Order Book
₹615 crore
+25% YoY
Order book as of March 2026; excludes ₹130 crore order won in April 2026.
MONARCHSURVEYRSENGINERNG
Diversified
20 May 2026
Monarch Surveyrs & Enginerng Conslts Ltd — Q4 FY26
Monarch Surveyors reported FY26 revenue of ₹171.7 crore, up 11.4% YoY, with EBITDA margin of 29.7% and PAT of ₹37.2 crore.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Monarch Surveyors reported FY26 revenue of ₹171.7 crore, up 11.4% YoY, with EBITDA margin of 29.7% and PAT of ₹37.2 crore. Growth was driven by strong order inflows of ₹750+ crore, including a landmark ₹130 crore Northern Railway contract. However, execution lagged as H2 revenue declined to ₹99.8 crore from ₹115.9 crore in H2 FY25, and receivables ballooned to ₹55 crore. Management attributed delays to government approvals and staffing challenges, but offered no specific FY27 revenue guidance, only reiterating margin sustainability. The Australian acquisition of GMR Engineering for A$1.8 million adds ~₹17-20 crore revenue but raises questions about capital allocation given domestic execution issues. Risk: Persistent execution slippage could further widen the gap between order book growth and revenue conversion.
Key Numbers
Order Inflows
₹750+ crore
+50% YoY
Total order inflows during FY26, reflecting strong bidding pipeline.
Employee Headcount
710
+13% YoY
Grew from 630 in March 2025 to 710; further increased to 740 post-call.
Receivables
₹55 crore
+83% YoY
Trade receivables jumped sharply; unbuilt portion ~₹13-14 crore.
Management Guidance
EBITDA margin sustainability
Management targets maintaining EBITDA margin around 30% in coming years, supported by project mix and operational efficiencies.
Management guidance marginsGMR acquisition closure by July 2026
Acquisition of Australian engineering firm GMR for A$1.8 million expected to close in first or second week of July 2026.
Management guidance expansion25-30% revenue recognition from ₹130 crore order in FY27
Approximately 25-30% of the ₹130 crore Northern Railway order will be executed and recognized in FY27.
Management guidance revenueKey Risks
Execution delays on large orders
The ₹100 crore Somnath Expressway project is behind schedule due to pending government alignment approval, raising concerns about timely revenue conversion.
high · analyst_questionReceivables and cash flow deterioration
Trade receivables surged to ₹55 crore, and operating cash flow turned negative ₹39 crore, partly due to fixed deposit investments, but collection efficiency remains a concern.
medium · data_observationHeadcount growth not translating to revenue
Employee count grew 70% over two years while revenue increased only 21%, indicating potential inefficiency or lag in utilization.
medium · analyst_questionGeopolitical delays in machinery procurement
Advance paid for machinery in April 2026 not yet reflected due to geopolitical issues, potentially impacting project execution timelines.
low · management_commentaryNotable Quotes
We are witnessing a generational multi-layer multi-year infrastructure super cycle in this country.
We never give any number of specifically. We are not allowed to give the futuristic any numbers per se.
This will not happen going forward. This will not happen.
Frequently Asked Questions
What was Monarch Surveyrs &'s revenue in Q4 FY26?
Monarch Surveyrs & reported revenue of ₹172 Cr in Q4 FY26, representing a +11.4% change compared to the same quarter last year.
What guidance did Monarch Surveyrs & management give for FY27?
EBITDA margin sustainability: Management targets maintaining EBITDA margin around 30% in coming years, supported by project mix and operational efficiencies. GMR acquisition closure by July 2026: Acquisition of Australian engineering firm GMR for A$1.8 million expected to close in first or second week of July 2026. 25-30% revenue recognition from ₹130 crore order in FY27: Approximately 25-30% of the ₹130 crore Northern Railway order will be executed and recognized in FY27.
What are the key risks for Monarch Surveyrs & in FY27?
Key risks include Execution delays on large orders — The ₹100 crore Somnath Expressway project is behind schedule due to pending government alignment approval, raising concerns about timely revenue conversion.; Receivables and cash flow deterioration — Trade receivables surged to ₹55 crore, and operating cash flow turned negative ₹39 crore, partly due to fixed deposit investments, but collection efficiency remains a concern.; Headcount growth not translating to revenue — Employee count grew 70% over two years while revenue increased only 21%, indicating potential inefficiency or lag in utilization.; Geopolitical delays in machinery procurement — Advance paid for machinery in April 2026 not yet reflected due to geopolitical issues, potentially impacting project execution timelines..
Did Monarch Surveyrs & meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Monarch Surveyrs & 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.