Dachepalli Publishers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dachepalli Publishers Ltd filed with BSE on 13 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
Dachepalli Publishers reported Q4 FY26 total income of Rs 35.85 crore, up 93.8% year-on-year, with EBITDA growth of 110.5% and PAT growth of 122.5%. For full-year FY26, total income rose 42.2% to Rs 91.39 crore, EBITDA grew 78.6% to Rs 23.52 crore, and PAT grew 81.8% to Rs 15.20 crore. Management discussed capacity utilization improvements, geographic expansion into new states, the e-commerce platform Pelican Edu Supply, and backward integration into notebook manufacturing.
Numbers mentioned
Total income: INR 35.85 crores (Q4 FY26)
p. 3
“During Q4 FY '26, the company reported total income of around INR 35.85 crores as against INR 18.50 crores in Q4 FY '25, registering a strong year-on-year growth of 93.8%.”
Harish Dachepalli, page 3 of the filed PDF · View the filing
EBITDA: INR 5.79 crores (Q4 FY26)
p. 3
“EBITDA for the quarter stood at INR 5.79 crores, reflecting a growth of 110.5%, while EBITDA margins improved to 128 basis points to 16.2%.”
Harish Dachepalli, page 3 of the filed PDF · View the filing
Profit after tax: INR 5.16 crores (Q4 FY26)
p. 3
“Profit after tax stood at INR 5.16 crores against INR 2.23 crores in Q4, '25, registering a strong growth of 122.5% year-on-year.”
Harish Dachepalli, page 3 of the filed PDF · View the filing
PAT margin: 14.4% (Q4 FY26)
p. 3
“PAT margins improved to 14.4% compared to 12.5% in the same period last year.”
Harish Dachepalli, page 3 of the filed PDF · View the filing
Total income: INR 91.39 crores (FY26)
p. 4
“Total income of FY '26 stood at INR 91.39 crores, with a growth of 42.2% year-on-year.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
EBITDA: INR 23.52 crores (FY26)
p. 4
“EBITDA increased significantly to INR 23.52 crores from INR 13.18 crores in FY '25, reflecting a growth of 78.6%.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
EBITDA margin: 25.7% (FY26)
p. 4
“EBITDA margins expanded by 524 basis points to 25.7%.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
Profit after tax: INR 15.20 crores (FY26)
p. 4
“Profit after tax for FY '26 at INR 15.20 crores, registering a strong growth of 81.8% year-on-year.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
PAT margin: 16.6% (FY26)
p. 4
“PAT margins improved by 362 basis points to 16.6%.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
Printing capacity utilization: nearly 75% (FY26)
p. 4
“Our printing capacity currently stands at approximately 15 tons per day, with capacity utilization improving to nearly 75% during the year compared to nearly 40% earlier.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
In-house production share: 85% (FY26)
p. 4
“Around 85% of the production is now managed in-house, enabling better control over quality, turnaround time and margins.”
Harish Dachepalli, page 4 of the filed PDF · View the filing
E-commerce revenue: INR 20 crores (FY26)
p. 11
“Out of the INR 90 crores turnover, INR 20 crores came from the e-commerce model.”
Harish Dachepalli, page 11 of the filed PDF · View the filing
Uniform business EBITDA margin: 50%
p. 14
“EBITDA is 50%.”
Harish Dachepalli, page 14 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 — more than INR 150 crores, estimating INR 160-165 crores · FY27
stated conditionally by Harish Dachepalli
p. 15
“Yes, sir. We are also hoping to do more than INR 150 crores. This is the minimum promise which we are making to the public. But looking at the things going, we are estimating more than INR 160 crores to INR 165 crores.”
Harish Dachepalli, page 15 of the filed PDF · View the filing
Revenue — INR 220-230 crores · FY28
stated conditionally by Harish Dachepalli
p. 15
“We will be doing more than 200 plus crores in FY '28, sir. It will be around 200 to 250 somewhere in between like INR 220-230 crores definitely we will be achieving.”
Harish Dachepalli, page 15 of the filed PDF · View the filing
PAT — around INR 25 crores · FY27
stated firmly by Harish Dachepalli
p. 9
“We are estimating a PAT of around INR 25 crores.”
Harish Dachepalli, page 9 of the filed PDF · View the filing
PAT margin — 16% to 17% · FY27 and coming years
stated firmly by Harish Dachepalli
p. 20
“So, our PAT margins will be around 16% to 17%, but here, for the coming three to four years, we don't have any CAPEX investment, except for the notebook machine, which we already purchased this year only.”
Harish Dachepalli, page 20 of the filed PDF · View the filing
Geographic expansion — all 28 states and 8 union territories · next 3 years
stated as an aspiration by Harish Dachepalli
p. 16
“So, in the next 3 years, my target is to get into all the 28 states and 8 union territories of the country.”
Harish Dachepalli, page 16 of the filed PDF · View the filing
E-commerce schools onboarded — 100 to 150 schools · coming year
stated firmly by Harish Dachepalli
p. 5
“And for the coming year, we are onboarding around 100 to 150 schools, and we are also including Uniform in this portal.”
