Man Industries (India) Limited (NSE: MANINDS) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
Ramesh Chandra Mansukhani — Chairman
Sandeep Garg — Chief Financial Officer
Analysts:
Pritish Urumkar — Analyst
Darshil Pandya — Analyst
Amar Maurya — Analyst
Dhananjay Mishra — Analyst
Ayush Jalan — Analyst
Varun Mehta — Analyst
Satyan Wadhwa — Analyst
Harish — Analyst
Viraj Mahadevia — Analyst
Yash Mehta — Analyst
Presentation:
Operator
The conference is now being recorded Ladies and gentlemen, good day and welcome to Man Industries Q3 FY ’25 Earnings Conference Call hosted by ICICI Securities Limited. As a reminder, all participant lines will be 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 an operator by pressing star than zero on your on phone. Please note that this conference is being recorded. I now hand the conference over to Mr Pritesh Parum Kumar from ICICI Securities Limited. Thank you, and over to you, sir.
Pritish Urumkar — Analyst
Thanks, Lizan, and good afternoon, everyone and thank you for joining us today for Man Industries Q3 FY ’25 earnings con-call. First of all, I would like to thank management for providing us this opportunity to host the call. From the management side, we have Dr Ramesh Chandra Mansukhani, Chairman; Mr Nikhil Mansukhani, Managing Director; Mr Sandeep Kumar, CFO; and Mr Rahul Rawat, Company Secretary; and Mr Vijay Gan Chandani, DGM, Investor Relations. So with it, without any further delay, I would now hand over the call to the management for opening remarks. Thank you, and over to you, sir.
Ramesh Chandra Mansukhani — Chairman
Hello.
Operator
Yes, sir. Please proceed.
Ramesh Chandra Mansukhani — Chairman
Yes. Good afternoon. Thank you very much for joining this con-call. This is, our Chairman of the company. And I welcome you all to our earnings conference call for the 3rd-quarter and nine months of the financial year 2025. To start with, let me take you through the financial performance of the company, followed by the operational highlights.
And now I am handing over to our CFO, Mr Garg, he will give the highlights of the results. Thank you.
Sandeep Garg — Chief Financial Officer
Good evening. Let me take to the financial performance of the company, followed by the operational highlights. In Q3 FY ’25, personal loan total revenue stood at INR746 crore, which is slightly 12% lower from on Y-to-Y basis. The EBITDA stood at INR87 crores, which grew by approximately 2% Y-o-Y and 12% Q-o-Q with EBITDA margin of 11.6%. Net profit grew by 1% Y-o-Y and 7% Q-o-Q to INR38 crores with a PAT margin of 5%. On a consolidated basis, the total revenue for the quarter declined by 13% Y-o-Y of the INR738 crores. The decline was mainly due to our export shipment on non-availability of vessels.
If it wasn’t for the delay in the shipment, our revenue would have been higher by approximately INR66 crore during the quarter. The EBITDA came in at INR84 crore — INR84 crores, which grew by around 7% Y-o-Y and 13% Q-o-Q, while EBITDA margin at multi-quarter high of 11.4%. Net profit was INR34 crores, which grew by around 12% Y-o-Y and 7% Q-o-Q. On a nine-month basis, the standalone total revenue was INR2,317 crores, which declined by 1.4% Y-o-Y, mainly because of some delayed shipment, which couldn’t happen in this quarter, while EBITDA was down by around 2% Y-o-Y to INR226 crores, with EBITDA margin stood at 9.8% same as corresponding period last year.
The net profit for the period grew by 4.6% Y-o-Y to INR97 crores. On a calculated basis, total revenue for the same-period was down by around 2%, Y-o-Y of INR2,323 crores with EBITDA reporting at INR270 crores, resulting in an EBITDA margin of 9.3%. The net profit grew by 5% Y-o-Y to INR85 crores. Currently, we have a very strong order pipeline of INR2,900 crores, that must be executed within next six to 12 months. Hence, we remain confident that we will meet our FY ’25 full-year revenue guideline of INR3,300 crores. And for FY ’26, with current visibility and also the new project, which we are planning to execute, we will have — we can have achieved turnover of around INR4,000 crores of top-line.
