{"id":182476,"date":"2026-05-07T07:45:10","date_gmt":"2026-05-07T11:45:10","guid":{"rendered":"https:\/\/alphastreet.com\/india\/tara-chand-infralogistic-solutions-ltd-tarachand-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-07T07:45:10","modified_gmt":"2026-05-07T11:45:10","slug":"tara-chand-infralogistic-solutions-ltd-tarachand-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/tara-chand-infralogistic-solutions-ltd-tarachand-q4-2026-earnings-call-transcript\/","title":{"rendered":"Tara Chand Infralogistic Solutions Ltd (TARACHAND) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Tara Chand Infralogistic Solutions Ltd (NSE: TARACHAND) Q4 2026 Earnings Call dated May. 07, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ankit Jain<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Himanshu Aggarwal<\/strong> \u2014 Whole-Time Director and Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Rohan Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call for Tara Chand Infralogistic Solutions 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 then zero on your touchstone phone. I now hand the conference over to Mr. Ankit from Stellar Investor Relations.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Ankit Jain<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Good afternoon everyone and thank you for joining us today to discuss Q4 and FY26 business performance. We have with us senior management team represented by Mr. Himanshu Agarwal, full time Director and Chief Financial Officer. Before we proceed with this call, I would like to mention that some of the statements made to this call may be forward looking and may involve risk and uncertainties. The company also undertakes no obligation to update any forward looking statements to reflect developments that occur after the statement is made.<\/p>\n

Documents relating to the company’s financial performance including investor presentation has been uploaded on stock exchange. I now invite Mr. Himanshu Agarwal to share his initial remarks on the company’s performance and then we will open the floor for Q and A. Thank you and OD sir,<\/p>\n

Himanshu Aggarwal<\/strong> \u2014 Whole-Time Director and Chief Financial Officer<\/em><\/p>\n

Thank you for the introduction. Ankit. Good afternoon ladies and gentlemen. I, Himanshu Agarwal, the whole time director and CFO of Tarajan Infra Logistics Solutions Ltd. Welcome you and thank you for being a part of the earnings call for the quarter and year ended 31st March 2026. I hope that all of you have had the opportunity to look at the press release and the investor presentation that were uploaded on the NSE website earlier today. FY26 has been a year of disciplined growth for Tarajan. Building on the strong momentum of FY25 where we had grown 45% year on year, we have used this year to consolidate our scale, deepen our operational leverage and expand our profitability margins meaningfully.<\/p>\n

Rohan Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Importantly, we have done<\/p>\n

Himanshu Aggarwal<\/strong> \u2014 Whole-Time Director and Chief Financial Officer<\/em><\/p>\n

This while continuing to make significant capital investments that set the company up for the next Leg of growth. The headline numbers reflect this clearly. On the financial front, for the full year FY26 our total income stood at $2881 million up 13% year on year. The revenue from operations grew 14.9% to 2848 million, our highest ever annual revenue till date. EBITDA grew 27% to 1,067 million, also the highest in our history. Our EBITDA margins expanded by close to 400 basis points to 37.05%, a milestone that we have been working towards consistently.<\/p>\n

Profit after tax was 278 million, up 12% from last year. Cash pat, which I would highlight as the right metric for a capex heavy business like ours, grew 27% to 870 million for the year. Earnings per share for the year stood at 3.53 rupees against 3.15 in FY25 for the quarter Q4FY26 total income was 900 million, up 10% year on year. EBITDA for the quarter was 316 million, again up 23% with a margin of 35.1%. PAT was at 87 million which was 11% more than what it was last year and cash PAT for The quarter stood at 258 million, up by 21% year on year.<\/p>\n

I want to address one specific point upfront. On our last earnings call in January, I had shared that the company was targeting to close Q4 with revenue of 100 crore plus which would have been a first ever for us. We finished the quarter at 89.5 crores as reported today. The shortfall is largely attributable to project execution timelines that deferred a portion of our Q4 revenue about 10 crores into Q1 FY27. Also, the revenue from our newly started Dankuni Stockyard did not take off in Q4 as per our earlier estimates.<\/p>\n

We expect to realize these revenues in early FY27 and remain confident in our medium term growth trajectory. FY26 was the second consecutive year of meaningful CapEx for the company. We deployed 1,434 million rupees during the year, broadly in line with our 1,450 million that we had spent in FY25. Cumulatively over the last two financial years we have added approximately two hundred and ninety crores of CapEx, taking a gross block from 298 crores as of March 24th to 558 crores as of 31st March 2026 which is an 87% increase in two years.<\/p>\n

