EFC Ltd — Q3 FY26
EFC delivered a strong Q3 FY26 with revenue of ₹270 crore (+52% YoY) and PAT of ₹62 crore (+54% YoY), driven by robust performance across leasing, design & build, and furniture...
bullish
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.
77%Questions answered1Evaded / deflected11Questions audited
Partial answer
Medium priority
Long-term vision and milestones for the company.
Asked by Akash
Management described vision but did not provide concrete milestones or targets.
no specific milestones givenvague growth indicators
Read the exchange
Question
I want to understand what is your long-term vision for the company and what milestone should we as investors watch out for in the coming few years?
Nikl (management)
We as a company would like to grow as a real estate as a service ecosystem... we are trying to grow from a leasing business more as an asset under management model...
Answered
High priority
Sustainability of furniture margin and capacity utilization.
Asked by Moan Sharma, Tirupati Investments
Management directly answered that margin is sustainable and gave current capacity utilization.
Read the exchange
Question
I would like to understand your furniture margin which is quite healthy in Q3. Is this driven by one of large order or is it a sustainable run rate? What is the current capacity utilization at take design?
Nikl (management)
The current margin which you see in the current quarter is not of oneoff order... it is primarily because of the increase in the overall utilization... currently we are utilizing roughly around 35 to 40% of capacities.
Answered
High priority
Blended occupancy in Q3 and Q4 outlook.
Asked by Moan Sharma, Tirupati Investments
Management gave a clear occupancy figure and forward outlook.
Read the exchange
Question
What is the blended occupancy during last quarter and what are you looking at in Q4?
Nikl (management)
Our blended occupancy would remain around in and around 90%... even currently the blended occupancy would always remain around 90%.
Answered
High priority
Forward order book visibility for interiors segment.
Asked by Moan Sharma, Tirupati Investments
Management provided a specific order book number and forward visibility.
Read the exchange
Question
What is your forward order book visibility for this segment because you have already shown a significant improvement in revenue and profitability in last quarter.
Nikl (management)
We already have right now orders worth about 160 cr plus which are either under executions or about to start... for Q4 we have a order book of around 160 cr plus.
Partial answer
High priority
Confidence in adding 7,000 more seats in FY26.
Asked by Penel Brahabat, Choice Institutional Equities
Management gave pipeline number but did not guarantee full 7,000 seats.
no exact timeline for remaining seatsplus minus 5% caveat
Read the exchange
Question
We already added 13,000 seats during 9 months FY26 and our target is around adding 20,000 seats every year. So how much we are confident on adding 7,000 further seats in FY26?
Nikl (management)
We have about more than 5,000 seats under the pipeline out of the 7,000... we are fairly confident to achieve the targets that we have already set.
Answered
High priority
Expected YoY growth for D&B division next 2-3 years.
Asked by Penel Brahabat, Choice Institutional Equities
Management explicitly confirmed 50-60% growth guidance.
Read the exchange
Question
What we are expecting the year-on-year growth for next 2 to 3 years it would be around 50 to 60% growth or do we have any guidance?
Nikl (management)
We are expecting to achieve that kind of a growth year on year for next couple of years for sure... we should be able to achieve that 50 to 60% growth target as we have always maintained.
Answered
High priority
Sustainable EBITDA margin and segment-wise margins.
Asked by Penel Brahabat, Choice Institutional Equities
Management provided specific margin ranges for each segment.
Read the exchange
Question
What will be the sustainable margin level as a overall stand if we have any segment wise margin then that would be great.
Nikl (management)
We are maintaining the margins of 30% on a leasing business... on design and build vertical we are maintaining anything between 20 to 24%... on furniture achieving a margin anything around 25%.
Evasive
Low priority
Data center orders and timeline for such projects.
Asked by Penel Brahabat, Choice Institutional Equities
Management avoided confirming any specific data center orders or timeline.
did not confirm any data center ordersdeflected to general capability
Read the exchange
Question
Do we design any data center recently or do we have any order for data center? If then how much time we are taking to consider one data center our space?
Nikl (management)
Our expertise is to kind of get into designing and internal fitouts... our timeline doesn't get affected by the other aspect of that project... our timelines would run around the similar levels.
Evasive
Medium priority
Furniture expansion plans and handling oversupply.
Asked by Penel Brahabat, Choice Institutional Equities
Management did not commit to any expansion plans or address oversupply concerns.
no concrete expansion plan givendeferred to future determination
Read the exchange
Question
Do we have any expansion plan on the furniture segment or any new plant coming in the short-term? If yes then how we are going to tackle those over supply?
Nikl (management)
In terms of expansion etc. certainly it will largely depend upon the kind of businesses that we are... our expansion strategy would be determined.
Answered
Medium priority
Impact of AI on IT portfolio and market evolution.
Asked by Watsel Negalia, Astral Mind Capital
Management directly addressed AI impact and gave a clear view.
Read the exchange
Question
Around 50% of our portfolio is IT and software related. Do we see any change because of AI and how are we seeing the market evolving?
Nikl (management)
We don't see any significant impact on that... IT enabled services is likely to keep growing independent of AI... we don't see any kind of reduction in the business.
Answered
Medium priority
Clarification on margin metrics (EBITDA vs PAT).
Asked by Raj Saraf
Management clearly stated PAT as the preferred metric.
Read the exchange
Question
When you talk about the margin in rental space and interior and furniture, do you talk about EBITDA margins or PAT margins?
Nikl (management)
We prefer to focus on PAT... the best indicator would be the PAT margins... PAT is the right number for measuring the performance.
Partial answer
High priority
Average realization per seat and REIT status.
Asked by Raj Saraf
Management gave per-seat numbers but was vague on REIT timeline.
no timeline for REITdeferred announcement
Read the exchange
Question
What is the average realization per seat right now on absolute basis and going forward? Also anything about REIT?
Nikl (management)
Average pricing right now is going at about 7,000 rupees... 30% margin that's about 2100 rupees per seat... we are very actively evaluating various opportunities... soon the company would be able to announce such opportunities.