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Execution risk in PEBB after repeated labor issues
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Pennar Industries Limited — Q3 FY26
Pennar Industries reported Q3 FY26 revenue of ₹959 crore (+13.3% YoY) and PAT of ₹33.6 crore (+10.1% YoY), impacted by ~₹4 crore one-time labor costs.
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Pennar Industries reported Q3 FY26 revenue of ₹959 crore (+13.3% YoY) and PAT of ₹33.6 crore (+10.1% YoY), impacted by ~₹4 crore one-time labor costs. Excluding these, PAT growth would have been ~20%. Diversified engineering grew 25% driven by steel, boilers, and BW. The PEBB segment was flat due to labor issues in India and delayed Telco acquisition ramp-up, but management expects strong Q4 with order backlog of ₹810 crore in India and $62 million in the US. Boilers order backlog surged to ₹123 crore. Management reiterated double-digit PAT growth target of 20% for FY26. Key risk: execution consistency in PEBB after repeated labor setbacks.
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Order Backlog - PEBB India
₹810 Cr
+8% QoQ
Order backlog for PEBB India stood at ₹810 crore as of Q3 end, up from ~₹780 crore in Q2.
Order Backlog - US Buildings
$52M
+30% YoY
US buildings order backlog at $52 million, with Telco adding $10 million, total $62 million.
Order Backlog - Boilers
₹123 Cr
+50% QoQ
Boilers division order backlog increased to ₹123 crore, driven by export orders from Australia and Sri Lanka.
Capacity Utilization - Overall
70%
Flat QoQ
Overall capacity utilization at 70%, with PEBB India expected to improve above 70% in Q4.
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Guidance and risk preview
Management reaffirmed commitment to 20% PAT growth for the full year, excluding one-time costs.
PEBB India has underperformed for multiple quarters due to labor problems; despite resolution, consistency remains a concern.
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