Anlon Tech — Q4 FY26 earnings call

Call held 28 May 2026

Management summary

Anlon Technology Solutions Limited reported a strong FY26, marked by significant revenue and profit growth, driven by a successful transformation to a manufacturing-led model. The company achieved key certifications and expanded its product portfolio, leveraging government initiatives like 'Make in India'. While facing challenges in meeting high demand, strategic capacity expansion and fund utilization are underway to capitalize on future opportunities.

Highlights

  • Revenue for FY26 increased by 111% year-on-year to INR 105.92 crores.

  • Net Profit (PAT) for FY26 grew by 114% year-on-year to INR 13.88 crores.

  • EBITDA margin for FY26 improved to 19.60% from 19.55% in FY25.

  • Manufacturing & Assembly emerged as the core revenue driver, contributing approximately 50% of FY26 revenue.

  • Secured EN 14043 Conformity Certificate from TUV SUD for turnable ladder with rescue lift capability, a first for an Indian manufacturer.

Concerns

  • Management noted they are currently struggling to keep up with market demand due to piled-up requirements from policy shifts, expecting it to take another 15 months to meet.

  • Initial Make in India projects were taken at lower blended margins of approximately 15% in Manufacturing & Assembly to gain market share.

Key financials

2 periods

H2 FY26

  • Revenue
    ₹64.54 Cr
    YoY +107%
  • EBITDA
    ₹12.57 Cr
    YoY +111%
  • EBITDA Margin
    19.4%
  • Net Profit
    ₹8.45 Cr
    YoY +114.5%
  • PAT Margin
    13.1%

FY26

  • Revenue
    ₹105.92 Cr
    YoY +111%
  • EBITDA
    ₹20.76 Cr
    YoY +111%
  • EBITDA Margin
    19.6%
  • Net Profit
    ₹13.88 Cr
    YoY +114%
  • PAT Margin
    13.1%

What they filed

Q4 FY26: revenue up 282.4%, net profit up 300.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY23Q4 FY23Q2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue13 20 18 17 19 +46%31 +55%41 +128%65 +282%
EBITDA4 4 3 3 4 +0%6 +50%7 +133%13 +333%
Net profit2 2 2 2 3 +50%4 +100%5 +150%8 +300%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Manufacturing & Assembly
    50% Share of FY26 Revenue
  • AMC & Services
    27% Share of FY26 Revenue
  • Distribution
    23% Share of FY26 Revenue

Capital allocation

medium confidence
  • Liquidity Liquidity disclosed A fundraise of INR 50 crores was announced, intended to prepare for bidding and secure contracts.
    Right. Thank you for the breakup. Good to know that we have such a diversification available and we can maintain the mix that we have and cater to different markets. Just from a 2, 3 year standpoint, if you could help me, like what vision do we have taking our Manufacturing & Assembly business too. And what would this segment be looking like? What do you envision it looking like after, let's say, 3, 4 years?

Guidance & targets

Manufacturing & Assembly

  • Contribution to Revenue Manufacturing & Assembly · future · High confidence Continue to grow

    From 65% today

    At the moment, I think we are doing 65% assembly and manufacturing. This is from -- I don't know, 5% over 2 years. We grew to this area. And this should continue to grow.

    — Unnikrishnan Nair

Capacity

  • Manufacturing Capacity Capacity · next 1 year · High confidence Double capacity
    At the moment, we are okay for all that has come through as orders. We are looking at doubling the capacity over the next 1 year, okay? Just to have capability to meet the needs.

    — Unnikrishnan Nair

Order Book

  • Order Book Execution Order Book · by '27 March · High confidence INR 120-125 crores
    So, whatever it maybe, around INR120 crores or INR125 crores, is it executable over this year or over a period of 18 months? Or what is the duration? I'm sure you will not leave us if we don't do it by '27 March.

