteria.
  • A tie-up with Myrtha Pools, Italy, for premium sports infrastructure, targeting opportunities like the 2030 Olympics.
  • Leadership: The leadership team has experience across civil engineering, defense, and statutory bodies like CIDCO, which helps in controlling project delays and cost overruns.
  • Order Inflow: Q4 FY26 saw fresh orders worth ₹1,317 crores from major clients like MMRDA (Metro Line 6) and L&T (Metro Line 4).
  • Margins: The slight dip in Q4 EBITDA margin was attributed to initial mobilization costs for new large projects, which are expected to normalize. Full-year margins were held steady.
  • Finance Cost: Full-year interest cost decreased by 6.59% due to tight fund management and timely recovery of dues.
  • Balance Sheet: Cash and bank balances increased significantly to ₹16.69 crores. Regarding trade receivables, management stated that 87% of the current receivables were recovered within 45 days after the year-end.
  • Funding & Capital: The company has banking facilities with Canara Bank and HDFC Bank. An inflow of ~₹14 crores is expected in July 2026 from warrants. The debt-to-equity ratio is ~0.3.

Guidance and Outlook:

  • Revenue Target: Management explicitly guided for a target of more than 2x revenue Compound Annual Growth Rate (CAGR) in the current year (FY27). In the Q&A, they specified targeting ₹600 crores revenue for FY27 and ₹900 crores for FY28.
  • Order Inflow Target: The company is targeting ₹1,000 crores of new orders for FY27.
  • Margin Outlook: Management expressed confidence in maintaining EBITDA margins of 17-18% going forward, supported by escalation clauses in contracts to mitigate raw material inflation.
  • Growth Areas: Key growth verticals are Metro projects and Sports complexes. The company is also foraying into data center liquid cooling technology and tunnel ventilation systems.
  • Cash Flow: Operating cash flow turned positive in FY26, and management expects it to remain positive in FY27.

Additional Notes Section

  • Attachment: The document is the transcript itself, enclosed with the regulatory filing.
  • Financial Data: Extensive financial data, operational metrics, and forward-looking guidance were disclosed and discussed during the call, as detailed in the summary above.
  • Compliance: This is a direct submission of the earnings call transcript to the National Stock Exchange of India Limited as a regulatory disclosure.