{"id":183373,"date":"2026-05-18T08:20:45","date_gmt":"2026-05-18T12:20:45","guid":{"rendered":"https:\/\/alphastreet.com\/india\/epack-prefab-technologies-ltd-epackpeb-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-18T08:25:15","modified_gmt":"2026-05-18T12:25:15","slug":"epack-prefab-technologies-ltd-epackpeb-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/epack-prefab-technologies-ltd-epackpeb-q4-2026-earnings-call-transcript\/","title":{"rendered":"EPack Prefab Technologies Ltd (EPACKPEB) 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

EPack Prefab Technologies Ltd (NSE: EPACKPEB) Q4 2026 Earnings Call dated May. 18, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Rahul Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Nikhil Bothra<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepak Poddar<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Devang Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to EPAC Prefab Technologies Limited Q4FY26 earnings conference call hosted by Philip Capital Private Client Group. As a reminder, all participant lines will be in the lesson 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 a touch tone phone. I now hand the conference over to Mr. Anut Shah from Philip Capital.<\/p>\n

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

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everyone. On behalf of the Philip Capital Private Client Group, I would like to extend a warm welcome to all participants and thank the management team of CPAC CFAP Technologies Limited giving us the opportunity to host Q4FY26 earnings conference call to discuss the company’s quarterly performance and business outlook from the management team. We are pleased to have with us today Mr. Sanjay Singhanya, Managing Director and Chief Executive Officer, Mr. Nikhil Bhatra, Executive Director and Mr.<\/p>\n

Rahul Agarwal, Chief Financial Officer. I would now like to hand over the call to Mr. Sanjay Singhanya for his opening remarks. Thank you. And over to you sir.<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Yeah, thank you. And first of all, thank you everyone for joining us today. Let me start with, you know what matters the most. So we said we deliver and we have delivered. We said we’ll do it and we have done it. So FY26 was our first year or the first full year as a listed company. And I’m very happy to tell you that our revenue is up by 35% at 1525 crores. Our EBITDA margins have expanded. Our PAT is up by 56%. We have paid down around 107 crore of debt. So now we are heading towards becoming a debt free company.<\/p>\n

Our credit rating has improved and most importantly, every commitment that we made while going for the IPO has been met. So I’m very happy for this and I really appreciate the hard work that my team has put and the way they have been aligned with the vision of the company. I also want to highlight something that does not get attention that it deserves and that is the quality of earnings. I’m very happy to tell you that we have generated around 135 crores of free operating cash flow last year which is approximately 85% of our EBITDA converting into cash.<\/p>\n

So for a fast growing company deploying significant capital, that is exceptional cash discipline. We are not just growing, we are growing and generating real cash. So in my opinion that is the hallmark of a well run business and a great management. Now let me also talk something about our capacity. How we are utilized during the year. So our prefab capacity utilization, the structural steel fabrication tells a clear story. We started Q1 with 58% utilization then moved to 77% in Q2. It came down little in the quarter three at 67%.<\/p>\n

And then again in the last quarter we have hit a capacity utilization of 83%. So this number itself is quite significant. It means we were running close to our full capacity by the end of the year. It also justifies our capital investment in adding new capacities. And this is why we have added. We have already added 14,000 tons of capacity in the last quarter which has become operational from this month onwards. And based on the demand trajectory that we see we expect that the incremental capacity whatever we have added and about to add will be absorbed this year significantly.<\/p>\n

Looking forward ahead we have three capacity additions underway simultaneously. So the first Mumbai downfield line two that has already been commissioned. Second, our Villoth greenfield project in Noida in North India. It is progressing very well and we expect commercial production from this new continuous sandwich panel line to come up in the quarter three in the month of October November 3rd is our bazaar brainfield project which is coming up in Vitlapur. So very happy to tell you that the civil construction is in full swing.<\/p>\n

In the first phase in this plant we will be adding capacity of close to 50,000 tons of PEB for serving the large and fast growing industrial markets of Maharashtra and Gujarat. So three plants, three geographies all coming in line in FY27. And we plan to do a total capex of close to 150 crores in this financial year to ramp up our capacities for the fabricated steel and the sandwich panel line. Friends, while you know like we have many hits, many achievements in this year but we also have some misses.<\/p>\n

Our sandwich panel line that we put up last year in Mumbai did not perform to its potential. The capacity relation was low at around 25%. And we are candid with ourselves about why it happened. So what we have done is we have rebuilt the sales engine. We have had a relook at our go to market strategy and now with the new leadership in place with the structured restructured sales team and SAPA market focus I believe that this year we’ll be able to utilize a substantial portion of our new sandwich panel line that was inaugurated last year in Mangado and the order book of 4 lakh square meters which is 50% of the capacity of that line already booked.<\/p>\n

It gives me confidence that this year definitely we are going to utilize a substantial portion of this line. I also want to talk something about the financial year 27. So our prefab business, which is prefab division, which is the engine of this company, of our company is guiding us towards a 30% growth. Our overall order book stands at 1117 crores today giving us a clear visibility of the next six to eight months. And friends, I’m very happy to tell you that we are booking good orders. We are booking orders from some of the biggest companies in the country.<\/p>\n

And I believe that this quarter, the quarter one is going to be the good quarter for us in terms of order booking. So once we have a good order booking in the quarter one then it gives a further clarity on the total Runway and the total revenue. The guidance that we are giving we have compounded at 36% for the last consecutive five years. Today we have the capacity, we have the order book. We have the most promising sectors like renewables, data centers, semiconductors, logistics. We have a great team who is guided by the management and is motivated to make us one of the prominent players in India’s prefab industry.<\/p>\n

We have a clear Runway ahead and I believe the Runway ahead is longer and wider than it has ever been. So to end my remarks I would say we are not a company that is slowing down. We are a company that is just getting started. So over to you Anuj. I’m open to the questions so please go ahead.<\/p>\n