During ASY26 we’ve added 59 new machines including our largest 900 metric ton alternative 2,800metric ton crawler cranes, additional piling rigs, aerial working platforms and prime movers. Our total fleet now stands at 427 machines all owned and operated by us with an average age of less than 6 years. This level of investment naturally has flow through implications on the PNL. Our depreciation for the year rose 36% and our finance costs also rose 43% for the year, which were both direct consequences of this flood fleet built this is the principal reason why our PAT growth at 12% is meaningfully lower than our EBITDA growth at 27% for the year.<\/p>\n

The revenue from this fleet expansion will deliver progressively in FY27 and beyond. Now to talk about the three segments that the company operates in the first segment segment a equipment hiring and projects is now firmly the engine of the company. For FY26 the segment revenue was 1700 million against 1377 million in FY25 which is a 23% year on year growth. This segment now contributes 60% of overall revenue, up from 56% last year. Reported segment EBITDA margin which includes specialized services was 52% for FY26 versus 47% for FY25.<\/p>\n

The standalone equipment rental EBITDA margin reached 62% for FY26 versus 55% in FY25 and 59% in Q4. FY26 the average gross monthly rental yield for the year held steady at 3.05%, which we believe is at industry best levels. Within the equipment rental sectoral, mix cement is our largest contributor at 30%, followed by metals and minerals at 25%, rural and urban infra at 20%, renewable energy at 15%, power at 9% and other sectors at 1%. The most important shift here is the renewable energy which has grown from 5% in FY25 to 15% in FY26, three times its share, reflecting the deep client relationships that we have built in this space over the last two years.<\/p>\n

In our second segment which is warehousing and transportation, we clocked FY26 revenue of 1,065 million against 974 million last year, a 9% year on year growth. The total steel volumes handled rose to 11.56 million metric tons for the entire year, with Q4O loan accounting for 2.14 million metric tonnes. Segment EBITDA margin held at 16% and Q4 in this year is especially lower in the revenue than the year ago quarter primarily because Our long running 7 year RINL stockyard contract at Visakhapatnam came to a planned conclusion at the end of Q3FY26 and a new contract with Sail at Dankuni Stockyard was in its operational stabilization phase through November and most of December.<\/p>\n

Operations at Dankuni have now stabilized. As I’ve already stated and this represents our strategic entry into the Eastern India through West Bengal. We expect this segment to deliver renewed growth in FY27. Our third segment, Steel Processing and Distribution reported a revenue of 84 million for FY26 against 128 million in FY25. As we have communicated throughout the year, we are consciously de emphasizing this lower margin business. Going forward you should expect this segment to remain a smaller contributor on the balance sheet front.<\/p>\n

Our net worth grew to 1,492 million by 278 million. On the back of retained earnings the total borrowing stood at 1,384 million. At the year end our net debt to equity ratio held at 0.9 well within our stated ceiling of 1. Interest coverage ratio improved substantially to 10.3 times against 5.6 times in FY25 which is almost a doubling over the year. Operating cash flow grew 23% year on year to 693 million as of March 26th. I want to address one more specific area here where we did not meet our own expectations, that is receivable days.<\/p>\n

The actual number for FY26 closed at 93 days against our target of about 80 days. The bulk of this stretch is attributable to receivables tied to the conclusion procedures of the RINL stockyard contract with substantial recovery is expected through the first half of FY27. Moreover, a majority of Q4 FY26 revenue was realized in March and as per standard payment terms, the receipts against this revenue will come in during Q1FY27 only. We will continue to work to bring this number back around 80 days during the course of FY27.<\/p>\n

On 31st of March 2026, Care Ratings upgraded our long term bank facilities rating to Care BBB stable from CRISIL BBB stable and our short term rating to Care A3 from CRISIL A3 a year ago for the aggregate 160 crore facilities of the company. This is an important external validation of the financial profile we have built and we look forward to continuing to engage with all our rating agencies. In Q3 we incorporated Taraj and Metallics Limited our 100% wholly owned subsidiary with an initial capital of 25 lakhs.<\/p>\n

