Mamata Machinery Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mamata Machinery Ltd filed with BSE on 05 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
Mamata Machinery reported FY26 revenue of Rs. 233.1 crores, down about 8% year-on-year, with EBITDA margin compressing to 8.2% from 21.4%, which management attributed largely to a sharp decline in its U.S. business caused by tariff uncertainty and West Asia disruption. Domestic packaging sales grew 55% during the year while U.S. packaging and converting revenue fell sharply. Management said the order book stood at Rs. 89.59 crores at year end, up about 34% from the prior year, and outlined plans to expand into Europe, Africa, and Russia in FY27.
Numbers mentioned
Revenue from operations: Rs. 233.1 crores (FY26)
p. 4
“Revenue from operations for FY26 stood at Rs. 233.1 crores against Rs. 254.6 crores in FY26, a decline of about 8 percent.”
Apurva Kane, page 4 of the filed PDF · View the filing
Revenue from operations: Rs. 73.9 crores (Q4 FY26)
p. 4
“For the fourth quarter, revenue from operations was Rs. 73.9 crores versus Rs. 111 crores in Q4 FY25.”
Apurva Kane, page 4 of the filed PDF · View the filing
EBITDA: Rs. 19.1 crore at 8.2% margin (FY26)
p. 5
“EBITDA for FY26 was Rs. 19.1 crore at a margin of 8.2% against Rs. 54.64 crores at 21.4% in FY25.”
Apurva Kane, page 5 of the filed PDF · View the filing
Profit after tax: Rs. 15.1 crore (FY26)
p. 5
“Profit after tax was Rs. 15.1 crore versus Rs. 40.8 crore.”
Apurva Kane, page 5 of the filed PDF · View the filing
Gross margin: 54.6% (FY26)
p. 5
“Gross margin compressed from 60.8% in FY25 to 54.6% in FY26.”
Apurva Kane, page 5 of the filed PDF · View the filing
Exhibition expenses: Rs. 10.2 crores (FY26)
p. 6
“Exhibition expenses for FY26 stood at Rs. 10.2 crores compared to Rs. 6.2 crores in the previous year.”
Apurva Kane, page 6 of the filed PDF · View the filing
Order book: Rs. 89.59 crores (FY26 year end)
p. 7
“our order book at financial year end stood at Rs. 89.59 crores against Rs. 66.64 crores in FY25, an increase of about 34%”
Apurva Kane, page 7 of the filed PDF · View the filing
Cash on hand: Rs. 69.26 crores (FY26)
p. 11
“We have maintained our cash on hand at 69.26 crores by FY26 and this is our war chest that allows us to do risk mitigation as well as internal approvals for any expansion”
Apurva Kane, page 11 of the filed PDF · View the filing
Domestic packaging sales growth: 55% (FY26)
p. 5
“Our domestic packaging sales grew at an impressive 55% during the year, while U.S. packaging was down about 20%.”
Apurva Kane, page 5 of the filed PDF · View the filing
U.S. business decline: close to 50% (FY26)
p. 4
“During FY26, our U.S. business declined by close to 50 percent in absolute terms.”
Apurva Kane, page 4 of the filed PDF · View the filing
Converting business U.S. decline: 81% drop (FY26 vs FY25)
p. 17
“So, converting FY25 in U.S. was Rs. 31.63 crores and that dropped to Rs. 5.93 crores. That was a steep 81% drop in revenue.”
Apurva Kane, page 17 of the filed PDF · View the filing
Packaging U.S. revenue: Rs. 29.4 crores (FY26)
p. 17
“So, out of that, Rs. 29.4 crores is U.S. And that de-grew”
Apurva Kane, page 17 of the filed PDF · View the filing
Export gross margin: about 60%
p. 9
“our margin from export is about 60%. And in domestic, it is about 42-43%.”
Apurva Kane, page 9 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 — about 15% higher top line · FY27
stated conditionally by Apurva Kane
p. 12
“but we think that conservatively we should deliver about 15% higher top line as compared to current year.”
Apurva Kane, page 12 of the filed PDF · View the filing
EBITDA margin — around 20%
stated as an aspiration by Apurva Kane
p. 6
“We expect profitability to normalize to historical averages of around 20% as the top line recovers and these one-off costs roll off.”
Apurva Kane, page 6 of the filed PDF · View the filing
Domestic packaging growth — 30-40% · FY27
stated firmly by Apurva Kane
p. 5
“Barring U.S. disruption, our stated packaging growth momentum of 30-40% remains intact, which is what we are even targeting in FY27.”
Apurva Kane, page 5 of the filed PDF · View the filing
South East Asia initial business — close to US $1 million
stated as an aspiration by Apurva Kane
p. 7
“we have established certain channel partners in South East Asia, where we are targeting close to US $1 million as initial business.”
Apurva Kane, page 7 of the filed PDF · View the filing
Co-extrusion project delivery — advanced nine-layer co-extrusion projects · H2FY27
stated firmly by Apurva Kane
p. 5
“we have advanced nine-layer co-extrusion projects in the pipeline for delivery In H2FY27.”
