Telge Projects Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Telge Projects Ltd filed with BSE on 22 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
Telge Projects reported FY26 revenue from operations of approximately Rs. 40.2 crores, up around 57% year-on-year, with EBITDA of Rs. 9.55 crores at 24% margin and PAT of Rs. 5.9 crores at 15% margin. Q4 revenue was Rs. 14.4 crores, growing 13.7% year-on-year, with EBITDA margin of 35% and PAT margin of 23%. Management discussed the completion of its IPO, the acquisition of Edward Farr Architects in the United States, current order book of approximately Rs. 25 crores, and plans for continued expansion in architectural, structural and BIM services.
Numbers mentioned
Revenue from operations: Rs. 40.2 crores (FY2025-26)
p. 4
“Our revenue from operations stood at approximately Rs. 40.2 crores as compared to Rs. 25.6 crores in FY2024-25, reflecting a strong year-on-year growth of around 57%.”
Shraddha Telge, page 4 of the filed PDF · View the filing
EBITDA: Rs. 9.55 crores, 24% margin (FY2025-26)
p. 4
“EBITDA stood at Rs. 9.55 crores with EBITDA margins of 24%, while profit after tax reached Rs. 5.9 crores with PAT margins of 15%.”
Shraddha Telge, page 4 of the filed PDF · View the filing
Q4 Revenue: Rs. 14.4 crores (Q4 FY26)
p. 4
“On the quarterly front, Q4 revenue stood at Rs. 14.4 crores, growing 13.7% year-on-year and nearly 58% sequentially.”
Shraddha Telge, page 4 of the filed PDF · View the filing
Q4 EBITDA: Rs. 5 crores, 35% margin (Q4 FY26)
p. 4
“Q4 EBITDA stood at Rs. 5 crores with margins of 35%, while PAT stood at Rs. 3.3 crores with margins of 23%.”
Shraddha Telge, page 4 of the filed PDF · View the filing
Order book: Rs. 25 crores (Current)
p. 4
“Today, across our structural and architectural business segments, our current active order book stands at approximately Rs. 25 crores.”
Shraddha Telge, page 4 of the filed PDF · View the filing
Bidding stage pipeline: Rs. 6 crores (Current)
p. 5
“So, as I mentioned, we are having our current order book of Rs. 25 crores, and there is a pipeline of Rs. 6 crores approximately that is in the bidding stage or we call it as an RFQ stage.”
Shraddha Telge, page 5 of the filed PDF · View the filing
Edward Farr Architects revenue: Rs. 14 crores (Calendar year 2025)
p. 7
“So, the revenue that they have achieved in the calendar year of January to December 2025 was approximately Rs. 14 crores.”
Shraddha Telge, page 7 of the filed PDF · View the filing
Edward Farr Architects PAT margin: 10% to 12% (Calendar year 2025)
p. 7
“So, for Edward Farr Architects, in last calendar year, the firm has added Rs. 14 crores of turnover in calendar year 2025, and they are PAT margins of around 10% to 12%.”
Vinayak Mane, page 7 of the filed PDF · View the filing
Acquisition contribution to revenue: Rs. 1.5 crores (FY26)
p. 7
“So, that we can see around Rs. 1.5 crores we have added in the top line, and in bottom line around Rs. 40 lakhs we have added in PAT.”
Vinayak Mane, page 7 of the filed PDF · View the filing
DSO: 60 days (Current)
p. 6
“So, current situation like I will tell you that we are maintaining 60 days DSO on receivable side.”
Vinayak Mane, page 6 of the filed PDF · View the filing
Total headcount: 200 to 250 (Current)
p. 10
“Right. The total headcount at the moment is between 200 to 250.”
Shraddha Telge, page 10 of the filed PDF · View the filing
New employees added: 70 people (FY26)
p. 10
“And compared to the last financial year, we have approximately increased 70 people internally.”
Shraddha Telge, page 10 of the filed PDF · View the filing
US headcount: 25 people (Current)
p. 10
“So, in the US, we have around 25 people, and rest of the headcount is sitting in India at different locations.”
Shraddha Telge, page 10 of the filed PDF · View the filing
Total customer count: 96 (FY26)
p. 13
“Yes. Actually, total customer count we have for this financial year was 96.”
Shraddha Telge, page 13 of the filed PDF · View the filing
New clients added this quarter: 20 (Q4 FY26)
p. 13
“Yes. Around 20 new clients we have added in this quarter.”
Vinayak Mane, page 13 of the filed PDF · View the filing
Order book from US: 80% (Current)
p. 10
“Approximately 80% we can see, like 80% of the order book is from US region only.”
Vinayak Mane, page 10 of the filed PDF · View the filing
Order book from Edward Farr Architects: Rs. 10 crores (Current)
p. 10
“Our architectural business, the newly acquired company is being considered to approximately around Rs. 10 crores.”
Shraddha Telge, page 10 of the filed PDF · View the filing
IPO fund utilization for acquisitions: Rs. 5 crores (Current)
p. 12
“So, Rs. 5 crores we have made provision for this kind of acquisitions only.”
