We hereby submit the Management Discussion & Analysis for HY1 FY26, further to our filing of the quarterly and half yearly unaudited financial results for period ended 30th September 2025
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Qualitek Labs posted consolidated revenue of ₹54.2 crore in H1 FY26, up 37% YoY, with EBITDA of ₹11.2 crore (21% margin) and PAT of ₹4.8 crore (9% margin). Growth was broad-based across automotive, food, pharma, EV, electricals & electronics, environment and minerals testing. Standalone revenue rose 39% YoY to ₹29 crore, with PAT up 64% YoY to ₹2.8 crore at a 10% margin. The company added 9 new labs over the past 18 months carrying an annual revenue potential of ₹120 crore, but these labs contributed only ₹8.9 crore and an EBITDA loss of ₹3.3 crore in H1 FY26, pulling down consolidated margins. Completed ITCPL acquisition and a Mumbai food lab acquisition, plus set up Labops Global (74% subsidiary) for turnkey lab operations.
Sequential margins are below H2 FY25 because of new-lab ramp-up costs, but management guides for operating leverage and margin expansion from H2 FY26 onwards as utilisation improves — investors should track new-lab break-even in coming quarters.