TIIL Q3 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
₹662 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Technocraft Industries reported a challenging Q3 FY26 with significant US scaffolding demand decline (July-November at 50% of normal levels) due to capex delays and tariff uncertainty. The scaffolding segment saw margins compress to an all-time low of ~8%, primarily driven by volume decline from Rs 400 crore to Rs 300 crore run-rate. However, December showed strong recovery back to normal sales levels, and January/February trends remain positive. The aluminium formwork (Mac1) business continues to grow, with Q3 revenues of Rs 200 crore and 9-month revenues of Rs 550 crore, on track for Rs 900 crore full-year target. The drum closure tariff reduced from 50% to 25%, providing margin relief. Management targets 15% EBITDA margins going forward and expects improved profitability in Q4 as volumes normalize. Engineering services maintains 15% margins with strong 25% YoY growth trajectory. Geopolitical volatility and competition in Indian aluminium formwork remain key watchpoints.
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Guidance to track
- Management expects to return to 15% EBITDA margins in the scaffolding segment, citing tariff reductions and volume recovery as key drivers, assuming no major geopolitical disruptions.
- On track to achieve Rs 900 crore from aluminium formwork business for FY26, with 9-month revenue already at Rs 550 crore.
- Total revenue from scaffolding and aluminium formwork segment expected at Rs 1,400 crore for full year.
- Management expressed confidence that the combined scaffolding and formwork segment will exceed Rs 2,000 crore revenue over the next three years, driven by India, South America, and US market growth.
Risks flagged
- Customs interpretation of whether 50% tariff applies to full product value or only steel content remains uncertain. If full product value interpretation prevails, TechnoCraft continues paying same effective tariff.
- New unorganized players entering aluminium formwork market, leading to pricing pressure and margin compression. Management expects market consolidation over 1-2 years but near-term margin impact is real.
- Architect and MEP contractor approval delays causing quarterly revenue volatility in Mac1 despite stable order books. Offtake varies month-to-month based on customer site readiness.
- Garments subsidiary continues to operate at losses with only 60% capacity utilization. Management expects improvement to 80-90% utilization in 2-3 months but turnaround timeline remains uncertain.
Key quotes
- The slowdown has been very prominent in the month from July till November. Having said that from November onwards we have actually seen a pickup in demand in the US and that's before the trade deal got announced.
- We are seeing the contrary [to news articles about real estate inventory build-up]. In terms of new projects launches and new construction it's totally the opposite.
- India is still at a relatively immature stage with regards to adoption of these technologies. There are no set standards, no set quality adoptions, so new players are coming in. Over a period of a year or two it's going to get filtered out.
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