Nanta Tech H2 FY26 Concall Decoded: 400 robots sold, margins up 580 bps, and the working capital mystery grows.
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1. Opening Hook
Nanta Tech’s first earnings call as a public company landed on June 5th, fresh off a December 2025 BSE SME listing. FY26 delivered headline numbers that looked crisp: ₹70 crore revenue, ₹11.5 crore EBITDA, ₹8.2 crore PAT—all of it growing faster than the company’s working capital tied up in projects. H2 dominated: ₹48.6 crore revenue in six months versus ₹21.5 crore in H1. The story was project-led heaviness and a robotics push starting to pay off. But dig into the Q&A and a different picture emerged: receivables ballooned 208 days, inventory lingered at 105 days, and management’s confidence about “getting it better” suggested they’d noticed too.
2. At a Glance
Revenue (H2 FY26): ₹48.6 Cr, +52.2% YoY. Half the annual number landed in six months—project bunching, not surprise growth.
EBITDA (H2 FY26): ₹8.4 Cr, +122.3% YoY. Margin expanded 580 bps to 17.3%. Robotics-AI mix doing the heavy lifting; AV business slower.
PAT (H2 FY26): ₹6 Cr, +124.3% YoY. Margin +390 bps to 12.3%. Profit growth outpaced revenue—operational leverage working.
FY26 Full Year: ₹70.1 Cr sales, ₹11.5 Cr EBITDA (16.4% margin), ₹8.2 Cr PAT (11.7% margin). All figures +36–78% YoY.
Robots deployed: 400 units across hospitality, cleaning, warehousing, and reception roles. Albotix (robotics brand) sourced mostly from third-party OEMs in India; some imported from China.
Working Capital Crisis: Debtor days exploded to 208 (from 148 prior year). Inventory at 105 days. Cash conversion cycle ballooned to 107 days. Root cause: projects don’t commission until AV segment installs last—invoicing delayed despite goods delivered.
3. Management’s Key Commentary
On H2 dominance: “Historically, our company’s major revenue comes from the project business. So always last quarter and last-to-last quarter of the financial year—Q3 and Q4—is always the performance quarters for us.” (Translation: If H2 flops, the year collapses. H1 is a warm-up.)
On EBITDA margin expansion: “Our EBITDA is much better into Robotics and AI sector compared to AV business. So, right now, we are focusing heavily on more EBITDA-driven business, which is Robotics and AI.” (Translation: AV is low-margin project work; robots print money. The mix shift did the work, not pricing power.)
On FY27 guidance: “We are expecting to grow around 50% in FY27…EBITDA percentage also, we are seeing that it’s going to increase, because of our product business mixture of Robotics and AI is going to get more business.” (Translation: 50% revenue growth assumed. Margins to rise 2–3 percentage points—if robotics stays ahead.)
On working capital: “Because we already supplied and we did not raise our invoices because the commissioning is not happening…our working capital get increased. So, that is the main reason our working capital get increased during this time.” (Translation: Money’s out the door, bills stuck until the contractor finishes their job.)
On receivables risk: “We do business in most of the companies as well established and cash-rich companies. So we do not, as of now, in the last past, we never have, you know, concerned receivables.” (Translation: Default risk looks low. Slow payment is a timing issue, not a solvency issue.)
On RSVP Infotech acquisition (₹98 lakh, March 2026): “In terms of revenue and EBITDA contribution in FY26, it is almost nil from the RSVP InfoTech acquisition side…This year, we are expecting at least INR15 crores to INR20 crores of business to come from RSVP’s existing clients.” (Translation: Bought in March, no FY26 contribution. Now expected to deliver ₹15–20 crore in FY27 from its installed base. Bet’s on client migration.)
4. Numbers Decoded
Metric
H2 FY26
H2 FY25
YoY Change
FY26 Full
FY25 Full
YoY Change
Notes
Revenue (Cr)
48.6
31.9
+52.2%
70.1
51.2
+36.8%
H2 is 69% of annual revenue. Project bunching.
EBITDA (Cr)
8.41
3.76
+122.3%
11.5
6.4
+78.8%
Margin +580 bps to 17.3% (H2); FY full 16.4%.
EBITDA Margin (%)
17.3
11.5
+580 bps
16.4
12.5
+390 bps
Robotics-AI mix improvement; AV slower.
PAT (Cr)
5.98
2.67
+124.3%
8.17
4.71
+73.5%
Profit growth faster than revenue; leverage working.