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

Thank you very much sir. Before we begin the Q and A session Anuj will initiate the discussion with a few questions for management to provide greater context on the quarter’s performance and set the tone of the call. Following this we’ll open the flow for Q and A. Over to you Anuj.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. So I have certain, had certain questions. So my first question would be so is management chasing growth to aggressively by adding capacity ahead of confirmed orders?<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Is management chasing growth? What did you say? I didn’t understand properly.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

So currently so the capacity is say for, for example 1 lakh 47,000 metrics capacity and you know going forward 36,800 incremental capacity will come in Gilot and Mumbai as well. Capacity is also likely to come by Q3 of FY27 at Gujarat Greenfield project. So just wanted to know because considering the order book as of now it is close to 1100 Cross. So just wanted to know because if you could just help me understand the capacity expansion plan and the kind of Growth that we are posting for FY27. That would be great, sir.<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Yeah. So in terms of capacity, as we already told, we have a capacity of 1 lakh 47 thousand tons. And we have another 20 crore rupees in our bank to add a capacity of another 14,000 tons in our Gilaud plant. For the time being we are not doing it in Gilot. And we believe that you know like at this time we have sufficient capacity in the north. So in space of that what we are doing is we are putting up 50,000 tons of capacity in Gujarat. The Gujarat market West market is very promising. Gujarat and Maharashtra.<\/p>\n

And like you know, when we put up a facility with huge capacity in the south, you know, it was immediately taken up and within 18 months, you know, we had to increase the capacity. So I believe, you know, in Gujarat also the same is going to happen. But because that is one of the fastest growing market after South India.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay. And considering that you know this, this quarter we’ve done, you know margins have declined say roughly around 70, 80 basis points and we’ve done close to 9.7% to 10% kind of a margin. Do you see that considering the capacity that we are expanding over the next six to eight months. Do you see any sort of pressure on the margins going forward or you maintain, you know the 10% margin band, you know for FY27 and for, for the year going forward.<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Yeah. So on the margin front our guidance has always been that it will be range bound between 10.5 to 11.5% and we could achieve 10.5% last year. FY27 also our guidance is the same. It will be at least 10% plus throughout the year. The margin of the margin reduction by 70, 80 point in the quarter four was mainly due to the steel price increment. And since you know like a lot of our contracts are fixed price contract and this time because of the minimum import barrier duty being imposed. So the steel prices increased tremendously.<\/p>\n

But very happy to tell you that you know we could get price increment from most of our customers. They understood that, that no, this was, this was, this was not a normal increase. It was because of the increase in the taxes and the anti dumping duties. So yes, margins can be expected to be 10 plus 10 plus percentage in this FY as well.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, so that was a, that was for a full year, sir. So just a follow up question on the same. Do you see any material impact in Q1 and Q2 considering materials? I mean the steel prices have really shot up in Q4, do you see that impact also percolating into Q1 and Q2 of the current financial year?<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Maybe a little of it in the Q1, but Qt Q2 I don’t see any, you know, like any major challenge there because again, as I said, you know, most of the contracts that we have, we have been able to get the price increase in 80% plus of the contracts we have been able to get the price increase. So there’s not much impact. And also we have to support us in this quarter we have an inventory of close to 32,000 tons which will take care of this entire quarter. But yes, that inventory is not at, you know, like at the price at which we have fixed the contract.<\/p>\n

So definitely there will be some impact, but not very marginal impact on the EBITDA side.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, so happy to know that. So just the last question from my end. I mean these new age sectors like renewables, ev, data center, semiconductors, they are releasing a lot of traction and demand overall. I mean if you could just give a sense of how the overall new age sectors are actually driving your overall order inflows and pipeline and in the current order book how much portion of this really constitutes in your overall 1100 crore order book.<\/p>\n

Sanjay Singhania<\/strong> \u2014 Managing Director & Chief Executive Officer.<\/em><\/p>\n

Yeah, so you’re right that you know, like renewable and data center, logistics, semiconductor, they all are the growth drivers in our business. And as often as of as of 1st of April of the total order book around 35 to 38% was from these sectors. And if you look, if we have, you know, like if you look at the, our inquiry funnel, lead funnel. So I would say you know, in this year the momentum will continue rather it will grow because most of this new renewable companies, they have committed investments in the PLI and last two years we saw, you know, they were putting up facilities for the module manufacturing in solar and solar cells plant.<\/p>\n

And now we see a lot of inquiries coming to up for the wafer and the ingot plant. Typically the buildings of the wafer and the ingot are much bigger and like heavier in terms of tonnage for us. So that is again a good business opportunity. And same is with the data centers as well. Data centers in the last two years we have mainly done insulated sandwich panels, the rockwool panels. And now it has been very widely accepted in the market as a product to go for in the data center. And as we speak we are in discussion with at least three data center companies to support them in their construction also.<\/p>\n

So now we want to get into the structural steel part of the building which will help to expedite their construction.<\/p>\n

Anuj Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Okay, thank you so much for answering the question. We shall now open the flow for Q and A session. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin 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 withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of DIA from Sapphire Capital. Please go ahead,<\/p>\n

Deepak Poddar<\/strong><\/p>\n

Sir. Am I audible?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yes.<\/p>\n

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

Yes. Please go ahead.<\/p>\n

Deepak Poddar<\/strong><\/p>\n

So what revenue are we targeting for this year?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

So this FY27, we are targeting a growth of 30% in our prefab division. So it will take us to around 1920 to 1950 crores, kind of a revenue for this year. We will continue our growth momentum over the last five years that we have displayed. So this year again, we are guiding the market for 30% growth in the prefab division.<\/p>\n

Deepak Poddar<\/strong><\/p>\n

Okay, so I’m not sure. Next question, please.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Margins will be 10% plus. We don’t see any margin traction this year. Although in quarter one, yes, there could be little impact. But overall on an annualized basis, we don’t see any traction. It will be maintained at 10.5 plus only.<\/p>\n

Deepak Poddar<\/strong><\/p>\n

Okay, sorry. Got it. Thank you.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Karan Gupta from admin. Please go ahead.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

