ArisInfra Solutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript ArisInfra Solutions Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ArisInfra reported Q4 FY26 revenue of Rs 343 crore, up 55% year-on-year, with EBITDA growing 202% to about Rs 31 crore and PAT of Rs 22 crore versus a loss a year earlier. For the full year FY26, revenue rose 39% to Rs 1,068 crore, EBITDA doubled to Rs 101 crore, and PAT stood at Rs 60 crore versus Rs 6 crore in FY25. Management highlighted growth in Contract Manufacturing volumes, the new Asphalt category, and the DAAS services business, alongside a reduction in net working capital days and positive operating cash flow.
Numbers mentioned
Revenue: INR 343 crores (Q4 FY26)
p. 4
“For the quarter under review, the revenue from operations stood at INR 343 crores, registering a strong growth of 55% year-on-year”
Bhavik Khara, page 4 of the filed PDF · View the filing
EBITDA: about INR 31 crores (Q4 FY26)
p. 4
“EBITDA for the quarter grew to 202% year-on-year to about INR 31 crores, with EBITDA margins improving by 431 basis points year-on-year to 8.8%.”
Bhavik Khara, page 4 of the filed PDF · View the filing
PAT: INR 22 crores (Q4 FY26)
p. 4
“PAT for the quarter stood at INR 22 crores compared to a loss in the corresponding quarter last year, reflecting a strong operating leverage and an improving business mix.”
Bhavik Khara, page 4 of the filed PDF · View the filing
Revenue: INR 1,068 crores (FY26)
p. 4
“For the Financial Year 2026, revenue from the operations stood at INR 1,068 crores, reflecting a growth of 39% year-on-year.”
Bhavik Khara, page 4 of the filed PDF · View the filing
EBITDA: INR 101 crores (FY26)
p. 4
“EBITDA doubled year-on-year to INR 101 crores, with EBITDA margins improving to 9.43%, an expansion of 290 basis points.”
Bhavik Khara, page 4 of the filed PDF · View the filing
PAT: INR 60 crores (FY26)
p. 4
“PAT for the period stood at INR 60 crores compared to INR 6 crores a year ago.”
Bhavik Khara, page 4 of the filed PDF · View the filing
Net working capital days: 66 days (FY26)
p. 4
“The net working capital days further reduced to 66 days in FY26 from 110 days a year ago, while the net debt-to-equity improved significantly to (-0.09x).”
Bhavik Khara, page 4 of the filed PDF · View the filing
Operating cash flow: INR 142 crores (FY26)
p. 4
“Operating cash flow also turned strongly positive during the year, reaching INR 142 crores, reflecting disciplined working capital management, stronger cash generation and a structurally improved business model.”
Bhavik Khara, page 4 of the filed PDF · View the filing
Contract Manufacturing volumes delivered: 11.29 lakh metric tons (Q4 FY26)
p. 5
“Volumes delivered increased 91% year-on-year to 11.29 lakh metric tons in Q4 Financial Year 2026.”
Srinivasan Gopalan, page 5 of the filed PDF · View the filing
Capacity utilization: 50% (Q4 FY26)
p. 5
“We also saw capacity utilization improvement to 50% from 39% in the corresponding quarter last year, reflecting better throughput and improving operational efficiencies across manufacturing operations.”
Srinivasan Gopalan, page 5 of the filed PDF · View the filing
Asphalt revenue: INR 30 crores (Q4 FY26)
p. 5
“Revenues from asphalt increased to INR 30 crores in Q4 2026, growing 88% sequentially.”
Srinivasan Gopalan, page 5 of the filed PDF · View the filing
DAAS revenue: INR 36 crores (Q4 FY26)
p. 5
“DAAS revenues stood at INR 36 crores in the quarter, registering a growth of 264% year-on-year and 61% sequentially, driving by strong project execution and increasing adoption of our service offering.”
Srinivasan Gopalan, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Contract Manufacturing revenue share — 55% to 60% · FY27
stated firmly by Ronak Morbia
p. 6
“We will be looking to target about 55% to 60% contribution from Contract Manufacturing and Services I think somewhere around 9% to 10% that we have really maintained historically as well.”
Ronak Morbia, page 6 of the filed PDF · View the filing
Revenue growth — 35% to 40% · FY27
stated firmly by Ronak Morbia
p. 7
“We grew about 40% last year in terms of revenue, and we have historically mentioned that we will be looking for 40% growth for the next two years. So, yes, the projected revenue growth is about 35% to 40%.”
Ronak Morbia, page 7 of the filed PDF · View the filing
EBITDA margin — 10% to 10.5%
stated firmly by Bhavik Khara
p. 8
“No, so we would maintain an EBITDA of around 10% to 10.5%. That is our sweet spot, and we will keep our consistent growth and numbers in the area.”
