UNIPARTS Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹281 Cr
verified against source
Revenue YoY
35%
reported change
EBITDA
₹61 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Uniparts delivered a strong Q3 FY26 with 35% YoY revenue growth to Rs 281 crore, driven by recovery across construction equipment and small agriculture segments, while large agriculture shows signs of stabilization. EBITDA surged 65% YoY to Rs 61 crore with margins expanding 400bps to 21.5%, reflecting favorable operating leverage despite a 3.44 crore impact from the new wage code. The warehoused/nearshoring model now accounts for over 50% of 9-month revenues, creating higher customer value through agility and proximity. New business awards of Rs 200 crore provide growth visibility, while Mexico warehouse operationalization strengthens the nearshoring footprint. Management guides to mid-teens revenue growth for FY26-27 and maintains confidence in sustaining 20%+ EBITDA margins through cycles, supported by 153 crore net cash position. Key risks include large agriculture recovery remaining gradual, currency volatility impacting material costs, and recent fire incident at Ludhiana facility that was contained within 5 days with adequate insurance coverage.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated full-year guidance for mid-teens revenue growth, consistent with outlook maintained over past three quarters, supported by recovery across construction and small agriculture segments.
- Given construction and small agriculture in recovery phase and large agriculture seeing worst behind, FY27 is expected to deliver mid-teens growth as well.
- Management reinforced confidence that 20% EBITDA margin profile is sustainable over the cycle, with 9-month FY26 EBITDA nearly 10% higher than full-year FY25.
- Annual capex expected to remain within 2.5-3% of revenue range, with sufficient existing capacity to support near-term growth; Mexico and India warehouses expanding capabilities.
Risks flagged
- While large agriculture is moving past the most challenging phase with rate of decline moderating to 15-20%, recovery remains gradual and uneven across regions, particularly in North America.
- Material cost ranged 30.5% in Q2 due to Rs 3.5 rupee depreciation against USD/EUR but normalized to 32% in Q3 when depreciation was only Rs 1-1.5, demonstrating margin sensitivity to currency movements.
- Aftermarket share declined from 19% in FY25 to 14% in 9-month FY26 due to tariff-driven demand sensitivity at customers like TSC and Midstates; management deflected questions on precise store coverage data.
- Fire on December 27, 2025 at Ludhiana surface finishing plant was contained to one area with production resumed within 5 days via alternate arrangements; insurance coverage confirmed for plant, inventory, and business interruption.
Key quotes
- We delivered a 35% year-on-year growth in quarter 3 revenues with a small improvement over the quarter 2 FY26 and despite Q3 typically being this seasonally weakest quarter of the year.
- Warehoused sales now account for over 50% of revenues in the first 9 months of FY26, which is where we create the highest value for our customers through agility, resilience, and proximity. These are capabilities that are not easily replicable.
- This reinforces our confidence that a 20% EBITDA margin profile is sustainable over the cycle. We remain committed to closing the full year with mid-teens growth.
Research modules