Interarch Building Solutions LimitedInfrastructure & ConstructionINTERARCH
Q1 FY27 concall · earnings callInterarch Building Solutions Limited
Interarch posted 20.7% revenue growth and expanded capacity to target a revised FY28 revenue of INR2,700 crores while growing its order book to INR1,864 crores.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹460 Cr | 20.7% | |
| EBITDA | ₹39 Cr | 24.6% | |
| EBITDA Margin | 8.6% | 0.0% | |
| PAT | ₹28 Cr | 0% | |
| Order Book | ₹1,864 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹363.62 Cr— YoY+12.5% QoQ | ₹28.20 Cr— YoY+36.4% QoQ | ₹16.94— YoY+25.1% QoQ |
| Q2 FY25 | ₹323.28 Cr— YoY+6.5% QoQ | ₹20.67 Cr— YoY+1.9% QoQ | ₹13.54— YoY-3.8% QoQ |
| Q1 FY25 | ₹303.42 Cr— YoY— QoQ | ₹20.28 Cr— YoY— QoQ | ₹14.07— YoY— QoQ |
TL;DR
- Revenue for Q1FY27 was INR460 crores, up 20.7% year-on-year.
- EBITDA grew 24.6% to INR39 crores, with a stable margin of 8.6%.
- Order book increased to INR1,864 crores, with 35% from new-age industries.
- Heavy structure plant in Andhra Pradesh started trial production; commercial production expected by end of August/early September.
- Gujarat PEB plant (Phase 1) commenced on July 9; Phase 2 expected by October.
- Exports, including a JV with a Canadian company for open web joists, are a strategic focus with an expected 20%+ EBITDA margin.
Said on the call
“It's a business that you have to be very careful in. It's a business which can kill you very fast if you're not careful.”
From the Q&A
| Topic | What management said |
|---|---|
| Q1 Revenue Run Rate | Management attributed the Q1 revenue of INR460 crores, lower than previous quarters, to seasonal site conditions and clearances, not capacity issues. They aim for an average INR600 crores per quarter for the next 3-4 quarters to meet the full-year target. |
| QIP Utilization | The INR250 crores QIP proceeds will fund accelerated expansion: ~INR150 crores for heavy structure plant Phases 2 & 3, INR50-60 crores for a new Gujarat PEB plant, and INR50-60 crores for a JV export unit for open web joists. |
| Canadian JV Rationale & Outlook | The JV with ER Steel leverages Interarch's manufacturing for the North American open web joist market. At full 15,000-tonne capacity, sales could reach $22-23 million with over 20% EBITDA margin, ramping up over 2-3 years. |
| Capacity Utilization | Q1 sales volume was 38,500 tonnes against a quarterly capacity of 50,000 tonnes (~80% utilization). Utilizable capacity is 85-90% of installed capacity; last year's utilization was 88% of utilizable capacity. |
| Margin Trajectory & Guidance | Management aims to improve margins through complex projects, exports, internal cost control, and operational leverage. The target is 9.5%-10% EBITDA margin for FY28, with significant improvement expected then rather than immediately in FY27. |
| Working Capital & Cash Flow | Operating cash flow was positive at INR26.83 crores in Q1. Last year's negative cash flow was due to large work-contract orders; billing and collections are now improving. The company has no debt. |
| Heavy Structure Business & Order Book | The order book includes about 35% from new-age industries and buildings (e.g., data centers). The heavy structure plant will allow bidding on hybrid projects. FY27 revenue guidance includes INR100-150 crores from heavy structures. |
| Export Contribution & Target | Exports were INR10-12 crores in Q1 (~2-3% of revenue). The medium-term target is for exports to contribute 10% of total turnover, driven by the PEB business and the new open web joist JV. |
Guidance
- FY27 revenue target: INR2,150 crores to INR2,200 crores.
- FY28 revenue target revised to INR2,700 crores from INR2,500 crores.
- FY28 EBITDA margin target: 9.5% to 10%.
- Aiming for average quarterly revenue of ~INR600 crores for the next 3-4 quarters.
- Volume growth target for FY27: ~18% to approximately 190,000 tonnes.
- Export target: 10% of total turnover in the short to medium term (1-2 years).
- Heavy structure plant commercial production expected by end of August/early September 2026.
- Capex plan: ~INR129 crores in FY27 and ~INR133 crores in FY28.
Source
Summary written from the transcript filed by Interarch Building Solutions Limited for the call held on 7 Aug 2026; published 18 Aug 2026, 20:20 IST.
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