PRICOLLTD Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,039 Cr
verified against source
Revenue YoY
65.67%
reported change
EBITDA
₹125 Cr
latest reported figure
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Where this quarter sits.
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What the record says.
Pricol delivered a standout Q3 FY26 with standalone revenue crossing the ₹1,000 crore milestone, growing 65.67% YoY driven by robust demand across two-wheeler, commercial vehicle, and off-highway segments. The consolidated 9-month revenue stands near ₹2,900 crore with 54.42% growth. EBITDA margin compressed 120bps YoY to 12.11% in 9M due to new program ramp-up costs and EV investments, though management expects steady-state margins to continue. The company is operating at 90%+ capacity utilization in polymers and investing ₹400-500 crore capex over 2-3 years, predominantly in polymer expansion. P3L generated ₹233 crore revenue with 9.33% EBITDA margin—on track to reach the 10.5% aspirational margin target. Key growth catalysts include disc brake mass production starting Q1 FY27 for a large two-wheeler OEM, BOE partnership for LCD/TFT backward integration (production in 4-5 quarters), and BMS sampling with premium two-wheeler customers. The company targets 15%+ standalone growth, consistently outperforming the industry by 8-12 quarters. Risk includes commodity price volatility (silver indexed with 3-6 month lag) and margin pressure from new product ramp-ups.
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Guidance to track
- Management expects to grow at 15% or higher on standalone basis, consistently outperforming market for last 8-12 quarters.
- Start of production with one of the largest two-wheeler OEMs in India from later part of Q1 FY27, latest by beginning of Q2 FY27.
- Bulk of capex will be invested in polymer division to create new capacities. Investment will start from next 3-4 quarters for BOE LCD/TFT backward integration.
- Battery Management System testing with premium two-wheeler customer to complete in 3-4 quarters, followed by mass production start.
Risks flagged
- Analyst raised concerns on margin impact from new program ramp-up costs and EV investments. Management acknowledged this but maintained steady-state margin guidance.
- Steep increase in silver prices noted. While 100% indexed to customers, there is a 3-6 month lag in recovery affecting near-term margins.
- Director Strategy admitted that capacity stretch is temporarily hampering growth in P3L, requiring urgent new plant commissioning and investments.
- New labor code impact on contract labor part is still under evaluation, to be concluded before March 2026—potential cost headwind if significant.
Key quotes
- We are the largest supplier of telematics for the off-road vehicle. For JCB who is the largest in India, we are a live link supplier to telematics.
- The capex would be around 500 crores for the next two to three years... We have been steadily growing at 15% plus... Pricol has been outperforming the market in the last 8 to 12 quarters.
- We are above 90% [capacity utilization] as we speak. That's why we are infusing fresh capital to increase capacities and also create new facilities to keep up with the growing demands of the business.
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