Transcript of the Post Earning Conference Call of the Company for H2 of FY 2025-26 held on May 11, 2026 at 04.00 P.M.
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Monarch Surveyors reported FY26 revenue of INR171.7 crores (11.4% YoY growth) with EBITDA of INR51 crores (29.7% margin) and PAT of INR37.2 crores. However, H2 saw revenue decline to INR99.8 crores from INR115.9 crores in H2 FY25, with management citing project timing and billing gaps with government authorities as reasons. The order book stands at approximately INR615 crores as of March 2026, with a landmark INR130 crore order won in FY27 from Northern Railway. The company disclosed board approval for acquiring Australian firm GMR Engineering Services for AUD1.8 million (~INR13 crores), expected to add 8-10% to revenue. Headcount increased from 630 to 710 employees. Management maintained EBITDA margins of ~30% are sustainable going forward but declined to provide specific revenue guidance for FY27, citing dependencies on project execution timelines.
The company showed solid full-year growth but H2 performance disappointed investors who questioned the gap between growing order book and revenue execution. The Australian acquisition signals international expansion but raises questions about capital allocation given execution challenges. Management's refusal to provide growth guidance despite strong order backlog disappointed some analysts.