1–2 minutes
🔍 Observations
Topline
- Revenue surged 18.8% YoY (₹5,319 Cr → ₹6,321 Cr), with Q4 FY26 alone up 22.3% QoQ (₹1,599 Cr → ₹1,951 Cr) — strongest quarter of the year.
- Electrical Cables drove the bulk, contributing ₹5,490 Cr (86.9% of net revenue), up 22.0% YoY; Communication Cables marginally declined to ₹500 Cr from ₹508 Cr.
- Copper Rods segment grew 27.2% YoY (₹1,684 Cr → ₹2,143 Cr) but is largely inter-segment; net contribution post eliminations is modest.
Bottomline
- PAT grew a thin 1.8% YoY (₹701 Cr → ₹714 Cr) despite 18.8% topline growth — muted profit leverage driven by cost absorption.
- Associate/JV income fell 11.8% YoY (₹232 Cr → ₹205 Cr), reducing an important non-operating cushion; Q4 FY26 associate income of ₹107 Cr (vs ₹49 Cr in Q4 FY25) was an outlier quarter.
- Tax efficiency improved: effective tax rate fell to 23.1% in FY26 vs 24.0% in FY25, providing marginal PAT support.
Margins
- EBIT margin (segment EBIT ÷ net revenue): FY26 = ₹583 Cr ÷ ₹6,321 Cr = 9.2% vs FY25 = ₹492 Cr ÷ ₹5,319 Cr = 9.2% — flat YoY despite scale.
- PAT margin compressed: FY26 = ₹714 Cr ÷ ₹6,321 Cr = 11.3% vs FY25 = ₹701 Cr ÷ ₹5,319 Cr = 13.2% — 190 bps dilution as associate income share in total profits declined proportionally.
- Material cost ratio rose: FY26 cost of materials consumed = ₹5,328 Cr on ₹6,321 Cr revenue = 84.3% vs FY25 ₹4,360 Cr on ₹5,319 Cr = 82.0% — input cost pass-through pressure evident.
Growth Trajectory
- Electrical Cables EBIT grew 18.3% YoY (₹476 Cr → ₹563 Cr), in line with revenue — segment-level margins held.
- Communication Cables turned meaningfully profitable: EBIT ₹8.2 Cr (FY25) → ₹13.9 Cr (FY26), a 69.8% jump on flat revenue — operating leverage kicking in.
- Copper Rods EBIT declined (₹4.4 Cr → ₹3.2 Cr) on higher revenues — margin dilution at the commodity pass-through segment, as expected.