Monarch Surveyors and Engineering Consultants Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Monarch Surveyors and Engineering Consultants Ltd filed with BSE on 15 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
Monarch reported FY26 consolidated revenue of Rs171.7 crore, up 11.4% over FY25, with EBITDA margin at 29.7% and PAT of Rs37.2 crore compared to Rs34.8 crore last year. Management said the total order book stood at approximately Rs615 crore as of March 2026, later updated to around Rs740-750 crore including a new Rs130 crore Northern Railway order won in the new financial year. The company also announced a board-approved acquisition of GMR Engineering Services, an Australian engineering consultancy, for approximately AUD1.8 million.
Numbers mentioned
Revenue from operations: INR99.8 crores (H2 FY26)
p. 4
“Our revenue from operations for H2 FY '26 stood at INR99.8 crores compared to INR115.9 crores in H2 FY '25.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
EBITDA: INR30.4 crores (H2 FY26)
p. 4
“EBITDA for the half-year was INR30.4 crores with margins remaining healthy at 30.5%, demonstrating continued operational resilience.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
Profit after tax: INR24.3 crores (H2 FY26)
p. 4
“Profit after tax for H2 FY '26 stood at INR24.3 crores, reflecting sustainability profit during the period.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
Consolidated revenue: INR171.7 crores (FY26)
p. 4
“Looking at full-year audited financials for '25-'26, our consolidated revenue reported is INR171.7 crores, a growth of 11.4% over FY '25.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
EBITDA margin: 29.7% (FY26)
p. 4
“Full-year EBITDA stood at INR51 crores with margins at 29.7% for the year.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
PAT: INR37.2 crores (FY26)
p. 4
“Our final PAT for FY '26 closed at INR37.2 crores compared to INR34.8 crores last year, reflecting a steady improvement in overall profitability.”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
Total order book: approximately INR615 plus crores (as on March 2026)
p. 4
“our total order book stood at a strong level of approximately INR615 plus crores as on March 2026, providing healthy business visibility for the coming period”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
Total order inflows: over INR750 plus crores (FY26 to date)
p. 4
“total order inflows aggregating to over INR750 plus crores”
Sanjay Kandhari, page 4 of the filed PDF · View the filing
Employee headcount: over 710 (current)
p. 5
“So, we grew from 630 people in March 2025 to over 710 today.”
Srinivas Macha, page 5 of the filed PDF · View the filing
Single largest order: INR130 crores (FY27, three-year contract)
p. 5
“Just in this new financial year, that is FY26-'27, we won our single largest order to date, INR130 crores three-year contract with Northern Railway.”
Srinivas Macha, page 5 of the filed PDF · View the filing
Fixed deposits: INR86.82 crores (as on 31st March 2026)
p. 12
“So, in total we have INR86.82 crores to be precise, reported on balance sheet 31st March.”
Sanjay Kandhari, page 12 of the filed PDF · View the filing
Unbilled revenue: INR6.5 crores to INR7 crores
p. 16
“The net unbilled revenues is INR6.5 crores to INR7 crores ranging.”
Sanjay Kandhari, page 16 of the filed PDF · View the filing
Unutilized IPO proceeds: INR66.43 crores
p. 13
“And then unutilized portion is INR66.43 crores which we have planned to spend during this coming year.”
Sanjay Kandhari, 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.
Order book conversion into revenue
stated firmly by Srinivas Macha
p. 11
“This is a confirmed orders which we have received and that is going to get converted definitely.”
Srinivas Macha, page 11 of the filed PDF · View the filing
EBITDA and profit margins — coming years
stated firmly by Sanjay Kandhari
p. 7
“We have targeted this margin to be continued in the future because we have taken big projects with acquisition also.”
Sanjay Kandhari, page 7 of the filed PDF · View the filing
GMR Engineering Services acquisition closing — first or second week of July
stated conditionally by Srinivas Macha
p. 7
“if everything goes well, our due diligence and FEMA and everything goes well, then we should be closing this by the first week or second week of July this year”
Srinivas Macha, page 7 of the filed PDF · View the filing
GMR revenue contribution — 8% to 10% of our turnover
stated conditionally by Sanjay Kandhari
p. 6
“The company is a very old company. What as of now I can say is their turnover will add around 8% to 10% of our turnover, and they usually work on gross profit basis like we work on EBITDA.”
Sanjay Kandhari, page 6 of the filed PDF · View the filing
Somnath-Dwarka Expressway project completion — 18 to 20 months
stated firmly by Sanjay Kandhari
p. 11
“Timeline is typically, yes, it is typically for 18 months, 18 to within 18 to 20 months we are hoping to complete the work.”
Sanjay Kandhari, page 11 of the filed PDF · View the filing
INR130 crores order execution split — 25% to 30% in current year · current year and subsequent years
stated firmly by Sanjay Vidwans
p. 22
“yes, 25% to 30% will be executed in the current year and the remaining part in the subsequent years”
Sanjay Vidwans, page 22 of the filed PDF · View the filing
Revenue and EBITDA growth trajectory — foreseeable future
stated as an aspiration by Srinivas Macha
p. 15
“There is no reason why we cannot maintain our numbers, revenue or EBITDA or profitability, give or take some basis points, but we should be able to maintain it.”
Srinivas Macha, page 15 of the filed PDF · View the filing
Bid pipeline demand environment — FY27
stated as an aspiration by Sanjay Vidwans
p. 18
“One cannot predict exactly, but yes, this year will be better than the last year.”
Sanjay Vidwans, page 18 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 execution typically takes one to three years.
