NSE: FABTECH · BSE: 544558
FABTECH TECHNOLOGIES LTD
Designs, manufactures and integrates process equipment, containment systems, cleanroom partitions and utilities for pharmaceutical manufacturing facilities in emerging markets, with in-house compliance to WHO, EU-GMP, USFDA and UKMHRA standards. FY26 consolidated revenue was ₹410.77 crore, with the largest shares from Rest of the World (31.6%), UAE (27.9%) and Saudi Arabia (18.2%); India contributed 10.0%, Kenya 9.6%, with smaller contributions from Egypt (1.4%) and Algeria (1.4%). The order book stood at over ₹900 crore, giving 18-24 months of execution visibility, alongside a hot-lead pipeline of ~$200 million USD. A ₹230 crore equity infusion lifted cash and bank balances 5x to ₹208.57 crore and cut debt from ₹54 crore to ₹42 crore, leaving the balance sheet net cash. The cost structure is dominated by other operating expenses at 21.9% of revenue and employee costs at 10.5%, with raw material cost flagged as a +33% headwind and execution cost a +43% headwind during the year. The business is project-based, dependent on capex cycles of pharma customers across MENA, Africa and India. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Rest of the World (32%), UAE (28%), Saudi Arabia (18%), India (10%), Kenya (10%), Egypt (1%), Algeria (1%). Project-based, EPC-style pharma infrastructure platform with in-house manufacturing and multi-quarter execution cycles
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 411 |
| EBITDA (ex other income) | 37 |
| margin % | 9.0 |
| Owners' profit | 38 |
| EPS, as reported (₹) | 10.00 |
| ROE % · ROCE % | 9.1 · 11.6 |
| Debt / equity (x) | 0.10 |
| Cash from operations | 0 |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 68 | 121 | 63 | 159 | 75 |
| Profit before tax | (6) | 31 | (7) | 30 | 5 |
| Net profit | (6) | 28 | (6) | 22 | 4 |
| EPS (₹) | (1.89) | 8.68 | (1.56) | 5.75 | 0.95 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 45 | 10.0 |
| Saudi Arabia | 83 | 18.2 |
| UAE | 127 | 27.9 |
| Kenya | 43 | 9.6 |
| Algeria | 6 | 1.4 |
| Egypt | 6 | 1.4 |
| Rest of the world | 70 | 15.4 |
| Sri Lanka | 1 | 0.3 |
| Rest of the World | 72 | 15.9 |
| Total, before eliminations | 454 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED | 14,930 | 47.4 | 4.74 | 27.4 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L | 1,651 | 10.5 | 4.29 | 30.9 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,593 | 143.3 | 2.51 | 13.8 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 996 | 32.0 | 4.08 | 21.4 | 11.8 | 11.0 | — | 22.3 |
| Hemant Surgical Industries Lim | 743 | 28.4 | — | — | — | 16.7 | — | — |
| FABTECH TECHNOLOGIES LTD ◆ | 566 | 9.2 | 1.35 | 9.1 | 9.1 | 10.7 | — | 9.9 |
| Prevest Denpro Limited | 455 | 15.4 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 296 | 60.7 | 1.64 | 35.6 | 1.2 | 2.7 | (7.2) | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.2 | 21.0 | 2 of 16 | 93% |
| P/B | 1.4 | 2.5 | 3 of 11 | 80% |
| ROCE | 10.7 | 11.3 | 12 of 17 | 31% |
| ROE | 9.1 | 8.1 | 5 of 11 | 60% |
| Debt / Equity | 0.1 | 0.1 | 5 of 11 | 60% |
| EBITDA margin | 9.9 | 16.7 | 10 of 11 | 10% |
| Revenue growth | 10.3 | 13.9 | 10 of 13 | 25% |
| Profit growth | 168.7 | 75.5 | 3 of 10 | 78% |
| Market cap | 566 | 164 | 6 of 17 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Fabtech schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve Q2 and half-year results on October 28 | results | low | — | — |
| 6 Oct 2026 · RTA Certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Fabtech revises terms for final TSA stake sale to Thermax, completion by Oct 5 | strategic transactions | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Board approves new step-down subsidiary in Egypt for pharma projects | strategic transactions | medium | — | — |
| 24 Sept 2026 · Fabtech Technologies schedules analyst meet on Sep 29 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Fabtech Technologies: Company Secretary Neetu Tibrewal resigns effective Sep 24, 2026 | management changes | high | — | — |
| 24 Sept 2026 · Company Secretary resigns at Fabtech Technologies | management changes | medium | — | — |
| 23 Sept 2026 · Fabtech Technologies schedules investor and analyst meet on 24 Sept | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.