Any current/future new fundraising through debt or equity?

No specific mention of current or immediate future fundraising through debt or equity in the Q2 FY '26 earnings call. The company is focused on operational growth, expanding order book, and executing backlog. Regarding inorganic growth, the management is on the lookout for suitable acquisitions but has not indicated active fundraising for this purpose. Additional bank facilities such as non-fund-based limits (bank guarantees, LC facilities) have been granted to support environmental engineering growth. No plans disclosed for raising fresh equity or significant debt as of the call date November

Any current/future capex/capital investment/strategic investment?

Batliboi is planning a capital expenditure (capex) of INR 8 crore for expansion in the balance part of the year (Page 6). The Environmental Engineering division has commenced manufacturing critical fans at its own Surat factory and will continue to ramp up production in coming quarters and years (Page 5). No specific mention of new manufacturing plans for electrolyzers in India currently; the company is still on the learning curve and may consider this in the future (Page 13). The company is actively looking for suitable inorganic acquisition opportunities to add value to current capital goods

Future growth expectations in sales/revenue/volumes?

Batliboi targets a revenue growth of 10% to 12% for the entire financial year FY '26, both top-line and bottom-line. Order backlog as of September 2025 is INR 621.44 crores, up from INR 490.29 crores in Q1, with expectations to cross INR 1,000 crores by year-end. Execution of backlog likely within one year, with lead times varying from 1 month to 1 year depending on the division. Growth expected across all divisions: Environmental Engineering, Quickmill Canada operations, Air Engineering, Machine Tool trading, Textile Machinery. Expansion focus on domestic markets and exports, targetin

Future growth expectations in earnings/operating earnings/profits/EPS?

Batliboi Limited is optimistic about future growth with a targeted revenue growth of 10% to 12% for the full fiscal year 2025-26. EBITDA margins are also expected to improve in line with this growth, with stable gross margins around 38%-40%. The company anticipates executing its order backlog of approximately INR621 crores within a year. Environmental Engineering and Quickmill Canada divisions are expected to contribute significantly to improved profitability going forward. The recently merged businesses have started delivering synergies, enhancing operational efficiency and profitabil

Current/ Expected Orderbook/ Pending Orders?

As of September 2025, Batliboi Limited's order backlog stood at approximately INR 621.44 crore, up from INR 490.29 crore at the end of Q1 FY 2026 and INR 412 crore in the previous year. The company targets an order inflow of over INR 1,000 crore for the full year FY 2025-26. Order inflows are expected from all divisions including environmental engineering, Quickmill Canada operations, Air Engineering, and machine tool trading divisions. Execution timeline for backlog varies by division; turnover from backlog is expected confidently within one year. The company plans 10-12% growth in sales for

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Batliboi LtdQ3 FY25Industrial Manufacturing

Batliboi Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹84.8P/E: 33.3Market Cap: ₹388 CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Batliboi targets a revenue growth of 10% to 12% for the entire financial year FY '26, both top-line and bottom-line.
→Order backlog as of September 2025 is INR 621.44 crores, up from INR 490.29 crores in Q1, with expectations to cross INR 1,000 crores by year-end.
→Execution of backlog likely within one year, with lead times varying from 1 month to 1 year depending on the division.
→Growth expected across all divisions: Environmental Engineering, Quickmill Canada operations, Air Engineering, Machine Tool trading, Textile Machinery.
→Expansion focus on domestic markets and exports, targeting Southeast Asia, Gulf, Vietnam, Bangladesh, Uzbekistan, Egypt, and Canada.
→Efforts to improve production capacities such as manufacturing critical fans in Surat and scaling up new business like zero liquid discharge (ZLD) systems.
→Conservative guidance given but optimistic about exceeding these forecasts.

Margin guidance

Category 3

→Batliboi Limited is optimistic about future growth with a targeted revenue growth of 10% to 12% for the full fiscal year 2025-26.
→EBITDA margins are also expected to improve in line with this growth, with stable gross margins around 38%-40%.
→The company anticipates executing its order backlog of approximately INR621 crores within a year.
→Environmental Engineering and Quickmill Canada divisions are expected to contribute significantly to improved profitability going forward.
→The recently merged businesses have started delivering synergies, enhancing operational efficiency and profitability.
→Positive turnaround seen with Q2 profits after losses in Q1, indicating strong momentum.
→Growth in exports, new geographies, and emerging sectors like green hydrogen and zero liquid discharge support earnings expansion.
→Conservative guidance implies potential for exceeding these growth targets in earnings and EPS.

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Fundraise plans

→No specific mention of current or immediate future fundraising through debt or equity in the Q2 FY '26 earnings call.
→The company is focused on operational growth, expanding order book, and executing backlog.
→Regarding inorganic growth, the management is on the lookout for suitable acquisitions but has not indicated active fundraising for this purpose.
→Additional bank facilities such as non-fund-based limits (bank guarantees, LC facilities) have been granted to support environmental engineering growth.
→No plans disclosed for raising fresh equity or significant debt as of the call date November 11, 2025.

Order book

Yes

→As of September 2025, Batliboi Limited's order backlog stood at approximately INR 621.44 crore, up from INR 490.29 crore at the end of Q1 FY 2026 and INR 412 crore in the previous year.
→The company targets an order inflow of over INR 1,000 crore for the full year FY 2025-26.
→Order inflows are expected from all divisions including environmental engineering, Quickmill Canada operations, Air Engineering, and machine tool trading divisions.
→Execution timeline for backlog varies by division; turnover from backlog is expected confidently within one year.
→The company plans 10-12% growth in sales for the full year, supported by the strong order book and active lead pipeline.

Capex plans

Yes

→Batliboi is planning a capital expenditure (capex) of INR 8 crore for expansion in the balance part of the year (Page 6).
→The Environmental Engineering division has commenced manufacturing critical fans at its own Surat factory and will continue to ramp up production in coming quarters and years (Page 5).
→No specific mention of new manufacturing plans for electrolyzers in India currently; the company is still on the learning curve and may consider this in the future (Page 13).
→The company is actively looking for suitable inorganic acquisition opportunities to add value to current capital goods business lines (Page 7).
→Recruitment of talented people is ongoing to support growth, but no major management changes are planned (Page 12).
→Overall, Batliboi is focused on continuous investment, diversification, and expansion in scale and quality of operations (Page 4).

How does Batliboi Ltd rank vs peers in Industrial Manufacturing?

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