Pricol Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Pricol Ltd filed with BSE on 19 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
Pricol reported consolidated Q4 FY26 revenue from operations of Rs 1077.9 crore with EBITDA margin of 13.29% and PAT of Rs 73.23 crore, while full-year FY26 revenue was just shy of Rs 4000 crore with EBITDA margin of 12.44% and PAT of Rs 250.80 crore. Management attributed the growth to organic and inorganic actions, citing 43.34% quarter-on-quarter revenue growth on a comparable basis. Management also described multiple cost headwinds during the year, including a semiconductor crisis, rare earth magnet crisis and the West Asia crisis, and flagged rising input costs including polymer, aluminum and freight.
Numbers mentioned
Revenue from operations: INR 1077.9 crores (Q4 FY26)
p. 3
“our revenue from operations for the quarter that has just crossed the INR 1000 crore mark to hit INR 1077.9 crores with an EBITDA of INR 143.28 crores and an EBITDA margin of 13.29%”
Vikram Mohan, page 3 of the filed PDF · View the filing
PAT: INR 73.23 crores (Q4 FY26)
p. 3
“Profit after tax of INR 73.23 crores with a PAT margin of 6.79% with a basic EPS of INR 6 per share”
Vikram Mohan, page 3 of the filed PDF · View the filing
Revenue from operations: just shy of INR 4000 crores (FY26)
p. 3
“our revenue from operations was just shy of INR 4000 crores with an EBITDA of INR 492.91 crores with an EBITDA margin of 12.44% with a PAT of INR 250.80 crores”
Vikram Mohan, page 3 of the filed PDF · View the filing
PAT margin: 6.33% (FY26)
p. 3
“PAT margin of 6.33% with an EPS of INR 20.57 per share”
Vikram Mohan, page 3 of the filed PDF · View the filing
Revenue growth QoQ (comparable basis): 43.34% (Q4 FY26 vs comparable quarter)
p. 3
“Our revenue from operations on a consolidated basis because of our inorganic actions and organic growth has resulted in a 43.34% growth quarter-on-quarter on a comparable basis”
Vikram Mohan, page 3 of the filed PDF · View the filing
EBITDA growth QoQ (comparable basis): 62.27% (Q4 FY26 vs comparable quarter)
p. 3
“EBITDA 62.27% increase on a quarter-on-quarter on a comparable basis”
Vikram Mohan, page 3 of the filed PDF · View the filing
Net debt: INR 63.11 crores (as of 31st March 2026)
p. 5
“Just to give you a perspective, barring the supplier discounting and the customer bill discounting which earlier was hitherto treated as trade payable, now actual borrowing as of 31st March 2026, net debt is INR 63.11 crores.”
Vikram Mohan, page 5 of the filed PDF · View the filing
P3L revenue: INR 924 crores (FY26)
p. 11
“For the year, P3L generated revenue of INR 924 crores with EBITDA of 9.24%.”
Priyadarsi Bastia, page 11 of the filed PDF · View the filing
ACFMS non-brakes revenue: about INR 750 crores (FY26)
p. 11
“Overall, this year, it's about INR 750 crores.”
Vikram Mohan, page 11 of the filed PDF · View the filing
Exports as % of revenue: around 7% (FY26)
p. 9
“And as we speak, it stands at around 7% of revenue.”
Vikram Mohan, page 9 of the filed PDF · View the filing
ACFMS growth rate: 30% (FY26)
p. 10
“FY26, we have achieved a 30% growth rate.”
P. M Ganesh, page 10 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.
CAPEX — between INR 680 crore to INR 700 crores · this year
stated firmly by Vikram Mohan
p. 13
“In fact, this year, in itself, we have planned for about between INR 680 crore to INR 700 crores of CAPEX to cater to all of our new businesses that we have won, new plants, new machines, so on and so forth”
Vikram Mohan, page 13 of the filed PDF · View the filing
Debt-equity ratio — about 0.5 or 0.6
stated as an aspiration by Vikram Mohan
p. 13
“So, we will have a debt-equity ratio of probably about 0.5 or 0.6, not even hitting 1, and that is how we plan to operate.”
Vikram Mohan, page 13 of the filed PDF · View the filing
P3L revenue — double the turnover · three years after taking over the company
stated as an aspiration by Vikram Mohan
p. 7
“I have given a guidance that we aim to double the turnover in three years after taking over the company.”
Vikram Mohan, page 7 of the filed PDF · View the filing
Exports as % of revenue — 10% of revenue · coming years
stated as an aspiration by Vikram Mohan
p. 9
“And our goal is to take it to 10% of revenue in the coming years.”
Vikram Mohan, page 9 of the filed PDF · View the filing
ACFMS growth rate — 30% growth
stated conditionally by Vikram Mohan
p. 10
“Under normal conditions, we should have hit a 30% growth rate year-on-year.”
Vikram Mohan, page 10 of the filed PDF · View the filing
P3L EBITDA margin — back to normalized margins of 10% or so · over two years
stated firmly by Vikram Mohan
p. 12
“So, there will be a softening of margins over two years before the benefits of all of this start kicking in. So, we will go back to normalized margins of 10% or so and then kick back up going back.”
Vikram Mohan, page 12 of the filed PDF · View the filing
BOE backlight module production start — about 10 to 12 months
stated firmly by Vikram Mohan
p. 9
“Work is under progress on the equipment and the machinery and the buildings, and we will be commencing in about 10 to 12 months' production.”
Vikram Mohan, page 9 of the filed PDF · View the filing
Domino revenue start — 18 months to 24 months
stated conditionally by Vikram Mohan
p. 9
“With Domino, more like 18 months to 24 months is where we will be ready, and the early stages of revenue will start trickling in, right?”
