TIIL Q2 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
₹752 Cr
verified against source
Revenue YoY
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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.
Technocraft Industries reported a reasonably good Q2 FY26 across all four divisions amid turbulent global conditions. The formwork division delivered ~402 crore in Q2 and remains on track for the 900 crore FY26 target, with South American expansion outperforming expectations (Brazil, Mexico, Colombia orders) while Saudi Arabia faces regulatory delays. The Orurangabad plant reached EBITDA-positive status ahead of schedule. The scaffolding segment reported a 45-50% demand drop in the US from August-October due to tariff uncertainty, with Q3 expected to bear the bulk of impact, though November shows early recovery signals. E&R&D is tracking toward a 75-80 crore quarterly run rate by Q4 exit. Drum closures face 50% US tariffs with only half pass-through achieved, risking 10% margin impact in Q3. The company remains capacity-constrained in formwork (95% utilization) with 100,000 sqm/month capacity targeted by Q4. Management declined to provide scaffolding guidance citing extreme volatility from evolving tariff policies.
Colored figures show movement against the previous available record.
Guidance to track
- On track to achieve annual formwork revenue target of 900 crore, with Q2 contributing ~402 crore driven by MAC1 sales increase.
- Expecting to reach quarterly revenue run rate of 75-80 crore by Q4 FY26 end, up from current levels, supported by new customer additions and better platform utilization.
- Current capacity of 75,000 sqm/month will increase to 100,000 sqm by Q4 FY26, providing ~33% capacity uplift.
- Planning to double extrusion capacity with ~150 crore capex in 2027, with corresponding formwork capacity increase in late FY27 or early FY28.
Risks flagged
- 50% tariff environment in the US since August has caused 45-50% demand drop in scaffolding. Q3 results will bear the bulk of this impact, with recovery dependent on potential trade deal and tariff reduction.
- 50% US tariff on drum closures with only half being passed through to customers, risking ~10% margin impact in Q3 until tariffs normalize.
- Formwork operating at 95% capacity utilization. While expansion to 100,000 sqm is underway, sustained demand far exceeding capacity could limit revenue acceleration.
- JT Cooler discussions with Israeli company at advanced stage but no written purchase orders received. Large opportunity size acknowledged but quantification deferred, with typical government/defense timelines creating uncertainty.
Key quotes
- We are still in a capacity constraint mode wherein the demand is far greater than our capacity. Our Orurangabad plant is now fully ramped up and this quarter the Orurangabad plant was positive after interest and depreciation. So that's been quite well before our target for the plant.
- Very hard to give you a guidance because things are currently very volatile and things are changing on a monthly basis. If Trump reduces the tariff tomorrow the guidance will change. If it doesn't reduce by 3 months the guidance will change. So it's very very difficult to give a guidance on scaffolding.
- We have seen this happening from the August onwards in the US. We have started to see a drop in sales July August onwards in the US and that's lasted till October. So that is going to affect our next quarter Q3.
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