Pennar Industries Limited has informed the Exchange about Transcript
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Pennar Industries posted Q4 FY25 revenue of INR905.8 crores, up 10.1% year-on-year, with PBT rising 20.35% to INR47 crores at a 5.2% margin. Full-year FY25 revenue grew 3.1% to INR3,226 crores with PBT hitting a record INR158.4 crores (up 20.5%), driven by the Raebareli plant scaling up and a 14% rise in custom design building solutions. Management guided for double-digit revenue growth in FY26 and PBT margin improvement of around 200 basis points over the next 3 years, supported by a PEB India order book of INR780 crores and U.S. subsidiary Ascent order book of $53.1 million. They announced a new U.S. acquisition (Telco, a ~$25 million structural steel fab company) and a Zetwerk JV expected to start revenue in H2 FY26. ROCE stands at 21.5% with a medium-term target of 30%, while working capital at 76 days is targeted to fall to 60 days long-term, with a debt-equity goal of 0.7 and a credit rating upgrade to A+.
Strong Q4 print and forward guidance for double-digit growth, margin expansion, and balance sheet improvement are positive signals, though the stock may already reflect some of this optimism. The U.S. acquisition and new Body in White clients (Hyundai, Maruti, Ashok Leyland) add growth optionality, but management avoided specific PBT margin and multi-year capex guidance, leaving some visibility gaps.