SUPRAJIT Q4 FY26 earnings call.
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Revenue
₹1,042 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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What the record says.
Suprajit Engineering delivered a strong Q4 FY26 with consolidated PBT nearly doubling to ₹97 crore year-over-year, marking the first quarter where consolidated PBT exceeded standalone PBT post-LDC and SCS acquisitions. Full year revenue growth of 17% and EBITDA growth of approximately 19-20% were achieved. The standout achievement was the SCS turnaround—from minus 20% in Q1 to plus 2% in Q4—following completion of major restructuring including Poland shutdown, Morocco consolidation, and warehouse relocation from Germany to Hungary. Controls division delivered 15% growth with margins crossing double digits at 11%, while electronics division grew 30%. FY27 guidance projects double-digit revenue growth with consolidated EBITDA margins of 12-13.5%, driven by operational improvements rather than tariff recoveries alone. Key risks include Middle East geopolitical headwinds affecting Phoenix Lamps' aftermarket and TIFA brand sales, ongoing commodity price inflation requiring customer compensation, and US tariff recovery timing uncertainty. The company also announced division renaming (DCD to ICM, FCD to GCM, PLLD to PLE) reflecting its evolution beyond cables into mechatronics and electricals.
Colored figures show movement against the previous available record.
Guidance to track
- The group expects double-digit revenue growth in FY27 based on already-won business contracts and new product launches, though this is subject to customer launch timing.
- Guiding for 12-13.5% consolidated EBITDA margin for FY27, inclusive of SCS, driven by operational improvements and restructuring benefits.
- Global Cables & Mechatronics division (combining FCD and SCS from Q1 FY27) targeted at 10-12% EBITDA margin, up from 6% in FY26, through restructuring and operational excellence.
- ₹200 crore capex allocated for growth: ₹80 crore for India operations (including SA2 Chennai plant), ₹50 crore for global operations, ₹50 crore for STC building completion, and ₹15-16 crore for corporate IT infrastructure.
Risks flagged
- The ongoing Middle East conflict has impacted Phoenix Lamps' TIFA brand sales and aftermarket business, with approximately $2-3 million in lost business estimated. Resolution would restore these markets.
- Steel and tungsten prices have increased but not fully passed through to customers. The company expects to recover most commodity costs but acknowledges some permanent absorption of $1-2 million annually in Mexico tariffs.
- While tariff recovery agreements are in principle settled with customers and the US government has an online portal for duty refunds, the timing of actual cash receipts remains uncertain over the next 3-6 months.
- Growth guidance assumes customer vehicle launches occur as scheduled. Delays (e.g., August to October) are beyond management control and could impact revenue recognition.
Key quotes
- The heavy lifting of the significant restructuring is all behind us. Hence the outlook is good. Of course this is subject to what happens in Middle East or the commodity prices which are the standard caveats I would say. But we are in a good place now compared to what we were a year ago.
- SCS turned EBITDA positive. For us this was extremely important to ourselves in the market, yes we can do it and we could prove this to even critical customers in Europe that we can take over a distressed asset and then with their help we will be able to turn it around.
- This is operational excellence, operational turnaround which is largely responsible for this margin increase. Not tariff recovery—tariff recovery will be some unrecovered past which will be passed back on by us but significantly the restructuring that we have done not only at SCS but within the controls division is what is bringing that margin up.
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