1. Opening Hook
After years where EPC concalls sounded like therapy sessions, Capacit’e’s Q2 FY26 call felt suspiciously… cheerful.
In the middle of a brutal monsoon quarter, when cranes usually nap and investors panic, Capacit’e decided to casually post its highest-ever Q2 numbers. No excuses, no rain-blaming, just execution flexing.
The Chairman kept repeating words like discipline, visibility, and confidence—dangerous vocabulary if you can’t back it up. But the numbers followed obediently. Orders nearly done for the year by November, margins holding steady, debt inching down, and receivables finally behaving like adults.
Of course, this is construction. Cash flows still like to play hide-and-seek, labour shortages remain a national sport, and state governments haven’t suddenly become prompt payers.
Still, this concall wasn’t about survival anymore.
It was about momentum.
Read on—because the fun starts once we decode what they really said.
2. At a Glance
- Revenue up 24% to ₹650 cr – Monsoon tried. Capacit’e didn’t care.
- EBITDA at ₹108 cr (+14%) – Margins behaved, unlike inflation.
- EBITDA margin 16.8% – Right inside guidance, no creative math detected.
- PAT ₹51 cr (+14%) – Profits showed up on time. Rare EPC sighting.
- Order inflow ₹3,464 cr YTD – Full-year target basically done in November.
- Gross debt down to ₹405 cr – Slow diet, but still progress.
3. Management’s Key Commentary
“FY25 was a truly transformative year for the company.”
(Translation:
We survived COVID, courts, and cash flow hell. Respect us. 😏)
“Despite a heavy monsoon season, we delivered the highest-ever Q2 results.”
(Translation: Rain excuses are for amateurs.)
“Order bookings of ₹3,464 crores year-to-date.”
(Translation: Sales team is already mentally in FY27.)
“EBITDA margins are well within our guided range.”
(Translation: Please stop asking margin questions every quarter. 😐)
“We have reduced promoter pledge by nearly 30%.”
(Translation: Yes, governance matters now.)
“We will not bid for unfunded state government projects.”
(Translation: We’ve been burned once. Fool us twice? No chance. 🔥)
“Debtors have reduced by 90 crores.”
(Translation: Cash is slowly remembering our bank account number.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹650 cr | +24% |
| EBITDA | ₹108 cr | +14% |
| EBITDA Margin | 16.8% | Stable |
| PAT | ₹51 cr | +14% |
| Gross Debt | ₹405 cr | ↓ from ₹417 cr |
| Order Book | ₹11,991 cr | Strong |
- Revenue growth came without margin sacrifice—rare EPC alignment.
- Debt reduction is slow, but directionally correct. No leverage gymnastics.
- Asset turnover at 5.4x quietly signals
