1. Opening Hook
Three months after listing, EPACK discovered the market’s favourite game: love growth, hate timing.
Q3 numbers dropped, the stock sulked, and suddenly monsoon clouds became public enemy number one.
Management says nothing broke—sites just got muddy, customers delayed payments, and Christmas came early. Apparently, prefab buildings don’t like rain, holidays, or civil contractors.
The company insists YoY is the only religion worth following, QoQ is for people who enjoy pain. EBITDA stayed in range, order book is stacked, and capacity is humming.
But markets don’t buy excuses—they buy execution.
Read on, because beneath the rain talk lies a busy factory floor, aggressive CAPEX, and a management team that sounds very confident for a newly listed company.
2. At a Glance
- Revenue up 22% YoY – Growth intact, just misplaced in the calendar.
- Prefab division up 31% YoY – Core business didn’t get the memo about slowdown.
- 9M revenue up 41% – If YoY was a person, markets would like it more.
- EBITDA margin 10.1% – Slightly lighter, still within the promised diet.
- Order book ₹1,215 Cr – Seven to eight months of guaranteed busyness.
- Capacity utilization 74% – Machines working harder than stock price.
3. Management’s Key Commentary
“It is important to look at YoY, not QoQ.”
(Quarter-on-quarter comparisons officially declared irrelevant.) 😏
“We had finished goods of ₹35–40 crore not billed
due to holidays.”
(Santa delayed revenue recognition.)
“Our margins will remain between 10.5% to 11.5%.”
(Comfort blanket margins—unchanged, unbothered.)
“Renewables form 25–28% of our order book.”
(Green energy is the new favourite customer.)
“We are becoming the fastest construction company in prefab.”
(Speed is the real moat, not steel.)
“We don’t suffer from commodity volatility except extreme events.”
(Ukraine war still gives them flashbacks.)
“Q4 is the best quarter for us.”
(If Q4 disappoints, excuses will run out.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| Revenue Growth | +22% YoY | Business growing, timing messy |
| 9M Revenue Growth | +41% | IPO slides still holding |
| EBITDA Margin | 10.1% | Within guidance, optics weak |
| Order Book | ₹1,215 Cr | Revenue visibility solid |
| Capacity Utilization | 74% | Enough headroom, not idle |
| Working Capital | 38 days | Normalized, no magic here |
Translation: Operationally fine, sentimentally bruised.
5. Analyst Questions
- QoQ decline?
Management blamed monsoon, holidays, and delayed civil work—revenue slipped, demand didn’t. - Rising employee costs?
Ahead-of-time hiring for future growth; percentage expected to normalize
