Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹231 Cr
verified against source
Revenue YoY
50%
reported change
EBITDA
₹45 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
SRM Contractors delivered a record Q3 FY26 with revenue of ₹231 crore (+50% YoY), EBITDA of ₹45 crore (+72% YoY), and PAT of ₹24 crore (+51% YoY). EBITDA margin expanded 250 bps to 19.5%, driven by higher-margin project mix and capex-led efficiency gains. The order book stood at ₹1,400 crore as of Dec 2025, with a bid pipeline exceeding ₹4,000 crore. Management guided for standalone FY26 revenue of ₹800-900 crore and consolidated ~₹1,100 crore, with FY27 consolidated revenue target of ₹1,500-2,000 crore. The MIPL acquisition (51% stake in Maccaferri subsidiary) contributed ₹31 crore revenue in Q3 and is expected to add ₹250-300 crore in FY26. Key risk: order book conversion may be slower than guided if bid wins in HAM projects and international markets do not materialize as expected.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects standalone revenue for FY26 to be in the range of ₹800-900 crore, implying strong Q4 execution.
- Consolidated revenue including MIPL is expected to be around ₹1,100 crore for FY26.
- Management expects order book to exceed ₹2,000 crore by end of FY26 and reach ~₹3,000 crore by June 2026.
- Management guided for FY27 consolidated revenue in the range of ₹1,500-2,000 crore, driven by order book conversion and MIPL growth.
Risks flagged
- Analyst noted order book was flat; management acknowledged delays but expects significant wins in coming weeks. If bids fail, growth may lag.
- Company is bidding for HAM projects which require higher working capital and have longer payment cycles. Management downplayed stress but trade receivables could increase.
- Abu Dhabi office opened but no orders yet. Management declined to provide revenue guidance for international business, indicating early stage.
- MIPL had higher working capital cycle historically; management claims improvement to 60 days, but full-year consolidation may reveal stress.
Key quotes
- We are not in a hurry to expand my order books just for the numbers only. We will continue with the same trend of pattern. You will not see any change for next year also; it can increase, it will not decrease.
- We have a policy of cherrypicking the projects and getting those projects where we can get good margins. Still we are not in a hurry to increase our order books with the projects which have a less margin.
- The margins are same; EBITDA has increased a little bit because of maybe capex. We have infused a lot of money in capex this year and same is going to happen next year also for capex.
Research modules