Vikram Mohan, page 9 of the filed PDF · View the filing
Content per vehicle / wallet share with strategic customers — at least 50% higher than what we are today · next three years
stated as an aspiration by Vikram Mohan
p. 13
“our intent is with about 10 strategic customers to keep increasing our wallet share so that we are at least 50% higher than what we are today in the next three years.”
Vikram Mohan, page 13 of the filed PDF · View the filing
Dividend — 200% dividend for FY26 · FY26
stated conditionally by Vikram Mohan
p. 9
“the entire Board, including myself, recommended that we retain it at a 200% dividend for the FY26, see the performance for the next six months, and then take a call on that subject.”
Vikram Mohan, 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.
Management said they maintained market share by volume and increased it by value, and do not foresee a dip given confirmed LOIs for most programs.
Answered by Vikram Mohan
Asked by Jatin Chawla: How does management see instrument cluster market share evolving over the next two to three years given emerging competition?
p. 5
“We have maintained our market share by volume and increased our market share by value.”
Vikram Mohan, page 5 of the filed PDF · View the filing
The CFO explained the regrouping was due to a change in IndAS treatment of bill discounting items.
Answered by Priyadarsi Bastia
Asked by Sahil Sanghvi: Why was there a restatement in FY25 financials regarding borrowing lines?
p. 5
“Regrouping is on account of the change in IndAS. There is a circular which came up saying that debt-like items to be regrouped, which the customer bill discounting and vendor bill discounting, which used to be classified under trade payable, have been regrouped to borrowing.”
Priyadarsi Bastia, page 5 of the filed PDF · View the filing
Management gave approximate consolidated revenue shares by segment.
Answered by M. P. Ganesh
Asked by Hitesh Goel: What is the revenue split across DICVS, ACFMS and P3L segments for FY26?
p. 6
“On the DICVS our revenue is about 60% of our total revenue, and ACFMS is about 20% and P3L would be about 20%.”
M. P. Ganesh, page 6 of the filed PDF · View the filing
Management described an evolving, multi-party cost recovery process involving OEMs, end customers and the company itself absorbing part of the cost shock.
Answered by Vikram Mohan
Asked by Chirag Jain: How is the company managing margin pressure from cost headwinds — is it a pass-through to OEMs?
p. 8
“I think it's going to be tripartite. People have to take, there is going to be a price increase in the vehicle. OEMs will absorb some of that shock and I think, considering a long-term partnership with OEMs, we also have to absorb some of that shock.”
Vikram Mohan, page 8 of the filed PDF · View the filing
Management said future growth is uncertain due to geopolitical factors but reaffirmed the P3L doubling target is on track.
Answered by Vikram Mohan
Asked by Kush Nahar: Are there any changes to the previously guided 13%-15% growth guidance and P3L doubling target given industry softness?
p. 7
“But I can assure you that we will be continuing to grow at higher than the market growth rate.”
Vikram Mohan, page 7 of the filed PDF · View the filing
Management said they are working towards 30% growth but recent headwinds make it uncertain, and clarity may come after September.
Answered by Vikram Mohan
Asked by Ashwin Patil: Is the previously guided 30%-35% growth for ACFMS still being maintained?
p. 10
“We are working towards 30% growth and particularly with a focus on exports. But the headwinds since the last two, three months, I am not sure we will be able to meet those numbers because the rupee is on a freefall, the crude oil prices have gone for a toss.”
Vikram Mohan, page 10 of the filed PDF · View the filing
Management said margins will soften over two years due to forward investment before normalizing and improving again.
Answered by Vikram Mohan
Asked by Aman Agrawal: Is the 11% EBITDA margin in P3L sustainable or will it revert to 10%-10.5%?
p. 12
“we will start forwarding, forward investing in P3L in line with PRICOL’sstrategy of investing in technology.”
Vikram Mohan, page 12 of the filed PDF · View the filing
Management confirmed active negotiations and due diligence are underway but declined to give details.
Answered by Vikram Mohan
Asked by Aman Agrawal: Is the company evaluating any more M&A deals, particularly in plastics?
p. 12
“In fact, we had a very long discussion at the Board meeting yesterday on the various assets that we are considering. And we have taken some calls. And actually, active negotiations and due diligence is in progress.”
Vikram Mohan, page 12 of the filed PDF · View the filing
Risks flagged
West Asia geopolitical crisis disrupting industry and economy
p. 4
“The West Asia crisis I think is reaching a peak and the disruptions of the West Asia crisis or due to the West Asia crisis is also starting to hit not just the industry but also the economy quite hard.”
Vikram Mohan, page 4 of the filed PDF · View the filing
Rupee depreciation and rising commodity input costs
p. 4
“The rupee is on a free fall. Polymer prices have gone up by about 55%. Aluminum has gone up by about 62%. The semiconductors have gone up by about 35%.”
Vikram Mohan, page 4 of the filed PDF · View the filing
Rising freight costs inbound and outbound
p. 4
“Freight costs are also spiraling out of control both inbound and outbound freight.”
Vikram Mohan, page 4 of the filed PDF · View the filing
Expected softening of earnings and slowdown in the automotive sector
p. 4
“we do believe that there will be softening of earnings and slowing of the whole automotive sector on account of these geopolitical headwinds that are actually sending ripples across the world.”
Vikram Mohan, page 4 of the filed PDF · View the filing
Inability to fully pass through cost increases to OEMs due to demand impact
p. 8
“If a motorbike goes up by INR 25,000-INR 30,000, it is going to, demand is going to really soften or probably de-grow.”
Vikram Mohan, page 8 of the filed PDF · View the filing
Uncertainty on full cost recovery from OEMs
p. 8
“If you ask me can we recover the entire amount from the OEM, I do not think so.”
Vikram Mohan, page 8 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.