Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹880 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹98 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sangam delivered a strong Q4 FY26 with 880 cr revenue, 98 cr EBITDA, and 33 cr PAT, nearly matching full-year FY25 PAT. The standout was PAT doubling to 83 cr for the full year, driven by high capacity utilization (yarn at 95%), operational efficiencies, and a sharp working capital improvement from 80 to 55 days. Management aspires to double PAT again in FY27, supported by renewable energy savings (targeting 70%+ power from renewables by mid-FY27, adding 50-60 cr annual EBITDA benefit) and backward integration (50% polyester fiber in-house). Key risk: volatility in crude oil and raw material prices from geopolitical tensions could pressure margins if cost pass-through lags.
Colored figures show movement against the previous available record.
Guidance to track
- Management aspires to double PAT again in FY27, building on FY26's doubling, driven by operational efficiencies and energy cost savings.
- Renewable energy share to increase from 15% to 70%+ within five quarters, with cumulative annual EBITDA benefit of 50-60 cr once fully commissioned.
- Management expects to maintain or better Q4 FY26 EBITDA margins in the June quarter, despite near-term uncertainties.
- New capex cycle being planned to address high utilization; benefits expected to flow from FY28 onwards. Focus on energy, backward integration, and incremental capacity.
Risks flagged
- Rising crude prices increase raw material and freight costs; management notes dynamic situation and limited visibility on pass-through.
- Delays in March shipments due to Iran-US tensions; 10-15% of yarn exports affected, though management deems impact immaterial.
- At 50% utilization, garmenting remains underperforming; scaling to 70%+ is key to margin expansion but faces execution risk.
- Management does not factor in PLI incentives; eligibility and timing of benefits remain unclear, limiting potential upside.
Key quotes
- We've crossed 3200 cr in revenue. We more than doubled our PAT to 83 crores. Our domestic business remains strong and our exports hit an all-time high.
- The investment cycle that we undertook to build capacity is now largely behind us and those assets are running at very high utilizations across all our segments.
- We are not really factoring in any benefits that may flow from that front. If anything comes in, it is great but our business model is based without PLI incentives.
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