Earnings call transcript: Rs. 1,420 crore order book, H1 FY27 revenue Rs. 207 crore
Swastika Infra has put on record the transcript of its first earnings conference call, held to discuss the unaudited results for the half year ended September 30, 2026.
By ScoutQuest · · 2 min read
- H1 FY27 Revenue
- Rs. 207 crore
- H1 FY27 EBITDA / PAT
- EBITDA Rs. 35 crore, PAT Rs. 20 crore
- Unexecuted Order Book
- about Rs. 1,420 crore
What this update is
Swastika Infra has placed on record the transcript of its first earnings conference call, where management discussed the unaudited financial results for the half year ended September 30, 2026. The transcript carries management's own commentary and answers to analyst questions, including forward-looking statements that the company itself flags as not a guarantee of future performance.
The business in brief
- A Jaipur-headquartered power transmission and distribution EPC company doing turnkey work in substations, transmission infrastructure, underground cabling and renewable energy.
- Management listed its operating states as Haryana, Rajasthan, Gujarat, Himachal Pradesh, Uttarakhand, Maharashtra, Goa, West Bengal and Assam.
- RDSS-funded work is currently in Rajasthan and Gujarat, while the recent Maharashtra order is funded by ADB and is of the same underground cabling nature.
The numbers discussed
- Unexecuted order book of approximately INR1,420 crores, which management described as providing strong business visibility.
- H1 FY27: revenue of INR207 crores, EBITDA of INR35 crores and PAT of INR20 crores.
- Q2 FY27: revenue of INR188 crores and PAT of INR16 crores.
Order inflows
- Around INR950 crores of new orders were booked during the year so far, per management.
- A large order of approximately INR600 crores was received from Maharashtra at the end of Q2 and is included in the stated order book.
- Distribution forms the large majority of the order book, with renewable energy and transmission making up the smaller portions.
Costs and funding
- Management said IPO proceeds are expected to support the balance sheet and reduce the debt requirement in the near term.
- Over the longer term, it expects a credit rating improvement and a shift from bank guarantees to surety bonds to lower the cost of funds and ease working capital.
- Receivable days are described as seasonally better in the second half as government budgets and bills get cleared; retention money is expected to be broadly stable.
What management said about the road ahead
- The second half is seasonally the heavier half for the sector, and execution of the newly won orders is expected to be visible more in Q3 and Q4.
- Full-year growth is expected to be in line with the previous year, described as a qualitative view.
- Margins are expected to normalise over the full year, with the recent higher margin attributed to the mix of erection, commissioning and final milestone billing.
- The order book is expected to be higher by March 2027, helped by plans to bid in additional states.
- Management said there have been no project delays or liquidated damages imposed on the company historically.
How to read it
An order book gives visibility, but the money is only earned as projects are executed and billed, and management itself ties the second-half pickup to execution. The outlook comments on growth, margins and the order book are qualitative in nature, so they are best read as management's expectations rather than commitments.
Also from Swastika Infra
Swastika Infra management discussed debt levels, order book and margin guidance in an interview, with an anchor summary giving a rating score
23 Oct 2026
Deep-dive analysis of Swastika Infra covering business model, Q2 performance, balance sheet, return ratios, valuations and order book, with an overall rating of 5 out of 8
23 Oct 2026
Live TV News Channel's KYC segment profiled recently-listed Swastika Infra, a Jaipur-based power T&D EPC company, discussing its Q2 results, order book and expansion plans
23 Oct 2026
More numbers
- Unexecuted order bookINR1,420 crores
- H1 FY27 revenueINR207 crores
- H1 FY27 EBITDAINR35 crores
- H1 FY27 PATINR20 crores
- Q2 FY27 revenueINR188 crores
- Q2 FY27 PATINR16 crores
- New orders booked during the yearINR950 crores
- Maharashtra order received at end of Q2INR600 crores
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.