Denta Water and Infra Solutions Ltd — Q3 FY26
Denta Water reported a mixed Q3 FY26 with 9M revenue of ₹195.07 crore (+30.8% YoY) and EBITDA of ₹70.85 crore (+34% YoY), but Q3 standalone revenue was flat at ₹53.52 crore, mis...
bearish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered5Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
What caused the underperformance this quarter?
Asked by Deepak Kodar, Safire Capital
Acknowledged delays but gave no specific numbers on how much revenue was lost.
blamed timing and delaysno specific quantification of impact
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Question
what led to um the growth I mean underperformance um in this quarter I think I think you mentioned somewhere that it might be because of some government and PSU um some execution and billing variations.
Manishetti (Managing Director)
revenues of moderation on both year on year and quarteronquarter basis primarily due to project needs to timing and delayed in certain government projects. However, our margins have got improved due to better project mix...
Answered
High priority
What sort of execution expected in Q4?
Asked by Deepak Kodar, Safire Capital
Provided a specific growth percentage for Q4 YoY.
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Question
when you say fourth quarter we expect healthy execution or I mean so what sort of execution we we are looking at in the fourth quarter
Manishetti (Managing Director)
we expecting 20% growth in compared to last year fourth quarter.
Evasive
High priority
Will FY26 revenue reach 300 crores?
Asked by Deepak Kodar, Safire Capital
Did not confirm or deny the 300 cr target; deferred to future.
no commitmentdeferred to audited results
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Question
we will fall I mean quite short of what we had been um we were looking at around 300 crores in this entire year, right?
Manishetti (Managing Director)
we hope to achieve maximum division any hope we'll update you once our uh figures are audited
Answered
Medium priority
What is the execution timeline of the order book?
Asked by Deepak Kodar, Safire Capital
Provided clear timelines based on project size.
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Question
in terms of order book, currently we are at about 841 crores, right? So what's the execution timeline of those order book?
Manishetti (Managing Director)
Some projects up to 100 cr we have got 12 months timeline. For project beyond 100 to 250 cr we have got 24 months timeline and beyond 250 cr we will have 36 months timeline.
Evasive
Medium priority
What is the bid pipeline?
Asked by Deepak Kodar, Safire Capital
Refused to quantify the bid pipeline.
no number givendepends on external factors
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Question
can you quantify what would be the bid pipeline for us?
Manishetti (Managing Director)
No it depends on the tender notification which will be issued from the concern departments. Right now we are searching for the projects between 100 to 300 cr...
Partial answer
Medium priority
How is working capital expected to trend?
Asked by Deepak Kodar, Safire Capital
Gave a range but no concrete improvement target.
no specific numbers on improvement
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Question
how should one look at working capital going forward?
Manishetti (Managing Director)
95 to 120 days is our uh working cycle period and we have we have improved our uh our working cycle situation will improve in quarter four of 25 26 further.
Evasive
High priority
What went wrong in Q3 to reduce guidance from 300 cr?
Asked by Utkar Sumeya, Elco Quantum Solutions Private Limited
Did not explain what specifically changed in 45 days.
no specific reasonblamed general execution
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Question
I want to understand what went so wrong in the second half of Q3 that you had to reduce your guidance so much.
Manishetti (Managing Director)
we had anticipated a revenue of 300 cr and we had anticipated that all our raw materials will be procured and we will be able to complete the project in good time...
Evasive
High priority
Will order book guidance of 1000-1100 cr be achieved?
Asked by Utkar Sumeya, Elco Quantum Solutions Private Limited
Did not confirm whether the guidance would be met.
no commitmentdeferred to future
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Question
your order book we were guided for 1,000 to 1100 cr at the end of March. Is that also going to be faltered on or you will be able to achieve for that guidance?
Manishetti (Managing Director)
we are also bidding aggressively in projects but we are waiting for good projects to come in our way... we will inform you as soon as we get the order
Answered
High priority
How much of 169 cr outstanding will convert to Q4 revenue?
Asked by Shapat Hussein
Provided a specific number for expected revenue conversion.
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Question
out of this 169 Ks which is outstanding how much of this amount will be converted into the cube for top line.
Manishetti (Managing Director)
approximately around 65 crores we are expecting it to be converted into revenue for the fourth quarter.
Evasive
High priority
Status of two Karnataka mineral orders of 400 cr?
Asked by Shapat Hussein
No concrete update or timeline provided.
no timelineblamed committees
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Question
On last two phone calls you said about the two big Karnataka mineral exploitation rehabilitation fund order of 400 cr. What is the current status of that?
Manishetti (Managing Director)
It is before some committees which has to clear the projects and we are continuously following it up. Tender notification is set to be issued.
Answered
High priority
Is 300 cr topline guidance still intact?
Asked by Shapat Hussein
Clearly stated guidance will not be met and gave new range.
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Question
Your 300 cr topline guidance is still in intact sir.
Manishetti (Managing Director)
No probably we may not achieve 300 cr for this year and compared to last year revenue earnings we may see 20 to 25% increase in revenue.
Partial answer
Medium priority
Cash position and need for debt for FY27 growth?
Asked by Anil Shenoi
Gave qualitative update but no precise cash number.
no exact cash figure given
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Question
it was around 85 crores at the end of Q2. can you just guide us on has that improved or has that gone down in Q3... would you need to raise any debt for the working capital for the growth that you see in FY27.
Manishetti (Managing Director)
cash reserves it is almost on the same line. We have not seen any significant change... we may need fund non-f fund based bank guarantee... we have got approvals from different agencies.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| 9-month revenue growth of 31% YoY | 31% | 30.8% | Matches filing |
| Q3 revenue 535.20 million | ₹535.2 cr | ₹53.52 cr | Overstated vs filing |
| Q4 YoY growth expected 20% | 20% | 30.8% | Understated vs filing |
| FY27 revenue growth expected 30% | 30% | 30.8% | Matches filing |
| Expected 65 cr revenue from outstanding in Q4 | ₹65 cr | ₹53.52 cr | Overstated vs filing |
| FY26 revenue growth now 20-25% | 20% | 30.8% | Understated vs filing |
| Long-term growth after 2-3 years 15% | 15% | 30.8% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.