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Revenue
₹217.33 Cr
verified against source
Revenue YoY
8.4%
reported change
EBITDA
₹74.2 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Servotech reported a transformative FY26 with Q4 standalone revenue of ₹212 crore (+67% YoY) and EBITDA of ₹23.2 crore (+70% YoY), driving full-year EBITDA margin expansion to 11.6% (up 190 bps YoY). The strong H2 run-rate (₹410 crore standalone revenue) reflects capacity commissioning of ₹64 crore in solar inverters, DC chargers, and battery storage. Management guided for FY27 as a year of operational consolidation, targeting positive operating cash flow, reduced leverage, and working capital normalization (receivables at 138 days). Key growth drivers include retail channel scaling (from ₹2 crore/month in FY22 to ₹25 crore/month), higher-margin DC charger mix (120-360 kW), and a healthy order pipeline from government EPC projects. Risk: Working capital strain may persist if OMC and railway receivables (₹100 crore) take longer to release than anticipated.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to fully utilize the newly commissioned manufacturing capacity by Q2 FY27.
- Target to reduce working capital cycle to 60-70 days through retail channel growth and receivable normalization.
- Retail and channel sales are expected to contribute more than 50% of total revenue in FY27.
- Management plans no new long-term debt-funded capex; capex will moderate and be funded from internal accruals.
Risks flagged
- Receivables increased to ₹243 crore, with ~₹100 crore stuck in OMC and railway projects, pressuring cash flow.
- Management indicated a QIP is under consideration, which could dilute existing shareholders.
- Battery energy storage revenue is only 1% of total; OEM approvals for e-rickshaw batteries are taking time.
- Management declined to provide any numerical revenue or profit guidance for FY27, citing SEBI guidelines.
Key quotes
- FY26 was a transformative year for Servotech. We have ended the year with our strongest quarter ever recorded as a listed company.
- Our focus is on three measurable outcomes: restoring positive operating cash flow, reducing over-gearing back below half a turn over the year, and bringing receivable collection back to industry typical levels.
- We are working on 1 megawatt chargers. That means 20-50 buses can charge simultaneously.
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