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View Claim Ledger →Arisinfra Solutions Ltd — 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.
bullish
high
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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.
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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Promises
3 promises
Promise Tracker
0 delivered, 0 close, 3 missed.
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Risks
4 risks
Risk Intelligence
Slowdown in infrastructure spending
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Transcript
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Read Transcript →Quarter Snapshot
Contract Manufacturing Revenue Growth
169%
+169% YoY
Contract manufacturing revenues grew 169% YoY in Q4, contributing 47% of FY26 revenue.
Volumes Delivered (Contract Manufacturing)
11.29 lakh MT
+91% YoY
Volumes in contract manufacturing increased 91% YoY to 11.29 lakh metric tons in Q4.
Capacity Utilization (Contract Manufacturing)
50%
+11pp YoY
Capacity utilization improved to 50% from 39% in Q4 last year, with target of 75-80% in FY27.
Asphalt Revenue (New Category)
₹30 Cr
+88% QoQ
Asphalt revenues grew 88% sequentially to ₹30 Cr, with active customers nearly doubling to 28.
What Changed vs Last Quarter
NEW
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.
NEW
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.
NEW
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.
UPDATED
Revenue growth of 35-40% in FY27
Management expects revenue to grow 35-40% in FY27, consistent with the 40% growth achieved in FY26.
DROPPED
Asphalt JV revenue of ₹80-100 crore in 12-18 months
The new asphalt joint venture is projected to generate ₹80-100 crore in revenue over the next 12-18 months, with margins in line with company averages.
DROPPED
Receivables above 6 months to reduce to ₹30-35 crore by March
Management expects receivables over 6 months to decline from ₹50-55 crore to ₹30-35 crore by March 2026, with no write-offs anticipated.
DROPPED
Leverage to remain between 0.4x to 0.5x
Management guided that debt-to-equity leverage will be maintained in the 0.4-0.5x range, with sufficient cash balance of ₹150 crore to fund deposits.
NEW RISK
Slowdown in infrastructure spending
A potential slowdown in government or private infrastructure spending could impact demand for construction materials and services.
NEW RISK
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.
RISK GONE
Elevated receivables above 6 months
Receivables over 6 months stood at ₹50-55 crore (12-14% of total receivables), posing collection risk despite management's expectation of reduction.
RISK GONE
Dependence on contract manufacturing deposits
Deposits to secure capacity are refundable but tie up capital; if utilization does not improve as expected, returns on these deposits could be delayed.
Fast read
Guidance and risk preview
Management expects revenue to grow 35-40% in FY27, consistent with the 40% growth achieved in FY26.
A potential slowdown in government or private infrastructure spending could impact demand for construction materials and services.
View Risks →