Strong international growth masks domestic project distress

Delivered result confirms 32.2% YoY growth, ₹500.5 Cr vs prior ₹378.5 Cr

Consolidated margins 15.04%, matching delivered 15.0%; within stated 15-20% target range

International revenue ₹386 Cr vs ₹197 Cr prior year (+96%), with ₹2,891 Cr order book providing medium-term visibility

Segment data shows project EBITDA ₹19 Cr on ₹260 Cr revenue (7% margin), well below stated 15-20% target; domestic project revenue only ₹43 Cr, down from prior levels

₹300-350 Cr receivables stuck pending government fund releases; invoicing drastically lower; management expects acceleration only in Q2/H2

PCI Africa commenced execution of FY26 contracts; described as normal run rate for first quarter; will pick up once newer projects enter execution phase

Jal Jeevan projects experiencing severe fund delays; invoicing drastically lower. ₹300-350 Cr receivables pending. No acceleration visible in Q1.

PCI Africa commenced execution of FY26 contracts; on track but early in cycle. Newer projects still in engineering phase. Will pick up through FY27.

International revenue ₹386 Cr vs ₹197 Cr prior year (+96%); EBITDA margins improved to 15%; order book ₹2,891 Cr provides strong visibility.

Consolidated 15.04% EBITDA (at lower end of 15-20% range). Stand-alone margin collapsed to 5.41% due to domestic project underutilization.

Margins stable. Steel-based raw materials had short spike during Middle East export freeze but balanced by long-term price variation contracts.

Consolidated margin hit 15%, within standard 15-20% range; should improve further as domestic water sector resolves issues.

Product order ₹1,029 Cr (55% intl, 45% domestic); project order ₹4,241 Cr (55% intl, 45% domestic) including ₹530 Cr O&M.

Debarment issued citing slow project progress. Target to complete within 1 year; projects 65-70% complete. Addressing all concerns raised.

Domestic project invoicing drastically lower due to sector fund delays; operating costs unabsorbed. Expects improvement in second half.

Domestic project order book mostly Jal Jeevan (INR1,400 Cr EPC); entirely project revenue impact. States slow but supported by center.

South African business is 3-4 year contracts just starting. Has begun contributing to revenues; will further increase through period.

Yes, believe substantial inflow will occur this quarter (Q2).

Business acquired May last year; this is first quarter data (normal run rate). Newer projects will take time; existing projects will pick up in execution.

All businesses aim for 15-20% EBITDA. Minor quarter-to-quarter fluctuations; overall year estimate 16-17%.

Nothing substantial.

Affected by Indian project business which pulled down operations. Overall will operate 15-20% EBITDA. Indian business to pick up in second half.

Intend to reduce minority shareholding over 2-3 years. PCI has contractual buyout in 3 years to 100%. Others depend on cash flow availability.

Roughly ₹300 Cr to ₹350 Cr; expect majority to flow in Q2. Procedural treasury disbursement delays.

Major amount expected this year if execution gains momentum in West Bengal. Funds disbursed by center but lying with state treasury.

Yes, that is expectation. Indian business also expected to pick up second half, will calibrate margins upward.

Contract terminated 2.5 years ago, amount adjusted. Now in arbitration. No new developments in last 2-3 quarters.

France part: favorable reply received, claiming money back. Switzerland: has not reached stage yet; will take time.

Don't have that right now.

Revenues should improve. Looking stable now. Unless something changes, more or less in line with current run rate.

JV profit from 2 JVs in Thailand (49%) and India (40%) with clients. Both performing well; hope trend continues.

Mgmt stated revenues should improve but world volatile; depends on domestic sector recovery in H2

Currently 15.04%; domestic project weakness (7% segment margin) pulling consolidated down. Expects improvement as sector normalizes

Management indicated capex will be minimal; no major asset expansion planned

Jal Jeevan Mission receivables ₹300-350 Cr stuck pending West Bengal and center fund releases. No Q1 cash received; invoicing drastically lower. Risk: delays extend beyond H2.

Project segment EBITDA ₹19 Cr on ₹260 Cr revenue (7% margin). Domestic projects underutilized; South Africa projects nascent (first quarter at normal run rate). Risk: margins remain compressed through H2 if domestic recovery stalls.

MP government issued debarment notice citing slow project progress; cannot bid for new projects until existing projects completed. Target: resolve within 1 year; projects 65-70% complete. Risk: delays extend, blocking new order inflows.

Stand-alone revenue ₹115 Cr down 37% YoY; PAT margin collapsed to 5.41%. Heavy reliance on international consolidation hides deteriorating domestic operations. Risk: if international growth stalls, consolidated profitability exposed.

PCI Africa in first quarter post-acquisition (May FY26). Currently at normal run rate; newer projects still in engineering phase. 3-4 year contract timeline means margins will not improve materially until execution accelerates. Risk: execution delays or scope creep on large contracts.

MP project contract terminated 2.5 years ago; in arbitration now. Rutschi (Switzerland/France tax): France favorable, claiming refund; Switzerland unresolved. Both long-tail items but could require future adjustments.