This entity is positioned as a strategic diversification into metal processing with focus areas including high frequency beams, fabrication and cutting and value added metal solutions along with servicing of HR and CR coils. Operations will be based out of Nagpur. We are presently in advanced discussions with both private and public sector clients and and we expect to firm up our investment plan and operational timeline over the next two to three quarters. Our Promoter and Promoter Group shareholding has strengthened to 71.64% as on 31st of March 2026, up from 70.67% a year earlier, reflecting the Promoter Group’s continued conviction in the company’s direction.<\/p>\n

Looking ahead to FY27, our growth strategy rests on three pillars scale, specialize and sustain. Under scale, our planned capex of FY27 is in the range of 80 to 100 crores, building on the 290 crore deployed across FY25 and FY26 combined. Our deployment will continue to be calibrated to client demand and visibility across sectors. Under Specialized our differentiated fleet includes our 900 ton all terrain crane, 800 ton crawler cranes, 68 meter aerial working platforms and the only cell phone rubber tie gantries in the industry for warehousing.<\/p>\n

This high capability equipment creates entry barriers for competitors and commands premium yields which is what delivers our 62% standalone equipment rental EBITDA margins. Under Sustain, we will maintain our disciplined focus on specialized service contracts in equipment rentals while consciously staying away from the run of the mill EPC projects that do not meet our return thresholds. Our annual growth target remains 20 to 25% over the next three years with EBITDA margins sustained in the 37 to 38% band and net debt to equity always below one ceiling.<\/p>\n

Our order book executable in FY27 still stands at 2117 million of which 64% is from equipment hiring and projects and 37% is from warehousing and transportation demand. Visibility across all our key sectors remains strong. Before I open up for questions, let me leave you with three thoughts. 1. FY26 has been a year where we have prioritized quality of growth over absolute scale. We have expanded margins, strengthened our balance sheet and earned a credit rating upgrade. 2. The depreciation and finance cost burden you see today from the heavy capex of the last two years is the company’s investment for what comes next.<\/p>\n

3. We remain committed to our medium term targets and our strategy framework which is scale, specialize, sustain. With that, I will hand the call back to the moderator for the question and answer session. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from 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. Thank you. We take the first question from the line of Rohan Mehta from Scom family office. Please go ahead. Mr.<\/p>\n

Mehta. Your line is in the talk mode. Sir. Please proceed with your question.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Hi Amanshu. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Perfect. Thank you so much for the opportunity. And I have a clarification. So in your opening remarks, the 10 crore deferment that you spoke about, what part of it is from specialized dpc? And I also wanted to get some color on how much has the specialized DTC revenue been for FY26 full year.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Okay, thank you for the question, Mr. Rohan. So a predominant part of the 10 crores differed is from the specialized services. Because the rental revenue does get accrued for the month itself or the quarter itself. So it is the project revenue that has been moved to the next quarter because of project execution delay activity at the client site. So that answers the first part of your question. And on the second part for the financial year 26, the revenue from specialized services out of our overall equipment rental segment, the total revenue from specialized services to stood at about 37.5 crores.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay, great. Also, when it comes to, you know, the industry, various sectors, I just wanted to ask you what are the current demand trends you’re observing within the equipment rent in space, particularly given the cement and metals and minerals when the concentration has been higher and also renewables where the mix has jumped from 5 to percent. So have you observed any further acceleration or softening in inquiry momentum across these sectors? And particularly how does your outlook shape for FY27 utilization?<\/p>\n

I’m asking predominantly on utilization because if I see your current utilization, that’s about 83% in Q4 and generally Q4 utilizations are much higher. So I just wanted to understand what exactly happened over there.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Okay, so to answer that Mr. Rohan, again on the visibility side, sectoral basis, we are definitely seeing higher demand across cement, renewable and power. Those are the three sectors where I would say that we are seeing a good level of demand with the clientele and the kind of projects we are looking for there with even metals and minerals, we haven’t really seen any softening. But what I do see there is more aggression or more speed, if I may put it that way, in the three sectors that I mentioned.<\/p>\n

And the urban infra demand always remains pretty good. But that is where we do a pick and choose activity because again, the margins are something that we want to safeguard. As for the occupancy levels that you talked about, so 83%, about 83, 84% was the occupancy for the entire financial year. For Q4, the occupancy was at about 87%.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Got it. Okay. And on the upcoming business transition Metallics. So I wanted to also understand that given that eventually the metallics subsidiary consolidates into the listed entity, how does the management think about the potential margin dilution at a consolidated level? Given that currently your consolidated business operates at a 37 to 38% EBITDA margin run rate, is there any particular threshold internally when it comes to scale or margin visibility within Tara Chan Metallic below which this venture would be reconsidered from being pursued?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

