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1. Opening Hook
OSEL Devices closed FY26 with revenue up 56.9% to ₹292.7 crore, management said. EBITDA reached ₹53.3 crore, PAT ₹29.2 crore. Three verticals — LED displays, hearing aids, and Philips-brand phones — all pitched in. The headline growth is real and large.
Then the call opened, and the first analyst asked about the September cash flow statement. Short-term borrowings of about ₹50 crore had sat under operating activities; move them to financing, she noted, and operating cash flow flips from positive ₹10 crore to negative ₹40 crore. Management confirmed the rectification. A separate exchange filing dated 27 June 2026 records that clarification on the March results was sought.
So the year grew 57%, and the cash flow statement grew a footnote. Both stories are below.
2. At a Glance
- Revenue ₹293 Cr (+57%) – Growth was not concentrated, management said; all three verticals contributed.
- PAT ₹29.2 Cr (+45.7%) – Profit grew slower than sales, in the time-honoured manner of profit.
- Operating cash flow –₹20 Cr – The profit and the cash took different exits.
- Free cash flow –₹33 Cr – Negative on a ₹29 crore PAT; CMP/FCF reads –34.9.
- Interest ₹10 Cr (was ₹3 Cr) – Tripled on the data sheet; management called it doubled in H2.
- Debtor days 134, working-capital days 167 – Both up from FY25’s 128 and 163.
- Promoter holding 65.21% (was 71.53%) – The promoters made room.
3. Management’s Key Commentary
Five-plus verbatim quotes, decoded.
“If the math suggests so, we will be able to do that.” (Asked by an analyst whether ₹500 crore top line in FY27 was fair given ₹300 crore last year. The ₹500 crore guidance, outsourced to arithmetic. The math is doing the committing.)
“I am not a financial guy, but that’s how things have been moved basically.” (The Managing Director, explaining why the FY25 cash flow was reclassified. Reassuring, in the precise way that sentence never is.)
“So, it is not costing us anything, and that gives us a leverage of utilizing funds as and when required.” (On parking IPO working-capital money in mutual funds and borrowing a ₹30 crore CC line against it. The interest line that grew to ₹10 crore would like to be introduced.)
“Interest cost might have doubled which is shown in the books.” (The phrase “which is shown in the books” implies a second, kinder set somewhere. Management said the mutual-fund earnings simply haven’t been booked yet. On the page: ₹3 crore became ₹10 crore.)
“We only have less than 3% of penetration.” (On hearing aids. Management said around 88 million Indians need them while under 9 lakh units sell a year. The addressable market is enormous and, so far, entirely addressable.)
“In terms of government, we are the largest supplier to the Government of India.” (At ₹2,500–₹3,000 a unit, management said. The same upgraded device sells at ₹35,000–₹40,000 in private clinics. Largest, just