Harish Dachepalli, page 5 of the filed PDF · View the filing
Total revenue — more than INR 500 crores · next five to six years
stated as an aspiration by Harish Dachepalli
p. 17
“Yes, sir. So, my target is in the next five to six years, I should be able to do more than INR 500 crores of turnover with a mixture of all these products, textbooks, uniform, stationery and notebook.”
Harish Dachepalli, page 17 of the filed PDF · View the filing
Notebook manufacturing operational status — fully operational · 30 June
stated firmly by Harish Dachepalli
p. 22
“Yes, by 30 June.”
Harish Dachepalli, page 22 of the filed PDF · View the filing
Pelican Edu Supply revenue — INR 50 crores to INR 60 crores · next year
stated conditionally by Harish Dachepalli
p. 20
“Going forward, next year, with 150 schools, we are estimating around INR 50 crores to INR 60 crores of turnover.”
Harish Dachepalli, page 20 of the filed PDF · View the filing
Dividend — next year
stated conditionally by Harish Dachepalli
p. 25
“Right now, we are a growing company. Maybe we will probably declare next year after once we reach a certain target which are there in our mind.”
Harish Dachepalli, page 25 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 additional expenditure from scaling up will normalize over time and guided to PAT-based margin expectations.
Answered by Harish Dachepalli
Asked by Yash: Why did EBITDA margin percentage decline year-on-year despite absolute EBITDA growth, and what is a sustainable margin level?
p. 6
“No, actually, we were scaling up the business also. So, some additional expenditure will kick in in year one because of setting up of offices and some CAPEX investment here and there.”
Harish Dachepalli, page 6 of the filed PDF · View the filing
Management explained the traditional textbook publishing model plus the newer e-commerce platform for schools selling textbooks, notebooks and stationery.
Answered by Harish Dachepalli
Asked by Madhur Rathi: What is the company's business model across textbooks, e-commerce and EdTech?
p. 6
“This tech team also enabled us to build a complete e-commerce platform for schools where we create a school-generated link to parents.”
Harish Dachepalli, page 6 of the filed PDF · View the filing
Management attributed growth to increased market share in existing states, entry into four new states, and INR 20 crore from the new e-commerce model.
Answered by Harish Dachepalli
Asked by Gunit Singh: What explains the bridge between last year's revenue of about 64 crore and this year's 90 crore?
p. 10
“In the 63 crores turnover last year, only 3 crores came from e-commerce and 60 crores came from textbook selling across 10 states and business.”
Harish Dachepalli, page 10 of the filed PDF · View the filing
Management explained the mismatch is due to early invoicing before the academic year reopening in June, not a genuine collection delay.
Answered by Harish Dachepalli
Asked by Gunit Singh: Why are debtor days around 200 compared to peers' 150 days?
p. 12
“So, because early invoicing, the number of days is looking longer, but actually that is not true.”
Harish Dachepalli, page 12 of the filed PDF · View the filing
Management said they are installing around 10 tons per day of notebook capacity, with 80% of that already booked via orders.
Answered by Harish Dachepalli
Asked by Maitri Shah: What capacity is being added for notebook manufacturing?
p. 14
“So, let's say, our notebook, we will be doing around 10 tons capacity per day, out of which 80% capacity we already have procured orders.”
Harish Dachepalli, page 14 of the filed PDF · View the filing
Management said inventory reflects stock built for the academic year that gets sold once schools reopen in June, aligning the financial year-end snapshot with the academic cycle.
Answered by Harish Dachepalli
Asked by Ketan Karani: Why was inventory so high (INR 50-54 crore) at end of FY26?
p. 16
“Yes, sir. The reason why inventory is very high is because now, on March 31st, the inventory is showing.”
Harish Dachepalli, page 16 of the filed PDF · View the filing
Management cited falling paper raw material prices, the new education policy enabling bulk single-curriculum production, and free technology driving textbook adoption and volumes.
Answered by Harish Dachepalli
Asked by Jayesh: What drove the sharp EBITDA margin improvement in FY26 and is it sustainable?
p. 18
“So, there are multiple reasons, sir. One, raw material prices of paper has come down last year.”
Harish Dachepalli, page 18 of the filed PDF · View the filing
Management said demand exceeded the initial pilot print run and required multiple reprints, especially converting southern schools that had relied on North Indian publishers.
Answered by Harish Dachepalli
Asked by Jayesh: What has been the response to newly launched NCERT-aligned notebooks?
p. 20
“So, we did a pilot print of 10,000 copies each, and we sold around 40,000. So, we had to reprint the product four times.”
Harish Dachepalli, page 20 of the filed PDF · View the filing
Management argued the convenience of a single-basket purchase model would keep parents using their current channel even if alternative sourcing were permitted.
Answered by Harish Dachepalli
Asked by Madhur Rathi: Is Maharashtra's regulation allowing students to buy textbooks and uniforms from anywhere a threat to the business?
p. 25
“So, if Maharashtra government is telling you can buy everywhere, then yes, you can go and buy everywhere. There is no problem.”
Harish Dachepalli, page 25 of the filed PDF · View the filing
Risks flagged
Uncertainty on capacity to scale uniform manufacturing beyond pilot schools due to infrastructure constraints
p. 14
“So, we will be taking up only the 50 schools where we have e-commerce model with. But without uniform, we will be doing business with 100 schools for textbook, notebooks and stationery because we have already understood how to do that business better and scale it up.”
Harish Dachepalli, 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.