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Revenue
₹400.2 Cr
verification pending
Revenue YoY
1.9%
reported change
EBITDA
₹34.4 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Eleganz Interiors delivered a strong H2 FY26, with full-year revenue of ₹400.2 crore (up ~2% YoY) and EBITDA margin improving to 8.6% (+20bps YoY). The H2 rebound compensated for a weak H1, driven by execution of large design-and-build projects including India's largest fit-out (7 lakh sq ft). Order book stands at ₹546 crore, with a bid pipeline of ₹2,600 crore. Management guides for 25% revenue growth in FY27, with ~₹377 crore execution from existing orders. EBITDA margin guidance is ~9% for FY27. Key risks: working capital cycle stretched to 89 days due to Q4 billing spike; geopolitical inflation may pressure margins if escalations are not fully passed through. The company is investing in a new automated factory and data center capabilities to drive long-term growth.
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Guidance to track
- Management expects at least 25% revenue growth in FY27, driven by execution of existing order book and new wins.
- Management guided for EBITDA margin of approximately 9% for full year FY27, up from 8.6% in FY26.
- Management expects working capital cycle to normalize to 60-80 days in FY27, down from 89 days in FY26.
- New automated factory in Kapolei (land acquired) expected to improve PAT margins by 2-3% and enable larger project wins.
Risks flagged
- Trade receivables tripled to ₹130 crore due to Q4 billing spike; cash flow from operations turned negative. Management expects normalization but execution risk remains.
- Raw material prices (copper, aluminum) rose due to Iran-US war. While clients have accepted escalations, sustained inflation could compress thin margins.
- Business is H2-heavy; H1 FY26 was weak, causing stock to correct ~60% from highs. Management cannot commit to H1 improvement, risking repeat volatility.
- Data center strategy is nascent; only small components executed. Requires MEP capability enhancement via consortium or acquisition, which may take time.
Key quotes
- We are expecting a minimum of 25%. We can go 25% for sure based on the order book that we have in the bid pipeline at least.
- Our customers are grade-A corporates, very reasonable people. They believe in working closely with their partners. They have accepted the price escalation as a one-off because it's a war condition.
- We are working on tools and verticals... we are seeing how we can service our customers under any model possible. You'll see progress on that this year.
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