1. Opening Hook
When Reliance PTA and BPCL Kochi are in your enquiry pipeline but U.S. tariffs gatecrash the party, you get Anup’s Q1. The company posted a 20% revenue jump , flexed exports at 72% of sales, and still told analysts: “Don’t worry, H2 will bail us out.” It’s the corporate version of students saying, “Final exam marks will pull my average up.” Spoiler: Kheda Phase-II is ahead of schedule, but U.S. orders are on vacation.
2. At a Glance
Revenue ₹175 cr (+20% YoY) – Grew despite Q1 absenteeism and geopolitics.EBITDA ₹40 cr (+22% YoY) – Margins ~23%, stronger orders helped.PAT ₹26 cr (+21% YoY) – Profits stayed steady, no tariff-induced collapse yet.Exports 72% of revenue – Looked global, but management says it’ll “normalize” to 50–55%.Order Book ₹604 cr – Healthy, but not gym-rat levels.Sector Mix: Oil & gas 44%, Petrochem 32%, Fertilizers 21%. – Basically, refineries keep the lights on.
3. Management’s Key Commentary
Reginaldo D’Souza: “Q1 is always weak due to absenteeism and global wars.”(Translation: Holidays + geopolitics = easy alibi.)
“Exports at 72%, but expect 50–55% for FY26.” (Translation: Don’t dream, Uncle Sam still charging 25% tariff duty.)
“Kheda Phase-II will be commissioned in Q2, earlier than planned.” (Translation: Finally, a project ahead of schedule—alert the media.)
“U.S. orders delayed, not cancelled.” (Translation: They’ll call back, just ghosting for now.)
“Order pipeline ₹1,020 cr, strike rate ~20%.” (Translation: We’re bidding aggressively, fingers crossed on math.)
“We bagged first Saudi Aramco order – 26 heat exchangers.” (Translation: Big Arab client finally signed, Instagram brag unlocked.)
“Long-term growth CAGR: 15–20% for 3 years.” (Translation: Not Ambani-style 40% CAGR, but hey, we’re realistic.)
4. Numbers Decoded
Metric Value (Q1 FY26) YoY Change One-Line Analysis Revenue – The Boiler ₹175 cr +20% Fired up despite tariff steam. EBITDA – The Furnace ₹40 cr +22% Margins ~23%—running hot. PAT – The Condenser ₹26 cr +21% Profits cooled at steady pace. Exports – The Passport 72% of revenue Up Looks global, but tariff visa issues remain. Order Book – The Tank ₹604 cr Flat-ish Enough backlog to keep machines humming. Kheda Plant – The Rookie ~37% revenue Rising Pulling weight fast, Phase-II early bonus. Sector Mix – The Trio O&G 44%, Petro 32%, Fert 21% Old-school sectors funding growth.
5. Analyst Questions
Ambit Capital: Order intake push to FY27?(Mgmt: Yes, U.S. delayed, guidance cut 