Vinayak Mane, page 12 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 CAGR — 60% to 70% CAGR · FY2026-27 and subsequent years
stated as an aspiration by Shraddha Telge
p. 5
“In the medium term, we are confident to achieve 60% to 70% CAGR growth in the upcoming financial year, that is FY2026-27, and relatively the next years as well.”
Shraddha Telge, page 5 of the filed PDF · View the filing
EBITDA and PAT margins — EBITDA approximately 35%, PAT 20% to 23% · FY2026-27
stated as an aspiration by Shraddha Telge
p. 9
“Yeah. So, for the next financial year, FY2026-27, we are trying to continue with the Q4 performance. So, the PAT that we have achieved in the Q4 was between 20% to 23%, I guess, and then EBITDA was approximately 35%.”
Shraddha Telge, page 9 of the filed PDF · View the filing
New acquisitions — MEP mechanical, electrical, plumbing and design services
stated as an aspiration by Shraddha Telge
p. 9
“We are absolutely looking forward to have more and better and bigger acquisitions going forward. Nothing is identified as such.”
Shraddha Telge, page 9 of the filed PDF · View the filing
Equity dilution — No equity dilution · This year
stated firmly by Shraddha Telge
p. 12
“I don't think so. Not, not so early. Not this year at least.”
Shraddha Telge, page 12 of the filed PDF · View the filing
Hourly billing rates — $45 to $60 per hour
stated as an aspiration by Shraddha Telge
p. 11
“Now what we are targeting is $45 to $60 per hour even.”
Shraddha Telge, page 11 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 guided to 60-70% CAGR growth and said they aim to maintain similar EBITDA and PAT margins as Q4.
Answered by Shraddha Telge
Asked by Amit Mehendale: What is the outlook for revenue growth and EBITDA margins for FY27 and FY28?
p. 5
“In the medium term, we are confident to achieve 60% to 70% CAGR growth in the upcoming financial year, that is FY2026-27, and relatively the next years as well.”
Shraddha Telge, page 5 of the filed PDF · View the filing
Management said the acquisition contributed only about one month of numbers, so most of the growth was organic.
Answered by Shraddha Telge
Asked by Taher Hydrabadwala: How much of the growth was organic versus acquisition-led (inorganic)?
p. 6
“So, if I talk about the last financial year, our inorganic growth, as you're saying, is not that much into the proportion. The acquisition happened on 3rd of March.”
Shraddha Telge, page 6 of the filed PDF · View the filing
Management stated the multiple was 2.5x EBITDA.
Answered by Vijay Katke
Asked by Vansh Saini: What acquisition multiple was paid for Edward Farr Architects?
p. 7
“Yeah. We have paid at multiple of 2.5x of their EBITDA.”
Vijay Katke, page 7 of the filed PDF · View the filing
Management said attrition was around 10% for the India operations, and zero for acquired subsidiaries.
Answered by Shraddha Telge
Asked by Vansh Saini: What is the employee attrition rate for FY26?
p. 7
“It's actually very less, anywhere between 10% I would say, because most of the employees that we have retained and there are very less possibilities when the good level of researchers have left us.”
Shraddha Telge, page 7 of the filed PDF · View the filing
Management said there had been no impact on the business due to diversification across regions and sectors.
Answered by Shraddha Telge
Asked by Kapil Adwani: Are there any challenges or delays in US infra projects due to the Iran-US conflict?
p. 10
“There has been no change into our business so far. There was a critical situation in last few months globally, but that has not impacted in any sense to our business.”
Shraddha Telge, page 10 of the filed PDF · View the filing
Management attributed this to targeting higher hourly rates via local US presence and cost control through rural expansion and AI integration.
Answered by Shraddha Telge
Asked by Amit Mehendale: How does the company achieve 30-35% EBITDA margins versus competitors closer to 20-22%?
p. 11
“In previous years, we used to stick to rates between $25 to $35 per hour.”
Shraddha Telge, page 11 of the filed PDF · View the filing
Management said no debt plans exist and they would use other funding arrangements for acquisitions as opportunities arise.
Answered by Shraddha Telge
Asked by Amit Mehendale: What is the outlook for debt over the next two years?
p. 12
“We have not planned anything like that. So, whatever opportunities we will get in future, we will have a different kind of arrangement for the further acquisitions.”
Shraddha Telge, page 12 of the filed PDF · View the filing
Management said the increase was due to hiring senior leadership to support future growth, and that this year growth in employee cost will be lower as they focus on execution teams.
Answered by Shraddha Telge
Asked by Kaustubh Babrekar: Why has employee cost as a percentage of revenue increased to 45% from 35%, and will this continue?
p. 13
“So, that kind of investments we have done with a purpose, which will help us for the future growth. And definitely, this year we are not planning to increase any leadership team, but we will only have expanded execution team.”
Shraddha Telge, page 13 of the filed PDF · View the filing
Risks flagged
Seasonal slowdown in Q2 compared to other quarters
p. 9
“Q3 is better, fine, but usually Q2 becomes slow compared to Q1, Q3 and Q4.”
Shraddha Telge, page 9 of the filed PDF · View the filing
Potential geopolitical disruption to US projects, though stated as having had no impact so far
p. 10
“There was a critical situation in last few months globally, but that has not impacted in any sense to our business.”
Shraddha Telge, page 10 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.