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Defense order scaling uncertainty
View Risks →Kranti Industries Ltd — Q3 FY26
Kranti Industries delivered a strong Q3 FY26 with revenue of ₹22.87 Cr (+32.2% YoY) and EBITDA of ₹3.55 Cr (15.5% margin), nearly tripling YoY.
bullish
high
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Kranti Industries delivered a strong Q3 FY26 with revenue of ₹22.87 Cr (+32.2% YoY) and EBITDA of ₹3.55 Cr (15.5% margin), nearly tripling YoY. PAT turned positive at ₹0.74 Cr vs a loss last year. Growth was driven by improved capacity utilization, cost optimization, and early traction from defense and new plant. The company secured ₹2.04 Cr in defense orders and commissioned a new Jaipur plant (capex-light model). Management guided for 12-15 Cr defense revenue in FY27 and expects 20% revenue growth over the next two years. EBITDA margin target is 16-18%. Key risk: defense orders are still in sample/development phase; scaling and margin realization remain unproven.
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Defense order inflow
₹2.04 Cr
New segment
First defense orders from AVNL; sample development orders executed over 3-4 months.
9M EBITDA margin
16.7%
+669 bps YoY
9M FY26 margin expanded significantly due to operating leverage and cost controls.
Revenue growth (9M)
₹64.57 Cr
+19.8% YoY
Consistent revenue expansion across quarters; diversified customer base.
Debt reduction target
Net debt-free by 2030
Long-term goal
Management targets deleveraging over 6-8 quarters; no near-term fundraise planned.
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Guidance and risk preview
Management targets ₹12-15 Cr revenue from defense segment in FY27, based on current orders and pipeline.
Current defense orders are small sample development orders; scaling to ₹12-15 Cr in FY27 depends on winning repeat and larger contracts.
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