Operating profit margin has declined from 13.07% to 11.98%, leading to 66.18% rise in operating profit to Rs 198.85 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.70% to 45.10%.   Employee cost decreased from 5.83% to 4.43%.   Other expenses rose from 30.84% to 39.28%.   Expenses from contract rose from 13.96% to 23.33%.   

Other income fell 18.16% to Rs 11.4 crore.  PBIDT rose 57.38% to Rs 210.25 crore.  Provision for interest rose 12.95% to Rs 49.55 crore.  

PBDT rose 79.11% to Rs 160.7 crore.  Provision for depreciation rose 15.39% to Rs 14.62 crore.  

Profit before tax grew 89.59% to Rs 146.08 crore.  Share of profit/loss was 70.45% higher at Rs 0.75 crore.  Provision for tax was expense of Rs 41.01 crore, compared to Rs 25.75 crore.  Effective tax rate was 27.93% compared to 33.23%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 104.52% to Rs 105.82 crore.  

 

Management Comments :
Commenting on the results, Mr. Randeep Narang, MD & CEO said:  “We have started the financial year on a strong note, delivering robust growth in revenue, profitability and order intake. Our consistent order inflow led by the core T&D segment, has further strengthened our Orderbook which coupled with our sharp focus on execution, reinforces our confidence in sustaining this momentum in the quarters ahead.”

Order book status

Order inflow in Q1FY26 grew 72%YoY to Rs 1,748 crore, with a major portion of these wins coming from domestic T&D projects.  Of the order inflow about 97% is T&D. Domestic orders made up 79% of the order inflow and international 21%.

The Un-executed order book (UEOB) as of 30th June 2025 stood at Rs 14,654 crore, reflecting a robust 44% growth YoY. Total UEOB including L1 stands at Rs 15,637 crore.

Of the UEOB about 93% is T&D orders. Of the order book about 60% is domestic orders and balance 40% in international orders.