Capacite Infraprojects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Capacite Infraprojects Ltd filed with BSE on 25 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
Capacit'e Infraprojects reported Q4 FY26 revenue of Rs 712 crores, up 6% year-on-year, with EBITDA margin at 15.3% compared to 12.8% in Q4 FY25, while full-year FY26 revenue grew 12% to Rs 2,623 crores. Management attributed the slower-than-anticipated quarterly growth to labour migration linked to West Bengal assembly elections and factored a Rs 10 crore provision into construction costs for commodity price increases in electrical and aluminium inputs. The company reported order inflow of Rs 4,446 crores for FY26, exceeding its Rs 3,500 crore guidance, and an order book of Rs 13,498 crores as of March 31, 2026.
Numbers mentioned
Revenue: Rs 712 crores (Q4 FY26)
p. 4
“Revenue for Q4 FY '26 stood at INR712 crores, up by 6% compared to INR671 crores in Q4 FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBITDA: Rs 109 crores (Q4 FY26)
p. 4
“EBITDA for Q4 FY '26 stood at INR109 crores, up by 27% as compared to INR86 crores in Q4 FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBITDA margin: 15.3% (Q4 FY26)
p. 4
“EBITDA margin for Q4 FY '26 stood at 15.3% compared to 12.8% in Q4 FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBIT: Rs 84 crores (Q4 FY26)
p. 4
“EBIT for Q4 FY '26 stood at INR84 crores down by 11% as compared to INR93 crores in Q4 FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
PAT: Rs 45 crores (Q4 FY26)
p. 4
“PAT for the Q4 FY '26 stood at INR45 crores as compared to INR53 crores in Q4 FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
Revenue from operations: Rs 2,623 crores (FY26)
p. 4
“revenue from operations for FY '26 stood at INR2,623 crores, up by 12% as compared to INR2,350 crores in FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBITDA: Rs 427 crores (FY26)
p. 4
“EBITDA for the year FY '26 stood at INR427 crores, up 13% compared to INR379 crores in FY '25.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBITDA margin: 16.3% (FY26)
p. 4
“EBITDA margin for the full year FY '26 stood at 16.3%, around our guided range.”
Rohit Katyal, page 4 of the filed PDF · View the filing
PAT: Rs 193 crores (FY26)
p. 4
“PAT for FY '26 stood at INR193 crores.”
Rohit Katyal, page 4 of the filed PDF · View the filing
Order inflow: Rs 4,446 crores (FY26)
p. 3
“Order inflow during FY '26 stood at INR4,446 crores, exceeding our full year guidance inflow of INR3,500 crores.”
Rohit Katyal, page 3 of the filed PDF · View the filing
Order book: Rs 13,498 crores (as on 31st March '26)
p. 4
“Order book on standalone basis stood at INR13,498 crores as on 31st March '26.”
Rohit Katyal, page 4 of the filed PDF · View the filing
Net cash from operating activities: Rs 224 crores (FY26)
p. 3
“Net cash from operating activities stood at INR224 crores in FY '26 as compared to INR52 crores in FY '25.”
Rohit Katyal, page 3 of the filed PDF · View the filing
Gross debt to equity: 0.25x (FY26)
p. 4
“The gross debt stood at 0.25x and the net debt to equity stood at 0.10x.”
Rohit Katyal, page 4 of the filed PDF · View the filing
Net debt: less than Rs 170 crores (current, as of call date)
p. 17
“So, the net debt is approximately as on today, as I speak to you, less than INR170 crores.”
Rohit Katyal, page 17 of the filed PDF · View the filing
MHADA revenue: Rs 223.68 crores (FY26)
p. 18
“MHADA is INR223.68 crores, and CIDCO is close to INR400 crores.”
Rohit Katyal, page 18 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.
EBITDA margin — 15.5% to 16.5% · FY27
stated conditionally by Rohit Katyal
p. 4
“Considering the current situation, the EBITDA guidance for the full financial year '26, '27 will be in the range of 15.5% to 16.5%.”
