Univastu India Ltd Q2 FY26 Concall Decoded:Order book ₹630+ crore, ambition ₹1,200 crore by FY30 — management already mentally in Olympics mode
1. Opening Hook
While most EPC companies are still busy arguing over cement prices and monsoon excuses, Univastu is casually discussing Olympics, Commonwealth Games, and Italian swimming pools on a Friday afternoon. Somewhere between “only 10 crore more debt” and “we are the only wireless BMS player in the world,” management basically turned a routine SME concall into a pitch deck for global domination.
Revenue jumped, order book ballooned, acquisitions are flying in from NCLT courts, and somehow the MD still sounds calm. Either execution confidence is sky-high—or optimism has officially entered its fourth dimension.
Stick around. Because somewhere between biomining garbage, metro E&M, and Olympic pools, this call quietly shifted from infrastructure contractor to wannabe niche monopoly. Things get interesting fast.
2. At a Glance
Revenue ₹48.3 cr (+64% QoQ) – Growth sprinted so fast even spreadsheets needed water breaks.
EBITDA ₹8.36 cr (17.3%) – Decent muscle, though margins didn’t flex too hard.
PAT ₹5.01 cr (+25% QoQ) – Profits showed up fashionably late but dressed well.
H1 PAT ₹9.02 cr (+47% YoY) – Half-year did more work than some full years.
Order Book ₹630+ cr – Management stopped counting after the second decimal.
Debt Plan: +₹10 cr – “Only working capital,” says every EPC ever.
3. Management’s Key Commentary
“Revenue from operations stood at ₹48.34 crore, marking 64.36% QoQ growth.” (Translation: Execution finally woke up 😏)
“We continue to maintain a strong order book of 630 plus crore.” (Translation: Relax, visibility is not the problem.)
“We are targeting around ₹125 crore execution in H2.” (Translation: Second half will do the heavy lifting.)
“Margins will remain around 10% PAT.” (Translation: Don’t expect miracles, expect consistency.)
“Myrtha Pools is the only company globally qualified for Olympic swimming pools.” (Translation: This is where the moat fantasy begins 😏)
“Our BMS is the world’s first wireless Zigbee-based system.” (Translation: EPC, but make it tech.)
“Maximum debt comfort is ₹40 crore.” (Translation: Growth yes, leverage no — mostly.)
