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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
₹428 Cr
verified against source
Revenue YoY
13.5%
reported change
EBITDA
₹31.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
EPACK Durable reported Q3 FY26 revenue of ₹427.8 Cr (+13.5% YoY) and EBITDA of ₹31.7 Cr (+31.5% YoY), with EBITDA margin expanding 102 bps to 7.41%. Growth was driven by strong performance in components (+61% YoY), large domestic appliances (+74% YoY), and small domestic appliances (+30% YoY), offsetting a marginal 1% decline in the AC segment. The company added two new customers, bringing the total to 67. Management guided for AC revenue mix to remain at 60-65%, with SDA and components contributing 12-15% and ~20% respectively. Capex of ₹450 Cr over 12-18 months is underway, with ₹218 Cr already incurred. The washing machine business is ramping up, and the new JV facility with Haier is ready for production. Risks include potential demand slowdown from commodity-driven price hikes and high channel inventory of old BEE-rated ACs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects AC to contribute 60-65% of total revenue, with SDA at 12-15% and components at ~20%.
- Company has incurred ₹218 Cr in first 9 months and plans additional ₹225 Cr in next 6-9 months for capacity expansion.
- Company confident of maintaining EBITDA margin in the 7.5-8% range over medium to long term.
- Management expects AC industry to grow 15-20% in FY27 over FY25, with EPACK growing at 20-30% in AC.
Risks flagged
- Estimated 4-4.5 million units of old BEE-rated ACs in trade inventory, which may take time to clear and impact new orders.
- Copper and aluminum prices have risen, leading to 8-10% price increases; further hikes may dampen consumer demand.
- Since margins are on a per-unit basis, percentage margins could appear lower if commodity costs are passed through without markup.
- New products like washing machines and SDA items require significant bandwidth and may not scale as expected.
Key quotes
- Our revenue mix is becoming more balanced and dependence on the top customers are steadily reducing.
- The current order book is very robust for us and we firmly believe that this momentum will continue.
- We are looking at increasing our wallet shares by diverse offering diverse products to the same customers because cross-selling is something which definitely helps us to achieve better revenue growth and better margins.
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