India · Delayed Price · Currency is INR RITES Earnings Call Transcripts
Fiscal Year 2026
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Double-digit revenue and profit growth achieved, with a record order book and strong export momentum. Margins are expected to decline as competitive orders increase, but revenue is set to reach new highs while profits will grow more gradually.
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Q3 saw robust sequential growth in revenue and margins, with a record order book and strong order inflow. Export and turnkey segments are set to drive double-digit growth, while FY 2027 is projected as a year of disruptive expansion.
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Order book hit a record INR 9,090 crore, with strong growth in Consultancy and Export segments offsetting a temporary dip in Turnkey revenue. Margins remained robust, and double-digit top-line growth is targeted as Turnkey execution ramps up in coming quarters.
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Q1 FY26 was flat, but a robust order book and strong consultancy growth support a positive outlook. Execution of large orders is set to drive revenue in the latter part of the year, with high-margin segments targeted to contribute over 60% of the mix.
Fiscal Year 2025
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Order book reached an all-time high of INR 8,900 crores, with strong consultancy growth and export revenues set to rebound in FY 2026. Margins are expected to normalize at 20% EBITDA and 15-16% PAT, while the company maintains a high dividend payout and minimal CapEx.
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Q3 saw sequential improvement in revenue and margins, despite a year-over-year decline. Record order inflows and a robust order book support a targeted 20% top line growth for FY25, with margins expected to stabilize. Export margins are lower due to competitive bidding.
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Q2 FY25 saw execution challenges and margin compression, but strong order inflows and diversification efforts are driving recovery. Export revenue is set to ramp up in FY26, with double-digit growth expected as new orders are executed and QA business rebounds.
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Q1 FY25 was impacted by a sharp drop in high-margin export and inspection revenues, but the order book grew 11% sequentially with strong new order inflows. Margins are expected to stabilize at lower levels, with sequential improvement in revenue and profitability anticipated as new orders are executed.