1–2 minutes
🔍 Observations
Topline
- Revenue surged 44.6% YoY to ₹62,063 Mn in FY26, reflecting accelerating T&D capex demand from utilities and industrial customers.
- Q4FY26 revenue at ₹16,371 Mn grew 42.0% vs Q4FY25, confirming the full-year momentum was not back-end loaded — broad-based execution across quarters.
- Sequential Q4 dip vs Q3 (₹17,006 Mn) is marginal at 3.7% and unremarkable given Q3’s exceptionally high delivery quarter.
Bottomline
- Net profit doubled (+102.7% YoY) to ₹12,333 Mn, outpacing revenue growth by a wide margin — operating leverage is clearly at work.
- EPS jumped to ₹48.16 from ₹23.76, on an unchanged share count, making the earnings accretion entirely organic.
- Exceptional item (net ₹635.7 Mn charge in FY26, zero in FY25) slightly depressed reported PBT; underlying pre-exceptional PBT grew 109% YoY to ₹17,133 Mn.
Margins
- EBITDA margin expanded ~810 bps YoY to 28.6% (FY26: ₹17,745 Mn vs FY25: ₹8,813 Mn), driven by operating leverage and mix improvement.
- Raw material & project cost intensity fell from 61.8% to 58.0% of revenue — execution efficiency and better project pricing are flowing through.
- Net profit margin expanded from 14.2% to 19.9% — a 570 bps improvement on a revenue base that itself grew 45%.
Growth Trajectory
- Revenue CAGR implied over the FY25–26 base is 44.6%; the order-book-driven nature of this business suggests multi-year visibility if intake remains strong.
- Q4FY26 EBITDA margin at 29.5% holds above the full-year 28.6%, signalling no margin dilution as the year progressed — execution quality is improving, not fading.
- Pre-exceptional PBT growth of 109% YoY on 45% revenue growth demonstrates scaling economics; margin trajectory is the core re-rating catalyst here.