EPACK Prefab Technologies Limited has reported its financial results for the quarter and financial year ended March 31, 2026. The company announced that its revenue for FY26 increased by 35% to INR1,525 crores. Profit After Tax (PAT) rose by 56%, while EBITDA margins expanded during the period. The management highlighted that every commitment made during the IPO has been met, and the company has reduced its debt by approximately INR107 crores.

Financial Performance and Cash Flow

The company generated approximately INR135 crores of free operating cash flow in FY26, which represents about 85% of its EBITDA converting into cash. This cash generation is attributed to exceptional cash discipline amidst significant capital deployment. The credit rating of the company has improved as it moves towards becoming a debt-free entity.

Operational Highlights and Capacity Utilization

Operational metrics showed strong improvement in capacity utilization. The structural steel fabrication utilization started at 58% in Q1, moved to 77% in Q2, dipped to 67% in Q3, and reached 83% in Q4. To support this growth, the company added 14,000 tons of capacity in the last quarter, which became operational in the current month.

Future Outlook and Expansion Plans

Looking ahead to FY27, EPACK Prefab has guided for a 30% growth in its Prefab division, targeting revenue between INR1,920 crores and INR1,950 crores. The overall order book stands at INR1,117 crores, providing visibility for the next six to eight months. The company is executing three capacity additions simultaneously: a brownfield line at Mambattu, a greenfield project at Ghiloth expected to commence commercial production in Q3 (October-November), and a greenfield project in Gujarat with a planned capacity of 50,000 tons. The total capital expenditure for FY27 is estimated to be around INR150 crores.

Sectoral Demand and Order Book Composition

Approximately 35% to 38% of the current order book is derived from high-growth sectors such as renewables, data centers, semiconductors, and logistics. The management noted that inquiries for wafer and ingot plants are increasing, which typically involve higher tonnage. Additionally, the company is expanding its structural steel offerings to data center clients beyond insulated sandwich panels.

Analyst Meet Details

The earnings conference call was held on May 18, 2026, to discuss these results. Key details of the event are outlined below:

The transcript of the discussion has been filed under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

EPACK Prefab Technologies Limited announced its audited financial results for the quarter and financial year ended March 31, 2026. The company reported a 56.2% year-on-year increase in Profit After Tax (PAT) to Rs 926 Mn for FY26, compared to Rs 593 Mn in the previous year. Revenue from operations for the year rose 34.5% to Rs 15,253 Mn from Rs 11,339 Mn in FY25, reflecting strong execution scale across its integrated prefab platform. The Board of Directors approved the financial statements at its meeting held on May 16, 2026.

Financial Performance

For the fourth quarter of FY26, revenue from operations increased 42.4% year-on-year and 44.8% quarter-on-quarter to Rs 4,708 Mn, while PAT grew 51.5% YoY and 79.3% QoQ to Rs 303 Mn. EBITDA for the quarter stood at Rs 461 Mn, a 30.6% increase over the prior year, with an EBITDA margin of 9.8% compared to 10.7% in the same quarter of the previous year. For the full year, EBITDA stood at Rs 1,597 Mn, representing a margin of 10.5%, up 10 basis points from 10.4% in FY25. The company maintained a strong financial position with net cash of approximately Rs 2,007 Mn and an improved net working capital cycle of 32 days, compared to 36 days in FY25.

The following table summarizes the key financial highlights:

Operational Highlights

FY26 revenue growth was driven by continued execution scale in the Prefab business, which grew approximately 45% YoY. The pending order book stood at Rs 11,127 Mn as of March 31, 2026, reflecting strong order visibility across diversified end-user sectors. Cash flow from operations for FY26 stood at Rs 1,357 Mn, representing approximately 85% of EBITDA. The company has completed over 1,750 projects to date, with significant growth in sectors such as renewable energy and data centers. The Mambattu facility contributed to securing almost 50% of PEB revenue from South and West India.

Corporate Developments

The company repaid Rs 700 Mn of borrowings from IPO proceeds, with total IPO proceeds spent standing at Rs 1,548 Mn until the end of FY26. One line of the Mambattu Brownfield Expansion commenced commercial production on April 29, 2026, increasing PEB capacity to 147,122 MTPA. The Ghiloth greenfield project continues to progress, with civil construction in full swing, and Gujarat land has been acquired for Phase 1. The company's credit rating was upgraded to ICRA A+ (Stable) for long-term instruments and ICRA A1 for short-term instruments.

The following table summarizes key balance sheet metrics across years (INR Mn):

MD's Commentary

Managing Director Sanjay Singhania described FY26 as a landmark year for the company as it began its journey as a publicly listed entity. He highlighted the delivery on IPO commitments, achieving Rs 1,525 crores in revenue with a 34.5% YoY growth, a 10.5% EBITDA margin, and a 6.1% PAT margin. He noted the company's focus on working capital management, generating free operating cash flow of Rs 1,357 Mn, approximately 85% of EBITDA. He also highlighted the strengthening of the senior leadership team with an experienced industry professional who has previously led major steel building and infrastructure businesses, and reaffirmed commitment to capital discipline and transparent communication.

FY27 Outlook and Strategic Priorities

Management has outlined targets and strategic priorities for FY27, as detailed in the investor presentation released on May 18, 2026.

Capacity expansion plans include the Mambattu second line, a Ghiloth continuous sandwich panel line, additional Ghiloth PEB capacity, and Gujarat Phase 1. The company also plans to strengthen its presence in West India while continuing to tap opportunities in North and South India. A new northern sandwich panel line is expected to be commissioned by November/December 2026 to capture the peak cold storage cycle.