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Revenue
₹943 Cr
verified against source
Revenue YoY
13.3%
reported change
EBITDA
₹98.54 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Pennar Industries reported Q3 FY26 revenue of ₹959 crore (+13.3% YoY) and PAT of ₹33.6 crore (+10.1% YoY), impacted by ~₹4 crore one-time labor costs. Excluding these, PAT growth would have been ~20%. Diversified engineering grew 25% driven by steel, boilers, and BW. The PEBB segment was flat due to labor issues in India and delayed Telco acquisition ramp-up, but management expects strong Q4 with order backlog of ₹810 crore in India and $62 million in the US. Boilers order backlog surged to ₹123 crore. Management reiterated double-digit PAT growth target of 20% for FY26. Key risk: execution consistency in PEBB after repeated labor setbacks.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed commitment to 20% PAT growth for the full year, excluding one-time costs.
- With labor issues resolved, PEBB India monthly run-rate is expected to be north of 20% higher than Q3 average.
- Management guided to sustainable PAT margin of 7% over the next 2-3 years, up from current ~4%.
- Telco structural acquisition started booking orders and will meaningfully contribute to revenue from Q4 onwards.
Risks flagged
- PEBB India has underperformed for multiple quarters due to labor problems; despite resolution, consistency remains a concern.
- ₹4 crore one-time labor costs impacted PAT; management claims these are non-recurring, but similar provisions could arise.
- While steel costs are largely pass-through, rapid price changes could compress margins if pass-through lags.
- Changes in US sectoral tariffs could affect hydraulics and PEBB exports; management expects minimal impact but remains cautious.
Key quotes
- We are quite confident of achieving and growing our revenue and profit growth targets and we are quite confident of committing to you as we have before that we expect our profit growth for the year for the following quarters to be double digit and north of 20%.
- The 780 cr number is order bookings for that quarter. It doesn't represent the situation as it is right now. As it stands right now we well over 800 crores in the PB India order backlog as well.
- We have solved the labor problem. We've solved it late last quarter. The positive impact from that would not have been seen in the full quarter. However, in this entire quarter, you will see much higher levels of revenue in PB India this quarter compared to last quarter.
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