Submission of Transcript of the Earning Conference Call held on Tuesday, June 10, 2025 at 03:00 PM.
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Fabtech Technologies reported a strong FY25 with consolidated revenue up 54.1% YoY at Rs 150.32 crore, EBITDA up 88.2% at Rs 16.91 crore (margin improved 205 bps to 11.27%), and net profit up 138.9% at Rs 13.30 crore. H2 FY25 revenue grew 52.8% to Rs 88.10 crore with net profit up 55.7% to Rs 7.95 crore. The company improved its working capital cycle from 173 days to 123 days, and ROC rose to 22.8%. Management guided 30–40% revenue growth for FY26 and 40% growth for the next two years, with the 'real explosion' expected post-2027 driven by semiconductor and electronics investments. Current order book stands at Rs 90 crore (Fabtech Rs 50 cr, Kelvin Rs 40 cr), with a robust pipeline of Rs 300 crore split across pharma (Rs 137 cr), semiconductor (Rs 118 cr), solar (Rs 80 cr), and data centers (Rs 15.5 cr). First semiconductor order secured from CG Semi worth Rs 8.4 crore. An interim dividend of Rs 2 per share was declared.
Strong FY25 numbers, order pipeline visibility of Rs 300 crore, and entry into the high-potential semiconductor and data center segments are positive signals. However, management's willingness to take margin hits for building semiconductor references and the reliance on growth materializing post-2027 mean near-term margin pressure is possible despite guided 8–10% net margin range.