EPack Prefab Technologies Ltd (NSE: EPACKPEB) Q3 2026 Earnings Call dated Jan. 22, 2026
Corporate Participants:
Sanjay Singhania — Managing Director & Chief Executive Officer.
Rahul Agarwal — Chief Financial Officer
Nikhil Bothra — Executive Director
Analysts:
Aasim Bharde — Analyst
Priyanshu Jain — Analyst
Nitin Jain — Analyst
Vaibhav Gupta — Analyst
Akash Srivastav — Analyst
Deepak Poddar — Analyst
Unidentified Participant
Devang Patel — Analyst
Madhavendra — Analyst
Anuj Shah — Analyst
Rishi Kothari — Analyst
Presentation:
Operator
Ladies and Gentlemen, Good Day and Welcome to the EPACK Prefab Technologies Limited 3Q FY26 Earnings Conference Call hosted by DAM Capital Advisors. [Operator Instructions] I now hand the conference over to Mr. Aasim from DAM Capital. Thank you and over to you, sir.
Aasim Bharde — Analyst
Thank you. Good afternoon to all. It is a pleasure to host the senior leadership team of EPACK Prefab Technologies today as they will discuss their Q3 FY’26 performance and the way forward. From EPACK team, we have Mr. Sanjay Singhania, Managing Director and CEO; Mr. Nikhil Bothra, Executive Director, and Mr. Rahul Agarwal, CFO. We will begin the call with Mr. Singhania for the initial thoughts and post this, we can open the floor for questions. Thank you and over to you, Mr. Singhania.
Sanjay Singhania — Managing Director & Chief Executive Officer.
Yeah. Thank you and good evening, everyone. I would like to start first of all by just taking 60 seconds and running through what we exactly do. So EPAC Prefab Technologies, we are into the prefabricated building solutions. So, we design the buildings and then we manufacture the buildings in our all the components of the buildings in our factories. So, we have three locations for prefabricated buildings. One is in Greater Noida, the second one is in Rajasthan and third is Mumbai. So, the three facilities, we manufacture each of the components of the buildings that has been designed by us and then we go to the we take all the metal to the customer site and do the execution. So, this is our typical business model as far as the plants and their capacities are concerned. We have in the prefab we have two kinds of capacities. One is on the structural steel front, so structural seal fabrication. Across these three plants we have a capacity of one 33,000 tons. And the second capacity is about the sandwich panels.
So we make insulated sandwich panels which as applications involves of cold storages, building facades and clean rooms. So, for that we have a capacity of 13.1 lakh square meters per annum. Now I will talk about, you know, like designing. So in our business since each of the buildings is customized, most of the buildings for us are either industrial buildings, warehousing buildings or now the trend is towards the high-rise buildings which are typically used for commercial or institutional or data center purposes. So, these kind of buildings have been designed by our team of 100 plus engineers and designers who sit in our three design centers based out of Greater Noida, Hyderabad and Viz. So, this is about the company and the capacities.
So, coming to the quarterly performance, I’m very happy to say that in this quarter, quarter three, ’26 on a year on basis, on a Y-o-Y basis, the revenue of the company of the prefab division has grown by 31%, and overall the revenue of the company has grown by 22%. Yet on a quarter-to-quarter basis there seems to be a dip in the revenue of the company, the overall performance of the company. But I think we maintain this guideline for now and for future that to look into our business it is important to look at why you buy quarter other than quarter on quarter. Because our business gets affected by seasonality, our business gets affected by monsoon wherein our customers are unable to draw material from us to work at the site.
Because most of the sites the work is either stopped because of civil work has not been done or we do not get the front from the customers. So, for our business it is important to compare on a Y-o-Y quarterly basis as far as the nine months of the companies are concerned. On the revenue front, the company’s revenue has grown again by 41% so our growth is 41% as compared to nine months of. Same last year, same period last year and EBITDA is 57% up. So, this is very much in line with the guidance which we have been giving to the market time to, from time to time and the guidance which we gave to our agriculture investors during our road shows before the IPO. And also, you would like to tell that our IPO happened only four months, three and a half months back. We got listed on 1st of October and this is our second investor call after the IPO on the margin last quarter was 10.1%. It is little down for sure but on a nine-month basis it is 10.8%.
Our guidance has always been that the margins would be range bound between 10.5 to 11.5%. And we continue to stand by this guidance not only for this year but also for the next year. Our order book has been very strong. Our order pending order as on 1st of January 26th is 1215 crores. So, which gives us the clear Runway for the next seven to eight months. And as far as the capacity utilization is concerned, very happy to bring to your knowledge that our average capacity utilization of the last three months across all the three plants put together is 74% plus. And in terms of capacity addition, the two capacities which we are adding, one is the structural shield fabrication capacity in Mumbai which we call as unit four for us in Andhra Pradesh that is well on track.
The capacity will be commercialized within this quarter, the fourth quarter of the financial year and there we are doing the capex of 56 crores, 57 crores which we had taken from the IPO. The second capex is towards the sandwich panel line being installed at Dilot plant in Rajasthan. So. So there also the building is progressing well although there is certain delay on account of NGT ban and grab in Delhi NCR. But we are very hopeful that this facility in which the capacity will be 8 lakh square meters of sandwich panel that will also be commercialized in the third quarter of FY’27. And I talked about order books so last quarter was in particular a very good quarter for us in terms of order book. We are gradually becoming one of the most preferred vendors for the renewable sector and I think the kind of work which we are doing.