To answer that, Rohan, those are the metrics that we are still working on. And that is why in my opening remarks as well, and I believe even in our deck, we have mentioned that in the subsequent quarters, we do understand that we will have more clarity to be given out publicly as to what are the plans. And those plans would also then talk about expected margins and how they would align with the strategy of the company going forward. But yes, as we have always maintained that we want to sustain margins and not go into something which would which would erode overall margins at a company level.<\/p>\n

Even if I talk about consolidated levels. So that is something which is there in the discussions. But to give any concrete numbers on what we are discussing and how we are going to go about that, that is still some time away and we will definitely come up with that.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. And last question from my end. What are the two to three significant risks that you see for your business in the upcoming FY 2007, whether it is macro or operationally or any sector specific risk, and how are you thinking about mitigating them or resolving them?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Right. So to answer that, specific risks. One of this risk that does come to my mind is the fluctuation in the foreign currency that is happening because of, you know, geopolitical conditions across the world which can impact our purchase of new equipment. Because although we are buying in inr terms, but at the end of the day the oem, I’m sure, is doing a calculation based on doll, whatever their regular currency, their national currency is. But to safeguard that or to de risk that that is where we get into annual purchase plans where we have specific clauses in place, and those are part of strategy which I cannot disclose right now.<\/p>\n

So that is something we safeguard in a way. We have our discussions with our OEMs. Second, on a risk factor, if I were to, because unless there are major government policy changes that impact all sectors across the board, there’s no specific risk per se that I see on the demand or the visibility that we are seeing with our client. And suddenly one other. If I were to put out a risk, one other risk would be if suddenly the clients who we have the visibility for in the upcoming year suddenly decide to not execute a project which hasn’t happened, at least in the history of our association with our clients.<\/p>\n

That is a risk that we can factor in. But that is something which is all hypothetical. And it is hard to answer how we would safeguard against a probable scenario which hasn’t really been the case where we have to think about going around mitigating that. But on an overall level, if I were to talk about mitigating those risks, when it comes to client level risks, we are spread across sectors pretty, you know, across the sectors, across states, across regions. So we have got that opportunity that if something does not work out at a particular project with a particular client, that can be always.<\/p>\n

Our equipment can be mobilized to another sector or another client as the need may be.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure, sure, sure. And just one clarification. On the specialized DTC front, you spoke about that, you know, this year in the previous call that on the margin front we are focused on, you know, stabilizing the business and ensuring that going forward you will pick projects which, you know, are not run off the mill. So your margin guidance still stays at 18 to 20%. And is that the case? And what sort of growth are you targeting for FY27 from specialized DTC as well as the segment B which is your warehousing and transportation.<\/p>\n

And if you could also give some color on net leaves and cost of funds, that would be good.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Okay, so first to answer the specialized services part. So for the FY26, the EBITDA margin stood at about 18% for the specialized services. And that is the band as we’ve always spoke about. 18 to 20% is something that we would continue to target in that specific area. And with regards to growth on specialized services, we are looking at that sector also growing or that specific service offering growing by 20 to 25% in FY27. For sure because of the visibility and opportunities or the pipeline that we are seeing coming up as per our discussions with the client.<\/p>\n

As for warehousing and transportation, it grew at about 9 odd percent last year. But we do see it has the potential to grow at about at least 15% and that is what we would be targeting for FY27 while also sustaining the EBITDA margins there which have been at about 16% but we would try to push them also to match. These are specialized services range of about 18 to 20%. So that was I think your first question and going to the next one, the cost of funds is at about weighted average would be about 8 to 8.2% is the cost of finance that we that the company has across the last financial year.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. So a net means<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Net yields as we’ve talked about earlier also it all is in the range of about 2.2, 2.1 to 2.2% if I’m not wrong.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

So there’s been no change in the cost of funds after credit rating, is that correct?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yeah. So the cost of fund of any new funding that we that comes into play, that cost could benefit the company. But then there are other factors apart from just the credit rating which are also dependent on RBI policies, bank policies. But traditionally we had a very aggressive cost of funding and we deal with our banking in a way where we ensure that we are in a best of the industry standards when it comes to cost of finance and that we will continue to maintain going forward.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure, sure. Thank you so much.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

