Arisinfra Solutions vs Tara Chand Infralogistic Q4 FY26

Arisinfra delivered a strong Q4 FY26 with revenue of ₹343 Cr (+55% YoY) and EBITDA of ₹31 Cr (+202% YoY), driven by contract manufacturing scaling 169% YoY and services (DAS) growing 264% YoY. EBITDA margin expanded 431 bps to 8.8%, aided by operating leverage and mix shift. PAT turned positive at ₹22 Cr vs a loss last year. Management guided for 35-40% revenue growth in FY27, with EBITDA margins sustaining ~10-10.5%. Key risks include potential slowdown in infrastructure spending and working capital pressure from rapid scaling.

Guidance read

Revenue growth of 35-40% in FY27: Management expects revenue to grow 35-40% in FY27, consistent with the 40% growth achieved in FY26. EBITDA margin to sustain ~10-10.5%: Management guided for EBITDA margins to remain around 10-10.5% in FY27, with potential improvement from mix shift. Contract manufacturing capacity utilization target of 75-80% in FY27: Management aims to reach peak utilization of 75-80% in FY27 on the current asset base, up from 50% in Q4 FY26. Additional capacity deposits of ₹25-50 Cr in FY27: Management plans to invest another ₹25-50 Cr in capacity deposits during FY27 to secure multi-year contracts.

Risk read

Key risks include Slowdown in infrastructure spending — A potential slowdown in government or private infrastructure spending could impact demand for construction materials and services.; Working capital pressure from rapid scaling — Rapid revenue growth may strain working capital if receivables and inventory outpace payables, despite current improvement.; Execution risk in new categories like asphalt — Asphalt is a new, execution-heavy category; any operational missteps could affect margins and customer trust.; Competition from larger players or new entrants — Large groups or existing players could replicate the model, though management believes their tech and relationships provide a moat..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Tara Chand Infralogistic delivered a solid FY26 with revenue of ₹284.8 crore (+14.9% YoY) and EBITDA of ₹105.5 crore (+27% YoY), driving EBITDA margin expansion of ~400bps to 37.05%. The equipment rental segment (60% of revenue) grew 23% YoY with standalone rental margins at 62%, while renewable energy mix tripled to 15%. PAT growth lagged at 12% due to higher depreciation and finance costs from ₹290 crore capex over two years. Q4 revenue of ₹89.5 crore missed the ₹100 crore target due to ~₹10 crore project deferrals and slower Danuni stockyard ramp-up. FY27 guidance: 20-25% revenue growth, EBITDA margins sustained at 37-38%, and capex of ₹80-100 crore. Key risk: receivable days stretched to 93 (target 80) due to RINL contract closure, with recovery expected in H1 FY27.

Guidance read

FY27 revenue growth target of 20-25%: Management targets 20-25% revenue growth for FY27, driven by equipment rentals and specialized services. EBITDA margin sustained at 37-38%: Management expects EBITDA margins to remain in the 37-38% band for FY27. Capex of ₹80-100 crore in FY27: Planned capital expenditure for FY27 is in the range of ₹80-100 crore, calibrated to client demand. Net debt-to-equity below 1x: Management reiterated its ceiling of net debt-to-equity below 1x.

Risk read

Key risks include Receivable days stretched to 93 days — Receivable days closed at 93 vs target of 80, partly due to RINL contract closure. Recovery expected in H1 FY27.; Project execution delays causing revenue deferral — Q4 revenue missed target by ~₹10 crore due to project execution delays at client sites, deferred to Q1 FY27.; Margin dilution from new metallics subsidiary — Analyst raised concern about potential margin dilution from Tarachand Metallics; management provided no concrete numbers.; Foreign currency fluctuation impacting equipment costs — Management cited forex volatility as a risk for new equipment purchases, though mitigated by annual purchase plans..

Promise ledger

Scorecard data is being built as historical quarters are processed.