EBITDA Margin Compression
Q3 EBITDA margin contracted ~90bps YoY to 17.2%, attributed to project mix and higher cost of materials. Capital-intensive defense (30-35% EBITDA margin) and solar projects may not fully offset this dilution.
TEMBO / Q3-FY26 / risks
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Tembo Global Industries · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Cash Flow from Operations Not Disclosed
Analyst explicitly asked about CFO for Q2 and working capital conversion difficulties, but management deflected twice stating they will provide the answer separately. This opacity on cash generation is a concern for capital-intensive growth.
ROIC and Incremental Capital Efficiency Unclear
Analyst asked about realistic ROIC on incremental capital given higher capital intensity from defense and solar capex (total ~1,650 crore). Management deflected, referring to presentation rather than providing specific guidance.
Textile Segment Strategic Ambiguity
Previously signaled intent to discontinue textile business by 2027, but management now citing EU-India trade deal opportunities and incoming export inquiries, creating uncertainty about divestiture timeline and capital allocation.