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

Sanjay Singhania<\/strong><\/p>\n

Yes.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah. So two questions. One is on the order side. So can you tell me the run rate of order booking or order inflow monthly basis just to get the sense of when after six to eight months of the orders will fulfill. So just to estimate how the orders will be for the full year. So just want to know the run rate of the orders.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Okay. And the next question.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

And next question will be on the margin side. Your sandwich panel is not the optimum utilization, but if you’re saying that it will be around what percentage during the year and how it will be. Utilization. Yeah, yeah. Utilization and how it will improve your margin during the year. Okay.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Okay. Perfect. Yeah. Thank you. So first of all, I will answer your question on the run rate of order book. So last year we have done an order booking of 1590 crores. And when we are giving a guidance to the market of 30% growth this year as well in this business. So it means we’ll have to grow our order book 30% this year again. So tentatively, the Order book target for us in this year is 2000 crore rupees plus giving the you know like run rate or average run rate per month and like guiding towards it is difficult in the project business because there are certain projects which take little time to finalize.<\/p>\n

The bigger ones especially, but when they do know like they make up for the entire quarter. But yes, our overall order booking target for this year is 2000 crore rupees. Coming to the sandwich panel line utilization this year, I’m very hopeful that the Mambaatu plant utilization will be at least 75 to 80%. And that is one line which is completely automated in terms of operating cost. It is very light. So again, but you know, since the overall impact of this sandwich panel revenue won’t be much on the company, it will add another.<\/p>\n

It will add another 70 to 90 crores. So you will not see too much of an impact on the overall margin. But margin wise this is little better than our structural steel business.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Okay, so this sandwich panel we are not selling outside, we just integrating with our prefab.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yes. So we are using it for our captive consumption wherein like we have booked the order with complete sandwich panels and structures and everything. At the same time we are selling it outside also right now the order booking of 40004 lakh square meters that we have in hand out of that around 75% is towards captive consumption and 25% is towards sales as a product sales.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Okay. Okay, so just, just last question on the sandwich panel again. So let’s assume we are selling a package of prefab plus the sandwich panel integrated in that overall package. What is the potential we will charge or what will be the premium our product will have as compared to the other competitors? What is the cost of setting up this sandwich panel?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yes, yes. So you know, like first of all we don’t see as something, you know, as a product which will give us the premium, the sandwich panels, but it gives us the priority. So we get there are buildings which will have insulated sandwich panels as well as the structure. Right now the customer has to go to two different vendors and then the coordination of design between them becomes a huge challenge for the customer as well as the consultant. So that is the problem we are solving. So it gives us a priority.<\/p>\n

Whenever some building is there with insulated sandwich panel size structure, we become a preferred vendor and it helps to clear up the order. Coming<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

To<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Your next question, I think it was regarding primarization. What is the premium we are getting or what was the second question about?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, so second Was on the capex side of the sandwich panel.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah. You know like. Yeah, yeah, yeah. Thank you. Yeah. You know like in Mombato plant when we set up this line we invested around 70 odd crores in in the building as well as the plant and machinery. Because the land and the land development was already done there. And when we are doing it in Gilot Rajasthan then we have EMR the total capex of 102 crores. So in this the capex towards the sandwich panel line I would say is almost 90%. So it works out to be 90 crores. Yes. So it will be 90 crores for the land building.<\/p>\n

For the building as well as the plant and machinery.<\/p>\n

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

Okay, thank you. Thank you.<\/p>\n

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

Thank you. Next question is from the line of Archit Agarwal from Step Trade Capital. Please go ahead.<\/p>\n

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

No hello. Please go<\/p>\n

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

Ahead. Yes, you are audible. Please proceed.<\/p>\n

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

Yes, congratulations on good setup number. My question is there are three segments of the company. Sandwich panel and preset business. And then other is packaging business. Can you give the bifurcation and the margin profile?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah, thank you. Giving a like bifurcation of the margin profile would be very difficult. I know. Because while they maintain that the packaging business the margin profile is little better on the beta side. You know like while the overall I think in the prefab before it is range bound between 10 to 10 and a half. In the packaging business it would be 100 bits more. So that is it. But guiding the market towards the sandwich panel margin separately would be very difficult at this moment. Because a lot of raw material that we use in the sandwich panel is common in the prefab, the structural steel also.<\/p>\n

So at this time, you know like we do not have that kind of number and we do not want to maintain it separately as well. Because most of the projects are integrated. So they will have structural seal as well as the insulated panels.<\/p>\n

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

Okay. Okay sir. Thank you. And the other question is about the capacity addition. So when we can expect this Gujarat capacity. 50,000 tons of capacity.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah. So the Gujarat capacity we are learning by the end of quarter four. So actual utilization of the Gujarat will start from next fy. Okay.<\/p>\n

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

Okay sir. Thank you. That’s all for me.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Divya from Shubkam Ventures. Please go ahead.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Hi sir. Congratulations on a good set of numbers. Firstly I wanted to understand if there is an order wherein we sell both sandwich panels and peb. Are the margins better than just selling peb? Also if you could provide the revenue breakup Between PEB and sandwich panel. That would be great.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah. So on the margin front, you know, as I already told you, we are not maintaining separately when we look at a project, we look at the project’s margin irrespective of the component that goes into it. So for us Sunbase panel is a component that is going into the particular project and we look at the project margin, we don’t look at you know like the product wise or component wise margin first of all. And your second question Rahulji will answer. How do you. Do you have the number on that?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Can you repeat the question please?<\/p>\n

