Capacit'e Infra.

Capacit'e Infraprojects achieved its highest ever quarterly revenue in Q3 FY26, with total income reaching INR681 crores, a 13% year-on-year increase from INR601 crores in Q3 FY25. EBITDA for the quarter grew by 20% to INR108 crores, expanding the margin to 16% from 15.3% in the prior year. For the nine months ended December 31, 2025, total income was INR1,930 crores, an 8% increase, and EBITDA stood at INR318 crores with a margin of 16.6%, within the guided range. PAT for Q3 was INR50 crores, and for 9M, it was INR149 crores.

The company's order book as of December 31, 2025, stood robustly at INR13,188 crores, providing significant revenue visibility for the next 3-4 years. Year-to-date order bookings for FY26 reached INR3,909 crores, already exceeding the full-year guidance of INR3,500 crores. Management expressed confidence in further expanding the order book by an additional INR500-1,000 crores in the next 45 days, potentially bringing the total FY26 inflow to INR5,000 crores, a 35% increase over the initial target. The order book is diversified with 61% from the public sector and 39% from the private sector.

Despite facing temporary execution delays in Q3 FY26 due to external factors such as extended monsoons, municipal elections in the MMR region, and regulatory interruptions in the NCR region (NGT issues), project execution progressed well. Management estimated that approximately INR100 crores in revenue was lost during Q3 FY26 due to these disruptions. However, execution momentum has since normalized, and the company anticipates accelerated execution in Q4 FY26, expecting to achieve a record quarterly turnover.

Capacit'e has demonstrated strong financial discipline by successfully reducing its interest rates on fund-based limits from 12.5% to 10.25% over the past two years, with a further reduction to 9.65% sanctioned by the lead bank. Non-fund-based limit commissions also saw moderation from an average of 2.5% to 1.3%. These reductions are expected to positively impact finance costs in FY27. The company maintains a healthy balance sheet with a gross debt to equity ratio of 0.25x and a net debt to equity ratio of 0.12x.

The company is actively focused on improving its working capital cycle, with working capital days (excluding retention) at 164 days as of September 30, 2025. The target is to reduce this significantly to 90 days over the next 2-2.5 years. Notable progress has been made in recovering old receivables, with INR38 crores out of INR50 crores already recovered, and the remaining INR12 crores expected by March 2026. An additional INR25 crores from a K-RERA matter is also anticipated in Q1 FY27, further bolstering liquidity.

For the MHADA projects, 2 out of 8 planned Cluster 1 towers for FY26 have been inaugurated, with 5 more expected in the next two months. The JV order book is valued at over INR15,000 crores (TCC level), with a projected monthly revenue run rate of INR60-70 crores for the next fiscal year. CIDCO projects are expected to generate INR60 crores per month, and Signature Global projects, after Phase 2 handover in March, are projected to contribute INR30 crores per month. The company is also actively bidding for data center projects, leveraging its experience of delivering 11 data centers previously.

Capacit'e Infraprojects is targeting an 18-20% revenue growth for FY27. The EBITDA margin guidance for the full year FY26 remains at 16.5-17.5% on a consolidated basis, with standalone margins expected to be 17.5-18.5%. The company's core asset additions for FY26 are projected to be INR100-105 crores, with INR78.82 crores already spent. Capex plans for FY27 will be finalized and disclosed after the Board meeting scheduled for March 20, 2026, with capitalization primarily occurring at the Capacit'e level.