Capacit'e Infraprojects Limited — Q3 FY26
Capacit'e Infra reported Q3 FY26 consolidated revenue of ₹681 crore (+13% YoY) and EBITDA of ₹108 crore (+20% YoY), with EBITDA margin expanding 70 bps to 16%.
bullish
high
✓ 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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How many towers delivered in first 9 months?
Asked by Tbakar Rana, Prudent Equity
Management gave full-year target and current status but did not directly state 9-month deliveries.
answered for full year not 9 monthsno specific 9-month delivery count
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Question
Uh so my first question is on the MA projects. Uh so how many towers have we delivered in first 9 month of this financial year?
Management (likely Rohit Katyal or CFO)
During the full financial year FYI26, we are supposed to deliver eight towers of cluster 1. One tower has 278 tenements. Out of these three towers have been already inaugurated by the client and the remaining five towers will be inaugurated over the next two months.
Answered
High priority
How much JV profit realized in Q4?
Asked by Tbakar Rana, Prudent Equity
Management gave a specific range for Q4 JV profit (similar to quarterly run rate).
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Question
So sir in last uh financial year we reported around 40 and a half cr from JV profits and this this year it is only 4.68 crores. So uh how much uh will you realize in Q4 of this financial year?
Management
Thereafter consistently we have been declaring an uh profit of close to 1.7 to 2 crores on a quarter basis for the 9 month period it stands at 4.73 quarter 4 we'll see a similar number for a quarter however from next financial year on the basis of expanded revenue the profit addition from the JV to the limit of uh the share of capacity will go up.
Answered
High priority
How much old receivable recovered and future recovery?
Asked by Tbakar Rana, Prudent Equity
Management provided specific recovery numbers and timeline.
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Question
And sir uh uh uh there was some old receivable of over 200 K. So how much we have uh recovered and what what will be the recovery ahead?
Management
We have uh we had committed uh internally to recover close to 50 crores in the current financial year. The recovery of 38 crores as on date not as the end of quarter has has happened and the remaining 12 crores will happen before March.
Evasive
High priority
Revenue guidance for this year and FY27?
Asked by Tbakar Rana, Prudent Equity
Management did not provide specific revenue numbers, only referenced existing guidance and growth rate.
refused to repeat guidancevague about FY27
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Question
And so uh what will be the revenue guidance for uh this year and FI27?
Management
We have already given the guidance. We are well on track to do that. And uh let's keep something for surprises. Uh next financial year on a expanded uh order book basis. Uh we definitely need to grow at 18 to 20% uh as per the commitments to our client.
Partial answer
High priority
Quarterly revenue run rate at JV level for Mahada?
Asked by Vasuvave, Duama Wealth
Management provided future monthly run rate but not current quarterly figure.
gave future run rate not currentno current quarterly number
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Question
Um, so sir, um, in Mahada, what is the quarterly revenue run rate that we are working at right now at the GV level and now how do we plan to increase it going ahead?
Management
We are confident that at the JV level next financial year that revenue should be between 60 to 70 crores per month uh however unfortunately uh we are not getting any part of that revenue we will definitely recognize the profit.
Answered
High priority
Unexecuted order book for MA project at JV level?
Asked by Vasuvave, Duama Wealth
Management gave a specific revised order book figure.
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Question
And no on the JV level what would be our unexecutable order book right now for the MA project?
Management
At the JV level adding uh the price increase plus the additional area plus the increase in height of sale residential towers and increase in area of the sale commercial tower the revised uh order book should be in excess of 15,000 cr at the TCC that is a JV company level.
Answered
High priority
Quantify revenue lost due to disruptions in Q3?
Asked by Deepak Podar, Sappire Capital
Management provided a specific revenue loss estimate.
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Question
And and is it possible to quantify what what would be the revenue lost because of all this reason?
Management
So if we have lost one month we have lost 100 crores.
Evasive
High priority
Current monthly run rate and Q4 revenue expectation?
Asked by Deepak Podar, Sappire Capital
Management declined to provide specific monthly run rate, only gave qualitative assurance.
refused to give monthly run rateonly gave qualitative statement
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Question
So, so you also mentioned that uh uh since uh the execution momentum since has been normalized, right? So, so what what would be current monthly run rate we would be doing at in terms of I mean Jan if you can throw some more light on that.
Management
I can only tell you that we will have a record quarterly turnover this quarter as well. Please do not ask me daily turnover. this becomes very difficult but yes I can tell you we will have a record quarterly revenue for Q4 FI26 as well.
Answered
High priority
Revenue expected from JV this quarter?
Asked by Deepak Podar, Sappire Capital
Management gave a specific revenue expectation from JV.
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Question
And how much revenue you are expecting from JV uh this quarter?
Management
75 crores around around 75 crores. I would like to correct additional 75 crores.
Partial answer
Medium priority
Bid pipeline and conversion expectations?
Asked by Deepak Podar, Sappire Capital
Management gave pipeline size but did not quantify conversion expectations.
no conversion rate givenonly pipeline size
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Question
And then just one last thing from my side um on the pipeline uh you mentioned we we do have a very healthy bit pipeline. Uh so can you um can you quantify what would be the bit pipeline for us and and what sort of conversion we are looking at?
Management
Our company at the moment uh has identified projects worth about 14,000 crores which will be focused on and obviously we do not need to do anything silly to shore up our order book.
Answered
High priority
Outstanding order book from Sitco as of Dec 31?
Asked by Dhanja Mishra, Sidi Securities
Management provided specific order book figures with breakdown.
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Question
Uh so sir what is the outstanding order book position uh from sitco uh as of as on December 31st.
Management
So uh the outstanding uh order book position in totality is uh 3,000 770 crores out of which 2500 cr is attributed to the location number 7 which has been promised to be delivered uh uh given to us in quarter 1 of the next financial year and by balance 1200 crores is of the first six locations.
Answered
Medium priority
Will new labor laws increase contract labor cost by 8-12%?
Asked by Rajesh Kumar Rati, Right Shopping Private Limited
Management directly disagreed and provided specific cost impact.
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Question
Uh industry sources have told me that implementation of this law can increase the contract labor cost by 8 to 12%. Uh because of the PF and ESI etc. Uh do you concur with that view?
Management
Uh no, not at the moment in time because uh 50% of our subcontractors have their own PF number already and they are already compliant with the labor laws. The direct cost of our own personnel has been uh examined by our auditors internal and external and that is pegged at 40 lakhs.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Expected JV revenue in Q4: additional 75 cr | ₹75 cr | ₹681 cr | Understated vs filing |
| Consolidated EBITDA margin 9M FY26: 16.65% | 16.65% | 16% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.