JYOTICNC Q3 FY26 earnings call.
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Revenue
₹576 Cr
verified against source
Revenue YoY
28.1%
reported change
EBITDA
₹155 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Jyoti CNC reported strong Q3 FY26 results with consolidated revenue of Rs 576 crores, up 28.1% YoY, driven by robust execution across aerospace/defense and auto segments. EBITDA margin expanded 180bps to 26.8%, though PAT growth of 10.3% lagged due to higher finance costs from capacity expansion. The order book remains healthy at Rs 4,585 crores (41% aerospace/defense), providing ~1.5-2 years of revenue visibility. India capacity expansion to 16,000 machines by September 2026 is on track, while Huron France has doubled capacity with meaningful revenue contribution expected from FY27. The company flagged cash flow concerns from negative operating cash flows amid high working capital requirements, but expects quarter-on-quarter improvement as inventory optimization and capacity ramp-up normalize. Management guided for sustained 25-27% EBITDA margins and maintained export ratio at 35-40%.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for similar growth rates in FY27 and FY28 as in FY26, supported by strong order book visibility and capacity coming online.
- Committed to maintaining EBITDA margins in 25-27% range for the next two years based on current order book visibility and cost optimization initiatives.
- Targeting export revenue at 35-40% and domestic at 60-65% for the next couple of years, with US sales operations expected to start within 2-3 months.
- Developing nano-precision equipment for semiconductor manufacturing; expect to launch commercial products within two years under India Semiconductor Mission 2.0.
Risks flagged
- Despite Rs 89 cr PAT, operating cash flows remain negative due to high inventory days (200-240 days) and customers not providing advances on government/defense orders. Capacity expansion will maintain elevated working capital requirements.
- Order book grew only 5.5% YTD vs 26.4% last year because customers unwilling to wait 18+ month delivery commitments. Current capacity at 90% utilization is constraining new order intake.
- Huron expansion incurred costs (27 new hires, inventory building, material dispatch from India) without proportional revenue reflected in Q3. Revenue recognition delayed until FY27.
- Developing indigenous CNC controllers, drives, and motors to replace imports (Siemens, Fanuc) - a 30+ year incumbent technology moat. Management claims confidence but technology reliability and commercialization timeline remain unproven.
Key quotes
- If I get any new orders from a very bulk orders, my delivery period is going to be more than 18 months. No customers are willing to wait for two to three years. So 4,600 crores order book is a very hefty order book for our industry.
- We are delivering, we are committed, we are seeing that there is no margin pressure at 25% or so. If it is increasing, it is okay, but we are not seeing any pressure on that to below that.
- Every quarter on quarter our general engineering basket is increasing. The railway component manufacturing is increasing and we are supplying many machines to them. It falls under general engineering, but it's exploding on a completely manufacturing side.
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