Annual Report FY26: Revenue up 9%, PAT jumps, auditor qualification open
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FY26 revenue 88,905 million rupees, up 9% YoY. EBITDA margin at 9.4% from 9.5%; PBT margin improved 50 bps to 4.3%. PAT jumped to 2,298 million from 697 million rupees. Net debt at 4,952 million (debt-equity 0.27x). EV share grew to 13% of revenue; 65% of new order wins EV-linked. One-time VRS expense of 799 million rupees. Auditor's qualified opinion on arbitration-linked income remains open. Aspiration: 200,000 million rupees revenue by FY31.
Strong PAT growth and deleveraging are positives; open auditor qualification on arbitration-linked income is a key concern.