Rohit Katyal, page 4 of the filed PDF · View the filing
EBITDA margin — 16.5% to 17.5% · FY27
stated conditionally by Rohit Katyal
p. 4
“However, if the global uncertainties cease over the next few weeks, a couple of months, the guidance will be restored to 16.5% to 17.5%.”
Rohit Katyal, page 4 of the filed PDF · View the filing
Revenue growth — 20% · FY27 and FY28
stated firmly by Rohit Katyal
p. 6
“Over the next 2 years, we are seeing that -- we are giving a guidance of 20% revenue growth year-on-year.”
Rohit Katyal, page 6 of the filed PDF · View the filing
Order inflow — Rs 4,500 crores to Rs 5,000 crores · FY27
stated firmly by Rohit Katyal
p. 7
“I'll give you a range of INR4,500 crores to INR5,000 crores, and we are well on track to achieve that.”
Rohit Katyal, page 7 of the filed PDF · View the filing
Noncore asset sales — Rs 50 crores · FY27
stated firmly by Rohit Katyal
p. 3
“The company is expected to realize INR50 crores in FY '27 from sale of noncore assets.”
Rohit Katyal, page 3 of the filed PDF · View the filing
Capex — Rs 165 crores · FY27
stated firmly by Rohit Katyal
p. 7
“For the current financial year, our target towards capex, mainly coming from aluminum formwork, jump-form will be close to about INR165 crores.”
Rohit Katyal, page 7 of the filed PDF · View the filing
Net working capital days — 56 to 60 days · over the next 8 quarters
stated as an aspiration by Rohit Katyal
p. 8
“Over the next 8 quarters, you will see we achieving that what we were talking about net working capital of 56 to 60 days.”
Rohit Katyal, page 8 of the filed PDF · View the filing
Finance cost — Rs 6 crores to Rs 8 crores reduction · current financial year
stated firmly by Rohit Katyal
p. 8
“So yes, you can take it from us that on an absolute basis, the company will exhibit reduction in finance cost by maybe INR6 crores to INR8 crores for the full year.”
Rohit Katyal, page 8 of the filed PDF · View the filing
CIDCO revenue — Rs 500 crores to Rs 600 crores · FY27
stated as an aspiration by Rohit Katyal
p. 6
“We should be close to INR500 crores to INR600 crores in CIDCO, and we should be close to INR350 crores to INR400 crores in MHADA.”
Rohit Katyal, page 6 of the filed PDF · View the filing
Other income — Rs 3 crores to Rs 4 crores per quarter, plus or minus 10% · FY27
stated conditionally by Rohit Katyal
p. 16
“Same, plus or minus 10%.”
Rohit Katyal, 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.
Private sector contracts have full pass-through, but government escalation clauses are not currently matching actual price increases in electrical and aluminium inputs.
Answered by Rohit Katyal
Asked by Jainam Jain: How is the war and rising commodity prices affecting project execution and profitability, and are contracts fixed-cost?
p. 5
“while our projects in the private sector have 100% pass-through for commodities, and the government sector, we are covered by escalation in all our projects, however, the increase in the escalation indices is not matching with the actual price increase”
Rohit Katyal, page 5 of the filed PDF · View the filing
Started with Rs 200 crores of noncore assets, Rs 60 crores already sold, Rs 50 crores targeted this year, and the remaining Rs 90 crores over 24 months.
Answered by Rohit Katyal
Asked by Vaibhav Shah: What is the total value of noncore assets remaining to be sold?
p. 6
“we started the entire effort with the INR200 crores of noncore assets, which were acquired through court cases starting post-COVID.”
Rohit Katyal, page 6 of the filed PDF · View the filing
Management said current geopolitical conditions prevent giving an upward guidance number, though outperformance would be welcome.
Answered by Rohit Katyal
Asked by Darshil Jhaveri: Could revenue growth exceed the 20% guidance given the strong order book?
p. 7
“the current geopolitical conditions, what are surrounding all of us, do not allow me to give you an upward number.”
Rohit Katyal, page 7 of the filed PDF · View the filing
Management attributed the shortfall to labour migration linked to West Bengal elections, estimating a revenue loss of around Rs 45-50 crores in the quarter.
