PELATRO Q3 FY26 earnings call.
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Revenue
₹38.38 Cr
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EBITDA
Pending
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Pelatro reported strong Q3 FY26 results with 69% YoY revenue growth and 119% YoY EBITDA growth for the quarter, while 9-month revenue of Rs 99.12 crore represents 62% YoY growth. Management highlighted that 9-month figures have already surpassed full FY25 levels, demonstrating significant momentum acceleration. The company operates across 46 telecom networks in 35 countries, handling approximately 1.5 billion subscribers, with 65-66% of customers now utilizing managed services. Approximately 60-65% of growth is organic from existing customers expanding wallet share, with recurring and reoccurring revenue comprising 77% of the 9-month revenue mix. Management targets EBITDA margin expansion to 26-30% over the next 2-3 years driven by operating leverage and non-linear growth dynamics, with FY26 margins expected to remain similar to current levels. An AI platform launch is planned for March 2026 at Mobile World Congress in Barcelona. Key risks include succession planning concerns (promoter's sons not currently involved in operations) and past acquisition missteps that management pledged to avoid by prioritizing ROC in future deals. The effective tax rate of 9-10% reflects carried forward losses at Silapur facility and is not expected to vary significantly going forward.
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Guidance to track
- Management believes nonlinearity in business model—where costs grow slower than revenue—will drive EBITDA margin from current 22.6% to 26-30% range sustainably, even after accounting for R&D write-offs.
- With only one quarter remaining in FY26, management expects no dramatic margin improvement this year but emphasized multi-year trajectory toward 26-30% target.
- Carried forward tax losses at Silapur facility offset current tax liabilities; management expects minimal variance between 9-10% rate going forward depending on entity profit mix.
- Company consolidating all AI capabilities into a unified platform to be announced at MWC Barcelona in early March, enhancing products with extensive AI features.
Risks flagged
- Chairman confirmed his two sons are shareholders but not on board and not actively involved in business operations. While succession planning will occur at 'the right time,' no timeline or transition plan was provided.
- Analyst directly referenced Subex's 2004-2008 period where an expensive, debt-financed acquisition led to currency loan defaults and stock collapse. Management acknowledged the mistake but historical pattern remains a concern for investors.
- 9-month effective tax rate of 7% (Q3 at 9%) driven by carried forward losses at Silapur facility. This benefit will eventually exhaust, potentially pressuring net income in future years as normalized tax rates apply.
- When pressed on pricing power evolution, management deflected noting they deal with large corporations and small vendors. No specific pricing improvement strategy was articulated, suggesting limited near-term pricing leverage.
Key quotes
- We are in a space where we collect a lot of data. We have the opportunity to analyze all of that and come up with great findings, actionable intelligence and then tell our customers on what they should do and benefit from that. So the sector actually naturally lends itself to be AI enabled.
- We will only acquire if we see something which is exactly in line with what we want to do and then with the pricing and the product and all that the cost of acquisition and all that. So if that means we don't have an acquisition for the next 5 years so be it. If that means there is an acquisition happening in the next 5 months so be it.
- Ours is not a cost reduction play for our customers. It is revenue growth play. So when it's revenue growth it will not I believe will not lead to a reduction in margin or I mean there would be natural competitive situation which could have some pressure on margin at some point in time or the other.
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