Enclosed herewith Transcript of Analyst/Investors Meet - Valueportal event held on 22nd January, 2026
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Indobell Insulations filed the transcript of a virtual investor meet hosted by Finportal. The company provides thermal, cryogenic and acoustic insulation solutions across power, oil & gas, refineries, railways, steel, shipyards and exports, operating four verticals: insulation jackets, nodulated wool, project work/maintenance, and thermal audit. Turnover crossed ~Rs 25 crore last year after decades below Rs 10 crore, driven by entry into design-supply of tailor-made jackets for international turbine makers. Current export order book stands at ~USD 7 lakh, with domestic order book roughly double that, including a recently bagged Rs 6.64 crore BHEL order. Revenue mix is led by marine (~35-40%), followed by exports and manufacturing (~20-25% each). Management is doubling nodulated wool capacity, targeting exports by April 2026, and recently entered oil & gas with HPCL in October 2025. EBITDA margin is ~11.6% half-yearly, guided to rise to 13-14% by FY27-28; revenue guidance for FY27/FY28 was deferred. Trade receivables spiked in March 2025 due to 150-day export payment terms but have since eased.
Order pipeline visibility and explicit EBITDA margin expansion guidance (to 13-14% by FY27-28) are positive signals for investors. However, the management's reluctance to provide top-line guidance despite being asked, combined with stretched export receivable cycles, may temper near-term expectations. The growth story is credible given new wins (BHEL, HPCL, GE Vernova empanelment) but remains early-stage.