1. Opening Hook
After two quarters of “wait till utilization improves” optimism, Bigbloc Construction finally delivered numbers that didn’t need excuses. Post-monsoon demand showed up on time, plants started behaving like assets instead of liabilities, and EBITDA margins decided to wake up from their long nap.
Q3 FY26 turned into Bigbloc’s best quarter ever—yes, ever—with revenues hitting a record and profitability crawling back into positive territory. Management sounds confident, capacity is finally sweating, and even the wall panels are getting some love.
But before you get carried away imagining 20% margins and endless infrastructure demand, remember—this is still a bulky product business with thin patience and thinner order books.
Read on. The numbers look good now, but the real test is lurking in utilization math, MP capex optimism, and promises of “next few quarters.” Things get interesting later. 😏
2. At a Glance
- Revenue ₹72.8 Cr: Highest ever—post-monsoon demand finally clocked in.
- YoY growth 28%: Volumes did the heavy lifting, not accounting gymnastics.
- EBITDA ₹8.1 Cr: Margins remembered how leverage works.
- EBITDA margin 11.1%: Back from the dead, still not at destination.
- PAT ₹0.4 Cr: Profit returned—no grand celebration, but noted.
- Volumes +38% YoY: Plants finally stopped idling like parked trucks.
- Capacity utilization 67%: Fixed costs now slightly less embarrassing.
3. Management’s Key Commentary
“This was our best quarterly performance to date.”
(Translation: After a long stretch of explaining, we finally have numbers.) 😏
“Revenue grew 28% YoY driven by 38% volume growth.”
(Translation:
Pricing helped a bit, but volumes did the real work.)
“EBITDA margins expanded to 11.1% due to better utilization and realizations.”
(Translation: Factories ran longer; costs stopped bullying margins.)
“We returned to profitability with PAT of ₹4 million.”
(Translation: It’s small, but at least it’s not negative.)
“Capacity utilization improved to 67% versus 53% last year.”
(Translation: Expansion pain phase is slowly ending.)
“JV wall panel facility utilization reached 51%.”
(Translation: Panels are still niche, but at least not ignored anymore.)
“We secured a purchase order from L&T.”
(Translation: Credibility badge unlocked.) 😏
“Construction chemicals trial runs have started at Umargaon.”
(Translation: Diversification has left the PowerPoint stage.)
“Renewable energy contribution increased to 36%.”
(Translation: ESG slide now has real numbers.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Revenue | ₹72.8 Cr | Best quarter ever, helped by volumes |
| Volume | 2.15 lakh cbm | Plants finally working |
| EBITDA | ₹8.1 Cr | Operating leverage kicked in |
| EBITDA Margin | 11.1% | Still mid-cycle, not peak |
| PAT | ₹0.4 Cr | Barely profitable, but symbolic |
| Capacity Utilization | 67% | Below optimal, but trending right |
| Renewable Power | 36% | Cost + ESG brownie points |