For the renewal sector, no other company in our, in our sector is doing it. So in our order book, in our pending order book also we have close to 25 to 28% of our order from the renewable sector and around 18% is from electronics, semiconductor and electrical in which you know like we have two major projects from CG Power which is Transformer company and Technical Associates. Then FMCG Auto and Pharma are, you know like factors are also there. The projects from these sectors keeps on coming every now and then and logistics warehousing is another sector where we get almost, you know like new orders almost every month.
So, the most important highlight for us or the achievement of our company has been that we have been able to position ourselves as one of the fastest construction company through prefab technology in this country. So, we are the first one to be mind recalled whenever someone needs a fast construction. And more and more people are showing their trust on us and very happy to share that we have been able to meet the expectations in terms of speed and quality for most of our customers. So that is it from my side. Happy to go on the floor for the questions.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. [Operator Instructions] The first question is from the line of Priyanshu Jain from Growth x Infinity. Please go ahead.
Priyanshu Jain
Hello, Am I audible?
Operator
Yes sir.
Sanjay Singhania
Yes.
Priyanshu Jain
Good afternoon sir.
Operator
Mr. Jain, are you there?
Priyanshu Jain
Am I audible now?
Operator
Yes,
Priyanshu Jain
Yes. Good afternoon, sir. I have a few questions. So, first is on the number side, sir. Can you throw some light on it more, as you mentioned in your earlier remarks regarding that there is a decline in QoQ basis? So, this is my first question.
Sanjay Singhania
I think, Mr. Jain, we missed out your question. I could not hear properly.
Priyanshu Jain
Sir, my question is that there is a decline on QoQ basis. So, can you throw some more light on it?
Sanjay Singhania
Yeah, you are right. You know there is a decline, there seems to be decline in the Q1Q basis. But as I said, you know like our business gets affected because of the monsoon season. So that is not the right way to look into the business. But yes, you know like all I can tell you is the revenue could have been little better for us. But we had an additional inventory in tennis courts of 35 to 40 crores which could not be billed in the month of December because last six, seven days of December the payment could not be made by the customers because of Christmas holidays and all those things. So that is one thing that affected the revenue and the secondly the month of October and November the billings are not up to the mark because you know, as I said the monsoon prolonged in the south to be particular. And in south we had the maximum project at that time. So that was the reason. Otherwise you know like this revenue could have been another 30, 40 odd crores.
Priyanshu Jain
Okay. So, would you like to revise your guidance?
Sanjay Singhania
Our annual guidance? No, I could not hear you properly. But what I understand is there is no revision on the guidance being given. Our annual guidance has always been in the range-bound between INR1,500 crores to INR1,550 crores and we stick by it
Priyanshu Jain
Okay sir, thank you. And my second question is does the company currently cater to defense or paramedic infrastructure requirement particularly like for modular insulated structures in extreme climatic conditions.
Sanjay Singhania
Again, like I am finding it a little difficult, but what I understand from your question is, are we capable to handle the modular buildings requirement in extreme climatic conditions, is that correct?
Priyanshu Jain
Yes, sir. For the defense personnel who serve for our nation, so like sometimes they have to be deployed at extreme weather conditions, are we capable to deliver over there?
Sanjay Singhania
Yes, yes we are very much capable to deliver over there. So I will tell you the highest post in India in Siachin which is about 300km above Siachin. It is hot spring post. So we are the company who did this project. We made some houses for the defense personnel, you know like who are staying there. So yes, we have the capability to work in the extreme conditions and also the extreme geographical locations in the country.
Priyanshu Jain
So can you throw some light on the opportunity? Like are we in talks with the government for like large opportunities in the side going forward
Sanjay Singhania
In our business, like we keep on engaging with the various agencies, with the government, the defense, and PWD, CPWD, a lot of other. So, everywhere the idea is we do not want like this prefab to become a technology to be adopted, rather, we are working towards embedding this technology to become a part and parcel of the overall construction. So, the idea is that like how fast can we make the prefab to be 25% to 30% of the overall construction and construction demand. So, that is the direction in which we are working, and definitely we are in touch with most of the players who are going to consume this technology.
Priyanshu Jain
Sir, a question will be on the coverage. Can you mention that?
Operator
Mr. Jain, can you please rejoin the queue? We can’t hear you properly.
Priyanshu Jain
Yeah, sure.
Operator
Thank you. The next question is from the line of Nitin Jain from Fair Value Equity. Please go ahead.
Nitin Jain
Yeah, thank you for the opportunity. I have a couple of questions. So if you observe the employee expenses. So there’s been almost 100% jump year on year. Can you throw some color on the significant increase?
Sanjay Singhania
Yeah, see employee expenses have increased for us because you know like this company has grown quite rapidly. You can see in the last four years our CAGRTH is more than 50, 55%. So yes, we have always been ahead of time in terms of hiring people. And with the kind of ambition which we have for next year, it is important for the company to be people ready. So that is the reason, you know, you see a little increase in the overall employee expenses. But as the revenue catches up, the percentage of revenue employee expenses will be around 9% which has been there traditionally.
