TEMBO Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹346 Cr
verified against source
Revenue YoY
46.7%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tembo Global delivered a transformational FY26 with Rs 1,090 crore revenue (+46.7% YoY) and strong profitability expansion—PAT grew 79.7% YoY and EBITDA 55.4% YoY. The engineering solutions segment drove growth amid robust infrastructure demand from oil & gas, marine, and EPC sectors. Management secured a prestigious Rs 300 crore offshore project in Kuwait as L1 bidder, strengthening its global EPC presence. The order book stands at Rs 1,548 crore with a pipeline exceeding Rs 2,200 crore, providing multi-year visibility. Strategic diversification into defense (small arms and ammunition manufacturing licenses obtained) and solar power (28 sites, commissioning by Q2-Q27) positions the company for the next growth phase. FY27 revenue guidance of Rs 1,600 crore (+30-40%) appears achievable given current execution momentum, though margin expansion to 17-18% EBITDA will require operational efficiency gains. The ambitious Rs 20,000 crore 2030 target lacks detailed break-up of supporting verticals, creating uncertainty around sustainability of hypergrowth assumptions.
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Guidance to track
- Management targets approximately Rs 1,600 crore revenue for FY27, representing 30-40% growth over FY26's Rs 1,090 crore, supported by strong order book and pipeline conversion.
- FY27 PAT margin guidance of 10-12% will require approximately 17-18% EBITDA margin, to be achieved through better project management and higher operational efficiency from ongoing projects.
- Defense segment expected to contribute 5-10% of total FY27 revenue (approximately Rs 80-160 crore), with first contributions starting from Q3-Q4 FY27 following licensing completion.
- Consolidated debt expected to increase by Rs 300-350 crore by FY27 end, primarily for solar and defense capex, along with working capital requirements.
Risks flagged
- Management targets Rs 20,000 crore revenue by 2030, requiring nearly 100% growth from current base over 4 years. When pressed on break-up by vertical, management deflected, saying 'don't worry about it' without providing specifics, raising execution risk.
- Defense contributes zero revenue in FY26 with first contributions only from Q3-Q4 FY27. The business operates on a complete buyback model with European counterpart, creating execution and margin visibility challenges.
- Masa JV projects in Middle East are on slow track due to government delays, expected to pick up in Q2-Q3 FY27. This could impact international revenue recognition timeline.
- Achieving 10-12% PAT margin (requiring 17-18% EBITDA) from current ~13% EBITDA level while adding Rs 300-350 crore debt and corresponding interest costs will pressure margins in FY27.
Key quotes
- FY26 has been a transformational year for Tembo Global Industries marked by strong financial performance, execution excellence and meaningful progress across our strategic priorities.
- We target revenues of approximately rupees 1,600 crores, approximately a growth of around 30 to 40% in FY27.
- We target 20,000 crores of top line by 2030 and we are working hard on that to achieve the same.
- When projects are falling in line in the initial stage there's a user uh more expensive than what is happening in closure of project. So there is nothing which has gone wrong.
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