FY26 EBITDA Margin: 8%
Full year EBITDA margin guidance of 8% (H1: 7%, H2 expected >8.5%) representing 60-80bps annual expansion from FY25's ~7.3%
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margins
Debt Target: Rs 5,000 crore by FY26 end
Net debt of Rs 6,480 crore expected to decline to ~Rs 5,000 crore driven by Afghan ADB payment (~$30mn in Q4), metro project commissioning cash flows, and order advances
Civil Revenue: ~Rs 5,000 crore for FY26
Civil business expected to grow 10-15% from Rs 4,400 crore last year, reaching Rs 5,000 crore, driven by execution of new high-margin B&F orders and completion of legacy low-margin metro projects
FY27 Civil Revenue: Rs 6,500 crore at improved margins
Next fiscal year civil expected to grow 15-20% with margins improving to higher single-digit as legacy projects close and newer factory/residential/data center orders contribute
Capex: Rs 400 crore for FY26
Above-normal capex of Rs 400 crore (vs typical Rs 250-300 crore) due to cable EBAM/Elastomeric expansion and tower manufacturing capacity additions in Nagpur, Dubai, Jaipur, and Jabalpur
Interest Cost: 2.5% of revenue
Interest expense guidance of 2.5% of revenue maintained; expects Rs 25-30 crore reduction in H2 absolute interest cost from Q2 levels
FY26 EBITDA margin: 7% to 7.5%
Downgraded from earlier 8-8.5% guidance due to slower water project closure, metro project cost overruns, and delayed claim settlements. 9-month margin stands at 7.1%.
FY26 EBITDA margin target: ~9%
Originally targeted 9% for FY26 but now pushed back. Management expects margins to improve beyond current 7-7.5% level next year, with potential to reach 9-10% by FY28 as legacy project issues clear.
Order Intake Target: ~Rs 35,000 crore for FY27
With current order book of Rs 41,000+ crore (including L1) and robust tender pipeline, management targets ~Rs 35,000 crore order intake for next financial year.
Net Debt Target: Rs 5,500 crore by FY26 year-end
Net debt currently Rs 686 crore (including acceptances) as of December 31. Already reduced by Rs 300 crore in January 2026. Targeting Rs 5,500 crore by March 2026 with working capital days at 110-115.