I’m<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Wishing you all. Thank you.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. We take the next question from the line of Ishit Desai from Ford’s family office. Please proceed with your question.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Yeah, thank you for the opportunity. Himanshu. Himanshu. My first question was on the equipment rental side. I thought we have seen himanshu in Q H1 of this financial year the margins were in the range of 63 64% EBITD wherein H2 has been lower which is very unlikely this segment or historical numbers. Also Q3 in a way had some provisions built in which pull down the margin a bit. But Q4 margins at 59% seems to be the lowest of all four quarters. So any, I mean given that we were adding renewable energy contracts and also adding air tonnage machines, one would expect the margins to improve a bit.<\/p>\n

So any specific reason for a lower Q4 EBITDA number on rental side?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes, so as you rightly pointed out, in H1 we had higher margins and that was because the occupancy was steady. In H1, when I say steady is that there wasn’t much movement, although the rentals might not have been at their best levels, but the movement of machinery was limited. Whereas what We’ve noticed in Q4 specifically, there were certain contracts of larger machines which were previously deployed that came to an end and there was a lot of movement or new projects that we were focusing on where we have to move machinery.<\/p>\n

So the cost aspect grew on that front. And that is where the EBITDA that you’re seeing, which as if you look quarter on quarter throughout the quarters is at a lower range. But overall if you would see, still we’ve been able to maintain the 62% for the entire financial year, which I still feel is in the best in class category.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

So I mean Q4, the kind of movements we have seen in Q3 Q4, is this normal for larger tonnage machines or we should consider that, I mean moving forward 61, 62% is the normal and this is more of one off kind of scenario for Q3 Q4.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

See, ideally I would say the range 58 to 62%. That, that is something, that is something that you should look at because that is where dependent on when the movement happens. And because of these large machines. The challenges that come in is although we anticipate the time taken might be about a month, but at times even it leads into a month and a half or so because of the reasons where the machines of such large capacity need to be dismantled, then loaded onto trailers which are multitude of trailers mobilized to a new site where there are gate paths and other requirements.<\/p>\n

All of those factors that go into play lead into eating up of the time where the idling happens. So that is where the margins get eroded a little bit. And the cost of transportation, depending on where the machine is currently located and where we need to deploy, it also plays a big role there. So that is why I would say the range of 58 to 62 looks more reasonable.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

And on the steel logistics and warehousing side, you mentioned that the Dankuni warehouse didn’t go as per the expected time. And because the order book which we saw in Q4 was about 33 crore, but we ended up booking 26, 27 crore. So I wanted to understand more from a Q1 perspective. Are we still in that ramp up stabilization phase or so? It will take probably a quarter more or now from a Q1 perspective, should be back to the run rate we were envisaging from an order book perspective.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

So that’s a good question on in Q1 as well we are seeing a ramp up. I think it’s been a multiple of factors One not just the warehousing part even on the transportation transportation side especially with certain factors coming into play with the geopolitical conditions in March we did not see the kind of movement of steel happening in the month of March which we usually traditionally see. So the revenue from transportation activity also was. There wasn’t much increase or rather it was a flat revenue from if I do a year on year comparison for Q4 from transportation second Dankuni with Dhankuni also we expected the total steel to be handled if you look at it for Q4 was about 2.1 million or so which otherwise in the last financial year the steel handled Quantum was almost about 4 million so that activity impacted the expected revenues and to reach that scale back with the Vishakhapatnam steel plant when we had that contract it was an established place where it was a steady flow of operations there While Dankuni is still taking a little bit of more time.<\/p>\n

But yes, by the end of Q1 we do see that it should be up to pace.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Understood, understood. And on the opening remark you mentioned something on RINL receivables I think but can you just clarify, you mentioned that the closure of the contract have we received the partial amount and yet to receive the remaining amount.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

So what I tried to explain in the opening remarks and which is part of the earlier call as well is the procedure is still ongoing and we expect that the amount pertaining to being released from RINL for the closure that happened at the Vishakhapatnam steel plant contract should come in the first half of FY27.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

And on the Orderbrook MOOC breakup which you have provided for FY27 about 135 odd crore is from equipment rental and projects. What portion of that would be specialized projects?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

So out of that you can consider about if as of today it is about 23 crores of the order book is specialized services.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sorry, what number did you say<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

