Investor Presentation
PREMEXPLN · price
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Premier Explosives reported Q4FY26 revenue of Rs 892 Mn, up 20% YoY, driven by Defence & Space (76% of revenue, +43% YoY). FY26 revenue fell 7% to Rs 3,883 Mn due to timing of large Chaffs and Flares orders from FY25. However, PAT surged 61% YoY to Rs 458 Mn on lower finance costs and other income, with EBIT up 42% to Rs 693 Mn. Q4 EBITDA turned negative at -Rs 3.2 Mn due to elevated raw material costs. The company holds its highest-ever order book of Rs 15,690 Mn (~4x FY26 revenue), 95% from defence. The FY2030 vision outlines capacity expansion for RDX/HMX, increased missile integration participation, product range expansion (mines, ammunition, bombs), and higher export contribution. Management cited Rs 6.81 lakh crore defence budget and Rs 2.09 lakh crore contracts signed in FY25 as structural tailwinds.
The record order book provides strong multi-year revenue visibility, and defence margin expansion from the strategic products pipeline could offset near-term raw material pressure. The company's positioning in missile programs and countermeasures offers a durable competitive moat, but near-term EBITDA margins may stay compressed until raw material costs normalise.