New plant execution delays
The Baddi plant has faced delays due to heavy rains, terrain issues, and gas supply problems; further delays could impact growth guidance.
INDOFARM / Q4-FY26 / risks
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Indo Farm Equipment · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Margin pressure from new products and input costs
Management guided EBITDA margin of ~12.5% for FY27, down from 13.59% in Q4 FY26, due to new product launches and steel cost inflation.
Working capital intensity
Working capital days remain high at ~307 days; management expects improvement but no specific timeline, posing cash flow risk.
Crane segment degrowth and margin decline
Crane revenue declined 9.67% YoY in Q4 and full-year margins dropped ~20% due to emission norm transition and steel costs; recovery uncertain.