Nitin Jain
Okay, so you’re guiding toward 9% as a percentage of revenue, right?
Sanjay Singhania
Yes, it has been there in 9% to 9.5% I think more or less it has been there.
Nitin Jain
All right. Because this quarter it is close to 12%. Okay. Okay. Your absolute finance cost also has been rising, you know, despite the company being in possession of IPO fund. So this is actually little contrasting. So can you through some provide some color here?
Sanjay Singhania
Yes, our CFO Raulji will answer this.
Rahul Agarwal
Yeah, hi. Look, I mean there are two part to it. So the. You said the IPO money is there. So we are deploying that IPO money since this is deployed in particular commercial bank. So there is an other income that you see clearly coming. Through the type you fund, however, on an employee, on a finance cost. Look, we have done reduction of about 70 crore of term loan. So you will see a clear impact of that in the quarter that is ahead. Obviously we also use some of the methods of LCZ sector to discount our bills for our receivables as well as for our vendor partner in some cases where we get benefits and all that is sitting here. But like I had mentioned in the previous quarter as well, there will be definite reduction. And today on a nine month basis, we are at about 2.2% of the entire revenue which is expected to go to about 1.9% by end of this year. Obviously as a percentage also this will improve.
Nitin Jain
Okay, so you’re guiding towards closer to 2% by end of the year, is it?
Rahul Agarwal
Yeah, full year guidance is close to 2%.
Nitin Jain
Okay. Also on the revenue front, so the management mentioned that the company felt the impact of prolonged monsoon. My only question is that Q2 had like it had peak monsoons. However, the company delivered peak performance in Q2. So why in Q3 the impact was more pronounced of monsoon?
Sanjay Singhania
Yeah, it’s a great question. See what happens is in the Q1 most of the civil work is done and Q2, if the civil work is ready, it is easier for us to manufacture and ship to the sites. So that was, you know, done because the civil works already was available for us to work for us. We are not affected that much by civil by the monsoons. The civil work is affected and because of that our effect is more so, you know, like. And also what happened is we had big orders with us in south. And if you look at the geographical distribution which we have shared in the H1, 50% of the revenue of H1 had come from South. So there was these two projects which were going on very well and we were able to ship our material to them. So that is the reason that you know, like we could get great revenue increment in the quarter two.
Nitin Jain
Okay, so you’re saying due to prolonged monsoon in south, you, you felt the impact more in Q3, is that what you’re trying to say? Just trying to clarify.
Sanjay Singhania
What happens is. What happens is civil work cannot be done in quarter two, especially in the month of say July, August, the civil work lags behind and when the civil work has not been done, we cannot start our work. Whereas in, you know, like quarter one, most of the civil work is done, see in the middle the month of June, so July, August, September, even if there is no civil work is being done, the site is ready so we can start the election and the supplies and the addition, everything else can go on.
Nitin Jain
Okay, so just because that in the last quarter call there was no guidance towards, you know, civil works being delayed. And this has come kind of as a surprise to the street. That’s why I’m trying to clarify. Thank you for your clarification. And my last question is on the NGT ban. You mentioned about it impacting your plant operations. Can you please say that? Thank you.
Sanjay Singhania
Yeah, see, you know, first of all, I will clarify on the guidance, you know, or not speaking about the monsoon season or affecting our quarter three. See, we don’t do the civil work. It is being done by the customer. So it depends from customer to customer. And also their site there are customers were able to manage their sites very well and work during the motion as well. So it depends on the customer. And especially. And the second point is about this ngt. So yes, NGT ban is there in Delhi NCR construction. Typically it affects all the construction from after Diwali until till yesterday.
You know, like the ban was there for two and a half months. That is affecting all the construction. And the PB is also, you know, like affected there. But as far as our plants are concerned, we have two plants, one in the other one in Gilop. And operations of the plant, the manufacturing and everything else is not discontinued. It continues. What I meant to say was we have an expansion going on in Gilhot for the sandwich panel line. And for that also we have to do civil work so that we can start the building of engineered. So there also the civil work is getting delayed. So that is what I wanted to say there.
Nitin Jain
Right. So what you’re trying to say is the capex is being delayed at Gilo due to the NGT bank.
Sanjay Singhania
Yes, yes, yes.
Nitin Jain
Right. Should we see any impact of that on the Q4 numbers?
Sanjay Singhania
No, no. This capex, you know, like as it is, as I said, this capex as it is will go into commercial Production only in 3Q27.
Nitin Jain
Okay, okay.
Sanjay Singhania
Yeah.
Nitin Jain
Okay.
Sanjay Singhania
We already have sufficient capacities both in terms of structural steel fabrication and in terms of sandwich panels for the quarter four of this financial year as well as for the quarter one of my financial year.
Nitin Jain
Great, great. Just one last question. So the order book that we are holding right now, is there anything that is preventing us in, you know, executing that at our peak capacity in quarter four like we. This would be a great time to mention.
Sanjay Singhania
Yes. See this is the best time. Actually, this quarter is the best quarter in terms of site clearances, so civil works also goes on rapidly. Unfortunately, Holy is the only period when there’s some disruption at the site level. In terms of execution. So, you know, that is the reason we say that fourth quarter is the best quarter in our business. And there are, you know, like chances of some delay in the revenue postponement because of design delays and things like that. But fortunately for us in this quarter, whatever we are planning to produce and execute at the site level, most of the projects are already being cleared from the design engineering point of view as well. So we do not see any challenge in this quarter.
