Capacit'e Infraprojects Limited has secured a Letter of Intent (LOI) worth ₹589 crore from Ten X Realty East Limited for civil construction work in Mumbai. The contract, awarded under Regulation 30, excludes GST and pertains to the Civil Core & Shell Works for Project- The Address by GS- Wadala at Salt Pan Division, Shastri Nagar, Wadala, Sion (E), Mumbai - 400022. This development strengthens the company's order book and reinforces its relationship with Raymond Realty Limited. The LOI represents a repeat order, which the company views as an endorsement of its execution capabilities and long-standing partnership with the client.

Ten X Realty East Limited is a subsidiary of Raymond Realty Limited. The management emphasized that this mandate validates its strategy of expanding its portfolio with high-quality projects while maintaining operational discipline. The deal was received in the normal course of business and forms part of the company's ordinary civil contracting operations.

Management Commentary

Rahul Katyal, Managing Director, stated that the repeat order reflects the trust clients place in the company's ability to deliver projects on time. He highlighted that each new order strengthens Capacit'e's portfolio and leadership in project execution. The company remains focused on meeting client expectations and driving sustainable value creation for stakeholders.

Related Party Disclosure

The company confirmed that neither the Promoters, the Promoter Group, nor any Group Companies hold any interest in Ten X Realty East Limited. Consequently, the LOI does not fall within the ambit of related party transactions.

Contract Details

The following table outlines the key parameters of the awarded contract:

Capacit'e Infraprojects Limited reported a consolidated net profit of INR 193 crore for the financial year ended March 31, 2026, with revenue from operations rising 12% to INR 2,623 crore. The company’s Board of Directors approved the results during a meeting on May 20, 2026. Management provided guidance for FY27, targeting 20% revenue growth and order inflows between INR 4,500 crore and INR 5,000 crore, while maintaining an EBITDA margin guidance of 15.5% to 16.5% amid geopolitical uncertainties.

Financial Performance

For the year ended March 31, 2026, consolidated revenue from operations stood at INR 2,623 crore, compared to INR 2,350 crore in the previous year. EBITDA for FY26 was INR 427 crore, a 13% year-on-year increase, with an EBITDA margin of 16.3%. Profit after tax (PAT) for the year was INR 193 crore, reflecting a PAT margin of 7.3%. The reduction in PAT compared to the previous year was primarily due to a decrease in other income to INR 21 crore in FY26 from INR 58 crore in FY25.

In the quarter ended March 31, 2026, consolidated net profit was INR 45 crore, down from INR 53 crore in the corresponding period of the previous year. Revenue from operations for Q4 stood at INR 712 crore, against INR 671 crore in the same period last year. Q4 EBITDA improved to INR 109 crore from INR 86 crore, with the EBITDA margin expanding to 15.3% from 12.8% year-on-year.

The following table summarises the company's key consolidated financial metrics:

Operational Highlights

The company reported a reduction in working capital days to 152 days as of March 31, 2026, down from 195 days in the previous year. Net cash from operating activities stood at INR 224 crore in FY26, compared to INR 52 crore in FY25. Gross debt as of March 31, 2026, was INR 472 crore, with a net debt-to-equity ratio of 0.10x. Capacit'e Infraprojects secured order inflows of INR 4,446 crore during FY26, surpassing its guidance of INR 3,500 crore. The total order book stood at INR 13,498 crore as of March 31, 2026, with the public sector accounting for 57% and the private sector 43%.

Outlook and Guidance

Management stated that the company is targeting a revenue growth of 20% year-on-year for FY27, supported by the current order book. The order inflow target for FY27 is set between INR 4,500 crore and INR 5,000 crore. Regarding profitability, the EBITDA margin guidance for FY27 is in the range of 15.5% to 16.5%, factoring in a provision of INR 10 crore towards potential cost escalations in electrical and aluminum items. If global uncertainties cease, the guidance may be restored to 16.5% to 17.5%. The company also expects to realize INR 50 crore in FY27 from the sale of non-core assets.

Auditor's Report

The statutory auditors, M S K A & Associates LLP, issued a qualified opinion on the consolidated and standalone financial results. The qualification relates to trade receivables of INR 1,155.93 lakhs recoverable from one party, where the auditors stated they were unable to comment on recoverability due to insufficient evidence. The auditors also drew attention to long outstanding trade receivables, contract assets, and other exposures amounting to INR 5,492.76 lakhs as of March 31, 2026, noting that the management is confident of recoverability based on legal advice.