Revenue Growth: 20-25% YoY for FY26
Management maintained its aspiration for 20-25% revenue growth for FY26, with Q4 expected to deliver 25-30% growth. Full-year growth expected at 21-22%.
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EBITDA Margin: 10%+ sustainably
Management targets 10%+ EBITDA margins with long-term aspirations of 11-12%. Margins improved from 9.8% in 9M FY25 to 10.3% in 9M FY26.
Capacity Ramp-up by Q2 FY27
New 75,000-tonne capacity will achieve 85-90% optimal utilization by Q2 FY27, with partial commissioning before March 2026.
Capex: ~800 crore over 4 years
Management reiterated annual capex guidance of approximately 800 crore for the next four years, aligned with capacity expansion plans.
FY27 revenue growth of 15%
Management guided for 15% top-line growth in FY27, citing conservative outlook due to export challenges and muted bidding in FY26.
FY27 PAT growth of 30%
Management guided for 30% bottom-line growth in FY27, driven by existing order book quality and operating leverage.
Capex of ~₹250 crore in FY27
Management expects capex similar to previous years at around ₹250 crore, primarily for capacity expansion.
Capacity to reach 450,000 tons by June 2026
The ongoing 75,000-ton expansion will be commissioned by June 2026, taking total capacity to 450,000 tons per annum.