Tara Chand Infralogistic Solutions Ltd — Q4 FY26

Tara Chand Infralogistic delivered a solid FY26 with revenue of ₹284.8 crore (+14.9% YoY) and EBITDA of ₹105.5 crore (+27% YoY), driving EBITDA margin expansion of ~400bps to 37.05%. The equipment rental segment (60% of revenue) grew 23% YoY with standalone rental margins at 62%, while renewable energy mix tripled to 15%. PAT growth lagged at 12% due to higher depreciation and finance costs from ₹290 crore capex over two years. Q4 revenue of ₹89.5 crore missed the ₹100 crore target due to ~₹10 crore project deferrals and slower Danuni stockyard ramp-up. FY27 guidance: 20-25% revenue growth, EBITDA margins sustained at 37-38%, and capex of ₹80-100 crore. Key risk: receivable days stretched to 93 (target 80) due to RINL contract closure, with recovery expected in H1 FY27.