Apex Ecotech Limited — Q4 FY26
Apex Ecotech delivered a stellar FY26 with revenue surging 109.5% YoY to ₹148.65 crore and PAT growing 98.85% to ₹17.02 crore, driven by strong execution of marquee orders from...
bullish
high
Financial stats pending filing verification
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 auditedContradictedNumbers vs filing
Partial answer
Medium priority
Order book comparison: last year 55 cr vs now 125 cr?
Asked by Augustia Dway
Management corrected the prior figure but did not provide exact number, leaving ambiguity.
corrected the base numberno exact prior figure given
Read the exchange
Question
If I remember correctly sir, you closed the last year uh as an FI25 with a 55 cr order book sir and now you are at 125 cr. Sir are these two numbers comparable?
Rakkesh (not explicitly stated, but likely management)
the 125 this year is right but 55 C mean incorrect because I think they are approximate values it was more than 55 CR
Evasive
Medium priority
Pipeline and sales funnel outlook?
Asked by Augustia Dway
Management gave a general positive outlook without addressing specific industries or geographies.
no specifics on industries or geographiesvague optimism
Read the exchange
Question
how is the pipeline looking like uh in terms of inquiries and are there any particular industries or geographies that you are getting orders from?
Rakkesh
the year ahead or this present year is again quite buoyant. It is full of opportunities and we are quite well placed in quite a few prospective jobs.
Evasive
Medium priority
Will we see more 100+ cr projects frequently?
Asked by Augustia Dway
Management avoided giving a clear yes/no on frequency of large projects.
no commitment on frequencyvague about three-figure projects
Read the exchange
Question
So will we see more 100 plus cr projects now more frequently
Rakkesh
I can't spell out whether it will be a three figure kind of a thing but definitely the ticket size are going to be higher than what they were earlier
Answered
High priority
Reason for margin decline and pricing pressure?
Asked by Augustia Dway
Management explained margin decline due to revenue concentration in H2 and raw material cost increases.
Read the exchange
Question
there was slight decline in margins... is this the only explanation or are you seeing any kind of pricing pricing pressure?
Rakkesh
the bulk of our uh revenue came in the last four five months and uh that is the time when you know the logistic cost and the raw material cost itself typically the metal cost which went as high as 25 to 40%
Evasive
High priority
Official guidance on margins and turnover growth?
Asked by Augustia Dway
Management declined to provide specific guidance, citing difficulty in giving percentages.
no specific numbersvague reference to earlier statements
Read the exchange
Question
Is there any official guidance that you're giving out on margins and uh turnover growth for next year?
Rakkesh
It is difficult. I don't know uh you know that what kind of percentages we'll be growing in but definitely we had since the very beginning stated that uh we would maintain certain kind of uh revenue growth and profitability growth.
Answered
High priority
How much of 125 cr order book converts to FY27 revenue?
Asked by Rushwit Nag
Management gave a clear answer that the entire order book will convert to revenue in the current year.
Read the exchange
Question
how much of the current 125 cr order book will convert into the actual revenue for the next year?
Rakkesh
all 125 kores will get consumed within this year itself.
Answered
High priority
Dependence on large clients like Reliance and L&T?
Asked by Rushwit Nag
Management directly stated they are not reliant on a single client.
Read the exchange
Question
how companies depended on the large clients like Reliance on LNT.
Rakkesh
we are not reliant on a single order or single company that if that was your question boss.
Evasive
High priority
Was H2 revenue one-off or sustainable base for growth?
Asked by Kisha
Management did not confirm whether H2 was sustainable or one-off, citing uncertainty.
no clear yes/no on one-offcited uncertainty
Read the exchange
Question
was the second half extra some extraordinary one-off kind of a uh basically numbers be or we can basically build on the base that we uh did last year and grow from here
Rakkesh
I can't say that you know it's a one-off case I don't know uh it's something like you know there is a little bit of an uh uncertaintity
Partial answer
High priority
Can 15% EBITDA margin be held in FY27?
Asked by Kisha
Management implied they will protect margins but did not explicitly confirm 15% target.
no explicit confirmation of 15% marginvague about pricing adjustments
Read the exchange
Question
some further margin reduction can be expected in FR27 or 15% a bit margin you feel we can hold on to
Rakkesh
we will be quite circumspect and in our approach towards taking orders which are meaningful in terms of bottom line too. So I don't think that we will be absorbing too much of uh the increase in commodity pricing
Evasive
High priority
Is 200 cr revenue and 15% EBITDA margin realistic for FY27?
Asked by Kisha
Management avoided confirming the specific revenue and margin targets, citing inability to mention numbers.
no confirmation of specific numbersreferred to earlier growth guidance
Read the exchange
Question
so 200 K revenue and 15% AITA margin for F27 is it a realistic number?
Rakkesh
If you go by percentages, it will be something which we'll be working on and yes, it is something I can't again say mention the numbers per se in in but this is what the narration has been very beginning that we are looking for at least 30 to 40% growth overall.
Answered
Medium priority
Will working capital cycle be maintained?
Asked by Majid Ahmed Jet
Management affirmed intention to maintain working capital cycle.
Read the exchange
Question
going forward would we maintain the similar working capital cycle to sustain good cash flows?
Rakkesh
since we have seen that the benefit of cash flow is extremely important... I think we would strive to maintain that.
Answered
Medium priority
Plans for cash of 35 cr: investments or acquisitions?
Asked by Majid Ahmed Jet
Management explained cash is used for bank guarantees, not acquisitions or new technologies.
Read the exchange
Question
we have around 35 crores of cash. How are we looking to uh in are we planning for any investments in any new technologies or or doing uh any acquisitions or anything small?
Rakkesh
most of this fund is directed towards the you know making fixed deposits for the for for they act as collaterals towards submission of non-fund based guarantees.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| H1 revenue around 32 cr, H2 revenue 116 cr | ₹32 cr | ₹148.65 cr | Understated vs filing |
| H2 revenue 116 cr | ₹116 cr | ₹148.65 cr | Understated vs filing |
| Targeting at least 30 to 40% growth overall | 40% | 109.5% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.