SATHLOKHARSYNERGYSECGLOB Q3 FY26 earnings call.
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Revenue
₹189.72 Cr
verification pending
Revenue YoY
400.83%
reported change
EBITDA
₹27.93 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sathlokhar Synergys E&C Global delivered exceptional Q3 FY26 results with total income of ₹189.72 crore, up 400.83% YoY, driven by strong project execution and order book conversion. EBITDA stood at ₹27.93 crore (14.72% margin) while PAT reached ₹19.72 crore (10.39% margin). For 9M FY26, revenue of ₹439.93 crore represents 143.88% growth. The company lowered FY26 revenue guidance from ₹1,000 crore to ₹800 crore minimum (100% YoY) due to three projects delayed by environmental and pollution approvals—these have now commenced from January 2026. Order book stands at ₹1,397.7 crore with a bid pipeline of ₹15.13 crore. Key strategic initiatives include securing Class 1 PWD registration for government projects, commencing a PEB manufacturing facility (₹50 crore capex, inauguration August 2026), and winning the first international EPC project in Sri Lanka (₹35.59 crore). Management guided FY27 at minimum 80% growth (~₹1,450 crore) with EBITDA margin expansion to 15%+. Risks include order conversion timing given 4-month gap in order wins, working capital intensity (debt rose to ₹150 crore), and execution dependency on regulatory approvals for delayed projects.
Colored figures show movement against the previous available record.
Guidance to track
- Company targets ₹800 crore minimum revenue for FY26, down from earlier ₹1,000 crore guidance. Three projects delayed by regulatory approvals have commenced from January 2026. Q4 historically stronger; management remains confident of meeting revised target.
- Management conservatively guides for at least 80% growth next financial year based on order book strength and pipeline. Note: Earlier indication was ₹1,700 crore before moderation.
- Targeting EBITDA margins above 15% in FY27, up from current 14.72%, driven by backward integration through own PEB manufacturing facility commencing August 2026.
- Management committed to sustaining minimum 10% PAT margin with expectation of 1-1.5% improvement from own PEB factory operations from September 2026 onwards.
Risks flagged
- No new orders won since November 2025—a 4-month gap unprecedented in the past year. While management attributes this to client bank/land approval delays, pipeline conversion rate remains a concern for sustaining order book momentum.
- Debt increased sharply from ~₹37 crore in Q2 to ₹150 crore in Q3 to fund 100% revenue growth. With receivables at ₹72 crore and unbilled revenue of ₹137 crore, cash conversion cycle remains stretched. Management declined to commit to positive CFO in FY27.
- FY26 guidance was reduced from ₹1,000 crore to ₹800 crore citing project delays. While management emphasizes 100% growth minimum, the miss from original guidance and inability to provide clear order book execution breakdown created investor confusion during Q&A.
- PEB manufacturing facility requires ₹50 crore capex with inauguration planned 30th August 2026. The facility aims to produce 15,000 metric tons primarily for captive consumption but faces execution risk and potential delay in achieving optimal capacity utilization.
Key quotes
- We are 100% confident hopeful to achieve our more target and we are targeting more still we would like to continue to say that no we will be for sure minimum minimum 100% growth from the last year performance to FY26
- Because we are going to have own manufacturing system PEB for sure we will try to sustain 10% and over and above we are trying to improve... from 27 it has to go up because as now that we are going to have our own factory
- In India 14 lakhs exactly 13 lakh 70 13.75 lakh square built up 14,850 tonne PEB and in 180 days commitment—this is going to be a kin record for manufacturing beverage industry South Asia's second largest manufacturing hub is under construction by Reliance and we are partnered with Reliance
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