Our bid book pipeline is of INR15,000 crores. On our new project, our Saudi and projects are progressing and. Both projects are on-track and likely to start production in the quarter three of next year FY ’26. Lastly, we have successfully completed the ERW plant assessment by for API 5L and 70 grade and company has started exporting ERW pipes.
With this, we can now open the floor for questions-and-answer session.
Operator
Thank you.
Sandeep Garg — Chief Financial Officer
Thank you.
Questions and Answers:
Operator
Ladies and gentlemen, we will now begin with the question-and-answer session. Anyone wishing to ask a question may please press star in one on your touchtone telephone. If you wish to remove yourself in the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants to ask a question, you may please press star in one. We’ll take the first question from the line of Darishul Pandia from FinTrust Capital. Please go-ahead.
Darshil Pandya
Hello. Hi, thank you. Thank you for the opportunity. Sir, just wanted to understand what will be the kind of debt levels for FY ’26 and FY ’27 since almost INR815 odd crores we are taking it from the debt. So just want to understand that.
Sandeep Garg
Yeah. The current debt, the current debt is INR135 crore. He is having the cash by way of FDR, our last year balance sheet also in the current position, INR50 crores, the INR230 crores. So we are a surplus. And to complete the project, whatever we are putting up over there, that is an independent company, which is borrowing and doing the work and the company is giving only the guarantee. So right now, there is no additional debt in the main industries. But we will see what is the — what it can be — what it will be worked out.
Darshil Pandya
So this debt, you are saying that it is not on the books of mine industries.
Sandeep Garg
Right now, not only guarantee until unless they start the production.
Darshil Pandya
Okay. Okay. But any ballpark number that what could be the debt levels if this once begins.
Sandeep Garg
There will be their burden will be the INR400 crore 390 — INR390 crore for 390 crore for Jammu and INR400 crore par Saudi,
Darshil Pandya
INR400 crores for.
Sandeep Garg
Our will be the guarantee and they will borrow and there will be independent model of the business. But our consolidation, we will get the benefit of the consolidation of the revenue in coming years.
Darshil Pandya
Okay. And sir, since almost we are deploying INR1,100 crores of capex, what is the kind of asset that we’re expecting on a full-year basis for FY ’27?
Sandeep Garg
You are asking the revenue or what?
Darshil Pandya
Yeah. Since this new facilities will — I’m expecting that will be live in FY ’26 fully and from our existing business, what kind of revenues can we see?
Sandeep Garg
The — our projections, our guidelines and hopefully to achieve it. The next year ’25, ’26 for the main industry standalone would be around INR4,000 crore. We are 25% growth we are anticipating. With regard to consolidation, there will be — half of the year would be from Jammu and from Saudi. Yes, right now we are estimating around INR1,500 crore and then full-year ’26, ’27 would be our target is INR6,000 crore-plus?
Darshil Pandya
Okay, got it. FY ’26, you are saying INR1,500 plus you expect from this two facilities coming in.
Sandeep Garg
We start getting the revenue for the same full-year, yeah.
Darshil Pandya
For the full-year.
Sandeep Garg
Yeah, yeah.
Darshil Pandya
Got it, got it. Fantastic, sir. Thank you so much, sir. Thank you for the opportunity.
Operator
Thank you. The next question is from the line of Amar Moria from Lucky Investments. Please go-ahead.
Amar Maurya
Hi, sir. Thanks a lot for the opportunity. Am I audible?
Operator
Sir, your voice is breaking up.
Amar Maurya
Is it clear now? Is better.
Operator
Slightly better. Please proceed.
Amar Maurya
Yeah. Yeah. So sir, first question is, what was your Nine-Month volume growth?
Sandeep Garg
Sorry.
Amar Maurya
What was your Nine-Month volume growth, Nine-Month volume growth? What was your nine-month volume growth?
Sandeep Garg
Volume growth in the — I hear the figure the amount to INR1,300 crore.
Amar Maurya
And no. No, I’m just saying that is the value. So normally value may fluctuate based on the raw-material prices and other things. So I mean, I just want to understand what is the business volume growth we had seen at overall level.
