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Revenue
₹1,099 Cr
verified against source
Revenue YoY
43.34%
reported change
EBITDA
₹143.28 Cr
latest reported figure
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Quarter read
What the record says.
Pricol reported a strong Q4 FY26 with revenue crossing ₹1,077.9 crore, up 43.34% YoY, and EBITDA of ₹143.28 crore, up 62.27% YoY, driven by organic growth and the P3L acquisition. EBITDA margin improved to 13.29%. However, management flagged severe headwinds: West Asia crisis, rupee depreciation, and sharp raw material inflation (polymer +55%, aluminium +62%). They expect earnings softening and cannot provide near-term growth guidance. The company plans a major capex cycle of ₹680-700 crore this year to address capacity constraints, funded with conservative leverage (debt/equity ~0.5-0.6). Key risk: inability to fully pass on cost increases to OEMs, pressuring margins.
Colored figures show movement against the previous available record.
Guidance to track
- Pricol plans a major capex cycle of ₹680-700 crore in the current year to address capacity constraints and support new business wins.
- Management expects to maintain a conservative debt/equity ratio of about 0.5-0.6 despite the large capex.
- Management reiterated guidance to double P3L turnover within 3 years of acquisition, with new business wins and capacity expansion on track.
- With 10 strategic customers, Pricol aims to increase ball share and content per vehicle by 50% over the next 3 years.
Risks flagged
- Sharp increases in polymer (+55%), aluminium (+62%), semiconductors (+35%), and freight costs are squeezing margins; full pass-through to OEMs is unlikely.
- West Asia crisis, rupee depreciation, and potential rural demand weakness due to fertilizer import curbs could soften automotive demand and earnings.
- Management admitted they cannot recover the entire cost increase from OEMs, as vehicle price hikes would hurt end demand; margin impact is uncertain.
- P3L margins are expected to soften from 9.24% to ~10% over two years due to investments in a center of excellence and new plant commissioning.
Key quotes
- I think personally it will be an evolving process. We have put out an active team that's engaging with our top 10-12 customers to recover cost. I think it's going to be tripartite... How much is that number going to be and how long is this going to take is probably time will tell.
- We are starting a major cycle of capex. In fact this year in itself we have planned for about between 680 to 700 crores of capex to cater to all of our new businesses that we have won.
- I do not see any dip in market share because we have got confirmed LOIs for most of the programs. So for the next three years barring degrowth or slowing of the market, loss of market share is not something that we need to fear about.
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