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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹89.55 Cr
verified against source
Revenue YoY
14.9%
reported change
EBITDA
₹105.5 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tara Chand Infralogistic delivered a solid FY26 with revenue of ₹284.8 crore (+14.9% YoY) and EBITDA of ₹105.5 crore (+27% YoY), driving EBITDA margin expansion of ~400bps to 37.05%. The equipment rental segment (60% of revenue) grew 23% YoY with standalone rental margins at 62%, while renewable energy mix tripled to 15%. PAT growth lagged at 12% due to higher depreciation and finance costs from ₹290 crore capex over two years. Q4 revenue of ₹89.5 crore missed the ₹100 crore target due to ~₹10 crore project deferrals and slower Danuni stockyard ramp-up. FY27 guidance: 20-25% revenue growth, EBITDA margins sustained at 37-38%, and capex of ₹80-100 crore. Key risk: receivable days stretched to 93 (target 80) due to RINL contract closure, with recovery expected in H1 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 20-25% revenue growth for FY27, driven by equipment rentals and specialized services.
- Management expects EBITDA margins to remain in the 37-38% band for FY27.
- Planned capital expenditure for FY27 is in the range of ₹80-100 crore, calibrated to client demand.
- Management reiterated its ceiling of net debt-to-equity below 1x.
Risks flagged
- Receivable days closed at 93 vs target of 80, partly due to RINL contract closure. Recovery expected in H1 FY27.
- Q4 revenue missed target by ~₹10 crore due to project execution delays at client sites, deferred to Q1 FY27.
- Analyst raised concern about potential margin dilution from Tarachand Metallics; management provided no concrete numbers.
- Management cited forex volatility as a risk for new equipment purchases, though mitigated by annual purchase plans.
Key quotes
- FY26 has been a year of disciplined growth for Tarachand. Building on the strong momentum of FY25 where we had grown 45% year-on-year, we have used this year to consolidate our scale, deepen our operational leverage and expand our profitability margins meaningfully.
- The depreciation and finance cost burden you see today from the heavy capex of the last two years is the company's investment for what comes next.
- We will maintain our disciplined focus on specialized service contracts in equipment rentals while consciously staying away from the run-of-the-mill EPC projects that do not meet our return thresholds.
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