Sandeep Garg
Okay. The volume is still we have not considered, we are receiving the figures, but the volume is much higher than the last year.
Amar Maurya
Okay. Okay. What like it would be double-digit or single-digit
Sandeep Garg
You are talking about the growth.
Amar Maurya
I’m saying volume growth would be what high-double digit, you’re saying volume growth would be better than the overall revenue growth which you had achieved in nine months.
Sandeep Garg
Just the volume for this Nine-Month period has been little higher than the current last year number. Yeah. However, because of the commodity steel prices going down, our total revenue in the rupees are reflecting little lower number. Yeah. But volume is more. But volume is more.
Amar Maurya
Okay. And secondly, when we are saying that Jammu plant is now going to start in 3rd-quarter, right? Yeah. I mean, we were expecting that phase-wise we will start from second-quarter or first-quarter onwards, right? So now we are saying that all of the plant or the Phase-1 of the plant is going to start from 3rd-quarter
Sandeep Garg
And quarters are not phase-wise because we were anticipating the phase-wise to start. But we are whatever we are saying, the full plant should start from — from October onwards.
Amar Maurya
From October onwards. And for this plant to start, like we got the whole land in Jammuna,
Sandeep Garg
Which is now cleared. Yes, all land required for the project is now is cleared. It was initial there was problem which resolved now the construction already started. Most of the equipment already are before the land and the critical equipment from Europe and Japan already here.
Amar Maurya
Okay. So all plants, plant and machinery also ordered.
Sandeep Garg
Yes, yes,. The delivery — the delivery time is one and a half year.
Amar Maurya
Delivery time is one and a half year and that you are expecting to reach everything by so let’s say, October, you have to start the plant, then all equipment should be there by March, April to your plant right,
Sandeep Garg
Many already arrived and some equipments will come in the month of May, June and then three months for erection commissioning.
Amar Maurya
And how about the Saudi progress?
Sandeep Garg
Saudi is going very well, the equipments we already purchase and the construction is going on and the six months it will take to start the operation, the equipment already arrived over there.
Amar Maurya
So there also you are expecting October, November only kind of production system. Production to start?
Sandeep Garg
Yeah.
Amar Maurya
And in next year, let’s say, the INR4,000 crore guidance and then INR6,000 crore guidance, whatever we are expecting in that INR1,500 crore we are expecting of this ERW and SS, right,
Sandeep Garg
Not ERW. So the INR4,000 crore of our main company standalone and other companies, subsidiaries company, we are revenue, we are anticipating INR2,000 crore-plus in the full-year, but that will be the 26 27. Then it will be 4 plus 2,600 INR600,000 plus whatever the growth possible through SAW pipeline we — which we had to calculate.
Amar Maurya
So in this INR2,000 crore number, what would be your Jammu number and what would be your Saudi number?
Sandeep Garg
Jammun, we are anticipating the first-six months INR500 crore. Next full-year is INR1,000 crore and the Saudi would be INR1,500 crore. So we are giving the conservative side INR6,000 crore-plus.
Amar Maurya
Okay. Got it. And in Jammu, what would mix between this INR1,000 crore, what would be the mix between SS and ERW?,
Sandeep Garg
No, no. Jammu is only still,
Amar Maurya
But because there was some small plant of ERW also likely to come in.
Sandeep Garg
No, no, no, no, did we drop because that we put it here in Anja. ERW plant we hit Anja. There was supposed to come in the at Jammu, which we have put here.
Amar Maurya
Okay. So now whole — whole ERW is in Anjar and Jammu will just have assets.
Sandeep Garg
You are right. You are right, right.
Amar Maurya
So any reduction in the capex because of this?
Sandeep Garg
No, no, no, no reduction, no or nothing.
Amar Maurya
So total capex for would be how much sir?
Sandeep Garg
Roughly INR500 crores INR450 crore total.
Amar Maurya
And for Saudi, Saudi 700, so INR400 plus 700 crore INR1,300 crore INR400 crores kind of capex. So sir, how we are going — how we are going to fund it.
Sandeep Garg
We have — we are tying up with the loans as we gave our guidance for the loan. I think somebody asked earlier that around INR800 crore — practically INR790 crores will be funded. From the loan, balance will be from the promoters contribution or plus 39. Overload contribution.