Apurva Kane, page 5 of the filed PDF · View the filing
South Africa packaging order delivery — Q2FY27
stated firmly by Apurva Kane
p. 6
“From a customer in South Africa, this order is scheduled for delivery in Q2FY27.”
Apurva Kane, page 6 of the filed PDF · View the filing
Europe incremental revenue — US$2 million to US$3 million · next three to five years
stated conditionally by Rajashekar Venkat
p. 16
“However, I definitely see that at least US$2 million to US$3 million as an incremental revenue that we should be able to garner conservatively.”
Rajashekar Venkat, page 16 of the filed PDF · View the filing
VFFS packaging machine order delivery — 18 machines · H1FY27
stated firmly by Apurva Kane
p. 6
“we have orders for further 18 machines which are scheduled for delivery in H1FY27.”
Apurva Kane, page 6 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 adoption requires trial periods of 6-9 months and expects traction to build over 12-18 months, separate from the existing 30-40% packaging growth pipeline.
Answered by Apurva Kane
Asked by Deepan: When will RecTech drive a real inflection point in packaging demand given the FSA exemption and carry-forward provisions?
p. 8
“And that entire period is likely to be between 12 months and 18 months before we see traction.”
Apurva Kane, page 8 of the filed PDF · View the filing
Order book is 62% exports and 38% domestic; gross margin is about 60% on exports and 42-43% on domestic.
Answered by Apurva Kane
Asked by Marmik Khandelwal: What is the split between exports and domestic in the order book, and what are the margin differences?
p. 9
“The split is 62% exports, 38% domestic.”
Apurva Kane, page 9 of the filed PDF · View the filing
Three machines worth about Rs. 3.5 crores could not be shipped to Saudi Arabia due to the Middle East crisis.
Answered by Apurva Kane
Asked by Sanyam Shah: Did the West Asia crisis cause any order delays rather than cancellations?
p. 12
“Specifically, we have three machines that are on our shop floor ready. They were to be shipped in the month of late February, early March to Saudi Arabia, and we have not been able to ship them because of the crisis in the Middle East.”
Apurva Kane, page 12 of the filed PDF · View the filing
Yes, the U.S. business figures include Canada and Mexico because those economies are tied to U.S. exports.
Answered by Apurva Kane
Asked by Lala: Does the 50% U.S. decline include Canada and Mexico as well?
p. 13
“it includes the United States of America, it includes Canada, and it includes basically Mexico, because what happened is that when the tariff situation became worse, the Mexican market as well as the Canadian market also went into a tailspin along with the US.”
Apurva Kane, page 13 of the filed PDF · View the filing
Management quantified the U.S. degrowth in absolute crore terms and how much was offset by domestic and rest-of-world growth.
Answered by Apurva Kane
Asked by Sahil Doshi: How much of the packaging and converting business is U.S. versus domestic, and what recovery is expected?
p. 17
“In absolute terms, degrowth in U.S. was to the tune of 31 crores.”
Apurva Kane, page 17 of the filed PDF · View the filing
The European addressable market is around $800 million, with management targeting a conservative $2-3 million incremental revenue over three to five years.
Answered by Rajashekar Venkat
Asked by Sahil Doshi: What is the addressable market size and revenue opportunity in Europe over the next few years?
p. 15
“what is the total addressable market based on the product lines that we have is sitting close to US$800 million.”
Rajashekar Venkat, page 15 of the filed PDF · View the filing
Risks flagged
U.S. tariff situation causing customer sentiment weakness and delayed capex decisions
p. 4
“Customer sentiment of our clients in U.S. and elsewhere weakened and several CAPEX decisions were put on hold.”
Apurva Kane, page 4 of the filed PDF · View the filing
West Asia conflict creating fresh macro uncertainty affecting demand
p. 4
“By the time tariff concerns began to ease, which was in Q4, the conflict of West Asia created a fresh round of macro uncertainty.”
Apurva Kane, page 4 of the filed PDF · View the filing
Rise in polymer prices stretching customers' working capital and delaying capex
p. 4
“a sharp rise in polymer prices on account of crude oil volatility stretched the working capital cycle of our customers, which further delayed the capital expenditure decisions impeding in Q4.”
Apurva Kane, page 4 of the filed PDF · View the filing
Residual headwinds from West Asia situation continuing to influence customer sentiment
p. 7
“though we do see some residual headwinds as West Asia's situation continues to influence customer sentiment and capital expenditure decisions.”
Apurva Kane, page 7 of the filed PDF · View the filing
One-time provisioning impact from new labor and wage code amendments
p. 5
“This is a one-time impact of approximately Rs. 3.05 crores booked entirely in Q4, which is close to 1.3% of EBITDA margin impact.”
Apurva Kane, page 5 of the filed PDF · View the filing
Negative operating leverage from lower top line with constant cost base
p. 6
“With the top line down by about 8% and our cost base remaining constant, some negative operating leverage played out on the operating margin.”
Apurva Kane, page 6 of the filed PDF · View the filing
European market resistance to non-European, especially Asian and Chinese brands
p. 16
“Europeans prefer primarily European brands, because this is something which we have experienced quite often, that they're not very open to non-European firms, and more so Chinese.”
Rajashekar Venkat, page 16 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.