Answered by Sanjay Kandhari
Asked by Disha Chordia: What is the execution timeline for the current outstanding order book of INR615 crores?
p. 6
“We usually have around one to three years' timeline for execution of this order book as of now.”
Sanjay Kandhari, page 6 of the filed PDF · View the filing
Management said it is a strategic move to enter the Australian market, especially road engineering consulting ahead of the Olympics.
Answered by Srinivas Macha
Asked by Disha Chordia: What is the rationale for the GMR Engineering Services acquisition in Australia?
p. 6
“The Australian market is going to open very soon with the Olympics coming in, and there are many road projects typically in Australia.”
Srinivas Macha, page 6 of the filed PDF · View the filing
Management attributed it to fixed deposits placed as per Schedule III norms.
Answered by Sanjay Kandhari
Asked by Marmik Khandelwal: What explains the increase in other current assets on the balance sheet?
p. 8
“Other current assets include FD as per Schedule III norms. Fixed deposits are between 3 to 12 months, amounts to approximately INR80 crores, which is inclusive.”
Sanjay Kandhari, page 8 of the filed PDF · View the filing
Management said the decline was due to project timelines and billing/acceptance gaps rather than a structural issue, noting full-year growth of 11.4%.
Answered by Sanjay Kandhari
Asked by Marmik Khandelwal: Why did H2 FY26 performance lag versus H2 FY25?
p. 8
“There are certain projects where we initiate and there is a gap between billing and acceptance from the government authorities over the portal.”
Sanjay Kandhari, page 8 of the filed PDF · View the filing
Management said projects have varying timelines and declined to give a specific FY27 revenue number.
Answered by Sanjay Kandhari
Asked by Madhur Rathi: Why has execution not kept pace with order book growth, and what revenue is expected in FY27?
p. 9
“Sir, as I told before, those are futuristic things. There are many dependencies, but then definitely when we have the next earnings call, you will get good numbers and your disappointment will go, sir.”
Sanjay Kandhari, page 9 of the filed PDF · View the filing
Management said they are awaiting government alignment approval and are slightly behind schedule.
Answered by Sanjay Kandhari
Asked by Ishima Bansal: What is the status of the Somnath-Dwarka Expressway project?
p. 12
“We are slightly behind the timeline, but definitely we will cope up with that and we will keep the pace going on.”
Sanjay Kandhari, page 12 of the filed PDF · View the filing
Management said the negative figure was due to fixed deposit placements rather than operational deterioration, and cash flow was actually positive excluding that.
Answered by Sanjay Kandhari
Asked by Gunit Singh: What was the cash flow from operations trend and why did it turn negative?
p. 17
“So, if we exclude that, you have a cash flow of INR23 crores positive.”
Sanjay Kandhari, page 17 of the filed PDF · View the filing
Management said this year is expected to be better than last year without giving specifics.
Answered by Sanjay Vidwans
Asked by Gunit Singh: How is the current bid pipeline environment compared to FY26?
p. 18
“One cannot predict exactly, but yes, this year will be better than the last year.”
Sanjay Vidwans, page 18 of the filed PDF · View the filing
Management said manpower additions yield results over time and there is no direct one-to-one correlation between headcount and revenue.
Answered by Sanjay Kandhari
Asked by Viraj Mehta: With headcount growing 70% versus revenue growth of 40%, will margins improve going forward?
p. 20
“What I can tell you as of now is we are utilizing manpower 100%. So, it’s nothing like if you compare like number of people which has increased to the turnover directly.”
Sanjay Kandhari, page 20 of the filed PDF · View the filing
Management denied making such a commitment, saying they are not permitted to give numeric guidance.
Answered by Sanjay Vidwans
Asked by Prakash Pandey: Did the company previously commit to 30-35% CAGR revenue growth?
p. 21
“we have not committed anything like that. I mean, we are not supposed to commit the statutory boards do not allow us to commit anything in the numbers.”
Sanjay Vidwans, page 21 of the filed PDF · View the filing
Management explained that billing is concentrated near year-end, inflating balance sheet receivables temporarily before collection in the following months.
Answered by CA Mahesh Kanade
Asked by Madhur Rathi: Why have receivables grown four-fold since FY24 while revenue grew only 30%?
p. 23
“What happens is typically in our kind of business, the billing is at the year-end or sometimes nearby Diwali and nearby 31st of March.”
CA Mahesh Kanade, page 23 of the filed PDF · View the filing
Risks flagged
Project delays due to pending government decisions on alignment approval
p. 14
“the project is a bit delayed from the government because of some pending decisions from government side”
Sanjay Kandhari, page 14 of the filed PDF · View the filing
Staffing lag as recruitment only begins after project award, delaying execution ramp-up
p. 14
“Staffing typically is a lag factor in our kind of business because only when you get a tender is when you actually staff.”
Srinivas Macha, page 14 of the filed PDF · View the filing
Difficulty finding and retaining skilled manpower in the industry
p. 20
“it’s very difficult to find this kind of people in this industry and then to commensurate with their experience and payment because to holding a good people is a challenge basically in this kind of an industry”
Sanjay Kandhari, page 20 of the filed PDF · View the filing
Government-side delays in project execution due to unknown political or financial reasons
p. 21
“there may be some execution which government infrastructure says that you just hold in for some time, maybe some various reasons unknown, political reasons, financial reasons unknown to us”
Sanjay Kandhari, page 21 of the filed PDF · View the filing
Delay in machinery delivery due to geopolitical situation
p. 13
“the machinery has been delayed because of the geopolitical situation, otherwise that amount would have been reflected in March 2026”
Sanjay Kandhari, page 13 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.