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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹364 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹157 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
M&B Engineering delivered a strong FY26 with revenue of 1,260 cr (+27% YoY) and PAT of 93 cr (+20% YoY), driven by robust order inflows and execution. However, Q4 margins were pressured by forex losses (₹6 cr), steel price surge (+20%), and export freight costs due to the Iran conflict. The order book stands at 1,083 cr (+35% YoY), providing good visibility. Management guides for ~25% revenue growth in FY27, supported by capacity expansion (Sanand +20k MT, JR plant) and US tariff reduction (25% cut). Risks include continued input cost volatility, extended US order conversion cycles, and potential labor/monsoon disruptions in H1. Margin guidance remains withheld pending clarity on costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects topline growth of around 25% YoY, supported by strong order book and rising demand.
- Export revenue expected to nearly double from 165 cr to around 300 cr, driven by US tariff reduction and capacity expansion.
- Planned capex includes Sanand expansion (20k MT) and JR plant expansion, with Sanand commissioning in Q2 FY27.
- Volume growth of ~20-25% from 72,000 tons in FY26, driven by domestic and export demand.
Risks flagged
- Steel prices surged 20% in Q4 and gas shortages impacted production; management cannot fully hedge against such volatility.
- Analyst noted order closure timelines have stretched from 6-8 weeks to 12-16 weeks due to US inflation and customer caution.
- Rupee depreciation and war-related freight surcharges caused ₹6 cr forex loss in Q4; management unable to give margin guidance.
- Labor availability constraints in Q1 and monsoon in Q2 may lead to softer H1 performance, as per historical trends.
Key quotes
- We feel that this is a bit premature for us to give any margin guidance for FY27 for three very clear reasons: steel prices have gone up by 20%, freights are very uncertain, and FX we are not able to control exactly.
- The sectoral import tariff in the US market has recently been reduced by 25%. This is a meaningful improvement and we expect it to enhance competitiveness and improve traction in the US market going forward.
- We are looking at about 16-17% EBITDA on exports vis-à-vis currently about 10-11% that we are getting in the domestic market.
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