Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Bigbloc Construction Ltd (NSE: BIGBLOC) Q3 2026 Earnings Call dated Jan. 21, 2026
Corporate Participants:
Mohit Narayan Saboo — Chief Financial Officer
Srijan Kaushik — Individual Investor
Analysts:
Ajit Sethi — Analyst
Aswath Rajan — Analyst
Jaishree Bajaj — Analyst
Presentation:
Operator
Ladies and gentlemen, good afternoon and welcome to the Big Block Construction Limited Q3 and 9M FY26 earnings conference call. As a reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing Star then zero on your touchstone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr.
Mohit Sabu, the Chief Financial Officer, for opening remarks. Thank you and over to you, sir.
Mohit Narayan Saboo — Chief Financial Officer
Good afternoon everyone. It is my pleasure to welcome you all to Big Block Construction Limited’s earnings conference call for the third quarter and nine months ended 31 December 2025. Thank you for joining us today. I’ll take you through our financial and operational performance for the quarter and nine months, followed by key business updates. The third quarter marks a notable improvement in our overall performance. Construction activity gained strong momentum during the quarter as post monsoon demand recovered across key markets.
This favorable environment combined with improved execution across our facilities enabled us to deliver our best quarterly performance to date. For Q3FY26, consolidated revenue from operations reached rupees 728 million, marking the highest quarterly revenue in the company’s history. This represents a growth of 28.1% compared to the same period last year and 8.2% sequentially. This growth was driven primarily by a 38% increase in sales volume compared to the same period last year which reached 2 14,643 cubic meters for the quarter.
For the nine month period, revenue from operations was Rs 1965 million, reflecting a growth of 22.8% over nine months. FY25 on the profitability front, the quarter delivered a margins EBITDA for Q3FY26 was Rs 81 million, up 31.8% year on year, with margins expanding to 11.1% compared to 2.8% and 10.8% in Q2FY26 and Q3FY25 respectively. The margin expansion was primarily driven by improved capacity utilization, better price realizations and a more efficient cost structure. Furthermore, the company also returned to profitability during the quarter, reporting a profit after tax of Rs 4 million.
From an operational standpoint, capacity utilization improved to 67% in Q3FY26 compared to 62% in the previous quarter and 53% in the same quarter last year. Higher utilization levels across facilities has lowered fixed costs per unit and supported margin recovery at our JV facility, Sian Cement Big Block Construction Technologies capacity utilization has continued its upward trajectory, reaching 51% in Q3 FY26 as compared to 43% in the previous quarter. Acceptance of the large format wall panels is steadily increasing among contractors and developers, particularly for industrial and commercial projects.
We are also witnessing a growing pipeline of inquiries and we expect to receive new order flows in the coming quarters. We have also been able to click a few big clients and customers in the wall panel segment. On the strategic front, I am pleased to share that the company recently secured a significant purchase order from Narsan in Toubro for the supply of AAC blocks. This order not only reflects the quality and consistency of our product, but also strengthens our presence in large infrastructure and institutional projects.
Additionally, trial runs for our construction chemical facility at Umargaon have commenced successfully and we expect to begin commercial production soon. This will mark an important step in diversing our product portfolio and tapping into complementary segments within the building materials industry. Sustainability remains a core focus area for the company. The contribution of renewable energy to our total power consumption has increased to 36% during the quarter, up from 26% in the previous quarter.
This increase is the result of enhanced solar power installations across our facilities and reflects our commitment to reducing carbon emissions while also lowering energy costs for the overall long term. At the industry level, construction activity is expected to remain supporting in the upcoming quarters. The government’s continued emphasis on affordable housing infrastructure development and urban redevelopment is driving demand for mountain building materials. Looking ahead, our priorities are centered on sustaining momentum in capacity utilization, scaling up AAC wall panel operations and commencing commercial operations across our construction chemicals manufacturing setup.
With demand conditions improving, we are confident of maintaining this positive trajectory and delivering improved performance in the quarters ahead. With that, I conclude my remarks and we can now open the floor for question answers.
Operator
Thank you. Ladies and gentlemen. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the first question from the line of present.
