Margin strength amid tariff pause; H2 recovery backed by ₹570 Cr order book

PAT +20.4% YoY to ₹24.9 Cr; EBITDA margin 15.3% vs 13.1% YoY

Q1 ₹401 Cr flat YoY; order book ₹570 Cr covers 4–5 months; targets H2 for bulk growth

₹33.3 Cr revenue (vs ₹14.8 Cr prior year); EBITDA negative ₹1.04 Cr due to timing/air freight

Garment EBITDA margin 17.6% despite lower utilization; ₹1.75 Cr forex loss normalized away

₹25 Cr revenue Q1, 1,300 machines used for export, expected ₹150–200 Cr by FY-end

Added 3 new brands including Marks & Spencer; SPUK customers grew to 7 (4 existing + 3 new)

From concept to ₹25 Cr Q1; projected ₹150–200 Cr by FY-end vs no prior explicit range

New facilities online by October; bra product capex ₹10 Cr max; FY27 target ₹340–350 Cr

₹570 Cr total order book (SPAL ₹430 Cr, YBA ₹100 Cr, SPUK ₹70 Cr); covers 4–5 months at planned run rate

Jan–May 2026 headwind attributed to U.S. tariff uncertainty; rollback underway; some orders withheld by customers awaiting reversal clarity

750 new machines added in FY27 (dilutes base); tariff issues Jan–May 2026 caused order slowness. Delays were customer-requested, not container-related. No spillover expected into Q2.

Cannot disclose until first shipment. 2 from UK, 1 from EU. SPUK guidance: GBP 13M in 3 years, GBP 50M in 5 years. Marks & Spencer mentioned as anchor customer.

1,650 machines, 85–90% capacity. ₹25 Cr Q1 revenue. Expected ₹150–200 Cr by FY-end. Operationally on time; pre-operative losses normalizing by March. Systems integrated; managed from India.

No one-offs. Driven by product mix improvement and better efficiency. Guided for 15%+ margin full year.

Cautiously optimistic. Customers not expecting further tariff escalation but uncertain. Orders booked till January; wait-and-watch thereafter. Order book safe at ₹570 Cr.

Yes. Lost revenue in H1 will be recovered in H2. Second half is when bulk growth will come, supported by order inflows and normalized schedules. Order book backs confidence.

H1 softer due to tariffs; H2 expected to be stronger. Order book ₹570 Cr provides visibility. Reiterated multiple times on call.

18–27% growth. Driven by tariff rollback, FTA benefits, order book ₹430 Cr.

13–17% growth. New facilities online by October; bra product launch adds upside. Still in ramp phase.

Currently ₹33 Cr (₹250–300M GBP equivalent). Marks & Spencer anchor; 7 customers; ambitious but potential credible given FTA tailwind.

Aggressive ramp; 6–8x growth in 3 quarters. Backed by order flow from India; pre-operative losses normalizing.

Q1 at 17.6%; guided as normalized level above 15%. Supported by product mix and efficiency.

Q1 consolidated 15.3%; on track. SPUK and Retail losses offset by garment strength.

Management: 'Already EBITDA positive sans timing/air freight.' Trading model—fixed cost absorption on higher volume.

Starting Sep–Oct 2026; full production FY28. 200 machine capacity; machinery acquisition + team.

Ready for next 2–3 years of growth. India: +300 machines over 2 years post Salem. Sri Lanka: +500–600 job-work machines.

Tariff headwinds caused order slippage in Jan–May 2026. Young Brand saw 5.2M vs 5M pieces sequential (flat). Customers holding back orders; orders booked only till January 2027. New tariff bill passed in Congress adds uncertainty.

Plan to add 10,000 machines across geographies; Sri Lanka ramp ₹150–200 Cr by FY-end (6–8x growth); Young Brand capacity online by Oct; bra product line launch; 3 new SPUK customers to integrate. Multiple moving parts.

SPUK: ₹33.3 Cr revenue, -₹1.04 Cr EBITDA (negative). Retail: ₹18.83 Cr revenue, ₹0.41 Cr EBITDA (barely breakeven). Both loss-making or low-margin. Path to profitability requires scale.

Company added 7 customers for SPUK; diversified to 15+ for garmenting. But new customers (Marks & Spencer, 3 recent U.K. brands) are not yet in full contribution. Ramp timing uncertain.

Sri Lanka facility: 1,650 machines, 85–90% capacity, but pre-operative losses ongoing. Expected to reach breakeven by March 2027. Integration of HR, accounts, operations, payments from India adds complexity.