Operator
Thank you. A request to all participants. Please restrict your questions to two questions per participant. For more questions, please rejoin the queue. The next question is from the line of Vaibhav Gupta from Aavya Advisor. Please go ahead.
Vaibhav Gupta
Yeah, hi sir, am I audible to you?
Sanjay Singhania
Yes.
Operator
Yes.
Vaibhav Gupta
Yeah. So I want to understand that you have mentioned meaningful person. Hello, am I audible right now?
Operator
Yes.
Vaibhav Gupta
Yeah, so you have mentioned that the meaningful order book is coming from the renewable sector. Around 25% to 28% of the order book is coming from the renewable sector. So I wanted to understand how this segment is, how this sector basically different from the other sectors. Pep businesses specifically in terms of what are the advantage in terms of the project size, execution, timelines, modules or any, any other renewable visibility compared to the other segment businesses.
Sanjay Singhania
Yeah, see, you know, like most of the renewable companies now are going in for backward integration. So if we had made some module factory for someone, then he is going for cell and for those, you know, like who have, who for whom we have done the cell plant, now they are going in for aluminum or glass and also thinking of going for wafer plant and ingot plant. So there is a, you know, like regular flow of orders from the same customer. So it is important that we continue to retain the customer and give him the best of services. And you know, like understanding this requirement from the customer. What we have done is we have focused team of focusing on people in the company who take care of these customers because they have a unique requirement of speed.
Most of these projects are very, very high speed projects. Firstly, I think it is because of the huge opportunity in renewable sector. No one wants to miss the opportunity because of the timelines. So they want their factory to be ready in five to six months time. And time and again we have displayed our ability to, to execute much faster than any of our peer group. So that is the reason we are becoming a preferred player in this market. And also, you know, like since we have delivered now so many projects successfully, so most of this, you know, like renewal companies are preferring us. In terms of complexity, yes, while the module building is fairly simple to execute, but the complexity level, especially in cell building and the glass plant which we are executing is very, very high. And it’s not possible for, you know, any, any, you know, like anyone, just anyone to execute it. You know, like there are a lot of design complexities and execution complexities which has to be taken care of.
Vaibhav Gupta
Okay. And in terms of this, sir, basically EBITDA or margins, how this renewable sector is?
Sanjay Singhania
Yeah, see, you know, like why we are giving our margins and EBITDA on a console basis, on a company level basis. But yes, margins are little better. But see, you know, like more than the margins, it is the opportunity to do repeat business with these people because understanding the fact that they already have say land in place, they have made some module plant and we are very much sure that, you know, they will come up with more buildings. So idea is to get repeat business rather than just, you know, like thinking about margin, which is one time, which is one time affair. It’s a competitive marketplace and you know, margins come from some service. So you know, like there’s a customer whose order we have booked just last, from the last last week itself and we have already done some 14, 15 buildings with them.
We got some three, four possible orders in the last one year from them. And now it is the time, you know, they have seen our execution, they have seen our quality and this time, you know, we could get some 2%, 2 1/2% percent premium from them. So I think margins will come only after we have been able to demonstrate our capabilities to the, to the company. Okay, and second question is what portion of the basically in the total order book, what portion of the order book is coming from the repeat customer versus the new customer, sir? Yeah, so repeat customer for US is around 40 to 45% for this quarter. We have not worked out, you know, like what’s the repeat customer, but it will be between 40 to 45% for us.
Vaibhav Gupta
Okay, I just have one more question. So basically it is on the business understanding. Basically, would it be possible for you to share a broad cost breakup of a typical PEB or preferred project? For an example, like if we consider total peb cost is 100%. So how much is generally distributed across the primary buildup section, then secondary members, then how much is for the routing and sandwich in terms of percentage and how much is for the other accessories?
Sanjay Singhania
Yeah, it’s a great question. I wish I had the answer to it because, you know, for us, each of the building is a customized building. So let us, you know, I was talking about solar. Let us stick to it. So while, you know, like, in case of, say, model building, which is simpler, the built up section may be 50%. But in case of cell building in which the height is also much more and there are a lot of loading of the H Vac and a lot of other equipment. So the same same building may be having 65% or 70% of the of the built up sections. So it varies from building to building. And in a high rise building the built up sections may be even more at 80% plus. So very difficult to give you a thumb rule on that. But as on a generalized basis what we, what we typically assume is built up is around 60 to 65% rangebound. You can say on annualized basis of all the projects which you do. But it may vary substantially, you know like depending on the projects.
Vaibhav Gupta
Understood. And I just have one last question.
Sanjay Singhania
Like a warehouse, the roofing area is much more. In a warehouse so the roofing quantity is higher. But in the industry building, you know like roofing area is less. But you know like the loading of the EOT crane, the loading of you know various floors offices is higher. So there the weight is more of the structures change.
Vaibhav Gupta
Okay, so I just have one last question.
Operator
Can you please rejoin the queue for the follow up question as there are more participants left in the queue?
Vaibhav Gupta
Okay, sure madam. Yeah, thank you for the opportunity.
