Yasho Industries Revenue Rises 22.7% in FY26
Yasho Industries reported a 22.7% YoY revenue growth to INR830 crores in FY26, with EBITDA margins improving to 17.4%. The company secured a 15-year long-term agreement and targets INR1,500 crores revenue by FY28.
*this image is generated using AI for illustrative purposes only.
Yasho Industries has filed the transcript of its earnings conference call for the quarter and year ended March 31, 2026. The company reported robust financial performance for the fiscal year, navigating a challenging global environment marked by supply chain volatility and geopolitical tensions. Management highlighted strategic initiatives, including a secured long-term agreement and operational efficiencies, as key drivers for the results.
Consolidated Financial Performance
The company delivered strong growth across both the quarter and the full year. For Q4 FY26, total revenue reached ₹24,672.06 lakhs, a 33.03% increase year-on-year, while EBITDA stood at ₹4,471.93 lakhs, up 23.73% YoY. On a sequential basis, total revenue grew 22.2% and EBITDA surged 33.01% over Q3 FY26. For the full year, consolidated revenue stood at ₹83,131.40 lakhs and EBITDA at ₹14,445.93 lakhs. Profit After Tax for FY26 rose 313.71% to ₹2,525.80 lakhs from ₹610.52 lakhs in FY25, with the PAT margin improving to 3.04% from 0.90%.
| Particulars (₹ Lakhs) | Q4 FY26 | Q4 FY25 | Y-o-Y | Q3 FY26 | Q-o-Q | FY26 | FY25 | Y-o-Y |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 24,672.06 | 18,545.84 | 33.03% | 20,197.75 | 22.2% | 83,131.40 | 67,751.49 | 22.70% |
| EBITDA | 4,471.93 | 3,614.14 | 23.73% | 3,362.19 | 33.01% | 14,445.93 | 11,940.08 | 20.99% |
| Profit After Tax | 1,225.99 | 503.04 | 143.72% | 449.60 | 172.68% | 2,525.80 | 610.52 | 313.71% |
Balance Sheet and Cash Flow Highlights
The company's total assets stood at ₹1,15,506 lakhs as of FY26. Total equity improved to ₹44,392 lakhs from ₹41,970 lakhs. On the liabilities side, long-term borrowings declined to ₹28,913 lakhs from ₹32,445 lakhs. Net cash from operating activities turned strongly positive at ₹15,129 lakhs in FY26, compared to a negative ₹4,085 lakhs in FY25. The Debt-EBITDA ratio improved to 3.75 in FY26 from 4.70 in FY25.
| Cash Flow (₹ Lakhs) | FY26 | FY25 |
|---|---|---|
| Net Cash from Operating Activities | 15,129 | -4,085 |
| Cash Flow from Investing Activities | -7,256 | -875 |
| Cash Flow from Financing Activities | -8,120 | 5,810 |
Strategic Initiatives and Growth Outlook
A key strategic development during the period was the securing of a ₹85–90 crore customer-funded project with a large global multinational company. As of the presentation date, ₹51.40 crore has been received as advance. The company's R&D facility, worth ₹25.3 crore, is now fully operational. Yasho Industries also commercialized two new manufacturing lines during the year. Management targets revenue of ₹1,500 crore by FY28 and EBITDA margins above 20%.
During the conference call, management clarified that the company targets capacity utilization of over 75% in FY27, up from above 60% in FY26. The company plans a capital expenditure of ₹125 crores in FY27, funded through internal accruals. The long-term agreement is expected to contribute to revenue starting FY28. Management also guided for volume growth between 35% and 45% in FY27, driven by improved customer engagement and market penetration.
How will Yasho Industries manage execution risk and maintain EBITDA margins above 20% if global supply chain disruptions intensify during its FY27 capacity expansion phase?
Which specific product segments or geographies are expected to drive the projected 35-45% volume growth in FY27, and how dependent is this target on the single large multinational customer agreement?
Given the significant swing from negative to positive operating cash flow in FY26, what measures is management taking to ensure this trend is sustainable as ₹125 crore in capex is deployed in FY27?
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