M & B Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript M & B Engineering Ltd filed with BSE on 16 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
M&B Engineering reported FY26 revenue growth of 27% to Rs 1,259.7 crore, with Q4 FY26 revenue up 16% to Rs 363.7 crore, while EBITDA and PAT grew 17% and 20% respectively for the year. Management attributed Q4 margin pressure to forex losses, a sharp rise in steel prices, and higher export freight costs linked to the Iran conflict. The company reported an unexecuted order book of Rs 1,083 crore and highest-ever annual order inflow of Rs 1,539 crore, and outlined capacity expansion plans at its Sanand and Cheyyar facilities.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR1,259.7 crores (FY26)
p. 3
“Revenue from operations grew 27% year-on-year to INR1,259.7 crores in FY26, while Q4 FY26 revenue increased by 16% to INR363.7 crores.”
Malav Patel, page 3 of the filed PDF · View the filing
EBITDA: INR157.2 crores (FY26)
p. 3
“EBITDA for FY26 increased by 17% to INR157.2 crores, and profit after tax grew by 20% to INR92.6 crores.”
Malav Patel, page 3 of the filed PDF · View the filing
Unexecuted order book: INR1,083 crores (as of March 31, 2026)
p. 4
“As of March 31, 2026, our unexecuted order book stood at INR1,083 crores, representing a 35% year-on-year growth and providing strong visibility for future execution.”
Malav Patel, page 4 of the filed PDF · View the filing
Order inflow: INR1,539 crores (FY26)
p. 4
“We also achieved our highest ever order inflow of INR1,539 crores, up 28% year-on-year.”
Malav Patel, page 4 of the filed PDF · View the filing
Phenix division revenue: INR985 crores (FY26)
p. 4
“The Phenix division delivered a revenue of INR985 crores in FY '26, a growth of 29%, driven by a strong demand in both domestic and export markets.”
Malav Patel, page 4 of the filed PDF · View the filing
Export revenue: INR165.6 crores (FY26)
p. 4
“Export revenue grew sharply to INR165.6 crores, up 156% year-on-year, reflecting our expanding international presence, strengthening market demand, and improved scalability.”
Malav Patel, page 4 of the filed PDF · View the filing
Proflex division revenue: INR275 crores (FY26)
p. 5
“The Proflex division reported FY26 revenue of INR275 crores, growing 23%, and continues to lead the self-supported roofing segment in India.”
Malav Patel, page 5 of the filed PDF · View the filing
Capex incurred: INR33 crores (FY26)
p. 4
“During FY26, we incurred capital expenditure of INR33 crores, primarily towards capacity augmentation and operational strengthening in line with our mid-term growth strategy.”
Malav Patel, page 4 of the filed PDF · View the filing
Q4 EBITDA margin: 11.9% (Q4 FY26)
p. 5
“EBITDA margins stood at 11.9% compared to 14% in the corresponding quarter last year.”
Keyur Shah, page 5 of the filed PDF · View the filing
FY26 EBITDA margin: 12.5% (FY26)
p. 6
“EBITDA margin was 12.5% as against 13.6% in FY25.”
Keyur Shah, page 6 of the filed PDF · View the filing
Net working capital days: 39 days (as of March 31, 2026)
p. 6
“Net working capital stood at 39 days as of March 31, 2026, as compared to 33 days of March 31, 2025.”
Keyur Shah, page 6 of the filed PDF · View the filing
IPO proceeds utilized: INR137.81 crores (as of March 31, 2026)
p. 6
“Out of the net IPO proceeds of INR259.32 crores, INR137.81 crores has been utilized so far, that is 53% of the funds have been utilized as on March 31, 2026.”
Keyur Shah, page 6 of the filed PDF · View the filing
Export turnover volume: 7,045 tons (FY26)
p. 8
“So export turnover for FY‘26 is 7,045 tons, out of total 73,000, 7,000 is exports.”
Keyur Shah, page 8 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 — around 25% · FY27
stated firmly by Malav Patel
p. 5
“For FY '27, we remain confident of delivering top-line growth of around 25% year-on-year, supported by the strong order book already in hand and the continued rise in demand for pre-engineered buildings and self-supported roofing systems across different sectors.”
Malav Patel, page 5 of the filed PDF · View the filing
Capex — around INR100 crores · FY27
stated firmly by Malav Patel
p. 4
“Looking ahead, our estimated capex for the year is around INR100 crores, reflecting our continued commitment to expanding capability and scale.”
Malav Patel, page 4 of the filed PDF · View the filing
Sanand capacity expansion — 92,000 metric tons per annum · Q2 FY27
stated firmly by Malav Patel
p. 4
“We are also in the process of adding approximately 20,000 metric tons of capacity in our Sanand facility, which is expected to be commissioned in Q2 FY '27.”
Malav Patel, page 4 of the filed PDF · View the filing
Cheyyar plant expansion — Q1 or Q2 FY28
stated as an aspiration by Malav Patel
p. 4
“Thereafter, we plan to begin expansion at the Cheer plant, which is in Tamil Nadu, with the aim of making it operational by Q1 or Q2 of FY '28.”
Malav Patel, page 4 of the filed PDF · View the filing
Export revenue — around INR300 crores · FY27
stated as an aspiration by Malav Patel
p. 7
“But I think we should be doing at least around INR300 crores in this year on the exports as against INR165.”