    — Unnikrishnan Nair

Bidding Capacity

  • Bidding Capacity Bidding Capacity · future · High confidence INR 350-400 crores
    Poddarji, at the moment, we are planning to bid for about -- this capacity, what we raised will help us to bid and secure up to around INR350 crores INR400 bidding capacity.

    — Unnikrishnan Nair

Margins

  • Manufacturing & Assembly Blended Margin Margins · coming years · Medium confidence Improve from 15%

    From 15% today

    Maybe we are kind of established now, and that would result in the coming years [for margins].

    — Unnikrishnan Nair

  • Distribution Business Margin Margins · future · High confidence Maintain 20% with plus 5%

    From 20% today

    But in the Distribution business, we have a margin of around 20% in the current year. And over the period, we are going to maintain this margin with plus 5%.

    — Anushree Chaumal

What to watch in Q1 FY27

Capacity expansion progress

Next quarter / within 1 year
Current Planning to double capacity over the next 1 year, initially through leasing.
Target Progress on leasing new facilities or operationalizing doubled capacity.

Why it matters

Essential for meeting the high demand and executing the growing order book, directly impacting future revenue growth.

We are looking at doubling the capacity over the next 1 year, okay? Just to have capability to meet the needs. This initially will be through a leasing model.

Risks & concerns

  • Struggling to keep up with market demand

    medium

    The company is currently struggling to meet piled-up demand, which is expected to take another 15 months to address.

    Management acknowledged

  • Lower margins on initial Make in India projects

    low

    Initial Make in India projects were taken at a blended margin of ~15% in Manufacturing & Assembly to gain market share, though future margin improvement is expected.

    Management acknowledged

Q&A highlights

8 direct
International market traction and manufacturing in India Direct
At the moment, we are up to north level working hard to cater to the domestic market itself... Simultaneously, we are now we have agreed with at least 2 major international companies building with increased localization and using only their core technology.

Reveals the company's strategy to focus on the domestic market first due to high demand and then expand internationally through localized partnerships.

Asked by Mulesh

Future growth trajectory and pent-up demand Direct
what I'm saying is our salesmen are engaged more in order processing activities than in going and selling at the moment... another 15 months, we'll be struggling hard to meet the demand.

Indicates significant existing demand driven by government policies, suggesting strong revenue visibility for the near to medium term, but also potential capacity constraints.

Asked by Darshil Jhaveri

Margin improvement from increased manufacturing Direct
Maybe we are kind of established now, and that would result in the coming years... Jhaveri sir, if we get INR100 more, wont we take it? We're actually kind of sharpening every possible way.

Management confirms expectation of margin improvement due to established manufacturing capabilities and cost optimization efforts, despite initial lower margins for market entry.

Asked by Darshil Jhaveri

Order book composition and specific product breakdowns Direct
out of the INR110 crores of order book... Manufacturing & Assembly... INR45 crores... Trading of equipment... INR28 crores... AMC contracts... INR21 crores, and trading coming to INR14 crores.

Provides a detailed breakdown of the order book, showing diversification across different business segments and specific products, which is crucial for understanding revenue quality and future growth drivers.

Asked by Nikunj Bhanushali

Vision for Manufacturing & Assembly business in 2-3 years Direct
So the transformation was from, for us to believe, first, and for our market and our partners on the Western Europe and US to believe that this is possible. We can do it... we are here with the firm platform that we can scale up and meet the needs.

Highlights the company's successful transition to a manufacturing-driven model and its confidence in scaling operations, leveraging domestic ecosystem and international partnerships.

Asked by Nikunj Bhanushali

Utilization of INR 50 crores fundraise and future bidding capacity Direct
this fund will be utilized to prepare ourselves for bidding in a healthy way in this... we are planning to bid for about -- this capacity, what we raised will help us to bid and secure up to around INR350 crores INR400 bidding capacity.

Clarifies the strategic use of the recently raised funds to enhance bidding capabilities for large projects, indicating aggressive growth plans.

