Interarch Building Solutions Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Interarch Building Solutions Ltd filed with BSE on 14 Aug 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
Interarch reported Q1 FY27 revenue of Rs 460 crore, up 20.7% year-on-year, with EBITDA of Rs 39 crore, up 24.6%, and a stable EBITDA margin of 8.6%. The order book stood at Rs 1,864 crore as of 31st July 2026, including a Rs 165 crore order from an energy company in Vadodara. Management discussed capacity additions in Andhra Pradesh and Gujarat, a Canadian joint venture for open web joist exports, and revised its FY28 revenue projection upward to Rs 2,700 crore from Rs 2,500 crore.
Numbers mentioned
Revenue: Rs 460 crore (Q1 FY27)
p. 5
“revenue for the quarter stood at INR460 crores, registering a year-on-year growth of 20.7% compared to INR381 crores in the same quarter last year”
Manish Garg, page 5 of the filed PDF · View the filing
EBITDA: Rs 39 crore (Q1 FY27)
p. 5
“EBITDA for the quarter stood at INR39 crores as against INR32 crores in the last year same quarter, reflecting a growth of 24.6%, which is more than the revenue growth, so the pricing is better”
Manish Garg, page 5 of the filed PDF · View the filing
EBITDA margin: 8.6% (Q1 FY27)
p. 5
“EBITDA margin for Q1 FY27 remained stable at 8.6%.”
Manish Garg, page 5 of the filed PDF · View the filing
Profit after tax: Rs 28 crore (Q1 FY27)
p. 5
“Profit after tax for the quarter remained flat at INR28 crores as a function of the other incomes, which I will explain later.”
Manish Garg, page 5 of the filed PDF · View the filing
Order book: Rs 1,864 crore (as of 31st July 2026)
p. 5
“as of 31st July '26, our order book stood at INR1,864 crores, significantly better than where it was 3 months ago when we addressed the last investor meet”
Manish Garg, page 5 of the filed PDF · View the filing
Q1 sales volume: 38,499 tonnes (Q1 FY27)
p. 9
“Yes. So Q1, our sales are about 38,000—sorry, yes, 38,499 tonnes. So 38,500 tonnes is the total volume that we have done in Q1.”
Manish Garg, page 9 of the filed PDF · View the filing
Operating cash flow: Rs 26.83 crore (Q1 FY27)
p. 17
“We had INR26.83 crores positive cash flow in Q1 from operating activities.”
Manish Garg, page 17 of the filed PDF · View the filing
Installed capacity: 221,000 tonnes (current)
p. 8
“the last year capacity, sir, was 200,000 tonnes. And with the inauguration of the Kheda plant Phase 1, it has gone up to 221,000 tonnes, to be precise.”
Manish Garg, page 8 of the filed PDF · View the filing
Export contribution: Rs 10-12 crore (Q1 FY27)
p. 14
“if we talk of particularly quarter 1, our export contribution is very little. So out of, let us say, about INR460 crores, it will be in the range of INR10 crores to INR12 crores.”
Manish Garg, page 14 of the filed PDF · View the filing
New age industry share of order book: 35% (current)
p. 13
“how much of our order book is through this new age industry and new segment, that's about 35%.”
Manish Garg, page 13 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.
FY27 revenue — Rs 2,150 crore to Rs 2,200 crore · FY27
stated firmly by Arvind Nanda
p. 4
“we will meet INR2,150 crores to INR2,200 crores this year.”
Arvind Nanda, page 4 of the filed PDF · View the filing
FY28 revenue — Rs 2,700 crore · FY28
stated firmly by Arvind Nanda
p. 4
“We want to revise our projections for '27-'28 to INR2,700 crores from INR2,500 crores.”
Arvind Nanda, page 4 of the filed PDF · View the filing
EBITDA margin — 9.5% to 10% · FY28
stated as an aspiration by Arvind Nanda
p. 4
“we are aiming for 9.5% to 10% in '27-'28 and '27 -- '26-'27 remaining as we had projected.”