Who is an individual investor? Please go ahead.
Questions and Answers:
Ajit Sethi
Hi sir. Am I audible?
Srijan Kaushik
Yes, you are.
Ajit Sethi
Yeah. Yes. So, congratulations on these sets of results. I think the margin has improved significantly over the quarters. I had a very specific question so one is that have the realizations improved in the last quarter and how are you looking at it going ahead?
Mohit Narayan Saboo
So I also mentioned in my earlier con call that our first focus is towards improving capsity utilization. And across all our three block facilities our capsity utilizations have almost reached 70% plus utilization levels. Only at the GV facility the utilization is still around 51%. And in the last quarter Q3 we have been able to improve our realizations as well. And going forward, looking at the demand trajectory, we might be able to further improve on our realizations.
Ajit Sethi
So can you give us some flavor as to what are the current prices which we are seeing? Because before that. Sir, can you clarify what percentage of the revenue in this quarter was from construction chemicals?
Mohit Narayan Saboo
So from the construction chemicals around 5 to 7% of the revenue was contributed by the construction chemicals. And your query about increase in realization. So I think the average realization has just gone up by around 2 to 3 percentage for this quarter.
Ajit Sethi
Okay. Okay, got it sir. So I wanted to understand. So our revenue has increased by only 5 crores. But our EBITDA has increased by almost 4 crores. So is there something on the cost front as well which has changed versus last quarter?
Mohit Narayan Saboo
So you know, apart from the increase in revenue, there has been an increase in realizations as well. And as we, you know, improve our utilization levels, our operation cost also consequently goes down. We are able to save on the overall variable cost also to a certain extent and fixed cost to a big extent. And from Q1 to Q3 we have seen almost 10 to 12% jump in capsule utilization. And that’s how our realization as well as EBITDA margins have improved drastically over the last two quarters.
Ajit Sethi
Yes, sure. Okay sir, and currently can you let us know what is the capacity utilization in the Wapi plant?
Mohit Narayan Saboo
So for the last quarter I think the Vapi plant capsity utilization was approximately around 70 percentage.
Ajit Sethi
Okay, 70%. Okay.
Mohit Narayan Saboo
And I think the same numbers are mentioned in our results as well. For Q3 it was around 58% for the Vapi plant.
Ajit Sethi
Okay. Plant percentage I thought was not mentioned, sir. But okay, I’ll just check. That’s in the holding company only, right? The Wapi plants.
Mohit Narayan Saboo
Yes, that’s independent holding.
Ajit Sethi
Okay, so right now we are saying.
Srijan Kaushik
Sorry, you’re not audible now.
Operator
So the participant has left the question queue. Ladies and gentlemen, if you wish to ask a question, please press star and one. Once again a reminder, ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Aswath Rajan from Aryan Capital. Please go ahead.
Mohit Narayan Saboo
Yes, you are audible.
Aswath Rajan
Yeah, Next block our brand weddings across our plan.
Mohit Narayan Saboo
Sorry to interrupt but your voice is somehow not very clear.
Aswath Rajan
Yes. Is it better? I’m audible now. Hello, could
Mohit Narayan Saboo
You speak a bit louder?
Aswath Rajan
Yeah, I’m audible now.
Mohit Narayan Saboo
Yes, that’s better.
Aswath Rajan
Yeah. I just wanted to understand what kind of utilizations level are we looking at Especially in our Ahmedabad and Ramswoodi plants going ahead.
Mohit Narayan Saboo
So Ahmedabad Sarbik plant last quarter capacity utilization was around 8081 percentage and the Ramosari plant last quarter capacity utilization is around 51 percentage I think on a quarter on quarter basis On a long term annual basis the average utilization for this sort of industry we calculate 80, 85% as the optimal and star big block which is the Ahmedabad plant is already at around 8080 85% for the last quarter and the Ramosadi plant we intend to get to 80 percentage in the next one or two quarters.
Aswath Rajan
Okay. And any reason why we see this jump in utilization in terms of.