Amar Maurya
Sorry, come again what you’re saying promoters contribution would be how much?
Sandeep Garg
INR790 will be from the loan, balance will be from our intern accruals and
Amar Maurya
From internal accruals. Okay. And then I think we had also given some enabling resolution for raising further equity and all. What is that?
Sandeep Garg
No, no, that we have taken the — we will see that in future, if needed, then we’ll see. Okay. Enabling. There are enabling only.
Amar Maurya
Okay. Perfect thank you. Thank you.
Sandeep Garg
Thank you. Thank you.
Operator
Thank you. A reminder to the participants, anyone wishing to ask a question, may please press star in one. The next question is from the line of Dhananjay Mishta from Sunidhi Securities. Please go-ahead.
Dhananjay Mishra
Yeah. Hello,. So just one clarification on FY ’26 guidance. So I mean, based on Nine-Month number this year, we will be doing INR3,200 crore kind of turnover. And next year you are saying 25% growth on the standalone basis, so that will be INR4,000 crores. And incrementally, you are saying this Jammu and Saudi plant will be contributing INR1,500 crore in FY ’26 itself or it will contribute in FY ’27.
Sandeep Garg
Okay. Your question for the current year, almost accurate, we have done the INR2,300 crore and INR1,000 crores we are aiming to achieve in the current quarter. So then our guidance was 3,200 INR3,300, which is right. The next year, we are seeing 25% growth in our business this Indian business. And meantime, the production is going to start from the stimulus pipe from quarter three as relates to Saudi plant. So we are — first-six months, we are expecting crore addition.
And next year, we are anticipating INR2,000 crore-plus additional revenue apart from INR4,000 crores and some growth next year, which will be product which will be announced subsequent. Right now, because whatever we have order on-hand, that’s why we are 4,000 crore is eagerly to reach.
Dhananjay Mishra
So 4,000 crore is I’m getting that is. So plant will start in Q3, both the plants. So in the first-six months itself, you are giving guidance of INR1,500 crores. So isn’t it a little bit of aggressive guidance or next year, you’re saying INR2,000 only. So that is not — I mean, this number is not matching number?
Sandeep Garg
I will repeat again. What we are saying, current year our guidance is INR3,200 to INR3,300, right? FY ’26, we will generate INR4,000 crore revenue from our existing facilities. Okay. And our new projects will start producing from Q3 FY ’26. We will get almost a half quarter revenue or met the most two-quarter revenue, but depending on the schedule, up to November November when the product will start, depending on that, we’ll get additional revenue in the second H2 of the next year, which will be around INR1,500 crores. Total revenue which we are expecting as a consolidated level for FY ’26, INR5,500 crores. Okay. And FY ’27, we are talking about around INR6,500 plus revenue. Yes. The full-year of production? Production from the new plant will start contributing to the revenue.
Dhananjay Mishra
So guidance is — overall guidance is INR5,500 for FY ’26 and close to 6,500 for FY ’26.
Sandeep Garg
Right, you are right.
Dhananjay Mishra
Okay. And now coming back to the this debt position. So you said that we only we have INR135 crore update as of now. But as per PPT, we have already invested close to INR400 crore in these two projects. So where there — so I mean, we had a cash of close to INR400 crores. So that money has been invested in that project or it is still left.
Sandeep Garg
We are investing every day and INR380 crores we already tied-up. The financial arrangement already done and that will be drawn once the equipments are coming, LC is already opened, that is a regular affair. INR380 crore will be our subsidiary books as well as INR400 crore will be in abroad funding.
Dhananjay Mishra
Okay. So as of now, we have given loan to subsidiary in the close to INR300 crores from our book
Ramesh Chandra Mansukhani
Of the our equity portion.
Dhananjay Mishra
Okay. Okay, got it. Okay. So — and this entire thing will happen by September, all INR1,150 crores capex. Okay. Thank you.
Operator
Thank you. The next question is from the line of Ayush Jalan, an Individual Investor. Please go-ahead.
Ayush Jalan
Hi, good afternoon. Thank you for the opportunity. Could you please give some update on Marino Shelters? Thank you. Thank you.