Malav Patel, page 7 of the filed PDF · View the filing
Export/domestic growth — 20-25% growth
stated conditionally by Sanjay Majumdar
p. 10
“Going forward, the target is to maintain at least a 20-25% growth, easily, across domestic and exports. Of course, I have to give a disclaimer, under normal operating conditions.”
Sanjay Majumdar, page 10 of the filed PDF · View the filing
Export volume — 10,000 tons · FY27
stated firmly by Keyur Shah
p. 10
“So for export, we say, we have 2,400 tons done in FY‘25, FY‘26 it is 7,400 tons, and we expect 10,000 tons to be exported in FY27.”
Keyur Shah, page 10 of the filed PDF · View the filing
Phenix volume — 90,000 tons · FY27
stated firmly by Malav Patel
p. 9
“Volume in Phenix for pre-engineered buildings will go from 72,000 to 90,000.”
Malav Patel, page 9 of the filed PDF · View the filing
Proflex volume — 17 to 17.25 lakh square meters · FY27
stated firmly by Malav Patel
p. 9
“And in Proflex, it would go to 17 lakhs to 17.25 lakhs square meters.”
Malav Patel, page 9 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.
Export EBITDA margins are around 16-17% versus 10-11% domestic.
Answered by Sanjay Majumdar
Asked by Disha: What margin differential exists between export and domestic projects?
p. 7
“So currently, Disha, at the current cost structure and pricing structure, we are looking at about 16%-17% EBITDA on the exports vis-à-vis currently about 10%-11% that we are getting in the domestic market.”
Sanjay Majumdar, page 7 of the filed PDF · View the filing
Management said raw material and gas supply disruptions from the war caused delivery delays and lost volume.
Answered by Malav Patel
Asked by Hussain Bharuchwala: What caused the weak Phenix volume growth of 8% this quarter?
p. 9
“And I would have lost about 10%-15% volume which I can account to the war situation.”
Malav Patel, page 9 of the filed PDF · View the filing
CFO explained the forex loss stemmed from rupee depreciation and translation of liabilities at the higher year-end rate.
Answered by Keyur Shah
Asked by Ankur Gulati: What explains the gap between reported and calculated EBITDA margin, and the forex loss?
p. 17
“post-war situation in February, the dollar increased drastically from INR89-90 to INR94.78 and this has resulted into conversion of all the liability at INR94.78, which is notional, right?”
Keyur Shah, page 17 of the filed PDF · View the filing
Management said the contract has a sharing clause, so part of the benefit is retained and part passed to the customer.
Answered by Malav Patel
Asked by Devang Patel: With US tariffs reduced, does the company retain the benefit or pass it to customers?
p. 18
“Because that was the original clause in our contract, that we have to, in case of any increase, there would be sharing of the tariff and in case there is any reduction, then also there will be a sharing of the benefit.”
Malav Patel, page 18 of the filed PDF · View the filing
Management explained that the unhedged 15-20% of non-standard raw materials caused delays when two major steel mills shut down.
Answered by Malav Patel
Asked by Guru Darshan: How did production get impacted in March despite maintaining 100 days of inventory?
p. 19
“So my delivery times got affected. Even that one mill that was running was encountering gas shortage.”
Malav Patel, page 19 of the filed PDF · View the filing
Management attributed this to higher-cost bought-out components sourced from the US market and differing product specifications.
Answered by Malav Patel
Asked by Dharmil Shah: Why are export realizations roughly double domestic realizations per ton?
p. 21
“They can range anywhere between INR1 lakh per ton to let's say INR2 lakh per ton. It depends on the item that we're sourcing.”
Malav Patel, page 21 of the filed PDF · View the filing
Risks flagged
Iran conflict causing margin pressure and execution delays
p. 5
“The impact of the Iran conflict is likely to be reflected in the short term, particularly through margin pressure and execution delays.”
Malav Patel, page 5 of the filed PDF · View the filing
Labor availability constraints in Q1 and monsoon-related challenges in Q2
p. 5
“Labor availability constraints, which are typical in the first quarter, along with monsoon-related challenges in Q2, may also result in softer performance in the first half of the year.”
Malav Patel, page 5 of the filed PDF · View the filing
Steel price volatility and mill shutdowns disrupting raw material supply
p. 6
“Over 20% steep increase in the steel prices in domestic market which hit the procurement cost of uncovered raw material and sharp increase in export freight costs due to war impact.”
Keyur Shah, page 6 of the filed PDF · View the filing
Foreign exchange volatility from rupee depreciation
p. 6
“due to sharp rupee depreciation which includes unrealized loss of INR3.83 crores”
Keyur Shah, page 6 of the filed PDF · View the filing
War-related surcharge on shipping freight
p. 13
“What increase has happened, now there was a $2,000 of war surcharge which the shipping lines started imposing over and above the regular freight rates.”
Malav Patel, page 13 of the filed PDF · View the filing
Uncertainty in US order closures due to inflation and rising input costs
p. 16
“Inflation in the US has well increased. So oil and gas prices, petrol prices have gone up to $4 and in some cases in California $7.”
Malav Patel, page 16 of the filed PDF · View the filing
Only 80-85% of raw material can be hedged, leaving exposure on the remainder
p. 15
“Problem is you can cover with all your calculations you can't go beyond 80% to 85%. 15% remains open.”
Sanjay Majumdar, page 15 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.