Earning Release for the fourth Quarter and Year ended 31.03.2026
PARACABLES · price
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Paramount Communications reported FY26 revenue of Rs 19,122 Mn (up 22.8% YoY), driven by strong domestic B2B institutional sales which grew 37.3% to Rs 10,013 Mn. However, PAT declined significantly to Rs 602 Mn from Rs 867 Mn in FY25 (down 30.5%), impacted by US tariff disturbances in Q2-Q4 FY26 which compressed EBITDA margins to 6.0% from 8.5% the prior year. Two non-recurring items affected results: Rs 278 Mn from keyman insurance maturity and Rs 25 Mn labour code expenses. Q4 FY26 showed strong sequential recovery with PAT jumping 175% QoQ as US Supreme Court invalidated IEEPA tariffs in late Q4. Operating cash flow turned negative at Rs 420 Mn due to higher trade receivables from Q4 domestic dispatches. Export revenue grew 13.9% to Rs 5,504 Mn despite tariff headwinds. A new greenfield plant in Narmadapuram (MP) is underway with Rs 300 Cr investment, targeting Q1 FY28 partial commissioning for EHV cables.
Short-term pressure on profitability from US tariffs and margin compression is being offset by strong domestic order momentum and a record power cable order book of Rs 4,663 Mn. Q4 recovery signals improving trajectory, though shareholders should monitor export margin recovery and working capital normalisation in FY27.