Karamtara Engineering LimitedCapital Goods & EngineeringKARAMTARA
Q1 FY27 concall · earnings callKaramtara Engineering Limited
Karamtara reported Q1 FY27 revenue of INR1,581 crores, up 72% year-on-year, with EBITDA of INR174 crores and PAT of INR87 crores, while guiding to 60% to 65% full-year revenue growth.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from operations | ₹1,581 Cr | +72% YoY basis | |
| EBITDA | ₹174 Cr | +45% growth on YoY basis | |
| Profit after tax | ₹87 Cr | +45% on YoY basis | |
| Renewable products share of revenue | 82% | — | |
| International business share of revenue | 66% | — |
TL;DR
- Revenue from operations stood at INR1,581 crores, up 72% year-on-year, with renewable products contributing 82% and international business 66% of revenue
- EBITDA stood at INR174 crores, up 45% year-on-year, at about 11%, impacted by elevated shipping and trucking costs
- Profit after tax stood at INR87 crores, up 45% year-on-year
- Aggregated installed capacity stood at 889,200 metric tons per annum with 13 facilities plus new rolling mill, PEB, stamping and Saudi multiproduct facilities underway
- Management guides FY27 revenue growth of 60% to 65% with 40% to 42% in H1 and 58% to 60% in H2 and expects margin improvement on higher utilization
Said on the call
“In fact, currently, we are witnessing a market where demand continues to outpace supply, creating a favorable environment for us.”
From the Q&A
| Topic | What management said |
|---|---|
| Business mix and transmission strategy | Management said transmission will be a key growth driver, citing the new Bhachau facility, fungible wind hybrid tower capacity for transmission towers, and planned large transmission capacity in Saudi Arabia. |
| FY27 outlook and seasonality | Management guided to 60% to 65% revenue growth in FY27 with 40% to 42% of revenue in H1 and 58% to 60% in H2, and said Q2 has been good with better EBITDA margins than Q1 despite elevated oil costs. |
| Contract structure and commodity risk | India solar orders are typically delivered in 4 to 5 months with steel and zinc booked on order; export orders run 8, 9 months with imported raw material, with pass-through and Price Variation Clause where applicable. |
| US tariffs and competitiveness | Steel and aluminium products remain under Section 232 at 50% with no stacking of additional tariffs, fully passed through via change of law; US local prices are about 30% to 40% higher than imports from India. |
| Margins and costs | Q1 EBITDA of about 11% was impacted by elevated shipping and trucking costs; management expects margins to recover through asset sweating, absorption of fixed costs, and better local-content margins in Saudi Arabia. |
| Tariff component in revenue | Q1 FY27 revenue included tariff of INR250 crores versus INR113 crores in Q1 FY26, fully passed to customers with no profitability impact and recorded in other expenses along with freight. |
Guidance
- Endeavor to grow FY27 revenues by 60% to 65% over the last year
- Normal seasonality of 40% to 42% of revenue in first six months and 58% to 60% in last six months
- Expect EBITDA margin improvement as revenue grows and new assets are sweated
- Saudi multiproduct facility trial production in December with galvanizing plant online by February or March, taking 12 to 18 months to reach good utilization
- Bhuj transmission facility expected to hit peak capacity in next 6 to 9 months
Source
Summary written from the transcript filed by Karamtara Engineering Limited for the call held on 7 Oct 2026; published 9 Oct 2026, 17:43 IST.
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