Capacite Infraprojects Ltd Q4 FY26 Earnings Analysis

- Capacit'e Infraprojects targets 18% to 20% revenue growth for FY '26 and FY '27, contingent on revenue recognition from JV and associate companies, especially TCC (MHADA project). - Expectation to achieve around INR900 crores revenue in Q4 FY '26, boosted by additional INR75 crores revenue from JV companies. - Standalone revenues anticipated to grow faster than consolidated revenues in FY '26. - Monthly revenue run rate at JV level expected between INR60-70 crores for next financial year; standalone expected above INR18-20 crores per month plus escalation. - The company has a strong bid pipeline with projects identified worth about INR14,000 crores, with incremental order inflow expected between INR500 to INR1000 crores shortly. - Over next 8 quarters post-September 2025, working capital cycle targeted to be reduced to historic levels (90 days), supporting growth. - Current strong order book provides visibility for 3-4 years of operations.

- Capacit’e Infraprojects targets 18%-20% revenue growth for FY '26 and FY '27, driven by expanded order book and better execution, including JV contributions. - EBITDA margin guidance is maintained between 16.5% to 17.5% on a consolidated basis, with standalone EBITDA margins expected at 17.5%-18.5%. - Profit growth (PAT) is expected to be in line or slightly higher than revenue growth due to operating leverage from controlled fixed costs and increased scale. - The company aims to reduce working capital cycle to historic levels (90 days) over 8 quarters post Sept '25, improving cash flows. - Profit recognition from JV companies (not currently recognized fully in revenue) is expected to increase from FY '27, enhancing consolidated profitability. - Management is confident of achieving guidance and potentially providing positive surprises on PAT due to operational efficiencies and order book quality.

- For FY '26, Capacit'e Infraprojects has made core asset additions of INR 78.82 crores and expects an additional INR 15-20 crores, targeting around INR 100-105 crores in total standalone capex. - The FY '27 capex is yet to be finalized and will be disclosed post the Board meeting scheduled for March 20, 2026. - No significant capex or availing of limits is planned at subsidiaries or joint ventures; capitalization will happen primarily at the standalone level. - The company follows fiscal prudence by not availing debt limits at subsidiaries/JVs and recovers monthly rental charges from project sites for capital assets there. - Overall, the focus is on controlled, strategic capital investment aligned with operational growth, with detailed FY '27 capex guidance forthcoming after Board approval.

- No explicit mention of new fundraising through debt or equity for FY '26 or FY '27. - The company plans to maintain current levels of borrowings in FY '27 with expected repayments of about INR 70 crores, leading to net debt reduction. - No additional bank limits or external debt are planned at the subsidiary, JV, or associate levels; capitalization and borrowings remain strictly at the standalone Capacit’e level. - Fiscal prudence is emphasized, with no availing of limits in subsidiaries/JVs. - Any detailed information on working capital limits, fund-based vs non-fund-based breakup, will be shared upon request but no new fundraising plans indicated. - Upcoming capex for FY '27 will be disclosed after the Board meeting on March 20, 2026, but no indication of external fundraising associated with it.

- As of December 31, 2025, Capacit'e Infraprojects Limited's total outstanding order book stands at INR 13,188 crores. - Public sector projects constitute 61%, and private sector projects make up 39% of the order book. - Outstanding order book from CIDCO alone is INR 3,770 crores: INR 2,500 crores for location 7 (to be delivered in Q1 FY '27) and INR 1,200 crores for the first 6 locations. - MHADA project revised order book at JV level is in excess of INR 15,000 crores, including price variations and scope increases. - Order inflow target for FY '26 was INR 3,500 crores; actual inflow reached INR 3,909 crores, excluding price escalations in CIDCO and MHADA. - Additional expected order book increase of INR 500 to INR 1,000 crores anticipated over the next 45 days. - Strong bid pipeline identified projects worth approximately INR 14,000 crores, focused mainly on central government EPC projects and CIDCO.