Pelatro (PELATRO) Q2 25/26 earnings summary

Executive summary

• Revenue for H1 FY26 grew 58% year-over-year to ₹60.74 crores, with EBITDA up 59% to ₹13.81 crores and PAT up 63% to ₹8.21 crores, reflecting strong business momentum.

• All FY26 target revenue is already contracted, and 59% of FY27 target revenue is also secured, providing high revenue visibility.

• The business remains focused on the telecom sector, with no plans for near-term diversification.

• Growth is driven by new customer wins, higher average revenue per customer, and cross-selling opportunities post-Estel acquisition.

• Unaudited standalone and consolidated financial results for H1 FY26 were approved and reviewed without qualification by auditors.

Financial highlights

• H1 FY26 consolidated revenue: ₹60.74 crores (up 58% YoY); EBITDA: ₹13.81 crores (up 59% YoY); PAT: ₹8.21 crores (up 63% YoY); EPS: ₹7.83 per share.

• Essel/Estel division contributed ₹6.91 crores in revenue and ₹1.02 crores in EBITDA for Q2.

• CVM division delivered ₹53.8 crores in revenue with a 23.8% EBITDA margin.

• Cash and cash equivalents stood at ₹20.7 crores as of September 30, 2025.

• Total assets increased to ₹176.87 crores from ₹137.07 crores year-over-year.

Outlook and guidance

• Projected organic revenue CAGR of 25%-30% over the next three years, with FY26 growth expected to exceed this range.

• Margins are anticipated to improve, with annual EBITDA margin around 24% and PAT margin around 14%.

• Positive free cash flow is expected for the full year, with improving cash flow trends.

• The company now operates in two divisions (CVM and Estel) post-acquisition, with segment reporting aligned accordingly.