It’s 23. About 23 crores is from specialized services<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Which includes the deferment from Q4.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes, absolutely<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. And lastly on MATLX you mentioned that you still have to figure out an operation plan and working with some of the customers. So fair to assume that we’re not expecting anything on ground activity in FY27 and whatever will move in terms of operation or some trial runs will only be in the next financial year.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Absolutely. So that too I would say more so towards the second half of the next financial year.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Operations,<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Whatever starts getting built up, probably once we have clarity over the next couple of quarters that will be clear and then we’ll start building towards it. But the operations to take off, I would still see that happening sometime in second half of FY28.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Understood. Thanks. Thanks Himanshu. Thanks a lot from my side. Thank you.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you for the questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from Rehan Sayed from three Netra set managers. Please proceed with your questions. Sir, They’re not able to hear you clearly.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Hello, I’m audible. Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes please.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Yeah, so my first question is around your specialized service. I want to be understanding regarding specialized service appear to be becomes a very key differentiator for the company. So can management explain what proportion of the current auto book comes from specialized solution vs rental regular contracts?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you for the. Yeah, so thank you for the question. I just, I think in a previous answer, in a previous question I had answered of the current order book we have about 23 crores is from specialized services.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay. This is just understanding regarding our complexity operation across 21 states. So what investments are being made in technology, fleet tracking and operational system to improve efficiency and reduce downtime?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Right. So we’ve got our arrangements with OEMs where we’ve got fleet tracking arrangements. The technology is already there within the fleet fleet that we have because that is the reason we keep updating fleet and adding new machinery which is up to date with the latest technology available out there. So that enables us to get an insight into the machinery while operating it out of our corporate office as well as the different depots that we have across the country. Second, there is a network that has been created through the software systems that we use where we are able to get in the information and ensure that there is no downtime more than what is humanly possible for the machines to be always available for a client site.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Okay. And my last question around fleet utilization has remained strong at around 80%. So what is the practical ceiling for utilization in this business and at what level does management start adding credible capacity in the sector?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

So a manageable or a reasonable best case scenario I would say is 85, 86% to be maintained across the year. There are certain quarters, like I said Q4 we had higher occupancy. So there are certain quarters where the occupancy can be higher. But throughout the year maintaining an 86 even going up to 87, but I would still say 85. 86% is something which is would be considered as best case scenario for occupancy levels.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Thank you. Thanks for.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to all the participants. Anyone who wishes to join the question Queue may press SAR N1 on the attachment telephone. Ladies and gentlemen, if you wish to ask a question, you may press star N1 on your Touchstone telephone. The next question is is from the line of Twanil Desai from Total Capital. Please proceed with your question.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Hi, good afternoon Himanshu. So my first question is so kind of slightly more color on this 20 to 25% growth for this year. So since now that 10 crore specialized service order is now deferred, should we assume that we will be towards the higher end? Because that anyway gives you 3,4% growth extra over whatever you are planning for FY27. Is that a right understanding? And second part of the growth question is that you talked about the warehousing and transportation going at 15%. So that means, you know, you are the equipment specialized service business has 30% kind of go 3% kind of a number.<\/p>\n

So is, is this something, is the math right is how you guys are thinking or am I kind of, you know, understanding it differently?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Right. So thank you for the question. So with regards to 20 to 25% growth target for the year, yes, it is going to be obviously a combination of our two prim segments. One is the equipment rentals and of that specialized services as you talked about 10 crores of revenue coming into this financial year. So that has been factored in in our consideration of the 20 to 25% growth. So that if as you rightly pointed out, looking at the visibility and with the orders, more orders expected to come in with the kind of pipeline we’re looking at that could help that 10 crore overflow into the current financial year could help to push the growth in that upper bracket of the band and further help in that growth overall.<\/p>\n

So to answer that question that is yes, you’re thinking that correctly on the second you asked about warehousing and transportation growing at about 15% and together warehousing and transportation and the specialized services as per your estimation is going to contribute 30% is something that I did not understand your question there.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

So what I’m saying is that almost 37% of the revenue is coming from the warehouse and transportation, right? And you mentioned that, you know that is likely to grow at 15% if my understanding is correct in the one of the previous answers,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. So if that<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Segment grows as 15% that roughly brings around 5% growth on a total basis. The rest of the 20% growth has to come from the equipment which is 60% of the business. So that has to grow at a 30% rate, right. For you to kind of combine basis growing at 20% plus. So equipment rental plus the specialized services has to grow significantly higher than the company average.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes, that is a correct understanding. And that is where as I pointed out in my opening remarks as well, the CapEx that we have done over the last two years along with the CapEx that is planned in this year, the order book that we already have in hand and the pipeline that we see coming up. So that gives us the confidence that we can grow in that band of 20 to 25% pushing for up to 25% or in the upper segment. Upper spectrum of that bracket will depend on how the further order books play out in the next quarters.<\/p>\n

