Transcript for Analyst/Investor Meet Held on 18th November, 2025
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Awaiting price reaction for this filing.
Telge Projects reported H1 FY26 revenue of ~INR 17 crores (+119% YoY), EBITDA of INR 3.03 crores (+105% YoY), and PAT of INR 1.93 crores (+82% YoY), with customer base growing from 53 to 80 clients. EBITDA margin dipped to ~18% due to upfront investments in manpower, BD, and technology, but management guided H2 FY26 revenue to be 25-30% higher than H1, with full-year FY26 revenue of INR 37-38 crores (optimistic INR 40 crores) entirely organic. For FY27, the company is targeting 70-80% YoY growth with 30-35% EBITDA margins. Order book stands at INR 10.4 crores confirmed, INR 8-10 crores high-probability, and INR 15-18 crores active RFQs. Management is evaluating two US acquisitions in architectural/MEP and structural design spaces, with one targeted to close in FY26. The company will transition to quarterly unaudited results soon and plans new offices in Nashik and expansion in Latur.
This is the first post-listing earnings call, so the strong YoY growth and clear forward guidance on margin recovery (30-35% EBITDA by FY27) and aggressive revenue scaling (70-80% FY27 growth) should be positive for the stock. However, investors should note the H1 margin compression from front-loaded hiring costs, the CEO's reluctance to commit on dividends or specific acquisition economics, and execution risk on a steep growth trajectory.