UNIPARTS 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
₹339 Cr
verified against source
Revenue YoY
34%
reported change
EBITDA
₹81 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Uniparts India delivered Q4 FY26 results that exceeded guidance, with 34% YoY revenue growth to Rs 339 crore driven by volume recovery across construction and agriculture equipment markets. EBITDA margin of 24% represents the highest in 8-10 quarters, reflecting strong operating leverage from higher volumes and improved warehousing mix (51% of sales). The full year FY26 saw 21% revenue growth to ~Rs 1,200 crore with EBITDA growing 55%. New business wins of Rs 225 crore over trailing 12 months (up 12.5% QoQ) provide multi-year growth visibility across geographies. The company remains net cash positive at Rs 160 crore with working capital improving to 136 days. Management expects FY27 growth in line with FY26, supported by construction recovery, small agriculture returning to ~5% growth, and new program executions. Key risks include geopolitical uncertainty affecting input costs, rising North India labor costs (up 20-25%), and the fire incident at L Jana facility disrupting one finishing shop.
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Guidance to track
- Full year FY27 revenue growth expected to match FY26's ~21% growth, supported by improving industry cycles, execution of new business awards, and gradual recovery across end markets.
- Sequential improvement expected through FY27, with Q1 in line with Q4 and H2 delivering better performance than H1, consistent with construction market trends.
- Management comfortable operating above the 20% EBITDA margin floor, though exact Q4 24% level dependent on volume ramp-up pace and delivery channel mix.
- Maintenance and growth capex to remain within 2.5-3.5% of revenue range, with investments focused on balancing capex only when new business requires additional capacity.
Risks flagged
- March escalation introduced supply chain uncertainty; management implemented alternate arrangements but increasing input prices remain a concern, partially offset by favorable exchange rates.
- North India employee costs up 20-25%, representing ~20% of revenue; steel prices at all-time highs. Management states freight and RM costs are direct pass-through, but FX mitigation may not fully offset inflation.
- Management acknowledged acquisitions have been discussed for a long time. Evaluated ~12 targets with 2 near-completion falling apart. Capital allocation remains disciplined; no concrete timeline provided.
- Large agriculture segment still working through the down cycle with North America volumes tracking down mid-to-high teens YoY; management expects Q4 FY26 as cyclical trough but recovery timing remains uncertain.
Key quotes
- The final quarter of FY26 provided further evidence that the global agriculture and construction equipment cycle is turning. Order books strengthened sequentially compared to the quarter 3 FY26.
- Operating leverage is now clearly visible at the full year level as the volumes have now started to increase. We have said consistently that 20% EBITDA is sustainable over the cycle and as volumes build through FY27 we expect to operate comfortably above that level.
- The company is P&L neutral as far as tariffs are concerned. When we look at Q4, our material cost of 35% has now come back to where we've always said our normal material cost should be in the range of 34 to 37%.
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