Operator
Thank you. The next question is from the line of Akash Srivastava from Intech Technology. Please go ahead.
Akash Srivastav
Yeah, good afternoon sir.
Operator
Sir, we can’t hear you properly. Can you please be a little louder?
Akash Srivastav
Hello. Yeah, good afternoon sir. Thanks for the opportunity. I think I’m audible to you.
Sanjay Singhania
Yes.
Akash Srivastav
Yeah. Sir, I have two questions. First, as we are seeing the rise in the commodity prices so how we are able to manage these means, whether we will able to manage our opium in the next upcoming quarters or whether we can see any dip in the opium because we are seeing some rise in the commodity prices. So you are the better to answer this question. So this is first question. Yeah, yeah, first question. And the second one is that sir, we have provided a guidance for next three to five years that we will grow for 30, 35% with opium of 10.5 to 11.5%. So are we, are we having this guidance or we are we. We can change this guidance also.
Sanjay Singhania
Yeah. First I will answer your commodity. So this is a fact that the commodity prices are behaving quite abruptly right now and their prices have gone up by some 4 to 5% in this month. And I know like, but you know like in our business what happens is we have three kinds of cushioning. To give us a protection in the opm. The first one is the raw metal inventory. So typically we have an inventory of 30 to 45 days of production. Secondly, we have a purchase order given to the vendors already based on our order book. So you know, like whatever we are going to produce in the next two and a half months, three months is already ordered to the steel mill and advances have been made. So there’s like the protection is there with us. Thirdly, what happens in our business is we book orders every week. So when we book the orders then it is on the basis of the current commodity prices. So that gives us a natural hedging itself. So yes, I do not, I do not foresee any impact of this commodity price increase in our opm.
And as far as the guidance to the market is concerned, we have given a guidance for this current FY of 1,500 to 1,550 crores that is intact very well. You know, like possible for us. And I’m not very sure, you know like where have we given a guidance of 30 to 35% over the. Over the last next five years.
Akash Srivastav
Actually sir, in one TV interview you have given the means in your team. Someone has given the guidance of 30, 35% CAGR for next three years. That is something like with opium of 10.5 to 11.5%. So that’s why I’m asking.
Sanjay Singhania
10.5 to 11.5% yet margin we continue to guide the market for this year as well as for the next year and 33%, you know, year on year that would be our endeavor. You know like that depends on the technology adoption and lot of other factors. Considering the consumer current global scenario and the things are happening very difficult to predict the future. But what the guidance which we have given is if the market grows at 10%, will definitely grow at 20%. Because the kind of services and the delivery and the pricing strategy which we have will definitely, you know be ahead of the market growth.
Akash Srivastav
Okay. And sir, one follow up question. Actually you have said that you, you. You procure the. You procure material on weekly basis. So just want to know that whether we, when we bids for a project, whether the project is fixed price project or whether there is a cause of means clause of price escalation. Also because if the project is a fixed cost project and we order the. We procure the material on a weekly basis. So we have to take the burden of if the price increase in the commodity market. So who will take the burden means we as a company or the customer.
Sanjay Singhania
See our, our. Our our contracts are fixed price contract, but we do not order the material on a weekly basis. What I see what I told you is our order booking the order intake happens on a weekly basis on the current prices. So if today The C prices is 56 it will happen at 56 it. Next week they still passes 58. The other booking for us will happen at 58. So it gives us a natural hedging. So it means, you know, like if today’s order has to be delivered three months after, and if the, after the raw material prices come down to 54, then, then we are the beneficiaries. After the normal prices go up to 60, then again you like the next order. If you’re working next week or next to next week, it will be on 60 itself. So these are the natural hedging. We are not, you know, like one project or two project. We don’t do one or two projects in a year. We do 500 projects. And that gives us a natural hedging itself.
And you know, like in the last so many years of our business, the only time where we suffered a loss because of, you know, like steel price increase, it was during the year 2022 when there was a war between Ukraine and Russia in the month of February, March, and the steel prices went up by 40%. It affected our bottom line of that quarter. But any, you know, like the price increase or decrease of 3 to 5% doesn’t affect.
Akash Srivastav
Okay, thank you. Means there is no price escalation clause in our project. And we procure the order, we procure the material weekly basis. That’s, that’s the conclusion.
Sanjay Singhania
We procure the material, we’ll give the August to the meal on a weekly basis, but the price is set on a monthly basis and the delivery happens over the next eight to 10 weeks. Means in any project there is no price escalation class. Suppose something happened like that, like what happened in the past in the Ukraine war. If, suppose something that this disruption happens, then there is no clause to miss pass the price to the customer. Increased price. Our, our contracts have two things. One is a fixed price and second is the fixed time. Okay, okay. So what happens is within the timeline the project has to be executed. So there are a lot of projects which gets delayed from the customer side because either his site is not ready or his, you know, like, drawing, in that case, we are bound by the project only for that particular iteration. So if there is some project which we have won in the month of July and it is still not taken off because the customer has not got certain approval or design approval has not been done.
So we can always go back to the customer and tell that, okay, the period of the project is over now and you have to give us this price increase. And in the past also we have been able to take it successfully because the objective of the customer is not only to stop us from giving us an increase, his objective is much bigger. He’s putting up a new factory which is maybe thousands of crores. So for us, for him, giving us one or two crore extra, which is genuinely asked for, is not a challenge.