But at present, yes, we are pretty confident that with specialty equipment rentals and specialized services driving the growth, we should be able to meet our targets.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Second question is slightly more strategic and more on capital allocation side of it. See we have been talking about, you know, Tarachan Metalix in the past and overall though we don’t have any blueprint ready as of now. Generally this kind of businesses exist, you know, both in public markets and in private markets. So general economics and understanding is available. So the question is that, you know, in order for us, our equipment rental business to grow at 20, 25%, you know, we need to, to continue to do capex of 80 to 100 crore.<\/p>\n

Our cash flow is 70 crore. Probably it will increase with scale. But the point is that if you need to do capex and then also you will need working capital with the current balance sheet, does it make sense to allocate capital to a newer venture while the opportunity exists in the existing business equipment side where we are well positioned, why are we kind of trying to do something new while there is enough opportunity at our hand?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

That’s a good question, sir. Again, but again to put it in perspective, we are still trying to work out on what eventually are we going to be going ahead with metallics and that will take into consideration all of these factors that you also pointed out and that is a part of our discussion and part of the strategy discussion that the company is having and the leadership is having. So once those ideas and blueprints become more clear, I’ll be in a better position to answer your question and as a company, across our legacy businesses and what we have done over the last 40 odd years, we would like to stay diversified and not put all our eggs in a single basket.<\/p>\n

Because we have to look at opportunities for the future as well. So that all of those factors will have to come into play when we take a final call on what we are doing with Metallics and how we go about allocating capital and what would be the results that we get out of it. So we will come back to that in the next couple of quarters and better that we answer that question then<\/p>\n

Rohan Mehta<\/strong><\/p>\n

The only request, Himanshu, is that if. If on the balance sheet side if you are able to maintain the discipline, that would be really helpful especially on the debt side. So that’s the only. Definitely. Thank<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

You sir. That is something that we already have in consideration.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Mr. Dhvan. Does that answer your question, sir?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Yeah. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Kaushi Krishna, an individual investor. Please proceed with your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Good afternoon.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes, good afternoon.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. And what regarding the receivable? What is the exact amount receivable from rvnl? Sir, you didn’t deliver the amount I think.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

I’m sorry, what is the question? Sir,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The exact amount receivable from rnl. Exact amount<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Receivable from rinl. That is something. We cannot disclose the specific number but we can give an update once the amount is received and that will be updated in the subsequent quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. If you mention the specific amount. No. We will understand the exact burden falling on our balance sheet. That is the reason I asked about it and you have mentioned it that we’ll be receiving it in H1. And did you get notified from RVM for the same?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes. So we are in discussions with them. There is communication and as per the timeline set out. That is why that is the consideration that we’ve taken that it is. It should come in. In the first half of FY27.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir. And even that on the smaller base we have. Don’t you think 20 to 25% growth is too low compared to the other competitors? And as we have been growing with the debt also. So. So can you comment anything on this?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Sir, with regards to growth on debt. So debt is aligned with the capex that we have been doing. And that much as I stated in my opening remarks as well, our focus remains that our debt to equity ratio, a ceiling that we have set for ourselves should be below one. And going forward that will also remain the same. That Is the target with regards to growth of 20 to 25%. That is for the kind of business and activities we are in without really going into what any of the other competitors are currently growing at or talking about going at.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, understood. That’s it. From my side.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ishad Desai from Ford’s family office. Please proceed.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Thank you for the follow on Himanshu Manchu. I wanted to understand a little More on the CapEx side for this current financial year. I believe we mentioned a target of 7,200 crore. So this is going to be more deployed towards renewable energy mix of the current segments. Where do we see more opportunities towards. If you could share some insights on that.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Sure. So yeah, definitely the focus is going to be on higher capacity machines as has been the case if you look at our CapEx over the last, especially last financial year. And the idea is as we’ve always maintained that our investments are made in a way where our equipment is fungible across sectors. So even going forward, although visibility would be, let’s say right now, more from renewable energy. So yes, the equipment will be first invested in considering renewable energy as a probable end user but it can eventually also be working in a cement plant down the line.<\/p>\n

