Investor Presentation for the half year ended September 30, 2025 (H1FY26)
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Aztec Fluids reported H1 FY26 revenue of ₹48.92 Crore, up 6.18% YoY from ₹46.07 Crore in H1 FY25. EBITDA grew to ₹7.53 Crore with margins expanding 257 basis points to 15.2%, though PAT dipped to ₹4.22 Crore from ₹4.58 Crore due to higher tax outgo. The company is pivoting from a pure distributor model to a technology/manufacturing player, highlighted by the full integration of Jet Inks (acquired in 2024), a new 11,028 sq meter assembly unit with 80% automation, and planned backward integration into in-house manufacturing of critical laser components. Management also announced a strategic R&D alliance with a global technology major and first-time entry into government (B2G) tenders. Key targets disclosed: double-digit revenue growth over the next 3 years, EBITDA margin expansion from current 13-15% range, and 60-80% domestic manufacturing of sub-parts within 3-5 years.
The margin expansion guidance and clear order book visibility for H2 FY26 are positive signals, but H1 FY26 PAT declined YoY on higher taxes which tempers the optimism. Backward integration and the Jet Inks synergies could support long-term margin gains if execution stays on track; share has already run up near its 52-week high (₹118 vs ₹128 high), so much of the narrative may be priced in.