1. At a Glance – Steel Frame, No Drama
Interarch Building Solutions Ltd is what happens when boring industrial construction decides to hit the gym, eat protein, and start executing on time. Market cap sits at ₹3,515 Cr, stock price hovering around ₹2,095, and the company just dropped a Q3 FY26 performance that screams “execution > excuses.”
Quarterly sales jumped 43.7% YoY to ₹523 Cr, PAT grew 40.7% to ₹37 Cr, and ROCE is flexing at 24.8% like it owns the sector. Debt? Practically missing at ₹11.2 Cr with a 0.01 D/E ratio. Order book? A chunky ₹1,634 Cr as of Oct 2025, which is roughly a year’s revenue chilling in the pipeline.
Repeat orders form 82% of revenue, which means customers aren’t just satisfied—they’re coming back with friends. Add to this a 6.5% market share, India’s 2nd largest integrated PEB capacity, and suddenly this isn’t just a “construction stock,” it’s an execution machine wearing a steel helmet.
Question for you: how many EPC-style companies do you know that grow at 40%+ with near-zero debt and no working capital panic?
2. Introduction – The Quiet PEB Assassin
Founded in 1983, Interarch has been around long enough to see construction cycles, steel cycles, infra booms, infra busts, and still survive without turning into a PSU-style soap opera. While most construction companies are busy blaming elections, rains, steel prices, or Mercury retrograde, Interarch is busy shipping steel buildings.
The company operates in the Pre-Engineered Buildings (PEB) segment—essentially factory-made steel structures that are assembled on-site faster than traditional RCC nightmares. Warehouses, factories, logistics parks, data centres, industrial sheds—if it needs to go up fast and scale big, PEBs win.
Interarch ranks 2nd in operating revenue among integrated PEB players in FY25, with brands like TRAC® and TRACDEK® that actually mean something to industrial clients. This is not a “tender-and-pray” contractor. It designs, manufactures, supplies, and erects—end-to-end control.
And the timing? Perfect. India is building warehouses like there’s no tomorrow, manufacturing is moving inland, and steel-based construction is suddenly fashionable again. Interarch didn’t wake up yesterday; it’s just finally getting market attention now.
So the real question: is this a cyclical sugar rush,
or the start of a long steel marathon?
3. Business Model – WTF Do They Even Do?
Imagine Lego, but for factories. Heavy, industrial Lego. That’s Interarch.
The business has two main engines:
1) PEB Contracts (Turnkey Execution)
This is the sexy part. Interarch designs the building, manufactures the steel components, transports them, and manages on-site erection. One vendor, one throat to choke. Clients love this because timelines matter more than PowerPoint presentations.
2) PEB Sales
Here, Interarch sells:
- Metal roofing
- Corrugated sheets
- Structural steel systems
under brands like TRAC® and TRACDEK®, catering to industrial and even non-industrial projects like farmhouses and warehouses.
The magic sauce is integration. Interarch owns:
- Engineering
- Manufacturing
- Project management
- Erection ecosystem
With 90+ project managers and 65 empanelled builders/erectors, this isn’t jugaad—it’s scalable execution.
From FY15 to FY25, Interarch delivered 756 PEB projects. That’s not luck; that’s muscle memory.
Lazy investor question: would you rather bet on someone who knows steel drawings or someone who just knows Excel?
4. Financials Overview – Numbers Don’t Lie (But They Roast)
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 523 | 364 | 491 | 43.7% | 6.5% |
| EBITDA | 50 | 35 | 42 | 42.9% | 19.0% |
| PAT | 37 | 28 | 32 | 40.7% | 15.6% |
| EPS (₹) | 22.22 | 16.95 | 19.25 | 31.1% | 15.4% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ aligns closely with TTM EPS ₹81.76.
Translation: margins are stable, volumes are rising, and costs aren’t eating profits alive. For a construction-linked company, that’s rare.
Be honest—did you expect a PEB company to
