1. Opening Hook
When architects dream, contractors execute—and shareholders wait for billing cycles to catch up. Eleganz Interiors’ first half felt like a half-built lobby: glossy plans, scaffolding margins. Yet MD Sameer Pakvasa swears H2 will be a marble finish, not cement dust.
“Judge us at year-end,” he insists—like a student explaining midterm marks. Somewhere between design boards and boardrooms, ₹586 crore worth of work is stacked for execution.
As the Bhagavad Gita reminds us: “You have the right to work, not to the fruits thereof.”
Read on; the punchlines are in the fine print.
2. At a Glance
- Revenue ₹200 Cr (H1 FY26) – Management says, “Don’t judge us yet.” Markets already did.
- Order Book ₹586 Cr – Big dreams, small billing (so far).
- CAGR Target 25–30% – Because optimism is free.
- PAT Margin 2% (H1) – Profits are on vacation, expected back H2.
- CapEx: New Khopoli Plant – Still on the drawing board; budget TBD.
- Stock recently listed – New kid on NSE block with airport ambitions.
3. Management’s Key Commentary
“We are in 12 states and 35+ cities with 400 professionals.”
(Translation: All India presence, but half-year revenues look like one state showed up.)
“Our order book is ₹586 crore, excluding GST.”
(Translation: The only exclusion bigger than GST is the profit growth.)
“We aim to grow 3x heavier on execution in H2.”
(Translation: Expect them to work like interns before appraisal season 😏)
“Margins will rise
as project ticket sizes rise.”
(Translation: Bigger projects, slightly smaller heart attacks.)
“We’re exploring EPC to capture full project life cycle.”
(Translation: If you can’t finish the interior, why not start with the foundation?)
“Average project cycle 6–12 months; competition drops with higher value projects.”
(Translation: The fewer the bidders, the lesser the ulcers.)
“We’re bidding ₹4,000 crore worth of projects with 10% success rate.”
(Translation: They’re playing IPL — one win in ten, but what a sixer if it lands.)
4. Numbers Decoded
| Metric | H1 FY26 | H1 FY25 | Commentary |
|---|---|---|---|
| Revenue | ₹200 Cr | ₹111 Cr (H1 FY25) | 80% growth but management insists “Don’t extrapolate.” |
| EBITDA Margin | ~9% (guided for H2) | ~8% | CFO claims margin recovery pending “project timing alignment.” |
| PAT Margin | 2% | 5% | Employee costs ate the samosa before billing arrived. |
| Order Book | ₹586 Cr | ₹350 Cr | Strong backlog; execution slower than optimism. |
| Growth Guidance | 15–20% FY26 | 30% earlier guided | The CAGR shrank faster than plywood under rain. |
Takeaway: Execution to triple in H2 — or so management’s design brief says. Investors await actual
