AXISCADES Technologies (532395) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue was ₹34,317.85 lakh, up 25.0% YoY; EBITDA was ₹63 crore, up 55.3%, with a record 18.3% margin.

• Management reiterated 40%+ core growth targets for FY26 and FY27 and a longer-term Power 930 ambition of ₹9,000 crore by 2030.

• Strategy shifts toward products, integrated solutions and manufacturing; product and solutions reached 39% of revenue mix, with over 80% targeted by FY28.

Financial highlights

• Q3 reported PAT was ₹2,766.35 lakh, up 87.2% YoY; adjusted PAT was ₹35 crore, excluding the ₹7.82 crore Labour Codes charge.

• 9M FY26 revenue was ₹88,594.31 lakh, up 16.2%; EBITDA was ₹144 crore, up 37.1%, and reported PAT was ₹7,165.14 lakh.

• 9M adjusted PAT, excluding the Labour Codes impact, was ₹79.5 crore, above FY25 PAT of ₹75 crore.

• 9M EBIT was ₹113 crore, up 51.2%, and PBT was ₹111 crore, up 63.2%; diluted EPS was ₹16.73, up 65.2% YoY.

Outlook and guidance

• Management expects 40%–50% EPS growth in both FY26 and FY27; FY26 EPS guidance was ₹25–26, with ~45% growth described as conservative.

• FY27 EBITDA growth target is 40%–50%, with ~45% described as the conservative minimum; FY27 core growth target is 40%–45%.

• FY26 core execution is expected at ~₹1,060 crore versus ₹750 crore in FY25; ~₹200 crore of facility-dependent work shifts to FY27.

• Forecast visibility was ~₹3,400 crore; a qualified four-year pipeline of ~₹14,000 crore was potential, not guidance, with 50%–60% estimated conversion. Near-term international sales pipeline exceeded $300 million.