Earning Call Transcript held on June 1, 2026.
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Virtuoso Optoelectronics reported FY26 revenue of INR823 crores, up 18% YoY, with EBITDA margin improving to 10.4% from 8.6% and PAT at INR15 crores. Q4 FY26 was the strongest quarter at INR317 crores versus INR240 crores in Q4 FY25. The company is undertaking a major capacity expansion across all four segments — EMS (4 lakh to 12 lakh CPH), AC (1 million to 1.8 million units), freezers (1.5 lakh to 4 lakh), and compressors (2.8 million to 6 million units by FY27 end). Compressor commercial production began in January 2026 and is already at 60% utilization. Total capex of about INR250 crores is planned, with INR150 crores already tied up for compressors.
Diversification is paying off — AC dependence fell from 75% to 60% of revenue, and the new compressor business is a strong growth lever backed by government policy (60% local sourcing mandate). However, near-term margins may soften slightly as the CFO guided FY27 EBITDA margins to 9–10% versus the current 10.4%, even as PAT is expected to improve 50–100 bps over two years. Mainboard migration to BSE/NSE is expected by end-August 2026, potentially improving liquidity and institutional interest.