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Revenue
₹1,898 Cr
verification pending
Revenue YoY
30.6%
reported change
EBITDA
₹176 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Interarch delivered a strong FY26 with revenue of ₹1,898 crore (+30.6% YoY) and EBITDA of ₹176 crore (+29% YoY), slightly ahead of revised guidance. EBITDA margin held steady at 9.3% despite one-time costs of ~₹5-6 crore for labor code provisions and export certifications. PAT grew 25% to ₹135 crore, impacted by a higher tax rate. The order book stands at ₹1,700 crore (~9 months visibility), with a robust pipeline of ₹800-900 crore in advanced stages. Capacity expansion remains on track: the Gujarat PEB plant (Phase I) will commence commercial production in July 2026, and the Andhra heavy structure plant (Phase I) by August 2026, with Phase II/III accelerated. Exports are gaining traction via a Canadian JV and certifications for North America. Key risk: labor shortages at construction sites could constrain execution pace.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 15%+ revenue growth to ₹2,150-2,200 crore, driven by new capacity from Gujarat and Andhra plants.
- Andhra heavy structure plant Phase I (20,000 tons) will start commercial production by August 2026, with Phase II/III accelerated.
- Gujarat plant Phase I (PEB) will commence commercial production in July 2026, with Phase II by end of FY27.
- Management expects to sustain EBITDA margin around 9.3% on an annual basis, with quarterly fluctuations.
Risks flagged
- Management highlighted labor availability as a key challenge, exacerbated by elections and LPG crisis in Q4, impacting site clearances.
- Analyst raised concern about sharp steel price increases in Q4; management acknowledged cyclicality but expects manageable impact via job-wise pricing.
- OCF turned negative in FY26 due to higher working capital from larger orders and inventory buildup; management expects improvement but no timeline given.
- New plants in Gujarat and Andhra face potential delays; Gujarat plant already delayed by ~1 month due to foundation issues.
Key quotes
- We are not seeing any slowdown at least as far as Interarch is concerned... pipeline is growing.
- The biggest challenge that India will face and then of course everybody will face is the manpower.
- We are also learning that okay if you're doing a large order to get payments not at the convenience of the customer but you have to tighten your payment terms.
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