Ceinsys Tech LimitedInformation TechnologyCEINSYS
Q1 FY26 concall · earnings callCeinsys Tech Limited
The quarter was about expanding EBITDA margins by 505 basis points to 24.4%, securing fresh orders of INR143 crores, and building a healthy order book of INR990 crores, while investing in a sovereign AI cloud joint venture.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Operational Revenue | ₹158 Cr | 1% | |
| EBITDA | ₹39 Cr | 27% | |
| EBITDA Margin | 24.4% | 505 basis points | |
| Profit After Tax | ₹31 Cr | marginal decline | |
| PAT Margin | 19.6% | -59 basis points | |
| Order Book | ₹990 Cr | — | |
| Fresh Order Inflow | ₹143 Cr | — |
TL;DR
- Revenue grew marginally by 1% YoY to INR158 crores.
- EBITDA grew 27% YoY to INR39 crores, with margins improving to 24.4%.
- Order book stood at INR990 crores with fresh contracts of INR143 crores.
- Geospatial Engineering Services revenue grew 30% YoY to INR94 crores, while Technology Solutions declined 25% YoY to INR63 crores.
- Announced a joint venture with AI Fabric USA to create a sovereign AI cloud in India, with an approved investment of up to INR25 crores.
- Received a Letter of Intent from Madhya Pradesh for a contract worth approximately INR67 crores over 3 years.
Said on the call
“This quarter, we have clocked 24.4%. So I guess we should be able to do that.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Book and Execution Timeline | Management clarified the order book of INR990 crores has execution timelines ranging from 3 months to 18 months on a weighted average basis, with certain orders having O&M extending to 2-5 years. |
| Order Book Reconciliation | Explained that the order book increase does not fully match execution and new orders because some run-rate businesses, like Mobility and OEM products, are not included in the order book; about INR50 crores of the quarter's turnover was from such non-order book business. |
| AI Cloud Joint Venture Details | Clarified the JV with AI Fabric USA involves an approved investment of INR25 crores in two phases to evaluate setting up a sovereign AI cloud for defense; the company aims to be an AI solutions provider, not an EPC player. |
| Margin Improvement Drivers | Attributed margin expansion to business maturity, a shift from data acquisition to enterprise solutions, and the addition of the Technology Solutions segment which has better margins. |
| Trade Receivables and Working Capital | Stated that working capital cycle was 164 days, similar to previous quarters, and expects Jal Jeevan Mission-related receivables of around INR100 crores to be released by the third quarter, improving the cycle. |
| Growth Outlook and Pipeline | Management reiterated a strong order pipeline and funnel, expecting to surpass last year's order inflow numbers, but declined to give specific revenue guidance for FY27. |
| Use of Raised Funds and Acquisition Strategy | Defended the delay in deploying the INR238 crores raised, stating they are evaluating opportunities for vertical integration and margin expansion, and rejected the idea of a share buyback as the funds are for growth. |
| Unbilled Revenue | Confirmed that a major portion of the INR320 crores unbilled revenue is from Jal Jeevan Mission projects and is expected to be billed and collected in the next 2 quarters. |
Guidance
- Expect Jal Jeevan Mission-related receivables of around INR100 crores to be released in the next 2-3 quarters, improving the working capital cycle.
- Aiming to push execution to increase growth in the next 2 to 3 quarters.
- The order funnel is strong, and the company expects to surpass last year's order inflow numbers.
- Expect positive developments in the transport domain (ITMS/ATMS) in the next 1 or 2 quarters.
- Expect a better operating cash flow in this financial year.
Source
Summary written from the transcript filed by Ceinsys Tech Limited for the call held on 14 Aug 2026; published 18 Aug 2026, 19:04 IST.
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