Aztec Fluids & Machinery Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aztec Fluids & Machinery Ltd filed with BSE on 06 Jun 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
Aztec Fluids & Machinery reported consolidated revenue growth of 9.2% year-on-year to Rs 96.53 crore in FY26, with EBITDA rising 9.6% to Rs 13.96 crore and margins improving to 14.3%. PAT stood at Rs 7.41 crore, impacted by an 85% year-on-year increase in depreciation and lower other income tied to investments in manufacturing infrastructure and technology. Management discussed the integration of Jettings, government tendering opportunities, backward integration of ink manufacturing, and product mix across CIJ, laser and other printer categories.
Numbers mentioned
Revenue from operations: 96.53 crores (FY26)
p. 3
“revenue from operations increased by 9.2% year-on-year to 96.53 crores”
Devraj Pandya, page 3 of the filed PDF · View the filing
Revenue: 47.61 crores (H2 FY26)
p. 3
“revenue grew 12.4% on year-on-year basis to 47.61 crores, reflecting healthy business momentum despite a challenging business environment”
Devraj Pandya, page 3 of the filed PDF · View the filing
EBITDA: 13.96 crores (FY26)
p. 3
“EBITDA increased by 9.6% to 13.96 crores, while EBITDA margins improved to 14.3% from 14% in the previous year”
Devraj Pandya, page 3 of the filed PDF · View the filing
PAT: 7.41 crores (FY26)
p. 3
“At PAT level, PAT level profit stood at 7.41 crores”
Devraj Pandya, page 3 of the filed PDF · View the filing
Depreciation and write-offs growth: 85% (FY26)
p. 3
“reported earnings were impacted significantly by higher depreciation charges and write-offs, which increased by 85% year-on-year”
Devraj Pandya, page 3 of the filed PDF · View the filing
Operating cash flow before tax: approximately 10.9 crores (FY26)
p. 3
“The group generated operating cash flow of approximately 10.9 crores before tax and over 8 crores after tax, demonstrating the quality of earnings and the strength of our business model”
Devraj Pandya, page 3 of the filed PDF · View the filing
Investment in technology and infrastructure: 9.3 crores (FY26)
p. 3
“We also invested close to around 9.3 crores during the year towards technology infrastructure, system development, manufacturing capabilities, digital platforms, and strategic growth initiatives”
Devraj Pandya, page 3 of the filed PDF · View the filing
Jettings revenue growth: 7% (FY26)
p. 3
“Jettings delivered revenue growth of 7% on top-line basis, EBITDA growth of over 18%, and margin expansion of 100 basis points”
Devraj Pandya, page 3 of the filed PDF · View the filing
Jettings revenue: 19.22 crores (FY26)
p. 9
“From a top-line perspective, 24-25 Jettings stood at 17.96 crores, which in this year it's 19.22”
Devraj Pandya, page 9 of the filed PDF · View the filing
Jettings EBITDA margin: 10.2% (FY26)
p. 9
“from an EBITDA perspective, last year it stood at an EBITDA margin of 9.2%, this year the EBITDA margins stand at 10.2%”
Devraj Pandya, page 9 of the filed PDF · View the filing
Jettings employee cost change: -20% (FY26)
p. 9
“The employee cost on a year-on-year basis has reduced by 20%”
Devraj Pandya, page 9 of the filed PDF · View the filing
Others segment share of top line: 16.6% (FY26)
p. 6
“which contributes to around 16.6% of our total top line”
Pulin Vaidya, page 6 of the filed PDF · View the filing
Indigenized spare parts share in printers: 40 to 50%
p. 5
“we are actually able to achieve 40 to 50% of the indigenous spare parts in our printers currently”
Pulin Vaidya, 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.
Revenue growth — double-digit growth · medium term
stated as an aspiration by Pulin Vaidya
p. 3
“we remain confident of delivering sustainable double-digit growth over the medium term”
Pulin Vaidya, page 3 of the filed PDF · View the filing
EBITDA margin — 13-14% · this year
stated firmly by Devraj Pandya
p. 13
“the EBITDA margin at which we are currently functioning, we will be able and that will that is going to be our core objective”
Devraj Pandya, page 13 of the filed PDF · View the filing
CAPEX allocation percentages — 41% infra capacity build-up, 30% exports and global expansion
stated conditionally by Devraj Pandya
p. 10
“41% comes to or rather 41% would be put up in the infra capacity build-up, 30% would be put up in exports and global expansion”
Devraj Pandya, page 10 of the filed PDF · View the filing
Top-line growth priority relative to margins
stated firmly by Devraj Pandya
p. 8
“we would not like to compromise on the margins because then eventually it will suffer our cash flows”
Devraj Pandya, page 8 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 said the growth also reflects a full-year consolidation of Jettings' numbers, which were only partially included the prior year.
