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View Promises →Fabtech Technologies Ltd — Q4 FY26
Fabtech delivered 28.4% revenue growth to ₹431.33 Cr in FY26, driven by strong execution in UAE, Saudi Arabia, and Kenya.
bullish
medium
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2-Minute Summary
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Fabtech delivered 28.4% revenue growth to ₹431.33 Cr in FY26, driven by strong execution in UAE, Saudi Arabia, and Kenya. EBITDA grew 18.29% to ₹55.56 Cr, but margins contracted ~110 bps due to project mix shift, higher RMC costs, and remobilization expenses amid geopolitical disruptions. PAT declined to ₹38.36 Cr from ₹46.45 Cr, impacted by exceptional items in the base year. The order book stands at ₹900+ Cr, providing 18-24 months visibility. Management guided for ~25% revenue growth in FY27 with PAT margin improvement to 9.9-10.5%, supported by localization, higher-value projects, and cost pass-through clauses. Key risk: sustained Middle East conflict could delay execution and pressure margins despite diversification.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Middle East geopolitical disruption
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Order Book
₹900+ Cr
+50% YoY
Order book provides strong revenue visibility for next 18-24 months.
Hot Lead Pipeline
$200M
N/A
Active pipeline of offers in the market, conversion rate improving to 16-17%.
Cash & Bank Balance
₹208.57 Cr
+496% YoY
Strengthened by ₹230 Cr equity infusion; strongest liquidity position in company history.
Trade Receivables
₹204.34 Cr
+67% YoY
Increased due to heavy Q4 billing; management prioritizing sharper collection discipline.
What Changed vs Last Quarter
NEW
PAT margin improvement to 9.9-10.5%
Management guided PAT margin to improve to the 9.9-10.5% range in FY27, up from ~8.9% in FY26.
NEW
EBITDA margin target of 13-14%
Internal target for EBITDA margin is 13-14%, with contribution margin around 45%.
NEW
Order book execution in 18-24 months
Current order book of ₹900+ Cr is expected to be executed over the next 18-24 months.
UPDATED
Revenue growth of ~25% in FY27
Based on current momentum and order book, management projects approximately 25% growth for the next fiscal year.
DROPPED
FY26 Revenue Guidance: 380-400 Cr
Management reiterated annual revenue guidance of 380-400 crore rupees, implying a strong Q4 to meet the target.
DROPPED
FY26 PAT Guidance: 39-41 Cr
PAT guidance of 39-41 crore rupees for FY26, with Q4 expected to contribute significantly.
DROPPED
European Acquisition in 6 Months
Acquisition of a European entity expected within the next 6 months to improve win rates to 20-25%.
NEW RISK
Middle East geopolitical disruption
Ongoing US-Iran war and regional tensions could delay project execution and increase costs, impacting margins.
NEW RISK
Receivables collection risk
Trade receivables rose to ₹204 Cr; if collection slows, cash flow and working capital could be strained.
NEW RISK
Margin pressure from project mix
Shift towards lower-margin geographies like Africa and cost overruns from remobilization have compressed margins.
NEW RISK
Raw material cost inflation
RMC costs rose ~33% in FY26; if not fully passed on via variation clauses, margins could shrink further.
RISK GONE
Quarterly Revenue Volatility
Shipment-based revenue recognition causes lumpy quarterly results, with ~20.3 Cr deferred from Q3 to Q4.
RISK GONE
Working Capital Intensity
High growth (30% YoY) with 4-month working capital cycle may keep operating cash flow negative.
RISK GONE
Client Civil Readiness Delays
Projects delayed due to clients' civil construction not being ready, impacting revenue recognition timing.
Fast read
Guidance and risk preview
Based on current momentum and order book, management projects approximately 25% growth for the next fiscal year.
Ongoing US-Iran war and regional tensions could delay project execution and increase costs, impacting margins.
View Risks →