Anuj Shah<\/strong><\/p>\n

Can you provide revenue breakup between PEB and sandwich panel for FY20?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, look, I mean we generally haven’t demarcated both the revenue for the purpose of reporting. However on a quantitative basis this year we did about 5 lakh 18,000s parameter of sandwich panel. So fairly, if you, you know multiply that by about 1300 rupees you will get the value of the sandwich panel that’s about 65 odd crore. However I maintain that we do not report that, you know, on a separate note base.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Got it? Got it sir. Secondly, 35 to 38% of our order book comes from renewable semiconductor data center, all the high growth industries. So could you tell us whether what kind of niche service do we provide to them? Where are we useful for them and are the margins better in those sectors?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah. So first of all the service that we provide to them which is you know like unique to epac. Why you know most of the want to come to EPAC is because of our speed of execution. So I believe you know it is, it is our speed which is attracting most of these players. First of all it is the product speed because prefab as it is is at least 60% faster as compared to the conventional RCC construction. And second is the overall ability of EPAC to perform faster. So that is one. And when you look at the margins, see margins more or less.<\/p>\n

You know like this is an industry in which we are three to four large players out of three, three are really like having good capacity. So because of competition definitely we cannot command a huge margin more than the margin. It is important for us to utilize our capacities and target the growth. So at this moment, you know like while margins are important, margins will be maintained in the range bound of 10.5 to 11.5%. But we are seeking growth and we are chasing growth.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Okay, thank you so much.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Vikas, an individual investor. Please Go ahead.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Hi.<\/p>\n

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

Yes Vikas. Please go ahead with your question. You are audible.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah. First of all, congratulations on a good set of numbers. And I have three questions, so let me just put them one by one. First is considering we have paid, you know, around 107 crore rupees of debt this year. So does that mean that actually our pat margin will improve in FY27? That is my first question. Second question is, you know, considering we already have 1100 crore rupees of order book, is that all executable in FY27? And the final question is how does the sales pipeline look like for Q1 and Q2?<\/p>\n

If you could just help me with that. Yeah,<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Great. Yeah. So I will first answer the executable in FY27. Yes,<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

This<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Entire order book of 1100 plus crores has to be executed within this year. That is the nature of our business. In our business we do not have orders which has to be executed over the next 18 months or 20 months. Typically everything has to be done within a range of six to nine months. Mostly. Yes, there are certain projects which can get delayed because of ec, not clear or the customer has certain issues with the funding and things like that. But that is hardly, you know, like 5 to 10% of the order books.<\/p>\n

I would say yes, this 100% of this 1100 crores should get executed within this year. The second question was around sales forecasting for the next two quarters. So our capacity utilization in the quarter one of last year was 58% and the subsequent quarter it was 77%. So this year in quarter one again it will be better than what we did last year. And similarly in the quarter two also it will be better than what we did last year.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Okay, so actually in the quarter one last year it was 58% utilization and in quarter two it was 77. And considering actually last quarter we did actually almost 83% utilization. So can we expect the Q1 and Q2 to be in the range of 80% plus utilization?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

No. Q2 maybe yes. But Q1 no. Because you know what happens is typically in Q1 most of the companies, for them the focus is not towards, you know, like Capex, it is more towards planning and things like that. So Q1 typically is not the best quarter for us.<\/p>\n

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

Okay. Okay. Okay. And my question on pat, actually pat margin, considering we have paid a debt, so do you think actually our pat margin will increase from 5, 6% which is currently there, to maybe 1 or 2% more?<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

See, 1 or 2% is a lot.<\/p>\n

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

Yes, definitely.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Definitely, yes, definitely there will be an increase. So 6.1 is what we have done last year and like going by the impact of the reduction in the finance cost which will be to the tune of 0.2 to 0.25% it will add upon that. So yes, we can, we can predict the PAT at around 6.5% easily.<\/p>\n

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

Okay, thank you so much. Thank you so much.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

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

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

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

Sanjay Singhania<\/strong><\/p>\n

You should. All the questions will be taken up by Mr. Nikhil Bhotra. Yeah.<\/p>\n

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

Okay, sir.<\/p>\n

Sanjay Singhania<\/strong><\/p>\n

Yeah,<\/p>\n

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

Next question is from the line of Srinatha, an individual investor. Please go ahead. Your line is unmuted. Please go ahead with your question.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Can you hear me?<\/p>\n

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

Yes, I can hear you. Please proceed.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Yeah, what is the market for us for export, the international market?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Okay, that’s a good question. So you know, exports, we have been looking at exports for last couple of years. We have been tracking, you know, how much exports has been happening in India. So from India to the countries. So majorly, you know, currently we are doing few projects in Bhutan. We have been exporting to Nepal and neighboring countries. But we have not done many projects for American Africa because the size of the, you know, market is not that great as of now for us going forward, yes, we will be looking at exposure exports in a big way.<\/p>\n

We are in discussion for four or five projects in Africa as well as a couple of projects in America which we are targeting. So going forward, you know, we will be looking at exports. But currently our plan is to expand more in India because the Indian market is looking very promising. We have been, you know, growing the market in India and the new age sectors that are coming in like data centers and renewables. We have been doing then EV sector. We think, you know, the Indian market is going to grow substantially and for us the focus on exports would not be that much as of now.<\/p>\n

But yeah, we’ll keep a track of what is happening around the world and whenever the opportunity is there, we’ll for sure grab on it.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Okay, thank you. I have one follow up question. Due to this war, do we have any additional input cost or our materials which we import or we do everything domestically?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah, so majority of our purchase is domestic. We don’t have any imports as such, you know, in our industry because majority of the raw material is steel. So there is no, you know, extra input cost in terms of exports. But yes, domestically the prices have increased. And we had gone and discussed with our customers and a lot of our customers had understood the situation and given us the Slight price increase as well. So we are comfortable there.<\/p>\n

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

Okay, thanks a lot and congratulations for the nice set of numbers. Thank you.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah, thank you.<\/p>\n

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

Thank you. Next question is from the line of Rajat Baldiver from Kizuna Wealth. Please go ahead.<\/p>\n

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

Yeah. Hi sir, Congrats. My first question is what’s your current order book pipeline and how much the win rate?<\/p>\n

