Affordable Robotic & Automation Ltd — Q3 FY26
Affordable Robotic & Automation reported a strong Q3 FY26 with consolidated revenue of ₹86.8 crore and EBITDA margin expanding to 10.7% (vs -4.6% last year), driven by a 30% red...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered5Evaded / deflected12Questions auditedMixedNumbers vs filing
Evasive
Medium priority
Why can't India grow robotic companies like other emerging markets? Is Homero threatened?
Asked by Mr. Cost, BMSL Capital
Management deflected by saying they are not in humanoid, avoiding the core question about scale.
dismissed question as not applicableno comparison given
Read the exchange
Question
why aren't we being able to grow such companies in India taking affordable only as a good example why aren't we able to reach that scale that these companies are doing in other emerging markets and is it really a threat to our current homero business
Milin Padel (Managing Director)
we are not into humanoid. So, I won't be able to talk about humanoid much. humanoid is still 10 years away from the actual commercial deployment in industry.
Evasive
High priority
What is the reasoning behind Sai Green's 15 cr investment and who is behind it?
Asked by Mr. Cost, BMSL Capital
Management gave a generic answer without addressing the analyst's concerns about the company's background.
vague descriptionno specifics on due diligence
Read the exchange
Question
could you just be transparently tell us exactly the potential and the reasoning for this transaction and who's behind green I mean you must have done your due diligence right
Milin Padel (Managing Director)
Sai green is a very big company and they are into power plant and green energy sector and they have lot of other investment in autonomous vehicles
Answered
High priority
What is the quantifiable opportunity in Homero over 3-5 years?
Asked by Mr. Cost, BMSL Capital
Management provided a specific market size and target share, directly answering the question.
Read the exchange
Question
I really need to understand how big in your eyes can this business become in terms of whatever benchmark you want to give units products revenue over the next 3 to 5 years.
Milin Padel (Managing Director)
the forklift sold annually is 750,000 ... we want to take one to 2% share in next five years
Answered
Medium priority
Is the heavy welding JV finalized? Can you share details?
Asked by Pavan Kumar
Management clearly stated the JV is not finalized and they are working independently.
Read the exchange
Question
in last con call, we were discussing about an ongoing talks with a joint venture for heavy welding with some other company. Is it finalized? If yes, can you share the details?
Milin Padel (Managing Director)
heavy building it's still you know joint venture has not gone through and we are still working on our own for heavy building.
Partial answer
Medium priority
How many PCs done in US and what is the success rate?
Asked by Pavan Kumar
Management gave numbers but later contradicted on success rate, causing confusion.
contradictory success rates from different speakers
Read the exchange
Question
how many total PC's we have done so far and what is the status of the PCQ in US as of today?
Milin Padel (Managing Director) and Robinson (Co-founder/CEO of RAS)
we have done multiple PC's approximately 10 to 12 PC's ... success rate of the P is you can say almost 50 to 60%.
Declined
High priority
What is the revenue guidance for Q4 FY26?
Asked by Pavan Kumar
Management explicitly declined to provide revenue guidance for the quarter.
refused to give guidance
Read the exchange
Question
what is the revenue guidance for Q4 just this ongoing quarter which is half halfway already through.
Milin Padel (Managing Director)
probably we can't give guidance right like that. So but yeah it's good like our focus is like profitability
Evasive
High priority
What is the revenue guidance for FY27?
Asked by Pavan Kumar
Management avoided giving any quantitative guidance, speaking only in generalities.
no numbers givenvague aspirational language
Read the exchange
Question
any any guidance for FI27?
Milin Padel (Managing Director)
we are working towards the J curve right. So we have developed last four years the technology which has to be deployed and can be scaled up drastically.
Evasive
Medium priority
Why is Indian business not scaling revenue despite car parking and welding?
Asked by Pavan Kumar
Management did not address the question about challenges, instead talked about restructuring.
no specific challenges citedreframed as restructuring
Read the exchange
Question
we are not able to scale the revenue in Indian business provided we have car parking and we have welding and such a big country ... what are the challenges we are facing within India?
Milin Padel (Managing Director)
this year you know we have made the operations very very light and profitable so that we can take larger volume in a more efficient way.
Answered
High priority
Can you quantify the expected revenue growth in Indian business?
Asked by Pavan Kumar
Management provided a specific growth percentage range for the Indian business.
Read the exchange
Question
can you quantify that
Milin Padel (Managing Director)
top line we expect to grow by around you know 20 to 30%.
Answered
High priority
What is the total order book? Clarify 190 cr vs 130 cr.
Asked by Chen Hardi
Management clearly explained the difference between total and outstanding order book.
Read the exchange
Question
I heard we have an order book of around somewhere 190 cr and then somewhere I heard 130 cr. So what is our total order book?
Milin Padel (Managing Director)
We have total order book is 190 from which we already delivered around 59. So balance ordering is around 130.
Partial answer
Medium priority
Are you able to crack outright sale deals for Homero?
Asked by Chen Hardi
Management acknowledged intent but did not confirm any outright sale deals, only lease.
no direct yes/nofuture-oriented
Read the exchange
Question
are we able to crack any deal where we are able to outright sell our home row because on this lease model you know you'll have to keep on investing in the robots.
Robinson (Co-founder/CEO of RAS)
there has been not a single customer ... who have not asked me okay when you quote the price you give me what is it after one if I want to own it which means there is an intent
Answered
Medium priority
How many robots are involved in the 8 cr lease order?
Asked by Chen Hardi
Management provided the number of equipment (13) for the lease order.
Read the exchange
Question
in this 8 cr of lease revenue which we are expecting over next two years how many robots or how many machines are involved?
Robinson (Co-founder/CEO of RAS)
this is like 7 10 um 30 13 equipments and we have around 25 in US.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| 9-month standalone turnover ~60 cr, EBITDA ~6 cr, PAT ~94 lakhs | ₹60 cr | ₹19.93 cr | Overstated vs filing |
| 9-month standalone EBITDA margin 9.8% | 9.8% | 15.15% | Understated vs filing |
| 9-month standalone PAT growth 127% YoY | 127% | 116% | Overstated vs filing |
| Q3 consolidated revenue 868 cr | ₹868 cr | ₹19.93 cr | Overstated vs filing |
| Q3 consolidated EBITDA 7.33 cr | ₹7.33 cr | ₹7.33 cr | Matches filing |
| Q3 consolidated PAT 2.18 cr | ₹2.18 cr | ₹1.31 cr | Overstated vs filing |
| Q3 consolidated EBITDA margin 10.7% | 10.7% | 15.15% | Understated vs filing |
| 9-month consolidated PAT growth 116% YoY | 116% | 116% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.