LOHIA Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹503 Cr
verified against source
Revenue YoY
60%
reported change
EBITDA
₹100 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Lohia Corp delivered a standout Q1 FY27 with 503 crore revenue (+60% YoY), 100 crore EBITDA (+276% YoY), and 19.9% EBITDA margin (+840bps YoY) — beating historical 15-20% band. The 1,780 crore order book (up 195% YoY) provides 6-9 months execution visibility. Domestic orders dominate currently (~70%), but management targets 50% export revenue normalization. Margins are defended via periodic price revisions, supplier contract hedging, and discount management. The company commands 15-20% pricing premium over Chinese competitors through technology and service differentiation. Capacity utilization at 75% (vs 85% peak) supports 2,400-2,500 crore revenue potential without major capex. Management guides 20-25% revenue growth and expects Q1 as leanest quarter. Key risks include customer concentration (only 2-3 global machine suppliers), raw material volatility, and export market share recovery remaining dependent on INR stability and customer expansion decisions.
Colored figures show movement against the previous available record.
Guidance to track
- Management believes increasing applications for woven plastic fabrics and non-packaging uses justify 20-25% growth estimate for FY27 and beyond.
- Q1 19.9% margin is described as new normal; management internally targets minimum 20% going forward with operating leverage as key driver.
- Existing manufacturing infrastructure (with balancing equipment) can support up to ₹2,500 crore turnover; beyond this, major capex of ₹80-100 crore per ₹500 crore incremental revenue would be required.
- Company will consistently allocate ~3% of revenue to R&D, focusing on automation, IoT offerings, and confidential 'hero product' development.
Risks flagged
- While management targets 50% export revenue normalization, the order book is currently 70% domestic. Declining INR helps but Chinese competition in Southeast Asia remains strong and pricing discipline is critical to regain export momentum.
- Management deflected analyst's question about FY27 revenue projection (~₹2,150-2,200 crore) by citing geopolitical uncertainties and raw material volatility, avoiding explicit forward guidance despite strong order book.
- While Lohia has 2,000 global customers, end-markets (cement, chemicals, food grains) are cyclical. Management notes only 3-5% of current orders come from replacement cycles, meaning growth depends entirely on customer capex expansion appetite.
- Company currently commands 15-20% premium over Chinese machines based on technology and service quality. Management acknowledged China's global presence as a 'reality' and identified service/English language as current differentiation — both potentially erodible advantages.
Key quotes
- We believe that this is not the peak. Peak is still to be achieved here. The order book will continue for a while because cycles always happen in cycles.
- We target 20% as our number. In a year in which exports is healthier than domestic, this EBITDA number would definitely inch up.
- Making a machine is a very technical job, very difficult job. But making a bag is not that difficult. So once the technology is available, then it is management and the pocket, and the competition becomes big.
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