Akash Srivastav
Okay. Thank you. Thank you very much.
Operator
Thank you. A request to all participants. Please restrict your questions to two questions per participant. For more questions, please rejoin the question queue. The next question is from the line of Deepak Poddar from Sapphire Capital. Please go ahead.
Deepak Poddar
Yeah, I’m audible. Sir,
Operator
Yes sir, please continue.
Deepak Poddar
Okay, thank you very much sir for this opportunity. So just wanted to check one thing now on your order book.
Operator
Can you please be little louder?
Deepak Poddar
Yeah, this is better?
Operator
Yes.
Sanjay Singhania
Yeah, yeah.
Deepak Poddar
Okay, so I just wanted to ask, I mean we have got around 1200 crores of order book, right? So what’s the execution timeline on that?
Sanjay Singhania
Our order book to revenue cycle is 1.5. So which means you know like seven to eight months is the total cycle time.
Deepak Poddar
Seven to eight months. Right. So so ideally for, I mean since your order book duration is seven to eight, eight months. But, but the raw material that we hold is close to about 30 to 45 days. So do we see any kind of mismatch on that? I mean as per current commodity prices, whatever order book we would have, it might be seven, eight months old order book. Right. So order that would have got, might be little older. So is there any mismatch that can arise because of this? Because our order book duration and our raw material duration is different. Right.
Sanjay Singhania
See our raw material duration is 4 to 6, 6 and the order which we have with the meal is 8 to 10, 8 to 10 weeks. So typically is the next 14 to 16 weeks is covered for us, 14 to 16 weeks is more than 3 to 4 months. Around 3 to 4 months. So 3 to 4 months coverage is already with us. And as I said, there are certain projects which get delayed from the customer end to those projects we have the, you know, like after the contract we can always go back to the customer and ask them for a price increase because the delays from their side may be related to the design approval or the site not ready or things like that. And it is always mutually decided. And that’s quite possible for us because the designing and it involves a lot of bandwidth of the customer with consultant, his PMC as well.
Deepak Poddar
Okay.
Rahul Agarwal
And also you know, if you see the cycle of the project, if we get a project today, around one month goes for the designing and approval, then next two to three months is for the manufacturing in the next three to two to three months or four months depending on the size of the project is execution at site. So typically if you see any project, you know, we have a supply timelines of three to four months from the date of purchase order. So typically we have stock inventory of around 35 to 40 days. Plus we are covered with the mills which the for the orders that we have placed for two, two and a half months. So almost for the three, three and a half months till we have to supply for that project. We are covered. So that’s how the overall project cycle works.
Deepak Poddar
Okay, understood. And my second question is on your sandwich panel for this new capex. So what’s the capex involved? The new expansion that we are doing. And what’s the margin differential between sandwich panel and PEB?
Nikhil Bothra
Sorry. Yeah, yeah. So we are doing a capex, a greenfield capex in gelot for sandwich panels. We are doing 101 odd crores there where you know, we have already started the plan at this location and it will be operational by the third quarter of the next financial year. In terms of if it. So sandwich panel application we use in two ways. So one is in our in house projects. Like we do a lot of, you know, site infrastructure accommodation buildings. Then we do a lot of clean room projects for our, you know, renewable energy sector customers or data center customers. So those are where we supply the panels and we erect them as well. So that is one category where we use the sandwich panels.
The second category is only for the supply of panels as a product. So there are a lot of contractors who do a lot of cold storages, a lot of clean rooms, a lot of other prefabricated structures. So we do the supply of those panels to those contractors as well. So if we talk about the margin range that is quite similar in TB as well as the panels both in terms of the percentage.
Deepak Poddar
Okay, understood. And are we looking at export market also? I mean our export is very less. So is that something we are exploring?
Nikhil Bothra
So yes, you know, export market is available. But you know what we have studied as of now we have good growth opportunities in India. So current focus is in India going forward. You know we have now the plant in the south as well. So going forward, yes, we will explore the market in in Africa and other countries. But as of now we are focusing on the Indian market growth.
Deepak Poddar
Fair enough. Okay. And that would it from my side. I mean I wish you all the very best. Thank you so much.
Operator
Thank you. The next question is from the line of Sahas Jain from White Oak anc. Please go ahead.
Unidentified Participant
Yes. Okay. Hi, this is Dheeresh from White Oak. Sir, based on your guidance Q4 should at least should be in the range of 470 crore top line. I’m just taking a midpoint as a guidance and about 55 crore EBITDA. And given how three weeks of January have gone and obviously Delhi NPR has got this certain restrictions on construction and all that. Are you, what is the level of confidence in terms of meeting these numbers?
Sanjay Singhania
Yeah, see, you know like we have been. Basically telling about this revenue guidance of 1500-1550. And I really don’t foresee any challenge in the last 20 days of this month. Also the building is pretty good. So. Yeah, absolutely no challenge on, you know, like, because you know, for our business what happens typically a challenge with after the fifth of order is the there can be two kinds of delays. One is the design approval and design and engineering approval from the customer end or his consultant. And the second is the civil works delay by the customer’s civil contractor.
