Interarch Build. Q4 FY25 Earnings Analysis

- The company targets doubling its turnover by FY27-28, building on a strong growth trajectory seen over the last three years (nearly doubling turnover). - FY26 topline growth guidance is approximately 15%, with potential to exceed this (possibly up to 20%) depending on operating leverage and new capacities coming online. - Post-FY26, growth could accelerate further to 20-25% annually due to increased capacity utilization and operating leverage. - Volume growth in recent quarters has been around 10-11% quarter-on-quarter and year-on-year. - Order book stands at Rs. 1,305 crores with a bid pipeline of Rs. 4,000 crores supporting sustained demand. - Capacity utilization is currently about 80% of utilizable capacity, expected to increase to 90% within a year, facilitating faster growth. - Growth is balanced across design, engineering, sales, production, and execution to ensure sustainable scaling.

- FY26 revenue growth guidance is around 15%, with margins expected to remain in the same range. - Post-FY26, with new plant capacities coming online, growth could accelerate to 20-25% annually to achieve turnover doubling in 3-4 years. - Operating leverage and increased capacity utilization will drive improved profitability. - EBITDA margins for 9M FY25 are at 8.9%, showing sustainability and slight improvement potential. - PAT grew 23% YoY for 9M FY25, indicating strong profit growth. - Capacity utilization is currently ~80%, expected to increase to ~90% within a year, supporting higher volumes and earnings. - Employee costs may rise due to capacity building but mitigated by enhanced automation and technology use. - Overall, the company targets significant and sustainable earnings growth aligned with capacity expansion and operational efficiencies.

No information is provided regarding the same in the latest conference call.

No information is provided regarding the same in the latest conference call.

- Current order book stands at approximately Rs. 1,305 crores (Pages 7, 9, 16, 23). - This order book reflects sustained demand with more than 70% repeat orders (Page 7). - Execution timeline for the current order book is about 8-9 months due to shortening client timelines (Pages 9, 23). - Order bid pipeline totals around Rs. 4,000 crores, split into Rs. 2,500 crores of confirmed bids and Rs. 1,500 crores under active discussion (Page 16). - Capacity constraints limit order intake currently; increased capacity expected in April-May may boost new orders (Page 23). - Small orders contribute Rs. 600-700 crores from about 100 orders, while 15 big orders contribute Rs. 60-70 crores to reach ~Rs. 1,600-1,700 crores target (Page 23). - Large orders are unpredictable; bidding on 10 may yield 2-5 orders while small orders are a continuous sales effort nationwide (Page 23).