1. Opening Hook
Just when North India was sweating through record winters (climate change, thanks), EPACK’s AC business decided to catch a cold. RAC volumes slipped, margins wobbled, and profits… well, profits mostly stayed home.
But before you panic-sell like it’s March 2020 again, the story isn’t that simple. While air conditioners took a breather, small appliances, components, and ODM ambitions quietly flexed. EBITDA woke up, capex went berserk, and management started dreaming in billions (dollars, not rupees).
This concall was less “smooth sailing” and more “engine upgrade mid-flight.” There’s pain, promise, and a LOT of spending.
Stick around — the fun (and red flags) come later.
2. At a Glance
- Revenue up 13.5% (Q3): Winter quarter, summer ambitions.
- EBITDA up 31.5%: Margins finally remembered their job.
- PAT flat at ₹26 Mn: Growth stopped at the tax department.
- 9M revenue down 14.7%: ACs don’t sell themselves in December.
- Net debt doubled: Capex season came early, stayed long.
- Components up 61%: The boring stuff made the most money.
3. Management’s Key Commentary
“Q3 saw strong recovery with revenue growth of 13.5% YoY.”
(Translation: Q2 was so bad that Q3 looks heroic 😏)
“SDA and LDA segments are key growth drivers going forward.”
(ACs ghosted us this year, kitchen appliances didn’t 🫠)
“Component business grew 61% YoY driven by strong order pipeline.”
(Who knew copper tubes would save the quarter?)
“We added two new