Anuj Shah<\/strong><\/p>\n

Okay, and what’s the next question?<\/p>\n

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

Second question is basically on how much is your repeat order this year? Okay,<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

So you know, current order pipeline that we have in the win rate. So there are two type of pipelines that we consider. One is a short term pipeline which will be closed within next one or two months and then there is a longer lead pipeline. Overall if we put together, you know our pipeline is somewhere close to around 5000 crores and typically our win rate would be somewhere around 15 to 20%. So overall, you know, we are looking at strong order booking in this quarter. We have already been, you know, have a good, very good order inflows coming in and current pipeline looks very strong in that sense.<\/p>\n

So overall that’s the pipeline. And regarding the repeat orders, see we have been, you know, like we said we have been focusing on the newest sector so their repeat orders is quite good. So around, we’ll say around 35 to 40% is our repeat order book from the existing customers. And balance we’ve been adding new age customers to you know last, last year we did not have any data center orders. So yesterday last year we did four data center orders. Similarly we have been doing, focusing a lot on EV sectors.<\/p>\n

So those new customers have been, you know, adding and that’s giving us the growth that we are looking for.<\/p>\n

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

Okay, and my third question on the demand front, can you give some outlook on demand?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

See demand front when the war started, yes, there was a little bit of uncertainty but since last one month we’ve seen, you know, people or companies have been going forward with their capex plans because they understand this is a short term phenomena and they don’t want to derail their expansion plans because they have done commitments to the government regarding some schemes and they have done commitments to their customers regarding the expansion of capacities. So I feel there’s not as such disruption in the CapEx cycle that we are seeing as of now.<\/p>\n

The order inflow is also strong and the pipeline is also strong. So we don’t see any much of a challenge as of now in terms of the demand coming in in the industry.<\/p>\n

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

Okay. So just to confirm one thing, we are able to pass on the price to customer, right?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Not 100% but yes, we have been discussing with the customers because this is an unusual situation. So most of our customers have you know accepted yes, this, this is an unusual situation and they have given us the price increase. But yes, 100% is not pass through. We have been able to convince new customers to do 100% pass through. Few customers have done a little bit lesser pass throughs. But yes, we have overall managed to you know get a good amount of price increase from the customers.<\/p>\n

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

Next year. Thank you so<\/p>\n

Anuj Shah<\/strong><\/p>\n

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

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

Thank you. Next question is from the line of Shubhanu Bangal from Three Head Capital. Please go ahead.<\/p>\n

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

Yeah, good evening.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Yeah, hello. Yeah<\/p>\n

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

Here we did around 150025 and out of that 1382 color.compb business rest one 131 current from EPS panel and packaging business.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes. Is my understanding correct? Yes, it’s correct.<\/p>\n

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

And our PB business we are targeting around 30% revenue growth and 900. Sorry 1950 crore.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

1925 to 950 crores. Yes, correct.<\/p>\n

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

Okay, this is my second question on our revenue mix. If we, if I see our revenue mix from west. From west our revenue mix continuously but we have covered many capacity in waste. Why revenue from waste continuously decline?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

So yeah, you know we have a huge revenue increase from the south since we had added the capacities in the south a couple of years back. Similarly we did not have the capacities in the west. We have been from the north plant. So no, that is the plan to have the plant in the west because in if you see in the last financial 2425 we had around 30 order book from the west but last year it was around 17 to 18%. So you know as far as we are concerned we want to put up a plant there because we are subsidizing currently the freight cost to meet up the projects in the west.<\/p>\n

So once we have the plant I think that will substantially go up. Currently we are focusing on grow the market in the west subsidizing the freight cost. But since we have huge demand in the south so we don’t want to subsidize the cost that much. But once we have the plant by this year and I think the percentage of market from the west will substantially grow.<\/p>\n

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

But do you think you lost market share for moist?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

No, we have not lost market share. Our presence is very strong. So we have been doing multiple projects. If you see last three years we have worked in every state. So geographically our presence is very very strong. We had booked a couple of very big Orders from the South. And that is why the percentage of the south looks big. And also our focus since we have added capacities in the south was on the south going forward. You know, currently our pipeline of west looks very strong as well. So we will be building up order book from the west till our plant comes.<\/p>\n

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

Okay. Okay. And my last question on you are targeting 30% kind of growth. That means you need to grow your order book around 30% plus. And you also mentioned you targeting 2000 car order book. This are you sure you will achieve?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes, we are doubly sure. Because the market, the pipeline that we have, the experience that we have, the capacities that we are adding, we are doubly sure that we’ll be able to book the orders that we are targeting and achieve the turnover that we are targeting.<\/p>\n

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

But current order book around 11,000 car will be exited. Are you sure you will do this?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes. Yes. Current order book is 1157 crores. And this quarter for our order booking is going very strong. So you know, the number that we are targeting looks achievable. Very, very achievable. And we don’t see any challenge in terms of the achievement of the order book. Because<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

You<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Know, last this quarter, if you see the run rate of the order book that we are having is much better than the last quarter. So overall our pending order book at the end of this quarter will look very strong.<\/p>\n

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

Great. Great. Thank you. Best of luck.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

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

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

You. Next question is from the line of Srikant Bandaru, an independent investor. Please go ahead.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Hi. Congratulations to the entire team on a great FY26. So my question is, you have obviously given a guidance for FY27. But at a broader level for the next three or four years, how do you see your business shaping up in terms of growth and performance? Thank you.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah, thank you for the question. So you know, if you see our track record in the last two to three years we have been growing much faster than the industry is growing. We have been adding capacities in the last three years. And our plan is also to add capacities further this year in the next year. So overall, you know, like we are saying, this year the growth would be 30%. And similarly in the coming years as well, we’ll be beating the market by substantial amount in the growth and we’ll be adding capacity.<\/p>\n