Answered by Rohit Katyal
Asked by Diwakar Rana: Why was Q4 revenue growth the lowest in many quarters despite prior comments about a record quarter?
p. 9
“the company has lost revenue of close to INR45 crores, INR50 crores, but then we would not like to put that an excuse”
Rohit Katyal, page 9 of the filed PDF · View the filing
Management confirmed approximately Rs 40-45 crores lost in the March quarter and Rs 125 crores for the full year.
Answered by Rohit Katyal
Asked by Diwakar Rana: How much revenue was lost in Q4 specifically due to migration?
p. 9
“I just mentioned, about INR40 crores to INR45 crores.”
Rohit Katyal, page 9 of the filed PDF · View the filing
Management confirmed 15.5% as the current worst case but noted further currency or fuel price shocks could change that.
Answered by Rohit Katyal
Asked by Rahul Kumar: Is 15.5% EBITDA margin the worst case scenario?
p. 11
“Yes, 15.5% as we can see today. But now if the USD goes to INR150, I do not know.”
Rohit Katyal, page 11 of the filed PDF · View the filing
Management said it was booked under construction expenses, specifically material costs.
Answered by Rohit Katyal
Asked by Deepak Poddar: Where was the Rs 10 crore provision accounted for in the P&L?
p. 12
“Construction expenses. That is the material in M plus L.”
Rohit Katyal, page 12 of the filed PDF · View the filing
Management said average requirement is over 14,000 workers, currently around 11,000, having dropped to about 9,000 in March.
Answered by Rohit Katyal
Asked by Deepak Poddar: What is the current labour requirement versus availability?
p. 13
“the average requirement should be 14,000-plus. Maybe we are at 11,000-odd. This had depleted to nearly 9,000 in the March and some part of April.”
Rohit Katyal, page 13 of the filed PDF · View the filing
Management said labour rate escalation is not a major concern, but sustained commodity price increases could slow projects, particularly in Tier 2/3 cities.
Answered by Rohit Katyal
Asked by Rajesh Jain: What are the downside risks to the 20% revenue growth guidance?
p. 14
“if the input prices or the cost of construction in economies like Bangalore, Hyderabad, Tier 2 cities increase by 20%, you could see projects slowing down.”
Rohit Katyal, page 14 of the filed PDF · View the filing
Management said the company has bid over Rs 5,000 crores and is negotiating to close orders exceeding Rs 1,000 crores.
Answered by Rohit Katyal
Asked by Rajesh Jain: How much has the company bid for in pursuit of the FY27 order inflow guidance?
p. 14
“We have bid more than INR5,000 crores.”
Rohit Katyal, page 14 of the filed PDF · View the filing
Management explained it was due to a one-time write-back recorded in the prior year that did not recur.
Answered by Rohit Katyal
Asked by Rajesh Jain: What caused the reduction in other income?
p. 16
“it was some write-backs which we received as one-off, which was recorded in the last financial year.”
Rohit Katyal, page 16 of the filed PDF · View the filing
Risks flagged
Commodity price increases in electrical and aluminium inputs not matching escalation indices
p. 5
“the increase in the escalation indices is not matching with the actual price increase, as I mentioned in my opening remarks, especially pertaining to products in electrical and aluminum formwork”
Rohit Katyal, page 5 of the filed PDF · View the filing
Labour shortage due to election-related migration
p. 12
“we are still short of about 3,000 workmen across our 30 project sites”
Rohit Katyal, page 12 of the filed PDF · View the filing
Delay in IIT project due to pending government tree-cutting permissions
p. 10
“the government client would take 6 months to get tree-cutting permission, which is still pending, is not in our hands.”
Rohit Katyal, page 10 of the filed PDF · View the filing
Broader geopolitical and war-related uncertainty affecting input costs
p. 13
“there is pessimism due to the geopolitical uncertainty.”
Rohit Katyal, page 13 of the filed PDF · View the filing
Potential slowdown in Tier 2/3 city projects if commodity prices rise unchecked
p. 14
“there is a fear that if the price increases go unchecked here on, there could be a slowdown in projects.”
Rohit Katyal, page 14 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.