Order Inflow (FY26)
1,539 cr
+28% YoY
Highest ever order inflow, reflecting strong demand for PEBs.
MBENGINEERING
Other
30 Apr 2026
M & B Engineering Ltd — Q4 FY26
M&B Engineering delivered a strong FY26 with revenue of 1,260 cr (+27% YoY) and PAT of 93 cr (+20% YoY), driven by robust order inflows and execution.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
M&B Engineering delivered a strong FY26 with revenue of 1,260 cr (+27% YoY) and PAT of 93 cr (+20% YoY), driven by robust order inflows and execution. However, Q4 margins were pressured by forex losses (₹6 cr), steel price surge (+20%), and export freight costs due to the Iran conflict. The order book stands at 1,083 cr (+35% YoY), providing good visibility. Management guides for ~25% revenue growth in FY27, supported by capacity expansion (Sanand +20k MT, JR plant) and US tariff reduction (25% cut). Risks include continued input cost volatility, extended US order conversion cycles, and potential labor/monsoon disruptions in H1. Margin guidance remains withheld pending clarity on costs.
Key Numbers
Export Revenue (FY26)
165.6 cr
+156% YoY
Sharp growth driven by US/Canada certifications and market presence.
Export Volume (FY26)
7,045 tons
+194% YoY
From 2,400 tons in FY25; target 10,000 tons in FY27.
Order Book (Mar 2026)
1,083 cr
+35% YoY
Provides strong revenue visibility; 80% Phoenix, 20% Proflex.
Management Guidance
Revenue growth ~25% in FY27
Management expects topline growth of around 25% YoY, supported by strong order book and rising demand.
Management guidance revenueExport revenue target ~300 cr in FY27
Export revenue expected to nearly double from 165 cr to around 300 cr, driven by US tariff reduction and capacity expansion.
Management guidance revenueCapex of ~100 cr in FY27
Planned capex includes Sanand expansion (20k MT) and JR plant expansion, with Sanand commissioning in Q2 FY27.
Management guidance capexPhoenix volume target 85,000-90,000 tons in FY27
Volume growth of ~20-25% from 72,000 tons in FY26, driven by domestic and export demand.
Management guidance growthKey Risks
Input cost volatility
Steel prices surged 20% in Q4 and gas shortages impacted production; management cannot fully hedge against such volatility.
high · management_commentaryExtended US order conversion cycle
Analyst noted order closure timelines have stretched from 6-8 weeks to 12-16 weeks due to US inflation and customer caution.
medium · analyst_questionForex and freight cost uncertainty
Rupee depreciation and war-related freight surcharges caused ₹6 cr forex loss in Q4; management unable to give margin guidance.
high · management_commentaryH1 execution headwinds
Labor availability constraints in Q1 and monsoon in Q2 may lead to softer H1 performance, as per historical trends.
medium · management_commentaryNotable Quotes
We feel that this is a bit premature for us to give any margin guidance for FY27 for three very clear reasons: steel prices have gone up by 20%, freights are very uncertain, and FX we are not able to control exactly.
The sectoral import tariff in the US market has recently been reduced by 25%. This is a meaningful improvement and we expect it to enhance competitiveness and improve traction in the US market going forward.
We are looking at about 16-17% EBITDA on exports vis-à-vis currently about 10-11% that we are getting in the domestic market.
Frequently Asked Questions
What was M & B's revenue in Q4 FY26?
M & B reported revenue of ₹364 Cr in Q4 FY26, representing a +27% change compared to the same quarter last year.
What guidance did M & B management give for FY27?
Revenue growth ~25% in FY27: Management expects topline growth of around 25% YoY, supported by strong order book and rising demand. Export revenue target ~300 cr in FY27: Export revenue expected to nearly double from 165 cr to around 300 cr, driven by US tariff reduction and capacity expansion. Capex of ~100 cr in FY27: Planned capex includes Sanand expansion (20k MT) and JR plant expansion, with Sanand commissioning in Q2 FY27. Phoenix volume target 85,000-90,000 tons in FY27: Volume growth of ~20-25% from 72,000 tons in FY26, driven by domestic and export demand.
What are the key risks for M & B in FY27?
Key risks include Input cost volatility — Steel prices surged 20% in Q4 and gas shortages impacted production; management cannot fully hedge against such volatility.; Extended US order conversion cycle — Analyst noted order closure timelines have stretched from 6-8 weeks to 12-16 weeks due to US inflation and customer caution.; Forex and freight cost uncertainty — Rupee depreciation and war-related freight surcharges caused ₹6 cr forex loss in Q4; management unable to give margin guidance.; H1 execution headwinds — Labor availability constraints in Q1 and monsoon in Q2 may lead to softer H1 performance, as per historical trends..
Did M & B meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full M & B Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.