Order Book
₹1,400 Cr
+329 Cr YTD
Order book as of Dec 2025; includes ₹940 Cr roads, ₹139 Cr tunnels, ₹344 Cr slope works.
SRMCONTRACTORS
Other
10 Feb 2026
SRM Contractors Ltd — Q3 FY26
SRM Contractors delivered a record Q3 FY26 with revenue of ₹231 crore (+50% YoY), EBITDA of ₹45 crore (+72% YoY), and PAT of ₹24 crore (+51% YoY).
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2-Min Summary
SRM Contractors delivered a record Q3 FY26 with revenue of ₹231 crore (+50% YoY), EBITDA of ₹45 crore (+72% YoY), and PAT of ₹24 crore (+51% YoY). EBITDA margin expanded 250 bps to 19.5%, driven by higher-margin project mix and capex-led efficiency gains. The order book stood at ₹1,400 crore as of Dec 2025, with a bid pipeline exceeding ₹4,000 crore. Management guided for standalone FY26 revenue of ₹800-900 crore and consolidated ~₹1,100 crore, with FY27 consolidated revenue target of ₹1,500-2,000 crore. The MIPL acquisition (51% stake in Maccaferri subsidiary) contributed ₹31 crore revenue in Q3 and is expected to add ₹250-300 crore in FY26. Key risk: order book conversion may be slower than guided if bid wins in HAM projects and international markets do not materialize as expected.
Key Numbers
Bid Pipeline
₹4,000+ Cr
N/A
Projects already bid; results pending. Conversion rate ~20% for roads, ~50% for slope works.
Capex Incurred (9M FY26)
₹78 Cr
N/A
Planned full-year capex of ₹100 Cr; funded via internal accruals and debt.
MIPL Revenue (Q3 FY26)
₹31 Cr
N/A
Consolidated from Oct 21, 2025. MIPL full-year FY26 revenue expected ₹250-300 Cr.
Management Guidance
FY26 standalone revenue guidance of ₹800-900 Cr
Management expects standalone revenue for FY26 to be in the range of ₹800-900 crore, implying strong Q4 execution.
revenueFY26 consolidated revenue guidance of ~₹1,100 Cr
Consolidated revenue including MIPL is expected to be around ₹1,100 crore for FY26.
revenueOrder book target of ₹2,000 Cr by March 2026 and ₹3,000 Cr by June 2026
Management expects order book to exceed ₹2,000 crore by end of FY26 and reach ~₹3,000 crore by June 2026.
growthFY27 consolidated revenue target of ₹1,500-2,000 Cr
Management guided for FY27 consolidated revenue in the range of ₹1,500-2,000 crore, driven by order book conversion and MIPL growth.
revenueKey Risks
Order book conversion delay
Analyst noted order book was flat; management acknowledged delays but expects significant wins in coming weeks. If bids fail, growth may lag.
medium · analyst_questionHAM project execution risk
Company is bidding for HAM projects which require higher working capital and have longer payment cycles. Management downplayed stress but trade receivables could increase.
medium · analyst_questionInternational expansion uncertainty
Abu Dhabi office opened but no orders yet. Management declined to provide revenue guidance for international business, indicating early stage.
low · management_commentaryMIPL integration and working capital
MIPL had higher working capital cycle historically; management claims improvement to 60 days, but full-year consolidation may reveal stress.
low · data_observationNotable Quotes
We are not in a hurry to expand my order books just for the numbers only. We will continue with the same trend of pattern. You will not see any change for next year also; it can increase, it will not decrease.
We have a policy of cherrypicking the projects and getting those projects where we can get good margins. Still we are not in a hurry to increase our order books with the projects which have a less margin.
The margins are same; EBITDA has increased a little bit because of maybe capex. We have infused a lot of money in capex this year and same is going to happen next year also for capex.