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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹148.65 Cr
verification pending
Revenue YoY
109.5%
reported change
EBITDA
₹21.76 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 Reliance, L&T, and others. The order book stood at ₹125 crore as of March 31, 2026, providing high visibility. H2 revenue of ₹116.08 crore (up 135.7% YoY) reflected the bulk of execution. EBITDA margin contracted ~90bps to 14.64% due to raw material cost spikes and large-client pricing pressure, but management expects to protect margins via price pass-through. Guidance implies 30-40% revenue growth for FY27, with the full order book expected to convert. Key risk: margin compression if commodity prices remain elevated and new orders do not fully compensate.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated a target of at least 30-40% overall growth for FY27, building on the FY26 base.
- The entire ₹125 crore order book is expected to convert into revenue within FY27, given a gestation period of 10-12 months.
- Management stated that new orders will include price adjustments for higher commodity costs to protect EBITDA margins.
Risks flagged
- Metal prices rose 25-40% in H2, compressing margins. If prices remain elevated, margins could face further pressure.
- Large orders from Reliance and L&T increase dependency; any slowdown or loss of these clients could impact revenue.
- An analyst noted order book declined from ₹145 Cr (May 2025 presentation) to ₹125 Cr, raising questions about growth sustainability.
Key quotes
- FY26 has been a defining and transformational year for Apex Eotech.
- We have to be prudently aggressive.
- If we do nothing we'll do 125 [crores] right.
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