1. Opening Hook
While global markets were busy panicking over tariffs, geopolitics, and Trump’s mood swings, Technocraft calmly told investors, “Reasonably good quarter.” That’s industrial-code for: things didn’t break, profits showed up, and nobody resigned.
Formwork is running so hot it’s literally supply-constrained, scaffolding in the U.S. is coughing under tariff flu, ER&D is finally earning its bench-cost sins back, and textiles—surprisingly—decided to behave.
Saudi Arabia is still stuck in paperwork hell, South America is quietly overachieving, and Mach One is selling faster than the plant can spit aluminum. Meanwhile, management politely refused to give guidance wherever uncertainty existed—classic grown-up behavior.
Read on. The real fun begins when tariffs, capacity limits, and “very difficult to quantify” start colliding.
2. At a Glance
- Formwork revenue ₹402 cr (Q2) – Mach One did the heavy lifting while demand waited in line.
- Formwork FY26 target ₹900 cr – Management sounds unusually confident.
- Mach One H1 revenue ~₹410 cr – Halfway there, no drama.
- Scaffolding margin ~14% – Volumes saved the day… for now.
- U.S. scaffolding demand down ~50% – Tariffs doing what tariffs do best.
- ER&D exit run-rate ₹75–80 cr/quarter – Bench finally earning rent.
3. Management’s Key Commentary
“It has been a reasonably good quarter on all fronts.”
(Translation: Given the chaos outside, we’ll take it.) 😌
“We are on track for ₹900 crores in
formwork revenue.”
(Mach One is officially the favorite child.)
“Demand is far greater than our capacity.”
(The best problem to have, unless customers get impatient.)
“Saudi Arabia has not picked up due to statutory approvals.”
(Paperwork 1, Execution 0.)
“South America has done better than expected.”
(Brazil, Mexico, Colombia—quietly stealing the show.) 🌎
“U.S. scaffolding demand fell 45–50% from July to October.”
(Tariffs don’t care about EBITDA.) 😬
“ER&D will exit FY26 at ₹75–80 crore quarterly run-rate.”
(Finally, some operating leverage.)
4. Numbers Decoded
| Segment | Key Data |
|---|---|
| Formwork Q2 Revenue | ~₹402 cr |
| Mach One H1 Revenue | ~₹410–415 cr |
| Mach One Q2 Revenue | ~₹225–230 cr |
| Formwork Capacity | ~75,000 sqm/month (95% utilized) |
| Expanded Capacity | ~100,000 sqm/month by Q4 |
| Scaffolding Margin | ~14% |
| U.S. Demand Impact | -45% to -50% (Jul–Oct) |
| ER&D Exit Run-rate | ₹75–80 cr/quarter |
Decoded: Growth engines firing, one geography misfiring, capacity sweating.
5. Analyst Questions
- Formwork on track?
Yes. ₹900 cr target intact, demand still ahead of supply. - Scaffolding