Mohit Narayan Saboo
So we are able to we had increased our capsules by drastical level in going from 550,000 to almost 1.3 million and if we see on a quarter on quarter I think Q1 our capacity utilization on a consolidation basis was approximately 53 which went up to 62 in Q2 and 67 in Q3. So we are just targeting newer and markets as well as existing markets with more client penetration and for the wall panel space as well we have been able to cater to lots of new different customers and are continuously seeing an increase in customer base as well as inquiries.
So looking at that going forward we should be able to better scale up our utilization levels.
Aswath Rajan
Okay, thank you. And I’m assuming now we don’t have any capex that this could be elaborate on the same.
Mohit Narayan Saboo
So for the capex the construction chemicals plant is also almost on the verge of completion so there’s no much capex spending over there and since we have already reached almost 67% capst in this quarter we are planning to take up the expansion for the facility in MP for which land is already acquired and we are in the process of doing negotiations with the installing contracting partner for the construction as well as from the machinery suppliers from China.
Aswath Rajan
Okay. And we see this commencing on this quarter apex.
Mohit Narayan Saboo
So the MP plant capex we intend to start hopefully in the running quarter and the planned operationalization will take a period of almost 10 to 12 months.
Aswath Rajan
Thank you. I’ll get back.
Mohit Narayan Saboo
Thank you.
Operator
Thank you ladies and gentlemen. If you wish to ask a question, please press star and 1. We take the next question from the line of Jaishree Bajaj from Trinetra Asset Managers. Please go ahead.
Jaishree Bajaj
Hi sir, my question is the AAP wall panel business reached 51% utilization in Q3 and given the first mover advantage, what are the primary adoption preventing the segment from reaching the like 60 or 65% plus utilization level seen in the core ASE block business.
Mohit Narayan Saboo
So the AAC wall panel business, the capsity utilization which I mentioned of 51% was for that particular plant and that plant has a total installed capacity of 250,000 cubic meters per annum which is a fungible capacity between blocks and panels and the breakup for blocks and panels. I think panels utilization is so far around 10% and rest 40% utilization is from the block space. And on a quarter, on quarter basis we are seeing new inquiries from lots of different customers across the country. And since we are the early movers in that space and we are the only people providing a panel which is up to a height of 6 meters, we are able to click some good potential projects and we should be able to keep on improving the capsule utilization in that plant and improving the sales of AAC wall panels over the next to four quarters to reach 30, 40% plus.
Jaishree Bajaj
Okay sir.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. Once again ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of Ashwath Rajan from Aryan Capital. Please go ahead.
Aswath Rajan
Yeah, thank you for the follow up. I just wanted to understand if do we have any ordering activity or any order book that we foresee coming in, especially from any real estate player.
Mohit Narayan Saboo
So this is a bulky product and we don’t have any bulk orders on hand as such. We generally have an order book of around three to five days which had gone down to almost one to two days in Q1 of the current year. So the order book has been improving and we keep on getting bulk orders from select few customers, the likes of L and T or you know, a few big corporates who play small orders, which is for a delivery schedule of up to six to nine months. But apart from that, on a routine basis we generally keep on getting monthly purchase orders or a weekly purchase order from majority of our clients.
Aswath Rajan
Okay, thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of Ajit Sethi from ICO Quantum Solutions. Please Go ahead.
Ajit Sethi
Thanks for the opportunity. So in AAC block we are around 67 67% utilization. So what kind of utilization we are expecting to end in FY26 and what kind of utilization we can do in FY27.
Mohit Narayan Saboo
So our capacity utilization for Q3 was around 67% and consolidated for the current nine months is around 60 61% for the current year. I think we will close average utilization levels of 63, 64% for the entire year. Q4 utilization should be hopefully upwards of Q3 utilization levels. And for FY27 we intend to reach capsity utilizations of almost 70% plus.
Ajit Sethi
Okay. And what kind of EBITDA margin we are expecting in FY26 as well as in FY27.
