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Revenue
₹342 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IFB Industries reported Q3 FY26 revenue of ₹1,382 crore, up 12% YoY, but PAT fell 28.8% to ₹24.51 crore due to an exceptional item of ₹13.38 crore for labor code compliance. Appliance margins were squeezed by forex depreciation (₹29 crore impact) and commodity inflation (₹18 crore), offsetting ₹35 crore in cost savings. Management acknowledged execution failures, including delayed cost-saving initiatives and inadequate account-level tie-ups. A new CEO is set to join in April. The engineering division targets 20%+ growth with ₹200 crore capex for new plants. Key risk: continued margin pressure from rising input costs and inability to pass through pricing in a competitive market.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects total material cost reduction of ₹79 crore for the full year, with ₹44 crore in Q4.
- Engineering division targets over 20% annual growth driven by increased share of business with OEMs and new projects.
- Engineering division aims to restore PBDIT margins to 17-18% from current ~12% as startup expenses normalize.
- A new CEO with sales and distribution experience from a ₹20,000 crore company will join to lead the appliances division.
Risks flagged
- Rupee depreciation and rising copper prices continue to pressure input costs; management has not fully hedged or passed on costs.
- Management admitted delays in implementing cost-saving measures and account-level tie-ups; benefits may not materialize as planned.
- IFB's AC pricing ranks 7-9 in the market; refrigerators launched with lower-end specs, hurting channel acceptance.
- Front load and top load capacity utilization at ~88-90% in peak months; expansion plans are still in early stages.
Key quotes
- Overall end to end management has not been up to the mark which is right from looking at the entire chain which is sourcing to sales.
- No company can be considered to be run well if it's running in at five and a half 6% margin. I'm very very clear on this.
- We have to compete with the Chinese and we have to become better than them. There's no point in all Indian companies saying the Chinese prices are very very low.
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