9M Revenue
₹583.76 Cr
+19% YoY
Revenue for the nine-month period ended December 2025.
YASHO
Other
10 Feb 2026
Yasho Industries Limited — Q3 FY26
Yasho Industries reported Q3 FY26 revenue of ₹201.83 crore, up 35% YoY, with EBITDA margin of 16.65%.
✓ Verified against BSE filing
2-Min Summary
Yasho Industries reported Q3 FY26 revenue of ₹201.83 crore, up 35% YoY, with EBITDA margin of 16.65%. Growth was driven by volume traction, improved product mix, and operational efficiencies despite pricing volatility. The company is executing a strategic manufacturing project funded by an MNC (₹85-90 crore capex, fully customer-funded) and commissioning two new lines by Q1 FY27. Management targets ₹1,500 crore revenue by FY28 at 40% utilization of the Pakajan facility, implying a 4:1 revenue-to-capex ratio. Risks include potential US tariff impacts on ~22% Americas revenue and competitive pressure from Chinese capacity expansion.
Key Numbers
9M EBITDA Margin
17.06%
Flat YoY
EBITDA margin for the nine-month period, reflecting cost control.
Pakajan Utilization
40-45%
Down from >50% in Q2
Capacity utilization at the Pakajan facility, below optimal due to tariff headwinds.
Customer Advance Received
₹19.9 Cr
New
Advance received from MNC for the strategic manufacturing project.
Management Guidance
Revenue potential of ₹1,500 crore by FY28
Management expects to achieve ₹1,500 crore revenue by FY28 at 40% utilization of Pakajan facility, supported by new lines and LSA.
revenueEBITDA margin guidance of 17-19%
Blended EBITDA margin expected to remain in 17-19% range, with potential 1-1.5% improvement from higher utilization.
marginsNew manufacturing lines commercial by Q1 FY27
Two new lines with ₹25.9 crore capex will begin trial runs in March 2026 and commercial production in Q1 FY27.
expansionMNC project commercialization by Q1 FY28
Strategic manufacturing project with MNC (₹85-90 crore capex, fully funded) to commercialize in Q1 FY28.
expansionKey Risks
US tariff impact on Americas revenue
~22% of Q3 revenue came from Americas; tariffs on certain products could reduce sales and margins.
high · analyst_questionChinese competitor capacity expansion
A Chinese competitor is expanding capacity, which could lead to pricing disruption in the lubricant additives market.
medium · analyst_questionPakajan facility under-utilization
Utilization dropped to 40-45% in Q3 from >50% in Q2, impacting fixed cost absorption and margins.
medium · data_observationDebt levels remain elevated
Gross debt of ~₹560 crore (₹500 crore bank loans) with no concrete plan to reduce absolute debt, only debt-to-EBITDA.
medium · analyst_questionNotable Quotes
We are looking for a molecule which can at least generate 25 crores revenue a year at least or more.
We are not saying that we will achieve but there is a potential to achieve that with the existing investment in a capex.
We are well prepared for that. I can say that much cannot diverse much more information. So we are not expecting any negative implication because of that on our product portfolio.