Mohit Narayan Saboo
So EBITDA margins had dropped down drastically over the last one year because of increased competition as well as little bit of a slowdown in the real estate segment. But since last quarter we have been seeing improved demand as well as you know, we have spread our market coverage as well and that’s how we have been able to scale up our volumes and also improve our EBITDA margins on a long term basis. I’ve already said that EBITDA margin of around anywhere around 15 to 20% is easily sustainable in the industry and hopefully we intend to reach those margins in the upcoming quarters.
Ajit Sethi
Okay, thank you.
Mohit Narayan Saboo
Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question please press star and 1. Ladies and gentlemen, a reminder, if you wish to ask a question please press star and 1. The next question comes from the line of Srijan Kaushik who is an individual investor. Please go ahead.
Srijan Kaushik
Yeah. Hi. Am I audible?
Mohit Narayan Saboo
Yes, you’re audible.
Srijan Kaushik
Yeah. Sir, my first question is regarding the auditor’s qualification on the non compliance with India’s 19 for employee benefits. So why hasn’t the company accrued the post employment benefits and long term benefits on the actual basis and what is the estimated financial impact is corrected.
Mohit Narayan Saboo
So for the India 19 for the employee benefit, the actual valuation we are getting it done on an annual basis and instead of a quarterly basis and all that needs to be provided will be provided in the annual accounts. The same was done in the last financial year and will be done again at the close of this financial year. So we don’t see any major impact of, you know, any qualification from the auditor for NDS 19.
Srijan Kaushik
Okay, thank you. And my second question regarding this, are you anyway contributing to EMUI scheme in which 57,000 crores allocated in the unit budget FY26.
Mohit Narayan Saboo
So yes. There are various government schemes which are running for construction be it PMAY or SSA which is service going on in Gujarat. There are various cow as well as goat sheds projects going on in Maharashtra. And Kanyashiksha Parishad projects going on in Madhya Pradesh. So we have been providing our material to all such government schemes and projects which come in our territory which we are able to tap.
Srijan Kaushik
Okay. Right. Thank you. And I just wanted to get an estimate as in can you give me some numbers regarding the capex in this new territory of Madhya Pradesh?
Mohit Narayan Saboo
So we are planning to put up a plant in Madhya Pradesh with an installed capacity of around two 50,000 cubic meters per annum. And the total CAPEX for this facility will be in the tier of almost 75 to 80 crores.
Srijan Kaushik
Okay. Which will get executed within next year or so, right?
Mohit Narayan Saboo
Yes, it will be done over the next 12 months approximately.
Srijan Kaushik
Okay. Okay. And any estimate on our carbon credit accumulations?
Mohit Narayan Saboo
So in terms of the carbon credit we have some accumulated credits. The Omergao plant which was belongs to Big Block Construction Ltd. We have carbon credits in stock which are not yet issued because there are some delays on part of Vera because of additional audits etc. Being done by various carbon trade auditing authorities. And I think we have pending credits to be issued worth almost 1 lakh to one 50,000 credits plus. And similarly for Sarbi block plant as well we are have some pending credits to be issued.
Similarly the plant at WADA which is Big Block building elements that also has is under the process of registration for carbon credit. We have already applied for the same but the final registration certificate is yet to be received by us. And the carbon markets are a little slow currently. That’s why we are not actively keen on getting those credits issued or sold.
Srijan Kaushik
Right. Right. Okay, that’s it. From my side. Thank you.
Mohit Narayan Saboo
Thank you.
Operator
Thank you. Ladies and gentlemen, if you wish to ask a question please press star and 1. Ladies and gentlemen, a reminder. If you wish to ask a question please press star and 1. Ladies and gentlemen, if you wish to ask a question please press star and 1. As there are no further questions from the participant, I now hand the conference over to Mr. Mohit Sabhu for his closing comments.
Mohit Narayan Saboo
Thank you all for taking the time to join us today and for your continued interest in Big Block Construction Ltd. As we continue to navigate opportunities ahead, we remain committed to delivering consistent growth and value in the coming quarters. As always, if you have any further questions please feel free to reach out to our investor relations advisors, Churchgate Partners and We’ll be happy to address your queries. Thank you. Have a good day.
Operator
Thank you. On behalf of Big Block Construction, Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.