M&B Engineering Ltd. Q3 FY26 Earnings Call Transcript Released
M&B Engineering's Q3 FY26 revenues hit ₹352 crore, up 7% YoY, with 9-month revenues at ₹896 crore, up 33% YoY. Exports surged, with Q3 at ₹63.17 crore and 9-month at ₹119.95 crore. The order book stands at ₹1,059 crore, up 38% YoY. The company secured its largest export order of ₹212 crore. FY26 revenue is projected at ₹1,250 crore with 12.75% EBITDA margin.
The announcement details strong financial performance, significant order book growth, strategic international expansion, and positive future guidance, all of which are material to investors.
The company reported its highest ever quarterly and nine-month revenues, significant year-on-year growth in revenue and order book, and secured its largest export order. Positive outlook for FY26 and FY27 further supports a positive sentiment.
M&B Engineering Limited has released the transcript of its earnings conference call for the third quarter and nine months ended December 2025. The call, held on February 9, 2026, featured discussions on the company's financial performance, operational highlights, and future outlook.
During the call, management reported the highest ever quarterly and nine-month revenues. For Q3 FY26, revenue from operations stood at ₹352 crore, a 7% year-on-year growth. For the nine-month period ended December 2025, revenue rose to ₹896 crore, reflecting a strong 33% year-on-year growth. Export sales during Q3 FY26 were ₹63.17 crore, and for the nine-month period, they stood at ₹119.95 crore, with North America as a key growth driver.
The unexecuted order book as of December 31, 2025, was ₹1,059 crore, up by 38% year-on-year, with the Phenix division accounting for 77% (₹818 crore) and the Proflex division for 23% (₹240 crore). Order inflows during Q3 FY26 were ₹480 crore, an 86% year-on-year increase.
The company is strategically expanding its international presence, with its Sanand PEB plant holding AISC certification for the US market and CWB approval for Canada. M&B Engineering secured its largest export order to date, valued at ₹212 crore, from the United States during Q3 FY26. The company is also initiating the approval process for its Sanand plant for the EU market.
Capital expenditure of ₹12 crore was incurred in 9MFY26, primarily for plant augmentation. New manufacturing units for the Proflex division, sourced from the UAE and the US, are expected to increase capacity by approximately 3 lakh square meters per annum upon commissioning in January 2026 and Q1 FY27, respectively.
For FY26, the company expects topline revenue of around ₹1,250 crore with an EBITDA margin of 12.75%. Looking ahead to FY27, the company anticipates continued growth, supported by an unbuilt export order book of approximately ₹280-₹300 crore and new capacities. Detailed guidance for FY27 will be provided during the Q4 FY26 results call.
Financially, for Q3 FY26, Revenue from Operations was ₹352 crore (up 7% YoY), EBITDA was ₹44 crore (up 30% YoY), and PAT was ₹25 crore (up 44% YoY). For 9MFY26, revenue was ₹896 crore (up 33% YoY), EBITDA was ₹114 crore (up 26% YoY), and PAT was ₹66 crore (up 35% YoY). Export revenue for 9MFY26 grew by 107% YoY to ₹120 crore. Approximately 50% of the net IPO proceeds (₹130.31 crore) have been utilized as of December 31, 2025.
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