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Revenue
₹171.7 Cr
verification pending
Revenue YoY
11.4%
reported change
EBITDA
₹51 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Monarch Surveyors reported FY26 revenue of ₹171.7 crore, up 11.4% YoY, with EBITDA margin of 29.7% and PAT of ₹37.2 crore. Growth was driven by strong order inflows of ₹750+ crore, including a landmark ₹130 crore Northern Railway contract. However, execution lagged as H2 revenue declined to ₹99.8 crore from ₹115.9 crore in H2 FY25, and receivables ballooned to ₹55 crore. Management attributed delays to government approvals and staffing challenges, but offered no specific FY27 revenue guidance, only reiterating margin sustainability. The Australian acquisition of GMR Engineering for A$1.8 million adds ~₹17-20 crore revenue but raises questions about capital allocation given domestic execution issues. Risk: Persistent execution slippage could further widen the gap between order book growth and revenue conversion.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets maintaining EBITDA margin around 30% in coming years, supported by project mix and operational efficiencies.
- Acquisition of Australian engineering firm GMR for A$1.8 million expected to close in first or second week of July 2026.
- Approximately 25-30% of the ₹130 crore Northern Railway order will be executed and recognized in FY27.
Risks flagged
- The ₹100 crore Somnath Expressway project is behind schedule due to pending government alignment approval, raising concerns about timely revenue conversion.
- Trade receivables surged to ₹55 crore, and operating cash flow turned negative ₹39 crore, partly due to fixed deposit investments, but collection efficiency remains a concern.
- Employee count grew 70% over two years while revenue increased only 21%, indicating potential inefficiency or lag in utilization.
- Advance paid for machinery in April 2026 not yet reflected due to geopolitical issues, potentially impacting project execution timelines.
Key quotes
- We are witnessing a generational multi-layer multi-year infrastructure super cycle in this country.
- We never give any number of specifically. We are not allowed to give the futuristic any numbers per se.
- This will not happen going forward. This will not happen.
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