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SRMCONTRACTORS Diversified 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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Revenue ₹231 Cr +50%
EBITDA ₹45 Cr +72%
PAT ₹24 Cr +51%
EBITDA Margin 19.5% +250bps
Duration 58 min
Read Time 1 min read

✓ Verified against BSE filing

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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.

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Risk Intelligence

Order book conversion delay

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Quarter Snapshot

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.

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.

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Guidance and risk preview

Top 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.

Top risk Order book conversion delay

Analyst noted order book was flat; management acknowledged delays but expects significant wins in coming weeks.

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