Transcript of post Results Conference call held on Thursday June 4, 2026 at 4:00 PM
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Aztec Fluids & Machinery reported FY26 consolidated revenue of ₹96.53 crore, up 9.2% year-on-year, with H2 FY26 revenue growing 12.4% to ₹47.61 crore. EBITDA rose 9.6% to ₹13.96 crore with margins improving to 14.3% from 14%, while PAT stood at ₹7.41 crore, hurt by an 85% jump in depreciation and write-offs tied to capacity expansion. The company generated ₹10.9 crore in pre-tax operating cash flow and invested ~₹9.3 crore in technology, manufacturing, and digital initiatives. The Jettings acquisition delivered 7% revenue growth, 18% EBITDA growth, and 100 bps margin expansion. Management guided to sustainable double-digit growth over the medium term while prioritising margin protection, and confirmed expansion will be funded through internal accruals, debt, and possibly equity.
The margin improvement and strong cash generation are positives, but bottom-line growth was muted due to heavy depreciation from ongoing investments. Shareholders should note management's preference to protect margins over chasing top-line growth, and the possibility of an equity raise to fund the next phase of expansion, which an analyst on the call flagged as risky given the current small market cap of around ₹123 crore.