The call has ended.

Key takeaways

Q2 revenue ₹160.9 Cr, EBITDA ₹35.8 Cr (22.3%), PAT ₹22.9 Cr; recovery from a monsoon-hit base, but receivables are stretched.

Guidance and delivery
Management target	Revenue 20.0%

Highlights
Revenue growth	Revenue +23% consolidated; standalone operating income +28%; sequential +30%.
Margins	EBITDA margin 22.3%; profit growth outpacing revenue; no peer margin data given.
Order book	₹3,152 Cr unexecuted; ₹900 Cr added in Q2; ~40% execution factor cited.
Demand visibility	Strong government water/sewage demand; ~₹1 lakh Cr/yr execution need cited; payment delays.
Management confidence	Balanced to optimistic; hedged language ('hopeful', 'expect'); concedes monsoon setback.

Growth

Revenue +23% (consolidated), standalone operating income +28%; ~30% sequential revenue and ~50% EBITDA/PAT rise vs Q1, off a weak base.

Outlook

Guides ~20% revenue growth over 2-3 years; ~₹1,200 Cr revenue in coming years; EBITDA margin ~25% by Q4.

Risks

Receivables ~₹450 Cr (≈2.8x quarterly revenue) with 6+ month delays; 67% of revenue from Uttarakhand, monsoon-exposed.

Last quarter's promises, checked

Delivered

No capex plan → no own capex, machinery only (= BEAT)

Partly delivered

FY27 rev ₹900–950 Cr → H1 ₹318 Cr; H2 needs ₹582–632 Cr (= PARTIAL)
EBITDA ~25%, PAT ~15% → Q2 22.3%, 14.2% (= PARTIAL)
FY27 growth ≥50% → Q2 YoY +23% (= PARTIAL)

Missed

Q2 rev +30–35% vs Q1 → +2.3% (₹160.9 vs ₹157.2 Cr consol.) (= MISS)
~120 WC days → receivables ~₹450 Cr ≈255 days of qtr rev (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 13 Nov 2026, 4:57 PM IST. Open it on ALFA Filings ›