Arvind Nanda, page 4 of the filed PDF · View the filing
Quarterly revenue run-rate — Rs 600 crore per quarter · next 3-4 quarters
stated as an aspiration by Arvind Nanda
p. 4
“we want to do at least INR600 crores per quarter going forward for the next 3 to 4 quarters on average, they could be up and down.”
Arvind Nanda, page 4 of the filed PDF · View the filing
Capex — Rs 129 crore this year, Rs 133 crore next year · FY27 and FY28
stated firmly by Manish Garg
p. 18
“So it's about INR129 crores this year and INR133 crores next year.”
Manish Garg, page 18 of the filed PDF · View the filing
Export mix of total turnover — about 10% · short to medium term, 1 to 2 years
stated as an aspiration by Manish Garg
p. 14
“we want to do about 10% of our total turnover through exports. That's in the short to medium term, 1 to 2 years.”
Manish Garg, page 14 of the filed PDF · View the filing
Open web joist venture capacity — $22 million to $23 million of sales · 2 to 3 years
stated as an aspiration by Arvind Nanda
p. 8
“this plant will give us about $22 million to $23 million of sales from India, and a profitability of over 20% is what we are aiming for.”
Arvind Nanda, page 8 of the filed PDF · View the filing
FY27 volume growth — approximately 190,000 tonnes · FY27
stated firmly by Manish Garg
p. 22
“we will grow around 18% in the volumes. So volumes will be approximately 190,000 tonnes for this year.”
Manish Garg, page 22 of the filed PDF · View the filing
Heavy structure plant capacity — 75,000 to 80,000 tonnes · by December of next year
stated conditionally by Arvind Nanda
p. 4
“we hope that the second phase will also be done by March, and in continuation, the third phase by December of next year to make it a full plant catering to about 75,000 to 80,000 square -- 80,000 tonnes of heavy structures.”
Arvind Nanda, page 4 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 attributed it to seasonal site clearance conditions typical in the first two quarters of the year.
Answered by Arvind Nanda
Asked by Sudeep: Why was Q1 revenue lower than Q3/Q4 of last year despite guidance of Rs 600 crore per quarter?
p. 6
“normally because of the seasonal conditions, of clearances at site and what's happening at site, you will notice that nearly every year, the pickup is -- the first quarter is lower than second quarter”
Arvind Nanda, page 6 of the filed PDF · View the filing
Funds will go toward heavy structure Phase 2/3 in Andhra, a new Gujarat plant, and the Canadian open web joist export unit.
Answered by Arvind Nanda
Asked by Sudeep: What is the planned utilization of QIP proceeds?
p. 7
“the Phase 2 and Phase 3 of heavy structure, which I mentioned earlier, in Andhra itself will be about INR150 crores.”
Arvind Nanda, page 7 of the filed PDF · View the filing
Interarch will manufacture open web joist systems while the Canadian partner handles North American sales, targeting $20-23 million in sales at full capacity.
Answered by Arvind Nanda
Asked by Anuj Shah: What is the rationale and revenue potential of the Canadian JV with ER Steel?
p. 7
“we would set up a joint venture. We concentrate on the manufacturing part, make the item they sell, they send us the orders, we manufacture and we supply to them”
Arvind Nanda, page 7 of the filed PDF · View the filing
Q1 volume was about 38,500 tonnes against a quarterly capacity of 50,000 tonnes, about 80% utilization.
Answered by Manish Garg
Asked by Anuj Shah: What was the capacity utilization in Q1?
p. 9
“So that's about 80% again because the quarterly capacity is 50,000 tonnes.”
Manish Garg, page 9 of the filed PDF · View the filing
Management said working capital conditions have normalized and lower treasury income reflects cash being deployed into capex rather than held in deposits.
Answered by Arvind Nanda
Asked by Ronald: Did other income decline this quarter due to lower treasury income, and has working capital normalized?
p. 9
“We are back to positive now. And I think the other treasury is because we are spending money on capex.”
Arvind Nanda, page 9 of the filed PDF · View the filing
Management cited larger plant sizes from PLI-driven sectors and increasing steel usage; new-age segments make up about 35% of the order book.