So that is what the approach we keep all the CapEx that we do is all driven by visibility and order book. So whatever we do will be focused at all the sectors that we are working in. But yes, renewable energy is going at a growing at a faster pace for us. So most of it seems to be aligned towards renewable energy itself.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. And the second part to that Himanshu is to the previous participant you had mentioned about the breakup of growth. So equipment rental probably and services will be growing at a faster rate than the company average we are looking at given that that is a higher EBITDA contribute margin business. That 37 to 38% number which you are looking at, is there a potential upside to it given that that segment will probably contribute larger amount to the overall mix of revenues.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

So the upside will depend on again the mix between rentals and the specialized services because on the specialized services the EBITDA is in that 18 to 20% range. So with the kind of visibility order book that we are targeting, we do see a substantial growth coming in from specialized services as well. And the right mix from both the equipment rental and specialized services could help in pushing the EBITDA margins upwards. But 37 to 38% what we have talked about in my, what I have talked about in the opening remarks is something that we remain committed to ensuring that we do not go for growth for the sake of growth, that we maintain and sustain margins.<\/p>\n

Rather in the last year we have been able to grow margins by ensuring that we focus on quality over quantity.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. And last this year, I mean FY26 we were targeting about 40 to 50 crore of specialized project services. I think FY27 also the target would be similar, slightly higher. Can you comment?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yes. So we closed at about 38 crores for FY26. But for FY27 now that the service capabilities have started developing over the last two financial years, we are seeing more inquiries flowing in for similar specialized services from multiple clients. So we do see opportunity where we should be able to push upwards of 50 crores for this financial year.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure. And standalone rental if you were to exclude services part has been at about 133 crore. So what growth should we expect in standalone given that we also going to add some capex during the year. So there again 25 30%. Is that a reasonable estimate?<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Yeah, we would be targeting a 25 to 30% growth on the standalone rentals.<\/p>\n

Rohan Mehta<\/strong><\/p>\n

Sure, sure. Sure. Thank you. Thank you. That’s it for my side. Thank<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Vimanshu Agarwal for closing comments.<\/p>\n

Himanshu Aggarwal<\/strong><\/p>\n

Thank you once again everybody and as I’ve always said it is always a pleasure to talk to you and interact with you during these calls. I hope I have been able to do justice to your questions and if you still have further queries or doubts please feel to write to us or write to our investment relations team at Stellari Advisors and we’ll get back to you as best possible. And we look forward to continuing our journey of growth over the next quarters and years alongside you. Thank you once again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir on behalf of Tara Chand, Infra Logistics Solutions Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Tara Chand Infralogistic Solutions Ltd (NSE: TARACHAND) Q4 2026 Earnings Call dated May. 07, 2026 Corporate Participants: Ankit Jain \u2014 Investor Relations Himanshu Aggarwal \u2014 Whole-Time Director and Chief Financial Officer Analysts: Rohan Mehta \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089,15174],"class_list":["post-182476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings","tag-tarachand"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":178482,"url":"https:\/\/alphastreet.com\/india\/tara-chand-infralogistic-solutions-limited-announces-third-quarter-and-nine-month-results-for-fiscal-year-2026\/","url_meta":{"origin":182476,"position":0},"title":"Tara Chand Infralogistic Solutions Limited Announces Third Quarter and Nine-Month Results for Fiscal Year 2026","author":"Staff Correspondent","date":"January 30, 2026","format":false,"excerpt":"Tara Chand Infralogistic Solutions Ltd (NSE: TARACHAND) reported a nine-month net profit of 1,915.40 Lacs, supported by revenue growth in its infrastructure and transportation segments. These results highlight steady operational scale and segment-wise capital strength for the period ending December 31, 2025. Latest Quarterly and Nine-Month Financial Results For the\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":152571,"url":"https:\/\/alphastreet.com\/india\/tara-chand-infralogistic-solutions-ltd-q1fy24-81-rise-in-profits\/","url_meta":{"origin":182476,"position":1},"title":"Tara Chand Infralogistic Solutions Ltd Q1FY24; 81% rise in Profits","author":"Chirag Gupta","date":"August 10, 2023","format":false,"excerpt":"Tara Chand Logistic Solutions Limited is engaged in Infrastructure Construction Projects and Warehousing & Transportation of Steel. 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