Arisinfra Solutions has released the transcript and audio recording of its Q4FY26 earnings conference call held on May 11, 2026 at 12:00 PM IST, pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The call covered the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026, with senior management presenting financial and operational highlights followed by an investor Q&A session. Both the transcript and audio recording are available on the company's website under the Investors section at https://aris.in/pages/investor-relations-financial-results .

Conference Call Details

The earnings call brought together the company's senior management to present and discuss financial performance for the quarter and full year ended March 31, 2026.

Management Participants

• Mr. Ronak Morbia – Chairman & Managing Director
• Mr. Bhavik Khara – Whole Time Director & CFO
• Mr. Srinivasan Gopalan – Chief Executive Officer

Financial Highlights

CFO Bhavik Khara presented the financial performance for the quarter and full year. The following tables summarise the key metrics:

Management noted that the improvement in profitability was driven by disciplined cost control through the company's technology platform, an improving business mix with higher contributions from Contract Manufacturing and Services, and significantly better working capital efficiency. Net working capital days reduced from 110 days to 66 days, while operating cash flow turned strongly positive at ₹142 crores during the year.

Operational Highlights

CEO Srinivasan Gopalan outlined the operational performance for the quarter. The Contract Manufacturing segment scaled strongly, with revenues growing 169% year-on-year. Volumes delivered increased 91% year-on-year to 11.29 lakh metric tons in Q4 FY26, with capacity utilization improving to 50% from 39% in the corresponding quarter last year.

The company's DAAS (Developer-as-a-Service) business continued to scale, with an active pipeline of 12-plus projects and approximately ₹1,800 crores of GDV under execution. Asphalt, a newly launched product category, saw strong customer acceptance with active customers nearly doubling during the quarter.

Business Segments and Strategy

Chairman Ronak Morbia outlined the company's three integrated business segments. The B2B Supply segment, which contributed approximately 44% of FY26 revenues, serves as the entry point to the network providing procurement solutions across construction materials. The Contract Manufacturing segment, contributing nearly 47% of FY26 revenues, secures production capacity through exclusive long-term partnerships with manufacturing plants on an asset-light basis. The Services (DAAS) segment, while contributing a smaller revenue share, delivers significantly higher margins and strong capital efficiency.

Management highlighted that the current asset base of approximately ₹200–₹250 crores in capacity deposits provides revenue predictability of more than ₹6,000 crores over the next five years, including the ₹800 crore multi-year contract signed with Capacite Infraprojects. For FY27, the company plans to invest an additional ₹25–₹50 crores in capacity deposits and targets peak utilization of over 75%–80% in Contract Manufacturing. Management also guided for revenue growth of 35%–40% and an EBITDA margin in the range of 10%–10.50% going forward.

Investor Q&A: Key Takeaways

During the Q&A session, management addressed several key topics raised by analysts and investors:

• Segment Mix (FY27): Management indicated a target of 55%–60% revenue contribution from Contract Manufacturing and approximately 9%–10% from Services.
• Working Capital: The reduction in net working capital days from 120 days (at the time of DRHP filing) to 66 days was described as a structural improvement, not a one-quarter occurrence, with management expressing confidence in sustaining or further improving this metric.
• Stuck Receivables: Outstanding 180-plus day receivables stood at approximately ₹40–₹42 crores, with significant recovery expected during FY27.
• Other Expenses: A spike in Q4 other expenses was attributed to an additional expected credit loss provision of approximately ₹5 crores taken as a conservative measure at year-end.
• Interest Costs: Higher interest costs in FY26 were explained by pre-listing debt in Q1 FY26; the company has since obtained a ₹30 crore working capital facility and is targeting ₹100–₹150 crores in total working capital facilities as a strategic bridge between payables and receivables.
• Asphalt Margins: Management noted that the asphalt segment partner has historically clocked approximately 18%–20% net profit margins, with working capital also well under control.
• Technology Moat: The company processes approximately 800 deliveries per day, digitized approximately 6.50 lakh documents in the last year, and has implemented AI-based automated entry creation from delivery challans, which management described as a key operational differentiator.
• OCF-to-PAT Ratio: Management indicated the current ratio is approximately 1:2 and expects it to move towards approximately 1:1.50 in the next year.
• Seasonality: Management described H1 as slightly slower and H2 as stronger, characterising this as a strategic approach rather than purely monsoon-driven seasonality.
• Raw Material Pass-Through: Management confirmed that commodity price movements, including steel, are a complete pass-through in the company's business model, with no material impact on profitability.
• Technology Platform: Management indicated plans to open the platform to customers and vendors in the near future, potentially through a subscription model or transaction fee, rather than as a standalone SaaS product.
• New Categories: The other materials segment (including tiles, plumbing, electrical, and sanitary ware) currently contributes approximately 15%–20% of overall revenue, with management intending to sustain this share at a 40% growth trajectory.

The intimation was signed by Bhavik Jayesh Khara, Whole Time Director & CFO (DIN: 09095925), from Mumbai on May 12, 2026.