Answered by Arvind Nanda
Asked by Shubhankar Gupta: What changes in the industrial landscape prompted the larger QIP and what portion of revenue and order book comes from new-age segments?
p. 11
“So that is a big change in landscape. One is the size of the projects that the government of India, at least, is trying to attract into India?”
Arvind Nanda, page 11 of the filed PDF · View the filing
Management said capex expansion is a choice reflecting growth ambition, and exports are currently a small part of revenue but carry better margins.
Answered by Arvind Nanda
Asked by Akshay Kolekar: Is sustained growth in the PEB business dependent on continuous capex, and what is current export contribution/margin?
p. 13
“So we are building capex at a speed where we feel that we can cater to the market.”
Arvind Nanda, page 13 of the filed PDF · View the filing
Management explained the buildings segment includes institutions like flight kitchens, offices, multistory buildings, and data centers, including one built for RailTel Corporation.
Answered by Manish Garg
Asked by Aasim: What kinds of buildings made up the new 10% 'buildings' revenue segment, and does it involve heavy structure?
p. 14
“this quarter, it did include a data center as well within the 10% that we made in Noida for RailTel Corporation.”
Manish Garg, page 14 of the filed PDF · View the filing
Management said these are energy-sector orders like HVDC transmission valve halls where site clearance and engineering approvals take longer.
Answered by Manish Garg
Asked by Devang Patel: Why do recent orders have 15-16 month execution periods versus the usual 8-12 months?
p. 16
“these are orders from the energy sector. So some of them are for the valve halls for the HVDC transmission line wherein the engineering and the site clearances take a bit longer than a standard industrial project.”
Manish Garg, page 16 of the filed PDF · View the filing
Management said raising funds together provides financial strength and control over the pace of capex and working capital needs rather than repeated fundraising.
Answered by Arvind Nanda
Asked by Vineet Mehta: Given expected cash generation, why accelerate the QIP now?
p. 18
“our call was that do we keep going back for more and more funds as we require? Or we have the funds and we can speed our capex faster if we need to.”
Arvind Nanda, page 18 of the filed PDF · View the filing
Management said they remain cautious about capacity ramp-up and prefer not to over-commit despite strong order momentum.
Answered by Arvind Nanda
Asked by Nitin Jain: Given strong order book growth, why is revenue guidance still at the lower end of mid-teens growth?
p. 20
“we don't want to revise this year.”
Arvind Nanda, page 20 of the filed PDF · View the filing
Management confirmed heavy structure will contribute Rs 100-150 crore and volumes will grow around 18% to approximately 190,000 tonnes.
Answered by Manish Garg
Asked by Rahul Kumar: Does FY27 revenue guidance include heavy structural project revenue, and what volume growth does it imply?
p. 21
“it will include about INR100 crores of what will qualify to be heavy structures, INR100-150 crores of that.”
Manish Garg, page 21 of the filed PDF · View the filing
Risks flagged
Steel price increases and shortages affecting costs
p. 19
“prices going up, shortages, steel shortage, steel prices going up and remaining higher up, meeting those challenges.”
Arvind Nanda, page 19 of the filed PDF · View the filing
Manpower and site labor challenges
p. 19
“Manpower, I think nearly everybody has faced that problem in manpower, while our factory manpower is still more under control, but the site manpower with our certified builders has been a challenge.”
Arvind Nanda, page 19 of the filed PDF · View the filing
Working capital strain from large project billing timing in prior periods
p. 9
“a lot of the large projects were in the stage where the billing had been done, money had not been recovered.”
Arvind Nanda, page 9 of the filed PDF · View the filing
Newness of heavy structure operations requiring caution before scaling
p. 16
“we have to do it a little slowly because the speed, the quality, that quantity, what we can deliver is a little -- something new for us.”
Arvind Nanda, page 16 of the filed PDF · View the filing
Risk of taking on orders that cannot be delivered on time
p. 4
“we need to take orders we can deliver on time, because that is the most critical aspect of being a pre-engineered building company”
Arvind Nanda, page 4 of the filed PDF · View the filing
Rising freight and labor/erection costs
p. 20
“there are a lot of fluctuations in your freight thing, your labor prices, labor have gone up. So erection prices have gone up.”
Arvind Nanda, page 20 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.