Earning Call Transcript
VOEPL · price
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Virtuoso Optoelectronics reported a strong Q3 FY26 with net sales nearly doubling sequentially to ~INR205 crore, driven by healthy AC demand and ramp-up of non-AC verticals. 9M FY26 revenue crossed INR500 crore (~INR505 crore) with EBITDA of ~INR55 crore at ~11% margin and PAT of ~INR10.3 crore. Management maintained full-year FY26 revenue guidance of INR800–900 crore and EBITDA margin guidance of 9–10%. The compressor vertical is at 50%+ utilisation with 60%+ capacity already booked for the calendar year, targeting INR200 crore revenue next year, with potential expansion from 2.8 million to 7.5 million units pending a government QCO decision in March. Four new AC customers were added this year alongside Voltas, and the company expects AC to contribute 60–65% of revenue going forward vs. 30–35% from other verticals. CapEx of INR120 crore has been spent so far, heading to INR130–150 crore by March, and the company is in process of migrating to the BSE main board, likely in H1.
Strong Q3 comeback and order book visibility for the next few months support near-term revenue growth, while compressor and component ramp-ups could be multi-year earnings drivers if the government QCO decision is favourable. Investors should watch the March policy outcome, compressor utilisation trajectory, and the FY27 guidance expected in the April call for fresh catalysts.