So our further capacities will be added in the Gujarat facility as well as we’ll have the sandwich panel line operational in this financial year in Mumbai. So overall the growth perspective for the next three to Four years looks very, very good. The market is growing. The, you know, the capex that is happening in the country, the government benefits. Overall, the new age sector that we are penetrating looks very, very good for us. So overall, you know, the multi story buildings market, the data center market is also a big opening for us.<\/p>\n

So overall I think, you know, the growth trajectory for the next few years would be very, very good.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Thank you. And briefly, how do we differentiate ourselves? I mean apart from speed of execution, given that we are gaining market share, how do we differentiate ourselves vis a vis our competition?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

You see, you know that’s, that’s one question that we, we have been evolving from always. So what we understand, you know, typically there is no differentiation that anyone can do in a product. It’s steel. We buy the steel from the same vendors that anyone else is buying from. Right. The main differentiation that we have is in the service. Service are divided into two parts. First is the design service, the second is the installation service. So in the design service, you know, we have the three design centers out of which around 150 odd people are working.<\/p>\n

So that is where you know, we try and optimize the building as much as possible. Try to give the best design parameter as per the parameters of the building and design the building in such a way where it’s, you know, it’s lighter but it meets the requirements of the customer as well as aesthetically. It’s very, you know, good looking. So that is one area where we focus on a lot in terms of giving good service. Second is the installation. So that is where the service part comes in. That is where the differentiation comes in.<\/p>\n

So you know, installation currently pre engineered building is known for fast execution and we are the ones who are, you know, the leaders in fast execution if I may say so because you know, we have been, we have a track record of delivering projects much faster in the industry. You know, we also have world record in hand which we have, we have constructed 151,000 square feet in just six days. So overall, you know, the service that we give from the project start to the end, the communication service that we gave, the on time delivery, the quality and the installation service, that is where we create our niche.<\/p>\n

That is where we have been adding our capabilities and that is why we have been growing much faster than industry is growing.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Lastly, is real estate also a sector that you are targeting? I mean I live in Mumbai and the really tall buildings coming up everywhere so I would assume as the building height goes up it makes more sense to have lighter buildings. As opposed to RCC construction. So is that apart from data centers and manufacturing plants is real estate the space that you’re targeting and is there scope in that?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes, multi story buildings in commercial buildings is going to be huge in the coming years. Because time is in a sense now everyone understands that if they can get the building erected months earlier than the RCC building then the revenue model starts. So overall and the space constraints that cities like Mumbai have, I think this is a no brainer currently. Yes, the understanding and acceptability of the product is penetrating. Right now A lot of consultants have started working on pre engineered buildings as a solution for multi storey buildings.<\/p>\n

So overall the market of this is gonna bombard in the coming years. And yes we are focusing on it. We have done multi story buildings. We are currently also executing a few multi storey buildings. So overall our strategy is to penetrate in that sector as well in the coming years.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Wonderful. Thank you so much. Thanks for<\/p>\n

Anuj Shah<\/strong><\/p>\n

All the answers.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Devang Patel from Samiksha Capital. Please proceed.<\/p>\n

Devang Patel<\/strong><\/p>\n

Your audio. Your<\/p>\n

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

Voice is very low.<\/p>\n

Devang Patel<\/strong><\/p>\n

Your voice<\/p>\n

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

Is not clear, you are not audible clearly. Request you to please use your handset.<\/p>\n

Devang Patel<\/strong><\/p>\n

Can you hear me now?<\/p>\n

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

Yes, please go ahead.<\/p>\n

Devang Patel<\/strong><\/p>\n

Can you please clarify again when additional capacities of PB are coming up? The second line at Mumbai in Gilop some 11,000 ton of capacity. And Gujarat is that preponds too much?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah. So the capacity that we are adding, the two types of capacities that we are adding. So one is the sandwich panel capacity with some structural capacity in this Gilot. So that will be operational in quarter three of this year. And the second capacity that we are adding is in Gujarat for steel structure fabrication. And that will be by the end of this year. Q4 of this year where we’ll be, you know, realizing the true potential of it in the next financial year only.<\/p>\n

Devang Patel<\/strong><\/p>\n

And the second line in AP because we’ve not completed the full expansion there of 25,500.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah. So Mumbatu, we have added one line which is operational now. The second line is in execution phase so it will be operational by the next quarter.<\/p>\n

Devang Patel<\/strong><\/p>\n

Okay. Second question was on gross profit margins now Q. There is a decline. You mentioned earlier there was impact of steel price. My question was is it is the impact only because of steel price or is there some mix change or some some other factors because we hold two months of inventory. So is the gross profit margin come off because of steel? Can it go back at some point again?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Di, can you take it please?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Hi Devon, this is majorly because of the steel prices going up. Sudden burp in steel pricing, more so in the month of March. And we are pretty sure with the price increase that we have got in this quarter that the margin will fall back to the original levels.<\/p>\n

Devang Patel<\/strong><\/p>\n

Okay. My third question was on interest cost. Now post IPO we’ve run down our debt. Cross debt has come down. But if we look at the interest cost in the PNL it is still around 8 crores on a quarterly basis. So that does not come off. Is there something else in the interest cost that is keeping it high? Are we paying cost on anything other than borrowings?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, so we mentioned that in our earlier calls as well. Interest cost, we have three, four elements. We use LCs for our vendors. Which is, which is also sitting there. The BGs that we give the commission of the BGs are also sitting there. Apart from the interest cost on the term loans and the WCDL that we generate. As you see that we have repaid not only term loan of 70 odd crore but some of the working capital loan as well which has taken the total debt remainment to about 108 crore. So yes, the finance cost still is about 2.1% going forward.<\/p>\n

We see this going down by about 2025 basis point in the year FY27. The full impact of the repayment will come through in this year.<\/p>\n

Devang Patel<\/strong><\/p>\n

Okay, that’s all from my side. Thank you so much.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

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

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

Thank you. Next question is from the line of Riddhi Gupta from ICICI Securities. Please proceed. Riddhi, your line is unmuted. Please go ahead with your question. Riddhi Gupta, your line is unmuted. Please go ahead with your question. As there is no response from the current questioner we will move to the next question from the line of Shravan Kumar, an individual investor. Please go ahead. Your voice is very low. Please use your handset.<\/p>\n