Sandeep Garg
Yeah, Marina Shelter, HV already taken the resolution, enabling resolution to sign the deal, etc on shareholders and now the deal is likely to sign next 10 days and we got some advanced our solicitor and other money also is going to some amount in next 10 days and we the deal. And then accordingly, we will announce the nature of the deal and the — and everything as per the regulation..
Ayush Jalan
Thank you, sir. I have no further questions. I wish you all the best.
Ramesh Chandra Mansukhani
Thank you.
Sandeep Garg
Thank you.
Operator
Thank you. The next question is from the line of Varun Mehta from Link Investments. Please go-ahead.
Varun Mehta
Good evening, everyone. Hi, this quarter we have seen improved EBITDA margins. So is it due to ERW plant or the product mix has changed or something has happened on that?
Ramesh Chandra Mansukhani
Mainly due to the product mix change or product mix change, we have some orders which have better profit margins, which is reflecting into our bottom-line because this is mostly the value-added products depend on project-to-project, so that’s why EBITDA margin is improved and I hope we are hoping the company it will continue to improve considering the order book position.
Varun Mehta
So the current order book of INR2,900 crores we have. So it’s more of a value-added product or commoditized
Ramesh Chandra Mansukhani
Mostly, mostly value-added product.
Varun Mehta
Now what would be the percentage on that sir?
Ramesh Chandra Mansukhani
Percentage anything between 10% to 14% depend on which project water works, our value-added guest pipeline, oil pipeline, but that’s why company is trying to achieve 12% average data like we did this quarter, but the volume is going to increase and that’s why we are — we are hopefully get the better realization.
Varun Mehta
Okay. And going to FY ’26, as you said, from Jammu plant, we are expecting and from Saudi, we are expecting INR1,500 crore of additional revenue. Like Jammu plant, we are expecting EBITDA margin to be range of 20% to 25%. So going ahead, I think in — yeah, in FY ’26, the margin should improve quite well for our company.
Ramesh Chandra Mansukhani
Yeah, ’26, ’27 would be the much better because once should be stabilized, once we’re stabilizing everything, there’s why very conservative side, we are estimating same EBITDA 12% as a overall average and then ’26-27 will be much, much better position. But let’s wait and the new figure will come in future also.
Varun Mehta
Yeah. Thank you so much. Thank you.
Ramesh Chandra Mansukhani
Thank.
Operator
Thank you. The next question is from the line of Satyan Vadwa from Proficion Investment Advisors. Please go-ahead.
Satyan Wadhwa
Sir, could you give us volumes for December quarter and what were the volumes in September quarter what is your question? Can you repeat this? What was the sales volume in this current quarter, the Q3 and what was the sales volume in Q2?
Sandeep Garg
In tonnage terms last year point is already given that. I think I have told you that there has been little growth by growth in the volume 2 to 67 the current quarter and 2302 was the corresponding volume. Volume is higher, we are getting the figure and because of the steel prices softened compared to last year, although that’s why the volume was much better.
Satyan Wadhwa
Correct. That’s — what I’m trying to get to is what is the EBITDA per ton this quarter versus last quarter because steel prices pass-through anyway, right? So when steel prices go down, margins go up. So whether it’s because of that in terms of percentage margin going up or actual margin per tonne has gone up.
Ramesh Chandra Mansukhani
Yeah. But right now, we do not hear the volume because we are getting the figures from the plant. Okay. But volume is definitely improving because of the value-wise, we are a little bit lower, but quantity-wise, we are higher.
Satyan Wadhwa
All right, right. And if you could just add the volume figures in future quarterly presentations, I would all the other pipe companies kind of give us what the volumes were taken down by type of pipe in terms of E&W and others. And one more question from me. In terms of the Jammu plant, because it’s SS seamless, right, which is new to you, how long do you think it will actually take to stabilize production and get the right sort of quality that is required and how much help will you be getting from the machine supplier or anybody else to stabilize production.
Ramesh Chandra Mansukhani
Okay. Regarding your question, we are new, but actually we are a metal man therefore, you know the metal business. Well, last two years, we are working very closely with our equipment supplier, technology market, etc. So I don’t think that it will be difficult to achieve our target. Equipments — some equipments already arrived from Japan and some equipment from you are expecting next three, four months. That’s why we are predicting from October onwards the production.