Bhavik Khara, page 8 of the filed PDF · View the filing
Contract Manufacturing utilization — 75% to 80% · FY27
stated firmly by Ronak Morbia
p. 9
“So, the annual number that I mentioned, we will be looking to reach a peak utilization of more than 75% to 80% in this financial year itself.”
Ronak Morbia, page 9 of the filed PDF · View the filing
Vendor and customer deposit investment — INR 25 crores to INR 50 crores · FY27
stated conditionally by Ronak Morbia
p. 10
“So, we will look to invest more in this financial year, maybe about INR 25 crores to 50 crores, depending on the opportunities that we get.”
Ronak Morbia, page 10 of the filed PDF · View the filing
EBITDA margin — above 10%
stated as an aspiration by Ronak Morbia
p. 17
“We will look to first sustain a (+10%) EBITDA margin, and we will look to improve that even further because we expect contribution improvement from Contract Manufacturing and Services as well.”
Ronak Morbia, page 17 of the filed PDF · View the filing
Order booking visibility — 85% to 90% of top line and bottom line · Q1 FY27
stated as an aspiration by Srinivasan Gopalan
p. 17
“So, our aim is in Q1, we should be able to predict around 85% to 90% of our top line and similarly of the bottom line as well.”
Srinivasan Gopalan, page 17 of the filed PDF · View the filing
OCF-to-PAT ratio — around 1:1.5 · FY27
stated as an aspiration by Ronak Morbia
p. 16
“Ratio. I mean, currently we are at about 1:2, somewhere around that, and I think the next year we will be looking to be somewhere around 1:1.5 maybe, but that's something that we will look to sustain this kind of a ratio as well going into the future.”
Ronak Morbia, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management targeted roughly 55-60% share from Contract Manufacturing and 9-10% from Services.
Answered by Ronak Morbia
Asked by Disha: How does management see the revenue mix evolving between Contract Manufacturing and Services in FY27?
p. 6
“I think it would be a fair assumption. We will be looking to target about 55% to 60% contribution from Contract Manufacturing and Services I think somewhere around 9% to 10% that we have really maintained historically as well.”
Ronak Morbia, page 6 of the filed PDF · View the filing
Management attributed it to an additional expected credit loss taken conservatively at year-end.
Answered by Ronak Morbia
Asked by Disha: What caused the sharp increase in other expenses in Q4?
p. 6
“We have taken an additional expected credit loss of about INR 5 crores. This is in line with taking a more conservative approach in terms of the receivable risk that we generally take in our balance sheet”
Ronak Morbia, page 6 of the filed PDF · View the filing
Management said the current asset base gives revenue predictability of more than Rs 6,000 crore over five years.
Answered by Ronak Morbia
Asked by Nirav Shah: How much revenue can the current Contract Manufacturing asset base support?
p. 9
“So, the current asset base actually gives us a revenue predictability of more than INR 6,000 crores for the next five years.”
Ronak Morbia, page 9 of the filed PDF · View the filing
Management said the improvement reflects the business model reaching an inflection point and expected it to be sustained or improved further.
Answered by Ronak Morbia
Asked by Urmish Shah: Is the improvement in net working capital days sustainable?
p. 11
“we believe that while we grow forward in the next few quarters, we will be able to, at minimum, sustain this number and definitely look to improve as well.”
Ronak Morbia, page 11 of the filed PDF · View the filing
Management confirmed raw material costs are a complete pass-through and do not affect profitability.
Answered by Srinivasan Gopalan
Asked by Udit Sehgal: Are raw material cost increases passed through to customers?
p. 18
“For us, it is a clear pass-through. Our business model is such, if steel is sold at 90,000 and if the market is at 95,000, so for us, it is a complete pass-through.”
Srinivasan Gopalan, page 18 of the filed PDF · View the filing
Management said there is no commodity price risk.
Answered by Srinivasan Gopalan
Asked by Ankur: Is there commodity price risk for the company?
p. 14
“Yes, absolutely not. Nothing at all.”
Srinivasan Gopalan, page 14 of the filed PDF · View the filing
Risks flagged
Stuck/overdue receivables in the 180-plus day bucket
p. 10
“The 180-plus number, the stuck receivables, now are in the range of about INR 40 crores, INR 42 crores, and we expect a significant amount of recovery in this financial year.”
Ronak Morbia, page 10 of the filed PDF · View the filing
Historical working capital challenges from suppliers wanting early payment and customers paying late
p. 19
“Suppliers want money early. Customers pay late. There is money stuck in the middle.”
Ronak Morbia, page 19 of the filed PDF · View the filing
Additional expected credit loss provisioning taken due to receivable risk
p. 6
“This is in line with taking a more conservative approach in terms of the receivable risk that we generally take in our balance sheet, and that's something that we did not take for the first three quarters”
Ronak Morbia, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.