UNIVASTU 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
₹109 Cr
verified against source
Revenue YoY
174.23%
reported change
EBITDA
₹15.26 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.
Univastu India delivered exceptional Q4 FY26 results with revenue surging 174% YoY to ₹109.44 crore, driven by strong execution on metro projects (L&T and IRCON orders exceeding ₹1,000 crore each). Full-year revenue of ₹243.35 crore grew 42% YoY. The EBITDA margin contracted 414bps to 13.94% in Q4 due to mobilization costs for multiple large sites, though management expects normalization. The order book stands at a record ₹1,854 crore (2x book-to-bill), providing 2-3 years of revenue visibility. FY27 guidance of ₹600 crore and FY28 of ₹900 crore represents aggressive scaling. Working capital management improved with 87% of receivables recovered in 45 days post-quarter-end. Finance costs dropped 6.6% YoY. Key risks include execution concentration in metro/sports verticals and data center entry timeline (Q2). The company targets ₹1,000 crore new orders in FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly confirmed targeting ₹600 crore revenue in FY27 based on current order book execution schedule of ₹1,500 crore by FY28.
- Building on FY27 target of ₹600 crore, management projects ₹900 crore revenue for FY28, implying 50% YoY growth in the final year of the execution cycle.
- Minimum ₹1,000 crore new pipeline targeted for FY27 with order inflow expected to start from Q2 onwards; no Q1 bidding planned.
- Management confirmed maintaining 17-18% EBITDA margin for FY27 and FY28 going forward, with Q4 FY26 dip (13.94%) attributed to initial mobilization costs that will normalize.
Risks flagged
- Analyst questioned the trade receivables increase from ₹72 crore to ₹80.82 crore (more than 10x), seeking clarity on data and government client payment cycles. Management's response about 90-day payables cycle and 30-day recovery post-quarter-end was indirect and did not fully address the underlying cause of the spike.
- Management identified metro and sports complexes as the primary growth drivers, but this concentration creates vulnerability if government infrastructure spending slows or competitive pressure intensifies in these niche segments.
- While management mentioned entering liquid cooling technology in Q2 and partnerships with foreign companies, no specific order pipeline value or expected revenue contribution was provided. The segment remains pre-revenue with uncertain commercial timeline.
- Analyst questioned whether internal cash and existing CC limits from Canara Bank and HDFC Bank plus July warrant inflow (₹14 crore) would be sufficient to fund the scale-up. Management did not provide detailed working capital calculations or debt-to-equity trajectory.
Key quotes
- We are no longer just a standard brick and mortar civil contractors. We are scaling up as a tech-driven infrastructure company. Our Class 1A unlimited license means we can bid for huge government tenders completely on our merit.
- Q4 was massive, bringing in ₹1,317 crore of fresh orders. Big tier-1 names like MMRDA Metro Line 6 and L&T Metro Line 4 came in. These major public projects have structured payment milestones which keep our working capital cycle clean.
- Easily possible. [to execute ₹600 crore in FY27 and ₹900 crore in FY28]
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