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for Industry - Construction & Engineering
KNR Constructions reported a disappointing Q2FY26, with consolidated revenue plunging 66.8% YoY to Rs6.5bn, impacted by sluggish execution and delayed project ramp-ups, though modestly up 5.5% QoQ. EBITDA dropped 78% YoY to Rs1.9bn with of margin 29.8%, while PAT fell 82% YoY to Rs1.0bn as monsoon disruptions, high employee cost, and legacy project tapering hurt performance. The standalone business saw sharper margin compression (10.9% vs 18.6% YoY) and weak cash generation amid elevated receivables and working capital of 144 days. Order book stood at Rs87.4bn, with two HAM projects achieving...
RITES Ltd delivered a resilient performance in Q2FY26, reflecting strong execution across its consultancy and export segments, robust profitability, and a solid order pipeline that reinforces long-term growth visibility. The company reported standalone revenue of Rs5.1bn, up 0.7% YoY and 12% QoQ, while PAT stood at Rs1bn, marking a healthy 25% YoY growth and 20% sequential rise. Consolidated performance was equally encouraging, with revenue at Rs5.7bn, EBITDA at Rs1.3bn, up 27.6% YoY, and PAT at Rs1.1bn up 32.2% YoY, translating into superior EBITDA and PAT margins of 24.4% and 18.8%, respectively. The...
RVNL posted a disappointing Q2FY26, with weak profitability and cash flow offsetting modest revenue growth. Revenue from operations rose only 1% YoY to Rs49.3bn vs Rs48.7bn in Q2FY25 despite a healthy 26% QoQ rebound from the muted Rs39.2bn in Q1FY26. However, margins deteriorated sharply: EBITDA slipped to an estimated Rs3.9bn, translating to a 7.9% margin, down 120 bps YoY as cost pressures persisted and lower-margin EPC contracts formed a greater revenue share. PBT dropped 27% YoY to Rs3.bn, while PAT plunged 35% YoY to Rs1.9bn, with EPS falling to Rs0.94 vs Rs1.45 YoY. On the positive side,...
NCC’s Q2FY26 reported a decline of 16% in revenues in Q2FY26 (vs I-Sec’s flat expectation). The execution was negatively impacted on account of low execution in existing order book for water segment (due to payment delays), prolonged monsoon and Co delay in start of work on order received during FY25 (40% of current order book).
ting the drag on margins. Resultantly, gross margins stood at 29.1%, registering a 68 bps expansion. Employee costs fell to 13.2% from 15.1% in the same quarter last year, thereby bolstering an EBITDA margin expansion of 194 bps to stand at 13.2%. Profit After Tax registered 31% YoY growth to stand at Rs.805.50cr. Despite higher depreciation (32% increase), finance costs (35% increase), and a jump...
Order awarding in the road sector has been soft for the past two years, impacting HG Infra’s (HG) order book (OB), now at INR 147bn (2.2x TTM revenues) – part of this (INR 31bn) is yet to receive appointed date.
Power Mech reported a muted Q1FY26. Post-adjustment of the exceptional item (INR 2.9bn in revenue), revenue stood at INR 10bn (flat YoY), EBITDA was at INR 1.2bn (+6% YoY) and adjusted profit of INR 0.5bn (-18% YoY). Reported profit grew 31% YoY to INR 0.8bn.
RVNL's Q1FY26 performance was subdued, with consolidated revenue from operations at Rs39bn, down 4.1% YoY and 39.2% QoQ, and total income at Rs41bn, reflecting a 4.6% YoY and 37.5% QoQ decline. Expenses remained broadly flat YoY at Rs40bn but fell 35.1% sequentially, while PBT dropped sharply to Rs2bn (42.5% YoY; 68.3% QoQ) and PAT contracted to Rs1.3bn (40.0% YoY; 70.7% QoQ), with EPS at Rs0.65 versus Rs1.07 last year and Rs2.20 in Q4. The quarter saw meaningful margin compression, driven by a weaker revenue mix, lower Ministry of Railways income, and one-off expenses,...
RITES reported a largely flat operating performance in Q12026 with consolidated revenue and profit metrics showing marginal YoY increases with consolidated operating revenue of Rs48bn and consolidated PAT of Rs0.9bn for the quarter. Standalone operating revenue was Rs45bn and PAT Rs0.6bn. The company continues to emphasize execution of a large, young order book Rs87bn as Q12026. With a strong order book, cash-rich balance sheet, steady dividends, and a delayed but visible revenue ramp, RITES remains a HOLD rating with a TP of 281. Stable fundamentals limit downside, but near-term upside is capped by...
Ceigall India (Ceigall) reported a muted Q1FY26 with revenue increasing by 6% YoY to INR 8bn – lower than estimates on account of early monsoons and an extended delay in receiving the appointed date for its four HAM projects (46% of order book).
The management has guided 20-25% revenue growth with PBT margin of 5%5.5% on a standalone basis along with order intake of Rs260-280bn in FY26. Kalpataru Projects International (KPIL) reported revenue growth of 35.4% YoY driven by strong execution across T&D, B&F and O&G, while EBITDA margin remained flat YoY at 8.5%. The management has reiterated its guidance for 2025% revenue growth in FY26, supported by a robust tendering pipeline of ~Rs1.2trn in the T&D segment over the next 1218 months. The B&F segment...
Harsha Engineers (Harsha) delivered results above our estimates. Revenue, EBITDA and PAT grew by 6%, 1% and 5% respectively on YoY basis. Green shoots were seen in the way of improvement in industrial demand in Europe which led to 18% YoY revenue growth in Harsha Romania for the quarter. Harsha also witnessed healthy demand improvement for large sized cages as well. Positive signs were also seen in improving demand for bearing cages in India however auto demand remained sluggish. However the management asserted that it will take at least 2 quarters to consider this as a sustainable demand trend. The...
reporting a 6.4% YoY increase in revenue, although EBITDA margin contracted by 90bps YoY to 15.2%. The quarter saw signs of recovery in European demand, supporting an ~18% YoY revenue growth in the Romania operations, while demand from the US softened due to ongoing tariff-related uncertainties. commercialization of Harsha's greenfield expansion, Advantek, is expected to support domestic growth. With strong traction in the bushings segment, management anticipates ~30% YoY growth in bushing revenue and maintains a high single-digit growth guidance for the consolidated business in FY26....
Power Mech Projects Limited is a company that offers a wide range of services in both the power and non-power sectors. They are the biggest service provider in operations and maintenance (O&M) and have integrated their services both forward and backward.