Satyan Wadhwa
October onwards. Okay. So we should expect some — definitely the sales should come in the Jan to March quarter, right, even if October, December is still trial production and just getting everything sort of sorted-out in terms of quality.
Sandeep Garg
Can you — can you repeat your question?
Satyan Wadhwa
I said, so actual saleable production will be in Q4, right, mostly Q4.
Sandeep Garg
So you’re talking about ERW?
Satyan Wadhwa
Yeah. No, about seamless out of.
Sandeep Garg
It will be coming in next year?
Satyan Wadhwa
No, no, no, October — from October year. So from January — Jan to March quarter next year, calendar ’26.
Ramesh Chandra Mansukhani
So there will be the new plant then will be the regular business over there and then pick-up because we are doing the proactive actions we are taking to get the as much as possible from the new plant, but market conditions are good order not a problem and there’s why we are confident to get some value-added product from very beginning, which we are working.
Satyan Wadhwa
And what — what-if any approvals, etc., do you require for the stainless steel plant, the Jammu plant, not necessary. What approval from government? From any — I mean, do you need any approvals from anybody to sell it or you just selling it in the market that the stainless steel pipes?
Ramesh Chandra Mansukhani
No, not market, not approval required. Export no approvals. Okay. The Indian approval required. There are different differences.
Satyan Wadhwa
Okay, fair enough.
Ramesh Chandra Mansukhani
Yeah.
Satyan Wadhwa
All right, sir. Thank you and all the best you.
Operator
Thank you. The next question is from the line of Darshul Pandia from FinTrush Capital. Please go-ahead.
Darshil Pandya
Hello. Mansav, just one question for you. With regards to the recent tariffs the US President has put on, are we going to see some issues with us as well? Just want to confirm.
Ramesh Chandra Mansukhani
This USA new tariff, it is not going to impact our industry because our most of the market in the Middle-East, we around 75% we have business to Middle-East export business and the balance in India. It is not going to make impact to us because USA we do not have any much, very little, maybe hardly 2%, 3%, 5% of the turnover. So I don’t think it is going to make big impact to us. But now the USA anti-dumping, not antiping, the increase of the duty, which is going to impact what kind — what degree which we have to examine in coming time?
Darshil Pandya
Okay. Okay. Maybe next quarter we might be talking about this then.
Sandeep Garg
Yeah, sir.
Darshil Pandya
Thanks. Okay, man, sir. Thank you so much. Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may and want to ask a question. The next question is from the line of Harish from SBI Securities. Please go-ahead.
Harish
Yeah. Hi, thank you for the opportunity. Sir, I have a couple of questions. Sir, the first question is that I missed on the capex part. So around INR1,100 crores is the capex. So how much is spent and how much is yet to be incurred? So what is that bifurcation or entire is left to be spent on the capex part? Yeah. That is the first question.
Sandeep Garg
Roughly — roughly we spent 150 crore. Our equity portion we already put in the Jammu and the disbursement now we will take because our LC — LC exposure already taken by more than INR100 crore. So that’s why that now the account will be debiting over there out of INR380 crore. I think so the money will go very fast after two, three months once the shipment is done?
Harish
Okay. And sir, the loan thing like which you had mentioned that you are tied-up with like around INR790 crores. So what will be the average cost of funds? And has the loan started or it is yet to begin?
Ramesh Chandra Mansukhani
The loans has not been started. Both the loans are tied-up, but we have not drawn anything until late. Okay. Start growing after I think when the LC due payment will be required, currently, all the investment is made-for more internal resources, internal accruals that portion we have been spending on the project. And by the rate of the interest, et-cetera, that you know the so-far in 200 basis-point roughly.
Harish
Okay. Thank you.
Operator
Thank. A reminder to the participants anyone wishing to ask a question please press star and one the next question is from the line of Viraj Mahadevia from Monegro India. Please go-ahead.
