Whalesbook
Q3 FY26: Numbers kya bolte hain?
Company ne Q3 FY26 mein solid results deliver kiye hain. Consolidated revenue 7% badh kar ₹352 Cr ho gaya. EBITDA mein toh 30% ka spike dekha gaya, jo ₹44 Cr pahuncha, aur EBITDA margin bhi 10.2% se badh kar 12.4% ho gaya. Net Profit (PAT) mein toh jaise toofani tezi aayi, 44% jump karke ₹25 Cr par pahunch gaya.
Nine-month period (9M FY26) ki baat karein toh revenue 33% badh kar ₹896 Cr ho gaya. EBITDA 26% badh kar ₹114 Cr raha, haalanki margin thoda 12.7% par aaya, jo pichle saal 13.5% tha. PAT 35% badh kar ₹66 Cr ho gaya.
Sabse achhi baat? Exports ne toh record tod diya! 9M FY26 mein export revenue 107% bhaga aur ₹120 Cr tak pahunch gaya. Order book bhi 38% badh kar ₹1,059 Cr ho gaya hai.
US Tariffs aur Margin ka Scene?
Management ne bataya ki US mein 50% ke steel tariffs abhi bhi ek concern hain. Competitiveness maintain karne ke liye company kuch costs absorb kar rahi hai, jiski wajah se margins par thoda pressure aa raha hai. Kuch analysts ka kehna hai ki Sanand plant mein domestic orders ki jagah export orders ko priority dene se domestic growth delay ho sakti hai.
Q3 mein sequential EBITDA margin mein jo dip tha, uske liye management ne product mix aur export orders par absorb ki gayi tariff costs ko zimmedaar tharaya hai. Pichle saal ke muqable Q3 margin accha raha, lekin 9M FY26 ka trend margin par pressure dikhata hai.
Aage ka Plan?
Company ne FY26 ke liye revenue ₹1,250 Cr aur EBITDA margin 12.75% ka guidance diya hai. FY27 mein aur zabardast growth expect hai. Sanand aur Proflex divisions mein capacity expansion chal raha hai, jo FY27 mein operational ho jayenge.
Aur kya hua? Company ko US se ₹212 Cr ka sabse bada export order mila hai. Proflex ke naye units aa rahe hain FY27 mein aur Sanand PEB plant expansion bhi Q2 FY27 tak ready ho jayega. IPO se raise kiye gaye ₹259.32 Cr mein se ₹130.31 Cr use ho chuke hain.
Overall, numbers strong hain, exports kamaal kar rahe hain, bas US tariffs aur margin manage karna ek challenge rahega.