NSE: INTERARCH · BSE: 544232
INTERARCH BLDNG SOLTN LTD
Designs, manufactures, supplies and erects pre-engineered steel building (PEB) systems and heavy steel structures for industrial, commercial and infrastructure customers across India. Revenue of ₹1,898 crore in FY26 came from end-to-end contracts covering design, engineering, manufacturing, supply and erection of steel buildings for clients in warehousing, energy, hydrocarbons, farm equipment, electrical products, renewable energy and solar, data centres, semiconductor plants, lithium battery/EV manufacturing and high-rise commercial construction. Order intake in June 2026 alone totalled around ₹375 crore, including a ₹165 crore energy-sector order from Vadodara and an ₹87 crore renewable energy/solar order. The order book stood at ₹1,700 crore (April 2026) with a ₹3,500 crore bid pipeline providing around nine months of execution visibility. Capacity is being expanded via a new Gujarat PEB plant at Kheda (Phase-1 commercial production began 9 July 2026, adding 20,000 MT) and an Andhra Pradesh heavy structure plant scaling in three phases to 60,000 MT by end-2027. Materials (mainly steel) account for 60.5% of revenue, employee costs 8.9% and other operating expenses 21.5%, while capex runs at 6.3% of revenue. The business carries a fixed-price, milestone-driven working-capital profile and is exposed to steel price cycles, which it manages through dynamic per-order pricing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pre-engineered steel buildings (PEB) — design, engineering, manufacturing, supply and erection, Heavy steel structures (HSS), Export orders. Cyclical, capacity-constrained steel fabrication and erection business with fixed-price milestone contracts and working-capital intensity tied to order size and steel inventory.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 1,454 | 1,898 |
| EBITDA (ex other income) | 136 | 173 |
| margin % | 9.4 | 9.1 |
| Owners' profit | 108 | 135 |
| EPS, as reported (₹) | 68.51 | 80.41 |
| ROE % · ROCE % | 14.3 · 19.1 | 15.3 · 20.9 |
| Debt / equity (x) | 0.02 | 0.02 |
| Cash from operations | 54 | (19) |
| Capex | (76) | (119) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 364 | 464 | 381 | 491 | 523 | 504 | 460 | 505 |
| Profit before tax | 38 | 50 | 38 | 44 | 50 | 54 | 38 | 41 |
| Net profit | 28 | 39 | 28 | 32 | 37 | 37 | 28 | 31 |
| EPS (₹) | 16.94 | 23.25 | 17.05 | 19.25 | 22.22 | 21.82 | 16.84 | 18.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.5 | 13.5 | 67 of 102 | 35% |
| P/B | 2.8 | 1.3 | 69 of 85 | 18% |
| ROCE | 8.3 | 6.1 | 40 of 98 | 60% |
| ROE | 6.4 | 6.3 | 42 of 84 | 51% |
| Debt / Equity | 0.0 | 0.4 | 11 of 87 | 88% |
| EBITDA margin | 8.3 | 10.3 | 67 of 105 | 37% |
| Revenue growth | 2.9 | 7.5 | 48 of 86 | 45% |
| Profit growth | (4.9) | 17.6 | 52 of 83 | 38% |
| Market cap | 2598 | 509 | 31 of 107 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Audio recording of September 2026 quarter and half-year earnings call posted | investor communications | low | — | — |
| 6 Nov 2026 · Kheda Phase-2 production begins; total capacity rises to 265,000 MT | business updates | high | — | — |
| 6 Nov 2026 · Q2 FY27: revenue up, profit down, record order book and expansion ahead | investor communications | medium | — | — |
| 5 Nov 2026 · Newspaper ad published for September 2026 unaudited results | compliance | minimal | — | — |
| 5 Nov 2026 · Q2 FY27 profit dips despite revenue growth; order book hits record INR 2,011 crore | compliance | minimal | — | — |
| 4 Nov 2026 · Interarch appoints Lenindra Jambhulkar as Corporate EHS Head | management changes | high | — | — |
| 4 Nov 2026 · Manish Kumar Garg elevated to Managing Director and CEO | management changes | high | — | — |
| 4 Nov 2026 · Arvind Nanda elevated to Executive Chairperson for five years | management changes | high | — | — |
| 4 Nov 2026 · Independent Director Sonali Bhagwati Dalal resigns as Board Chairperson | management changes | medium | — | — |
| 4 Nov 2026 · Standalone Sep 2026 quarter: revenue up 2.9%, profit down 4.9%; tax review and leadership changes | results | high | — | — |
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.