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Revenue
₹72.81 Cr
verified against source
Revenue YoY
28.1%
reported change
EBITDA
₹8.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bigbloc Construction delivered its best-ever quarterly revenue of ₹72.8 crore in Q3 FY26, up 28.1% YoY, driven by a 38% surge in sales volume to 214,643 cubic meters. EBITDA margin expanded to 11.1% (up 30 bps YoY) as capacity utilization improved to 67% from 53% a year ago. The company returned to profitability with PAT of ₹0.4 crore. Key growth drivers include strong post-monsoon construction activity, better price realizations, and cost efficiencies from higher utilization. Management guided for FY26 average utilization of 63-64% and aims for 70%+ in FY27, with EBITDA margins targeting 15-20% in upcoming quarters. A new MP plant (₹75-80 crore capex) is planned over 12 months. Risk: Wall panel adoption remains slow (only 10% utilization), and competition in AAC blocks could pressure pricing.
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Guidance to track
- Management expects to close FY26 with average utilization of 63-64%, with Q4 utilization above Q3's 67%.
- Management intends to reach capacity utilization of 70% or more in FY27.
- Management stated that EBITDA margins of 15-20% are sustainable in the industry and expects to reach those levels in upcoming quarters.
- A new plant in Madhya Pradesh with capacity of 200,000-250,000 cubic meters per annum will require capex of ₹75-80 crore, to be executed over the next 12 months.
Risks flagged
- Wall panel utilization is only ~10%, and reaching 30-40% may take 3-4 quarters, limiting near-term contribution from this segment.
- Auditor noted non-compliance with Ind AS 19 for employee benefits; management says annual valuation will be done, but impact is unclear.
- Pending carbon credits of 100,000-150,000 are delayed due to additional audits; slow carbon markets reduce incentive to expedite.
- Increased competition led to margin compression in the past; while utilization is improving, pricing power remains a risk.
Key quotes
- The third quarter marks a notable improvement in our overall performance. Construction activity gained strong momentum during the quarter as post monsoon demand recovered across key markets.
- Our first focus is towards improving capacity utilizations and across all our three block facilities, capacity utilizations have almost reached 70% plus utilization levels.
- We are planning to take up the expansion for the facility in MP for which land is already acquired and we are in the process of doing negotiations with the installing contracting partners.
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