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

Can you hear me now?<\/p>\n

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

Yes. Please go ahead.<\/p>\n

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

Thank you for the opportunity and congratulations on the good set of numbers. I want to understand if the 30% guidance that is given is based on some conservative guidance or because we were all these years growing north of 40% or maybe more than 30%. At least 35. 40%. And also because of this West Asia crisis and raw material crisis, do we still stick to our older margin horizons? And also is there any improvement that you are guiding in the margin front as well as.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah. So you know the guidance that we are giving for the growth. I mean it’s. It’s the guidance that we are giving because we truly believe that you know, this is easily achievable going forward. You know, looking at the current pipeline that we have in terms of the inquiries and the order book and the inflows of further capacities, I feel, you know, this is a number which could be easily achieved and exceeded. But currently 30% is the guidance that we are giving to the market. And if we see, you know, the overall margins that we are, we had in the last year, we are, we’ll be maintaining in this year as well because we, you know, in terms of the quarter to quarter, yes, there will be a little, you know, difference.<\/p>\n

But overall if you see Pan India basis, we are still maintaining the same guidance for the margins.<\/p>\n

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

Okay, sir, thank you. As we have already ordered of 1100 crores and you see the quarter is robust in order booking, I thought maybe it’s a conservative guidance and hope I will take that same margin of 11% this year as well.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah,<\/p>\n

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

Around that. Okay, my next. Okay sir, thank you. My next question is around the Mamba 2 plant like last time you were telling you will be exploring more export opportunities once the number two plan goes live. Is there any update or further things that you want investors to know about that, sir?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes. So for exports, you know we, like I said earlier also we have, we have been doing projects in and around in Bhutan and Nepal and neighboring countries. We have executed two projects for Africa. Currently we’re executing two projects for exports for Africa as well. So you know, our export have started. We have not explored the export market very, very deeply as of now because the growth that we are targeting, you know, is being met by the Indian requirements. But yes, that has been on our mind and that is why we, you know, we have started a few, getting few orders going forward.<\/p>\n

Once we feel that the market is big, we will for sure, you know, increase our foothold in the export market further.<\/p>\n

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

Okay, sir, thank you so much.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Ronald Cioni from ICICI Securities. Please go ahead.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, thank you. And good evening sir. Thank you for the opportunity and congratulations on good set of numbers sir. On this Gilot, it would be 11,300 capacity or it would be lesser for this apart from sandwich panel. So. Or it would be very, very less.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah, so you know Gilot, we are adding, see we are adding sandwich panel and with that we are adding capacities of some components or some steel parts that we were outsourcing earlier. So we are not adding another continuous line here but we are adding, you know, only for ancillaries. Yeah.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Okay, okay. And what we have seen that you know peer also mentioned that and you there has been on observation also that inventory days and receivables have also been a little bit higher compared to last year. So are you facing the same kind of problem that larger orders are coming or overall broader market is facing some kind of tightening in terms of collection? Although you have managed the net working capital because of higher payable days but still is there a tightening or liquidity situation<\/p>\n

Anuj Shah<\/strong><\/p>\n

Orders in terms of payments?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Can you take it please?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, look, I mean if you look closely our receivable on our average Data is around 62 days which is commendable and that has come on back of good collections. You know the policy that we have in place is 30% advance, 10% on GA drawing approval and the balance about 60% to dispatch. You know and most of the customer in the segment is B2B customer. They do understand the payment issue because the commodity that we’re buying has to be paid for in advance. That the payable that you see is on account of, you know most of the payment that we do is on account of LCs of 120 days etc.<\/p>\n

And that’s how we are able to manage our working capital day. And you know that’s the reason why we’ve been able to pull cash of close to 135 crore. Almost 85% of the beta this year.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

So there was no such any kind of issue in terms of. In terms of receivables quarter on quarter. Q3 versus<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

62 is what 62 days. 62, 63 days is what we achieved.<\/p>\n

Anuj Shah<\/strong><\/p>\n

And<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

You know obviously the target is to go to 60. Major target is to go to 60 in the year that we are targeting.<\/p>\n

Anuj Shah<\/strong><\/p>\n

And sir, volume for Q4 and FY26 if you can help<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

The FY26 generally we don’t give volumes in our presentation but you know we. We did close to about 1 lakh 8,000 metric ton of overall volume this year versus about 75, 76,000 last year.<\/p>\n

Anuj Shah<\/strong><\/p>\n

Okay sir, okay. Thank you very much and best of luck.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Joshi from Triventage Capital. Please go ahead.<\/p>\n

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

Hi, good evening. Am I audible?<\/p>\n

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

Yes, please go ahead.<\/p>\n

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

Thank you. So if we look at demand scenario looks robust based on that you are guiding for the 34. I just wanted to know about the capacity utilization in Q4. We have operated at 83% capacity utilization. Considering new capacity which is coming in place, what would be the asset turn or that the Peak capacity utilization. What would be the revenue that we can achieve? That’s the only question.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, yeah, I’ll take that question. So look, I mean if you look at our presentation we have already clearly mentioned the asset turn. It’s in the range of 5d5 and you know you need to be mindful of the business that we have. One is a EPS business where the fixed asset is a little high. If we remove the impact of that probably will do about six times on the prefab business. So asset turn in this typical business is anyways highest not only for us but for our competition as well. So that’s your answer to your asset turn.<\/p>\n

And the second question, can you please repeat that question for me?<\/p>\n

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

No, just I was looking at the peak utilization. What would be the revenue potential we can do? Generally<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

In this industry. Generally in this industry 70, 75% capacity utilization is a great capacity utilization because varies quarter on quarter so the quarters will have little lesser capacity. And the peak capacity like we had in quarter four is about 83, 84%. So you know on a peak capacity level, you know 150,000, 147,000 of PE capacity plus sandwich panel is about 22, 2300 plus EPS business of about 200 crud. So the capacity at the moment is about 23, 2400 crore. At a peak capacity level<\/p>\n

