EPACK Durable Q2FY26 Concall Decoded: AC Dreams Melted, Air Fryers Fried the Quarter 🍳
Remember when AC makers blamed the weather gods for everything? EPACK took it up a notch — this time, monsoon overstay, GST cuts, and BEE rating upgrades all shared the blame. The company’s CEO could well be writing the sequel to The Perfect Storm, except it’s about inventory piles and dead summers. But hold on — while ACs chilled out, air fryers and vacuum cleaners were busy saving the day. Read on, it gets spicier (and a bit smokier).
At a Glance
Revenue ₹213 cr – Down 43% QoQ. That’s not a drop; that’s a cliff dive.
EBITDA ₹0.5 cr – Down 95%. The margin evaporated faster than summer demand.
Net Loss ₹22 cr – Red ink replacing cool breeze.
H1 Revenue ₹876 cr – Down 24% YoY. Even the CFO looked hot under the collar.
SDA up 45% QoQ – Air fryers turned into unexpected heroes.
Components up 73% – Screws, sheets, and wires doing the heavy lifting.
Management’s Key Commentary
“Muted quarter due to unseasonal rains and GST confusion.” (Translation: Nature and taxmen teamed up against us.) 🌧️
“RAC volumes dropped 76% QoQ, but other segments showed strong growth.” (The house burned down, but the kitchen blender survived.)
“Post-GST cut, channel inventories finally started moving.” (A brief festival miracle before reality hit again.)
“Capex of ₹129 cr this quarter toward expansion and Hisense facility.” (Because nothing says ‘tough quarter’ like building new factories.)
“Expect a strong rebound in H2 as festive demand and lower GST kick in.” (Faith, not data, fuels optimism here.)
“We’re diversifying into small appliances and components.” (When in doubt, make coffee makers and vacuum cleaners.) ☕
“Calendar year 2026 looks promising.” (Next year will be great — famous last words of every CEO ever.)
