1. Opening Hook
Just when real estate headlines were oscillating between “inventory pile-up” and “rate cut hopium,” Bigbloc decided to quietly drop its best-ever quarter. No chest-thumping press conference. No flashy jargon. Just volumes, utilisation, and a margin comeback that finally remembered it existed.
Q3FY26 looked like one of those Bollywood comebacks where the hero was missing for two acts and suddenly shows up jacked in the interval fight. Volumes surged, EBITDA snapped back from coma, and profits—after playing dead for months—twitched back to life.
Of course, debt is still hanging around like an uninvited wedding guest, and ROE is… let’s say spiritually low. But when capacity utilisation hits 67% and L&T starts placing orders, you don’t complain too loudly.
Read on—because behind the eco-friendly blocks and ESG slides, the real story is about operating leverage finally clocking in. 😏
2. At a Glance
- Revenue up 28% YoY – Construction demand said “weather is nice, let’s build.”
- Volumes up 38% YoY – Plants finally stopped echoing back at themselves.
- EBITDA margin at 11.1% – From 2.8% last quarter; margins remembered their job.
- PAT back to green – Small profit, but psychologically huge.
- Capacity utilisation at 67% – Fixed costs now pulling their weight.
- Net debt/equity at 1.3x – Growth funded by courage and borrowed money.
3. Management’s Key Commentary
“Q3 FY2026 was our highest-ever quarterly sales in terms of volume and value.”
(Translation: After many quarters of warm-up, we finally hit the gym properly.) 😏
“Revenue grew 28.1% YoY driven
by 38% increase in volumes.”
(Translation: Prices helped, but volumes did the real heavy lifting.)
“EBITDA margin expanded to 11.1% due to higher utilisation and operating leverage.”
(Translation: Turns out running plants fuller is good for profitability.)
“The company returned to profitability with PAT of Rs. 4 million.”
(Translation: It’s small, but at least it’s not negative anymore.)
“AAC wall panel business capacity utilisation reached 51%.”
(Translation: The ‘new business’ is slowly becoming a real business.)
“We received a major purchase order from Larsen & Toubro.”
(Translation: Big daddy validation unlocked.) 🚧
“Renewable energy contribution increased to 36% of power consumption.”
(Translation: ESG slides now have numbers, not just intentions.) 🌱
4. Numbers Decoded
Metric Q3 FY26 QoQ / YoY Read
-------------------------------------------------------------
Revenue (₹ mn) 728 Volumes did the magic
EBITDA (₹ mn) 81 4x jump QoQ, leverage kicks in
EBITDA Margin 11.1% From embarrassing to respectable
PAT (₹ mn) 4 Alive again
AAC Volume (CBM) 2,14,643 Plants finally busy
Capacity Utilisation 67% Sweet spot approaching
Net Debt