So fortunately for the civil works, this is the best time to do in the entire country. And like lot of our projects which we had back last quarter and before that also. So most of the designing engineering is already completed and approved by the customer. Whatever is lying is at our end in terms of, you know, like making the shop going. So I really don’t foresee any challenge to achieve this revenue. All right.
Unidentified Participant
Okay. Thank you sir. All the best.
Operator
Thank you. The next question is from the line of Devang Patel from Samiksha Capital. Please go ahead.
Devang Patel
Hi sir, in Rajasthan where we were putting 11,000 ton capacity, is that also delayed to Q3 next year? And given our PB capacity is 69% in nine months, do we have room to scale up by 50% in Q4 over Q3 from capacity perspective?
Sanjay Singhania
The Rajasthan capacity of 11,000 tons which you’re talking about is a part of the overall 33,000 tons capacity which we are, you know, like adding. So Rajasthan also some of the machines have already arrived and is being installed. It is being done at the existing plant in Gilok. It is not in the new plant and other machines are already, you know, like in the in various stages of either commissioning or you know, like reaching the factory. So it will be commissioned this 36,000 tons which comprises of two locations, Mumbai and Gilo will be commissioned within this, within this quarter.
Devang Patel
Okay. And how about having headroom to, you know, scale up revenues quarter on quarter by 50%.
Sanjay Singhania
By 50%?
Devang Patel
Yes. From 300 to 450 crores.
Sanjay Singhania
Yeah. See, 300 to 450 crores for this quarter is quite possible because as I said, we have FG of 35 to 40 crores of last quarter which could not be lifted by the customers. So that is giving us those kinds, that kind of headroom. And also, you know, like as I said, it depends on project to project. So there are certain projects in which the built up section is less and there are, you know, items like ancillary items like decking sheet and roofing and things like that. So it increases our overall revenue. So fortunately for this quarter, also, we have some of the projects in which, you know, this kind of, of ancillary items are very high in terms of percentage.
Devang Patel
Okay. My other question was on working capital. Now the Q2 presentation said it was at 23 days. The Q3 presentation says it is at 38 days. So has there are these like to like numbers and is there doing that kind of increase in working capital between Q2 and Q3?
Sanjay Singhania
Yes. See last time also when we had a call we you know like very explicitly told that this 23 days is a long, not a long term thing because happened because you know like we were able to execute some of the projects very fast and get the payments from them also you know like based on the payment terms from them. But it is not normal. Normally we have given a guidance of 35 days and it will be ranged on within that. You know, within that framework only.
Devang Patel
Okay. Especially Trade payables were 328 crores in Q2. Could you give that number for Q3 as that normalized down?
Sanjay Singhania
Rahul ji, do you have the figure in handy?
Rahul Agarwal
So trade payable is more or less similar. It’s. It’s about 15 crore less for the quarter though we haven’t presented the balance sheet. But you know since you asked it’s about 300,012 crore for the quarter.
Devang Patel
Okay. So when the working capital has gone up from Q2 to Q3, is it on reachable side or is it on the inventory side?
Rahul Agarwal
Yes, there is some bit of stretch on the receivable. But much of this receivable we anticipate to recover in the month of January. So. And then like Sanjeev earlier mentioned, you know we had ready material also of Asset G worth 30, 40 crore which we could not bill and recover the money because of want of payment. So as that comes this working capital cycle should improve. But like we said earlier, 35 days is an realistic expectation.
Devang Patel
Okay. And just lastly could you give a guidance for capex next year since you’re accelerating Gujarat plant capex also.
Rahul Agarwal
Correct. So sir, would you want to take this?
Sanjay Singhania
Yeah. Yeah. So why? You know like for the next fy we’ll be utilizing all the Capex, you know like to raise to IP of 160 crores in two plants in Mumbai and Gilo. And for the Gujarat that’s an additional capex for us. We have invested around 40. Around 40 crores in getting this 40 acres. 39 acres of land in Whitlabur. And the idea is you know like to put up a capacity of 50,000 tons to start with. So which needs a capex of around 55 to 60 crore rupees. So that will also be done in the next financial year.
Devang Patel
Thank you so much.
Operator
Thank you. The next question is from the line of Madhavendra, an individual investor. Please go ahead.
Madhavendra
Yeah, hello, I’m.
Sanjay Singhania
Yeah. Yeah you are.
Madhavendra
So, sir, I have one question is that should we compare financial YoY or QoQ?
Sanjay Singhania
YoY, because as I said, our business gets affected in the monsoon season. So, YoY is the best way to do it.
Madhavendra
But still means if we look at the disappointment with the result, so first half is 45%, second half is 55%. So typically the second half starting Q3, the result should be more than the Q2. It should be like that.
Sanjay Singhania
Yes and no. If you think it that way. No. Because if you compare to the quarter Yui then already the company has grown by 31%.
Madhavendra
Yes. Yeah. That means the company has grown by 31%. But given the kind of reaction the market has given means, it’s frankly disappointing considering that you have said that we will report similar numbers means as of Q2 like 400 and then you miss the numbers.
Sanjay Singhania
I will tell you our guidance, our guidance of growth, of revenue growth was around 38%, 39% for the entire year. Last year it was 1140. This was this year we have given 1550, 1500 to 1550. So it is 38%. Our nine month achievement is 41% growth. So we are above the target. So I really don’t understand, you know like this context of we have not been able to deliver the revenue targets. We are very much in line to achieve our end guidance. Yeah.