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

200 crores is what peak what we can do with the existing<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Eps. Yeah,<\/p>\n

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

Thank you, thank you so much. That’s it.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, thank you,<\/p>\n

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

Thank you. Next follow up question is from the line of Rajat Baldiver from Kizona Wealth. Please go ahead.<\/p>\n

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

Yeah, hi sir, just to confirm your total pipeline for this year will be 5,000 right?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah.<\/p>\n

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

Hello.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Not for this year. It’s basically yeah. We can say the current pipeline that we have which is long gestation pipeline as well as the short gestation pipeline put together. Yes.<\/p>\n

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

Is it for 6 months or 12 months?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

So it will be you know you can say for next two to three quarters it will get closed<\/p>\n

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

Next two to three quarter.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yeah.<\/p>\n

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

Okay. If you see if you say, if you are saying next next two to three quarter and you know earlier answer you have said that we will win at least 2000 plus crore follow this year and with the current pipeline 5000 assuming win rate is 20 which is around thousand crore. So that’s what I’m confusing with.<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

Yes. So you know the pipeline keeps building on with the current pipeline we can close you can rightly set the thousand crores in next three to six months and few inquiries might Go pass on. But there are other inquiries that will get added on. Because every quarter there are the pipeline inquiries get added on. Few few inquiries get closed. Few inquiry gets pushed on to the next one. Few inquiries get lost. And the pipeline grows every quarter. So there will be new pipeline inquiries that will be added to this pipeline as well going forward.<\/p>\n

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

Okay. And sir, what’s the volume growth this quarter for P?<\/p>\n

Nikhil Bothra<\/strong><\/p>\n

So the volume growth we don’t see quarter to quarter. But overall, you know like Rahulji said we had done 107,000 metric ton in the last year. And we are targeting around 30 growth in the same flavor like we have done, you know, in the sales. So there’ll be a 30% growth in terms of the overall capacity utilization or output of the plant.<\/p>\n

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

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

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

Thank you. Next follow up question is from the line of Karan Gupta from Atmil. Please go ahead.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah, hi. Just wanted to confirm the capacity of PB. So FY26 we have 147. Thousand, right? One like 1 lakh 47 thousand by FY27. What<\/p>\n

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

Will be our capacity if we can include 50,000 in that? Right?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yes, Daran. So you’re right. Today we have a capacity of 1 lakh 47 thousand. Like Nikhil G. Mentioned there is another line that we will add in Mumbai in the next quarter. So that should take us and then the Gilat line that should take us our PEB capacity to 170. And then on top of that we are building Gujarat. So end of FY27 we should have a capacity of close to two 20,000 metric ton in PV space. And of course on the sandwich panel side we have already have a capacity of 13 lakh 10,000 square meter.<\/p>\n

By end of quarter three we should add another 8 lakh in the Galat plant which will take us our sandwich panel capacity to about 21 lakh 10,000 square meter.<\/p>\n

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

Yeah, yeah, sure, sure. But but for number two, what will be the capacity?<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

So Mumbatu today is about 68 plus 14. About 82. Another 12, 13,000 addition over there. So about about 96,000 by end of FY27.<\/p>\n

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

Okay. And this additional 50,000<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Of<\/p>\n

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

Gujarat<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Capacity what will be the incremental revenue generation from this capacity? Just economics of 50,000 additional. So because one of your competitor was saying that 40,000 of incremental capacity will give around 400 to 450 crore incremental revenue.<\/p>\n

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

So just.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Yeah. So the ballpark number would be in a peak capacity of about 500 to 600 crore on 50,000 capacity. However, you know, it takes a bit of time to ramp up the capacity as we have seen for our earlier plans as well. But yeah, on a peak level pandemic to 600 crore is the range. Generally in PEB the asset turn is very high. So if we put a capex about 100 crore you can expect five to six times of the asset turn in terms of revenue.<\/p>\n

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

Okay. And this 160 crore of capex you are doing, all will be internal accrual because we have around 300 crore cash.<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

So we had raised money from our IPO for the gelat and Mombatu expansion. So that should take care of the Gilat and Mumbattu. Apart from that we have money lying in our bank account. We should take care mostly about the Gujarat capacity.<\/p>\n

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

Okay. Okay. And Gujarat capacity, 50,000 crore. What the capex is required<\/p>\n

Rahul Agarwal<\/strong><\/p>\n

Close to about 100, 110 crore. Out of which we have already spent about 38 crore on the land. And the balance, like I said is about 60, 65 crore we’ll spend on building the capacity.<\/p>\n

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

Okay. Okay. Thank you. Thank you very much.<\/p>\n

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

Thank you. Ladies and gentlemen, as there are no further questions from the participants. On behalf of EPAC, Prefab Technologies Ltd. And Philip Capital, that concludes this conference. Thank you all for joining us and you may now disconnect your lines.<\/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. EPack Prefab Technologies Ltd (NSE: EPACKPEB) Q4 2026 Earnings Call dated May. 18, 2026 Corporate Participants: Sanjay Singhania \u2014 Managing Director & Chief Executive Officer. Rahul Agarwal \u2014 Chief Financial Officer Nikhil Bothra \u2014 Executive […]<\/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],"class_list":["post-183373","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"],"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":177150,"url":"https:\/\/alphastreet.com\/india\/epack-prefab-shares-reach-lower-circuit-following-sequential-earnings-decline\/","url_meta":{"origin":183373,"position":0},"title":"EPack Prefab Shares Reach Lower Circuit Following Sequential Earnings Decline","author":"Staff Correspondent","date":"January 22, 2026","format":false,"excerpt":"EPack Prefab's (NSE: EPACKPEB) stock fell 10% as a 43% quarter-on-quarter drop in profit overshadowed a 45% annual increase in earnings. 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