Source: Company/INE0H9P01028/750b1275f4c749fa.pdf

Arisinfra Solutions reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with the Board approving the results on May 08, 2026. Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published newspaper advertisements in Business Standard (English) and Navshakti (Marathi) on May 09, 2026. The newspaper advertisement also contains a Quick Response code and details of the webpage where complete audited financial results along with audit reports are accessible to investors. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has also scheduled an investor presentation on Monday, May 11, 2026, to be presented to analysts in connection with the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The company achieved consolidated revenue from operations of ₹10,674.63 Mn for FY26, a 39% year-on-year increase from ₹7,676.72 Mn in FY25. Profit after tax (PAT) surged to ₹602.85 Mn compared to ₹60.13 Mn in the prior year, marking a more than ten-fold improvement. The company transitioned to a net cash positive position, with cash and cash equivalents reaching ₹1,014.01 Mn as of March 31, 2026, compared to ₹2.58 Mn in the previous year.

Key Financial Highlights

The strong performance was driven by robust operational leverage and a strategic shift towards higher-margin segments. EBITDA for FY26 reached ₹1,007 Mn, representing an EBITDA margin of 9.43%, compared to ₹501 Mn and 6.53% in FY25. The following table summarises the consolidated quarterly and annual financial performance:

The annual consolidated performance reflects a consistent improvement trajectory across key metrics:

The standalone results also reflect a significant turnaround, with the company reporting standalone total income of ₹6,954.12 Mn for FY26 compared to ₹5,541.92 Mn in FY25. Standalone PAT stood at ₹249.07 Mn for FY26, reversing a loss of ₹176.77 Mn in the prior year. The following table presents the standalone financial performance:

# Figures are for the period and not annualised

Historical Financial Performance

The company's consolidated financials demonstrate a sustained recovery and growth trajectory over four years. The following table presents the historical consolidated income statement:

Business Model and Operational Overview

Arisinfra Solutions operates as a tech-enabled B2B company focused on simplifying procurement of construction materials across India. The company runs an asset-light, aggregator-led model with no inventory risk and minimal fixed assets, integrating sourcing, quality control, logistics, and documentation into a unified digital supply-chain network. It serves a 3,200+ strong client base with approximately 78% repeat order rate, and operates a 2,100+ vendor network with pan-India reach. The company's product portfolio includes aggregates, RMC, walling solutions, chemicals, steel, cement, tiles, electricals, plumbing, and other allied construction materials. Its technology platform — ArisCloud — enables end-to-end intelligent procurement workflow, while ArisGPT provides conversational AI for operational intelligence, including real-time delivery tracking, receivables monitoring, and anomaly detection.

Operational KPIs and Segment Performance

The company expanded its operational scale significantly in FY26 across its three revenue streams — B2B Supply, Contract Manufacturing, and Developer-as-a-Service (DaaS). Contract Manufacturing revenue grew 95% YoY to ₹4,989 Mn, while DaaS revenue increased 109% YoY to ₹980 Mn. The revenue contribution from third-party manufactured materials rose to 46.73% from 33.38% in FY25. The following table highlights key operational developments in Q4 FY26:

The DaaS vertical operates at 55–60% EBITDA margins, while Contract Manufacturing operates at 9–9.5% EBITDA margins. B2B Supply, which contributed 44% of FY26 revenue mix, operates at 2–2.5% EBITDA margins and serves as the network's entry point, deepening transaction data and pricing intelligence.

Balance Sheet and Cash Flow

The consolidated balance sheet reflects a materially stronger financial position. Total assets increased to ₹10,414.61 Mn from ₹6,966.95 Mn in FY25. Total equity grew to ₹7,510.20 Mn, aided by IPO proceeds, while current borrowings were substantially reduced to ₹547.81 Mn from ₹3,362.84 Mn. Net cash inflow from operating activities for FY26 stood at ₹1,419.88 Mn, compared to an outflow of ₹212.84 Mn in the previous year.

Corporate Developments and Growth Strategy

During the year, the company completed its IPO, issuing 2,25,04,324 equity shares at ₹222 per share, aggregating to gross proceeds of ₹4,995.96 Mn. The proceeds were utilised for repayment of borrowings (₹2,031.85 Mn) and funding working capital requirements (₹1,769.71 Mn). Additionally, the Board approved a scheme of amalgamation with Arisunitem Re Solutions Private Limited, appointed as April 1, 2026, subject to regulatory approvals. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, 2013, and the company operates in a single segment engaged in trading, procuring, supplying, and distributing raw materials for infrastructure, buildings, and construction.

The company's stated growth strategies include deepening category expansion in high-margin segments such as RMC, aggregates, and asphalt; entering new categories including tiles, CP fittings, sanitaryware, electricals, and plumbing; geographic scale-up across high-growth infrastructure corridors and Tier 1/Tier 2 real estate markets; scaling Contract Manufacturing through additional third-party plant tie-ups; and growing the DaaS vertical for recurring, high-margin revenue streams.

Management Commentary

Mr. Ronak K. Morbia, Chairman and Managing Director, said:

"FY26 marks a defining year for ARIS. We completed our IPO, repaid substantial debt, deepened our Contract Manufacturing footprint, and significantly scaled our Developer-as-a-Service vertical — all while delivering a structural improvement in working capital efficiency. These results validate our asset-light, network-led model."