Madhavendra
Okay,
Operator
Thank you. The next question is from the line of Anuj from PhillipCapital. Please go ahead.
Anuj Shah
Hi, good evening sir. I actually you know, majorly all my questions were answered. Just a quick question that while you’re securing orders, it is directly from the customer or there is some sort of a building pipeline that you have?
Sanjay Singhania
Yeah, most of our, you know like orders are directly from the customers. We like to deal directly with the end user of the building. So it may be a factory or it may be a warehouse owner who may be investor driven company or any other player. But yes, mostly it is the end user.
Anuj Shah
Okay, and what would be the end? I mean where is the maximum coming from it.
Sanjay Singhania
There’s some disruption. I’m sorry there’s some disruption. I can’t.
Anuj Shah
Hello?
Sanjay Singhania
Can check this. Hello. Yeah hello. Can you check this? Carry on. I will try to answer.
Operator
Sorry, he has left the queue. The next question is from the line of — please go ahead.
Sanjay Singhania
Excuse me. Excuse me. What is this? You know like sound. I can hear. Hello. What is this sound?
Operator
Yes sir, checking. Just give me a moment.
Sanjay Singhania
Yeah Becca. Thank you. Hello.
Anuj Shah
Yes. Yes so my question is on your PPT shows that your PAT has been growing around 48%. But when I exclude other income then your PAT has been grown by around 18%. So I just wanted to understand your other income as well. Like last year there is no other income right now it is around 59 million rupees. So what is the nature of other income? Like why there is significant increase in other income?
Sanjay Singhania
Raulji, please go ahead. Hello.
Operator
Yes I’m joining Rahul so just give me a moment.
Sanjay Singhania
Yeah. Yeah okay. Okay.
Operator
Yes sir. Please continue.
Anuj Shah
Okay so first of all my question is on other income. Basically so your PPD has showing that the PAT has been grown by 48%. But we exclude the other income and pat has been growing by around 18%. So in the last year there is no other income. But right now it is showing that million of fat or 59 million of other income. So what is the nature of this other income? Like why there is so much increase in other income. Hello.
Operator
Thank you.
Sanjay Singhania
Rahul are you there?
Rahul Agarwal
Yeah, yeah I’m there. I got.
Operator
Here. So he got disconnected. I’ll take the next question from the line of Rishi Kothari from PI Square Investments. Please go ahead.
Rishi Kothari
Yeah, thanks for the opportunity. Just wanted to have a quick update on what sort of PF we want to compare our business with. What sort of PSA would you like to recommend?
Sanjay Singhania
Sorry, I didn’t get your question properly. What set off
Rishi Kothari
What sort of peer do you really like to compare our business with in the real estate space? You want to do that because we have, you know, prefab business as well as an PEB business as well in the industry. Right?
Rahul Agarwal
Yeah. Our peer group is Interarch and mnb. So that is the best comparison because although we may be having this sandwich panels and prefab, but most of the chunk of the business is coming from the similar nature of business which Interarch or MNB does. Yeah.
Rishi Kothari
Okay. My next question would be the monsoon thing that you said that more or less last quarter was affected by monsoon delay and all that. So will it be all across industry players as well or will it be just for us?
Sanjay Singhania
It depends, you know like see it depends on project to project and side to side. So there are, you know, customers in the same locations in rpur. So there’s a customer who has been able to execute, you know, his site activities very planned very well and do the civil activities and give us the front and these other customer who is not able to do it. So you know, like it depends on project to project. Very difficult to say whether you know, like the peer group has also been affected by the same monsoons or not.
Rishi Kothari
Okay, got it. Understood.
Operator
Thank you. The next question is from the line of Madhu from MD Capital Advisors. Please go ahead.
Unidentified Participant
So hi sir. Am I audible?
Operator
Yes sir.
Unidentified Participant
Okay, so my question is basically you know, there was no other income during last quarter, last Q3 of last year. But there is a 6 crores of other income this quarter. Right. So can you please explain about that?
Rahul Agarwal
Yeah, so I’ll take this other income primarily you look, I mean last nine months we had other income of close to 3 crore. And this year it’s about 11 crore on nine month basis. Majorly this is because of two reasons. You know, we got a private equity investment in December 2024 which has remained with us until now. Right. So we haven’t used that money for anything else. Major part of that 20 has. Has been lying in fixed deposit to be utilized for the Gujarat expansion which Sanjay ji just explained that we bought the land and the expansion work will happen in this year FY27. So interest income that is accrued out of that money and part of the quarter where we use the proceeds to park in temporarily in the commercial bank FD has resulted in this other income.
Unidentified Participant
Okay, thank you. Thank you sir. So my second question is so can we expect any large orders during this quarter the last quarter of FY26?
Sanjay Singhania
Yes for sure. Nikhil, can you please take it up, you know, answer all the more questions.
Nikhil Bothra
So you know like Sanjay mentioned our current order book is 1250 crores and we have a very strong pipeline. We have a good leads and inquiries from all across the country from various sectors. So going forward you know like you know we have inquiries further inquiries from the renewable sector also we have good inquiries from the building materials in glass sector, cement sector, automobile. [Ends Abruptly]