Asked by Nikunj Bhanushali

Rosenbauer CEO visit and potential for making their machines for export Direct
So, they're a 170-year-old company. They have to go through processes, quality standards and all these things. I think itself is a good step for us, that the CEO is visiting a very small fry like us.

Signals potential for deeper collaboration with a global leader, possibly leading to manufacturing for export markets, which could be a significant growth avenue.

Asked by Manoj Shetty

New product development for municipal waste management and defense/aerospace Direct
We have already ordered key super structure components from Bucher Municipal for Sewage cleaner... Yes, we are working on some products. It's under wraps now. It will come to you like a nuclear explosion in the next Investor Meet.

Indicates diversification into new product lines and sectors (municipal, defense/aerospace), which could open up new revenue streams and reduce reliance on existing segments.

Asked by Viyya Patel

3 min read 6 chapters

Detailed narrative

Strong Financial Performance in FY26

Anlon Technology Solutions Limited reported a robust FY26, with revenue growing 111% year-on-year to INR 105.92 crores, and net profit (PAT) increasing 114% to INR 13.88 crores. The company's EBITDA margin for the full year stood at 19.60%, a slight improvement from 19.55% in FY25, reflecting operational efficiency. H2 FY26 also showed strong growth, with revenue up 107% to INR 64.54 crores and PAT up 114.5% to INR 8.45 crores, demonstrating consistent performance across the second half of the fiscal year.

Transformation to Manufacturing-Driven Model

FY26 marked a significant transformation for Anlon, as indigenous manufacturing and assembly emerged as the core revenue driver, contributing approximately 50% of the total revenue. This represents a substantial increase from about 5% two years prior, with current manufacturing contribution reaching 65%. The company has successfully evolved from a service-led organization to a manufacturing-driven engineering solutions platform, leveraging its Bangalore facility for in-house design, engineering, assembly, and refurbishment capabilities. This strategic shift is supported by a focus on localization and strategic global partnerships.

Strategic Order Book and Market Demand

As of March 31, 2026, Anlon's total order book stood at approximately INR 110.15 crores, providing strong revenue visibility. The order book is diversified across Manufacturing & Assembly (INR 45 crores), Trading of equipment (INR 28 crores), AMC contracts (INR 21 crores), and general Trading (INR 14 crores). Management indicated they are currently struggling to keep up with the piled-up demand, which is expected to take another 15 months to fully address. This high demand is primarily driven by government policies like 'Make in India' and significant infrastructure expansion projects.

Capacity Expansion and Fund Utilization

To meet the surging market demand and capitalize on future opportunities, Anlon plans to double its manufacturing capacity over the next year, initially through a leasing model. A recent fundraise of INR 50 crores is strategically allocated to prepare for bidding and secure contracts, aiming for a bidding capacity of INR 350-400 crores. This proactive approach is crucial for participating in large infrastructure projects, such as those for airports (e.g., Vadodara Airport's INR 251 crores baggage handling system) and municipal projects, which require substantial upfront investment in bidding processes.

New Product Development and Market Diversification

The company is actively diversifying its product portfolio and market segments. It has ordered prototype components for a Sewage Cleaner from Bucher Municipal, addressing the high demand for urban flood management solutions due to increasing city flooding. Additionally, Anlon is working on new products for the defense and aerospace sectors, which are currently under wraps but are expected to be significant future growth drivers. This expansion into new areas aims to leverage its engineering expertise and 'Make in India' advantage, opening up new revenue streams.

International Collaborations and Quality Certifications

Anlon continues to strengthen its strategic relationships with leading global OEMs, including Rosenbauer International A.G. and Bucher Municipal. The company achieved a significant milestone by becoming the first manufacturer in India to receive the EN 14043 Conformity Certificate from TUV SUD from Germany for turnable ladders with rescue lift capability, underscoring its commitment to engineering excellence and quality standards. These collaborations and certifications enhance its technological capabilities, strengthen its positioning in high-value infrastructure projects, and create long-term opportunities across domestic and international markets.

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