Strong Q1 beat, but order book guidance softens vs prior 20-25% target

Q1 EBITDA margin 17.01%, corroborating stated 17%

Only ₹30–35 Cr revenue to date from ₹222 Cr order due to approval delays; now scaling after March start

Implies 41–48% order book turns, consistent with 10–15% prior-year base (₹67 Cr Q1 already); needs validation

Q1 achieved 17.01%; management confident on sustainability but working capital drag evident

Prior guidance FY27 +20–25%; now guiding lower band suggests implicit caution

Prior call (FY26): FY27 target 20–25% revenue growth. Current call: guiding 10–15% from existing ₹730 Cr base only, with new projects needed to hit prior target. Implicit caution on execution velocity.

Project started March 2026 (7–8 months late due to approvals). Only ₹30–35 Cr revenue vs early ramp expectation. Management now guiding 15-month completion, front-loaded Q2–Q4 FY27 execution.

Trade receivables and inventory jumped ₹162 Cr in FY26. Material procurement for inflation, final bills pending from 3 projects. Expected improvement by Sept–Oct but cash drag visible this year.

Delivered 17.01% EBITDA margin matches Q1 guidance. Management confident on maintaining ~17% despite scale-up and working capital intensity. No explicit cut or raise.

Post-IPO project wins (Bathinda, cricket stadium, Kanpur); Central Uni Bathinda & NBCC contributed most. Cricket stadium delayed to start; otherwise would have beaten expectations.

Targeting 17%, similar to Q1. May improve with bigger projects. Confident on sustainability.

10–15% growth from existing orders. Will bid 4 projects, ₹800 Cr pipeline; expecting new orders within 3 months.

Central govt projects, Delhi master plan opportunities, infrastructure focus national policy. Confident on more projects across country.

Sufficient for current year 10–15% growth. Bidding ₹800 Cr tenders now; expecting 1–2 orders soon. Target 3x order book of turnover; aiming ₹1,200–1,500 Cr by H2 or year-end.

Eligible for ₹500–650 Cr single projects; can manage 10–15 projects simultaneously. Currently running 11–12. Can scale to ₹500–600 Cr revenue with current setup.

Central govt projects (better fund availability, faster rotation), restricted eligibility (fewer bidders = better margins), competitive intensity managed. Avoided 12–15 bidder NHAI tenders; focused 4–5 bidder central govt projects.

Top 5 contribute 70% of turnover (rest are tail projects near completion). Cricket stadium (₹222 Cr), Central Uni Punjab (₹173 Cr) are anchors.

Yes. DPS (Delhi Public School) repeat client; CPWD 20-year repeat; NBCC 5–6 projects. IIT Delhi repeated; barely 2 bidders in that tender.

Most billing in Q4; 3 projects completed in March. Final bills pending; expected resolution by Sept (Aligarh) & Sept 30 (TCI). Material procured Feb–Mar for inflation hedge; not recurring.

Next is ₹1,500 Cr by year-end FY27. Always want good projects at good EBITDA, not just topline.

Bidding Tamil Nadu & Bihar projects (new states). Focus on margin improvement alongside topline.

Sports infrastructure is major bet; completed 2 small projects (₹50 Cr), now ₹200 Cr stadium. Post-completion, will have eligibility for bigger sports projects. Two new segments to be added.

EPC requires high WC (reason for IPO). Post-IPO received 3 work orders; deployed WC. Material procured Feb–Mar for inflation (metals, tiles). Bathinda fast-tracked within 12 months; raft work done pre-monsoon.

Mostly govt infrastructure. Only private: Delhi Public School & cricket stadium. All others govt projects.

₹30–35 Cr to date (delayed start due to approvals, only March 2026 start). Now scaling; capable of 15-month completion.

Balancing govt & private. Approvals similar for both; private gets approval early, then tender. Now EPC in scope, so we manage approvals faster. Focus on funded private projects (DPS, stadium), not risky ones.

Yes, confident margins sustainable for next couple of years.

Receivable days elevated (final bills pending 3 projects). Expected resolution Sept–Sept 30. Routine sites: 30–40 days. Govt projects safe, payment always comes. Cash flow: little delay but payment safe.

Current ₹700 Cr; planning to add ₹500 Cr within 6 months. Already bidding ₹800 Cr tenders monthly. Target order book ₹1,200–1,300 Cr.

10–15% growth from existing orders. New projects take 3–4 months to ramp. Expecting ₹300–350 Cr revenue execution. Monthly run rate ₹30–40 Cr.

Assumes ₹300–350 Cr execution from current orders. Prior guidance (FY26 call) was 20–25% for FY27; current tone more cautious pending new order wins.

₹800 Cr bidding pipeline active; management expecting 1–2 orders to materialize within 3–4 months. 3–4 months ramp-up lag; turnover from new orders late FY27 / FY28.

Currently ₹700 Cr active; targeting ₹500 Cr new additions. Bidding momentum strong (₹800 Cr tenders open, ₹80 Cr+ monthly bidding). Selective criteria applied.

Q1 achieved 17.01%. Management confident on sustainability despite scale-up. Selective bidding strategy supports margin floor.

Stated as possibility; no quantification. Portfolio mix (current top 5 = 70% revenue) and project size will drive realized margin.

Q1 NPM 7.63%. Working capital intensity and receivable cycles pose downside risk; offset by volume growth.

New projects typically take 3–4 months to generate revenue; cricket stadium took 7–8 months (approval delays). Risk that new ₹500 Cr order wins ramp slower, pushing FY27 revenue shortfall vs 20–25% prior guidance.

Trade receivables elevated (3 projects in final billing); inventory +₹162 Cr for material hedge. EPC model requires high WC; growth outpacing cash availability if collection delays persist.

~70%+ of revenue from government projects (CPWD, NBCC, IIT, NIT); central govt focus for fund availability & payment safety. Risk: policy shifts, approval delays, fund cuts could impact pipeline.

Prior FY26 guidance 20–25% FY27 growth now appears unmet by existing ₹730 Cr order book (10–15% guidance). Success dependent on ₹500 Cr new order wins materializing in H2 FY27. ₹800 Cr bidding pipeline not yet converted.

Currently executing ₹200 Cr Jhajjar cricket stadium; building eligibility for larger sports projects. Segment new for company; gestation period & margin profile unclear. Over-allocation risk if market smaller than expected.