Financial Performance Highlights (Consolidated)

Q4 FY26 Performance:

  • Total Income from Operations: ₹3,174.3 Mn, up 31.8% YoY from ₹2,409.0 Mn in Q4FY25
  • EBITDA: ₹296.8 Mn with EBITDA Margin of 9.3%
  • Profit After Tax: ₹44.5 Mn with PAT Margin of 1.4%
  • Earnings Per Share: ₹1.46
  • Depreciation increased significantly to ₹132.9 Mn due to migration to Ind AS accounting standard

FY26 Annual Performance (Consolidated):

  • Total Income from Operations: ₹8,259.9 Mn, up 17.4% YoY from ₹7,034.5 Mn in FY25
  • EBITDA: ₹858.9 Mn with EBITDA Margin of 10.4% (improved from 8.6% in FY25)
  • Profit After Tax: ₹150.3 Mn, up 22.4% YoY from ₹122.8 Mn in FY25
  • PAT Margin: 1.8% (slight improvement from 1.7% in FY25)
  • Earnings Per Share: ₹5.00

Standalone FY26 Performance:

  • Net Sales: ₹8,348.1 Mn
  • Other Income: ₹35.2 Mn
  • Total Income: ₹8,383.3 Mn
  • Profit After Tax: ₹157.9 Mn
  • EPS: ₹5.25

Strategic Business Transition

The company is transitioning from a single-product AC manufacturer to an integrated multi-vertical platform:

  • Non-AC segments now contribute approximately 40% of revenues
  • Revenue mix includes: Air Conditioners (~60%), EMS (~15%), Commercial Refrigeration (~10%), Components/Washing Machines (~7%), Compressor (~8%)
  • ODM capability launched in ACs with new marquee customer onboarded
  • Expanding customer base from few customers to 8-10 diversified customers

Capacity Expansion and Utilization

  • Targeting >75% utilization in new facilities at Nashik, Sanand, Chennai & VPPL
  • EMS capacity expansion planned: Current 400,000 cph → Phase 1: 800,000 cph → Phase 2: 1,200,000 cph
  • Deep Freezers capacity: Current 150,000 units → Phase 1: 250,000 units → Phase 2: 400,000 units
  • Compressor production commenced and running at >50% utilization, 3 months ahead of schedule

Backward Integration Progress

  • Expansion of EPS, plastics, CFF and EMS capabilities ongoing, expected completion by H1FY27
  • New tool room operational and being scaled for faster development
  • In-house component mix currently at 60%, targeting 75-80%
  • Compressor manufacturing in technological partnership with Chinese group

Growth Drivers and Market Position

  • Strong domestic demand with India's appliance market projected to double in next 5-7 years
  • Government policy support including PLI scheme extension for compressor import exemptions till March 2027 with 40% import exemption
  • Received ₹100 Cr PLI sanction for white goods backward integration (increased from ₹50.50 Cr in Round 3)
  • Signed MOU with Maharashtra government for compressor investment
  • Benefits under Maharashtra Electronics Policy

Management and Operations

Leadership Team:

  • Sukrit Bharati, Managing Director: 15+ years experience, MS Engineering Technology from BITS Pilani
  • Sajid Shaikh, CFO: 28+ years experience in banking & finance
  • Nitin Shewale, COO: 33+ years in consumer durables, former AVP and COO for Liebherr India
  • Prasad Zinjurde, Company Secretary: ACS, 15+ years experience

Manufacturing Presence:

  • Nashik: Corporate office + 7 manufacturing units (AC, refrigeration, compressor, washing machine, water dispenser)
  • Chennai: Component manufacturing (VPPL) + AC manufacturing
  • Sanand: Component manufacturing (VPPL)
  • Delhi: Sales office

Recent Milestones (2025-2026)

  • Started commercial production of compressor
  • Became ODM in AC manufacturing with new marquee customer addition
  • Added AC unit in Chennai
  • Started in-house mold manufacturing & tool room
  • Commissioned 1.5 MW rooftop solar installation

Industry Overview

  • AC market: 9.5-10.0 million units annually, 8% penetration in India vs 30% globally
  • LED market: India is 2nd largest globally, fastest growing in Asia-PAC
  • Deep Freezer market: USD 474.82 Mn in 2022, forecast USD 3,234.23 Mn by 2031
  • Water Dispenser market: Exhibiting 8.9% CAGR during 2023-2033