Answered by Pulin Vaidya
Asked by Prashant Kale: Why does the installed base figure of 8,000 printers not reconcile with 5,000 last year plus 1,550 sold this year?
p. 4
“this year, Jettings has been working in its full synergy along with Astec”
Pulin Vaidya, page 4 of the filed PDF · View the filing
Management said funding would come from internal accruals, debt, and possibly equity, with equity still under evaluation.
Answered by Pulin Vaidya
Asked by Prashant Kale: How much CAPEX will be spent on in-house manufacturing of critical components and how will it be funded?
p. 4
“this whole expansion is going to be funded through three sources: one, of course, being internal accruals; second being debt; and third, which is a long shot, which might be equity”
Pulin Vaidya, page 4 of the filed PDF · View the filing
Management said ink manufacturing is 100% backward integrated while printer spare parts are 40-50% indigenized, with more still in a testing phase.
Answered by Pulin Vaidya
Asked by Prashant Kale: How much backward integration has been achieved for inks versus printers/printheads given geopolitical risk from China-Taiwan tensions?
p. 4
“it's 100% backward integration”
Pulin Vaidya, page 4 of the filed PDF · View the filing
Management said EBITDA growth remained strong and PAT was affected by higher depreciation and taxation from investments that will support future growth, while reiterating a focus on margins over growth at any cost.
Answered by Devraj Pandya
Asked by Anshul Sharma: Given revenue growth slowed to single digits versus prior double-digit commentary, what gives confidence in accelerating growth?
p. 8
“we would not like to compromise on the margins because then eventually it will suffer our cash flows”
Devraj Pandya, page 8 of the filed PDF · View the filing
Management said free cash flow has already been generated this year and will grow further as investments made after August last year get a full-year impact, while capex continues.
Answered by Devraj Pandya
Asked by Ria Shah: Should investors expect stronger free cash flow generation going forward given continued investment?
p. 10
“free cash flow has already been generated this year”
Devraj Pandya, page 10 of the filed PDF · View the filing
Management said they maintained inventory discipline, avoided black-market pricing, and passed on cost increases to customers while preserving service quality.
Answered by Devraj Pandya
Asked by Prashant Kale: How much has the Iran war impacted raw material prices and is the company passing this on to customers?
p. 13
“we would stock up only to the extent and only to those rupee value which our customers would be able to help us”
Devraj Pandya, page 13 of the filed PDF · View the filing
Management said extrusion faced a slowdown due to the Middle East conflict but FMCG and food customers did not see a substantial slowdown, and the company is diversifying industry exposure to reduce risk.
Answered by Devraj Pandya
Asked by Prashant Kale: Is there any uptick expected in the pipe, wire, FMCG and packaging sectors this year after last year's slowdown?
p. 13
“as far as the extrusion segment is concerned, there was a slowdown, because again, the whole Middle East conflict, it impacted their CPVC, PVC and even their input costs as well”
Devraj Pandya, page 13 of the filed PDF · View the filing
Risks flagged
Potential disruption to printer and printhead supply chains from a China-Taiwan conflict
p. 5
“we don't know how things would shape up”
Pulin Vaidya, page 5 of the filed PDF · View the filing
Dependence on imported components for printers
p. 5
“if dependence on imported products is concerned, yes, we are dependent on them”
Pulin Vaidya, page 5 of the filed PDF · View the filing
Slowdown in the extrusion segment due to the Middle East conflict affecting input costs
p. 13
“there was definitely a very heavy slowdown”
Devraj Pandya, page 13 of the filed PDF · View the filing
Uncertainty over raw material prices and CAPEX timing due to the Iran/Middle East conflict
p. 13
“this whole Middle Eastern conflict took us to a different tangent where where we ourselves did not have the visibility of how this whole war is how much this whole war is going to last for what tenure”
Devraj Pandya, page 13 of the filed PDF · View the filing
Higher depreciation and lower other income reducing reported profit growth
p. 3
“reported earnings were impacted significantly by higher depreciation charges and write-offs, which increased by 85% year-on-year”
Devraj Pandya, page 3 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.