Viraj Mahadevia
Hello, sir. Hi. Your FY ’25 target of INR3,200 crores is almost spoken for with your INR2,500 crore order book. Are you confident of this INR5,000 crore or number given that your bid book is about
Operator
We are not able to hear you.
Viraj Mahadevia
I said, are you confident of your FY ’26 number given that your bid book today is about INR1,500 crores or 10% of the bid book is what one can assume?
Sandeep Garg
We have already confirmed order of INR2,900 crore in-hand. Correct. And the orders for the new projects. But our guidance is that INR2,900 plus other order expected in next year, we’ll be completing INR4,000 crore from our existing capacities. So we are hopeful of achieving INR5,500 guidance in FY ’26.
Viraj Mahadevia
Okay. Thank you.
Sandeep Garg
We have to complete — our order, we have to complete in one year, maximum is still the 14 months-to go complete the year and that’s why we are confident ultimately in business, we have to do the confidence and the projections also.
Viraj Mahadevia
So I think you need to meet those numbers, you need to win INR1,100 crores of orders in the next two months. That’s problem.
Sandeep Garg
We already — we have a bid of INR15,000 crore bid is there and we are very confident to — confident to get it.
Viraj Mahadevia
Understood, sir. Thank you.
Sandeep Garg
Thank you.
Operator
Thank you. A reminder to the participants, anyone wishing to ask a question may please press star in one participants in the conference, if you wish to ask a question, you may please press star in one thank you. The next question is from the line of Yash Mehta from Art Ventures. Please go-ahead.
Yash Mehta
Yeah. Thank you for the opportunity. Sir, I wanted to ask that the revenue guidance for FY ’26 is INR5,500 crores. What is the volume growth are we expecting in FY ’26?
Sandeep Garg
The volume growth because of the market is softened few months, last one year. So therefore volume growth we are anticipating around 20% 25% more.
Yash Mehta
This is for FY ’26, right?
Sandeep Garg
Yes, sir.
Yash Mehta
Okay. Thank you very much.
Operator
Thank you. A reminder to the participants, anyone wishing to ask a question, please press star and one participants in the conference. If you wish to ask a question, you may please press star and one a reminder to the participants, anyone wishing to ask a question, may please press star in one. The next question is from the line of Viraj Mahadevia from Monegro India. Please go-ahead.
Viraj Mahadevia
Hi, sir. Sorry. Thank you for taking my question. What will be the net-debt to EBITDA in FY ’26 and ’27 as you see it?
Sandeep Garg
’26, ’27, as we already have communicated, there will be the borrowing in the subsidiaries company and main industries having only guarantee in-part B in some cases.
Viraj Mahadevia
So at a consolidated level, you’d still have to show it as a borrower.
Ramesh Chandra Mansukhani
Around INR92,000 if you’re talking about 27 after both the projects implemented, our will be around INR950 crores.
Sandeep Garg
Yes. Roughly, yeah.
Viraj Mahadevia
INR950 crore debt.
Sandeep Garg
Yes, we are giving same around 12%, 11% to 12% going-forward, which we are maintaining now. We are hopeful to maintaining same EBITDA margin guidance in the next year.
Viraj Mahadevia
Understood. So I’m just doing a quick math. So we’re talking about 1.25 net-debt to EBITDA, 950 on about INR780.
Sandeep Garg
Yeah.
Viraj Mahadevia
Okay. Okay. Perfect. Thank you. Thank you. Thank you.
Operator
Thank you. Thank you. Thank you. A reminder to the participants, anyone wishing to ask a question hit these press star in one participants, if you wish to ask a question, you may please press star and 1. As there are no further questions, I now hand the conference over to the management for the closing comments.
Ramesh Chandra Mansukhani
Thank you. Thank you all the participants in this earnings con-call. I hope we were able to answer your questions satisfactorily and at the same time offer insight into our business plans. If you have any other further question or would like to know more about the company, please reach-out to our Investor Relations Manager at Advisor. Thank you very much.
Operator
Thank you, members of the management team.
Ramesh Chandra Mansukhani
Thank you..
Sandeep Garg
Thank you very much.
Operator
Ladies and gentlemen, on behalf of ICICI Securities, that concludes this conference call. We thank you for joining us and you may now disconnect your lines. Thank you