/** blogpostTitle: "Anlon FY26: Make-in-India scale-up and a INR 110 crore order book" */

Anlon FY26: Make-in-India scale-up and a INR 110 crore order book

Anlon Technology Solutions ended FY26 with its strongest reported year so far, driven by a sharper tilt towards indigenous manufacturing and assembly in airport and critical infrastructure equipment. For FY26, the company reported revenue of INR 105.92 crore compared with INR 50.23 crore in FY25. EBITDA rose to INR 20.76 crore from INR 9.82 crore, while profit after tax increased to INR 13.88 crore from INR 6.49 crore. Margins remained steady, with FY26 EBITDA margin at about 19.60% and PAT margin at about 13.10% as per the investor presentation.

The second half of the year also reflected the step-up in scale. In H2 FY26, revenue was INR 64.54 crore versus INR 31.17 crore in H2 FY25, EBITDA was INR 12.57 crore versus INR 5.95 crore, and PAT was INR 8.45 crore versus INR 3.94 crore. Management positioned FY26 as a transformation year where the company’s business model continued to shift from service-led work to a manufacturing-driven engineering solutions platform, with tighter integration between design, assembly, refurbishment and maintenance.

What changed in the business mix

Anlon’s stated FY26 revenue mix shows Manufacturing and Assembly at around 50%, AMC and Services at around 27%, and Distribution Business at around 23%. The company’s model blends three streams. First is an OEM equipment supplier network where procurement orders are secured for global OEMs and Anlon earns commission, and in some cases imports and supplies equipment. Second is Make-in-India manufacturing and assembly, where locally sourced raw materials are combined with selective imports of safety-critical components to meet standards. Third is recurring revenue in the form of annual maintenance contracts and spare parts.

Management’s commentary on the call suggests the shift towards manufacturing is still in progress. The MD stated that manufacturing and assembly had reached about 65% at the time of the earnings call, implying a higher contribution than the FY26 mix shown in the presentation. This is a critical lever because the company highlights an average cost difference of around 30% between imported equipment and made-in-India equipment. If that cost advantage sustains, it can expand tender participation, shorten lead times and build an installed base that supports AMC and spares.

FY26 financial summary (reported)

Operational milestones and certification-led entry barriers

The narrative in the presentation and concall is anchored around execution credibility and compliance milestones. FY26 included refurbishment of what management described as the world’s largest firefighting vehicle for Goa International Airport, alongside delivery of multiple indigenously engineered solutions. Another highlighted milestone is the assembly and supply of India’s first Make-in-India turntable ladder with rescue lift to the Government of Goa.

A key differentiator discussed repeatedly is certification. The company stated it became the first manufacturer in India to receive the EN 14043 Conformity Certificate for continuous manufacture of the turntable ladder from TÜV SÜD, Germany. The presentation includes details from an examination report dated April 21, 2026 in Goa. In safety-critical categories like aerial firefighting appliances, certifications are not optional. They determine who can qualify for tenders, and they can reduce the perceived risk of buying locally built equipment.

The company also describes itself as a specialised player in airport infrastructure and critical equipment where execution is highly technical and timelines matter. Management highlighted that procurement agencies took time to adapt Make-in-India policies while ensuring international requirements from bodies such as the International Civil Aviation Organization are not diluted. This context matters because it implies that demand growth depends not only on airport capex but also on tender eligibility, standards and prequalification.

Order book visibility and what it contains

As of March 31, 2026, Anlon reported an order book of about INR 110.15 crore. The presentation shows the order book share as Manufacturing and Assembly 41%, Trading 26%, AMC 20%, Spare Parts 10%, and Commission 3%.

During Q&A, the CFO provided a numeric breakup of the same INR 110 crore order book: around INR 45 crore in Make-in-India manufacturing and assembly, around INR 28 crore in trading, around INR 21 crore in AMC, and around INR 14 crore in spares and distribution. Within the manufacturing and assembly portion, management mentioned specific product pockets including runway rubber removal machines (about INR 8 crore), emergency response vehicles (about INR 13 crore), and turntable ladders (about INR 9.67 crore).

This mix matters for two reasons. One, it shows the company is not reliant on a single product type within manufacturing and assembly. Two, recurring components such as AMC and spares are meaningful even at the order book stage, supporting the company’s stated goal of building annuity-like revenue on top of project execution.

Partnerships and the path to expanding the product portfolio

Anlon’s strategy leans heavily on long-standing global partnerships. The investor presentation lists OEM relationships including Rosenbauer (firefighting vehicles), Bucher Municipal (cleaning machines), Winter Gruen (rubber and paint removal machines), Bridgehill (fire blankets), Bonino (grass cut-cum-collect machines), LION (training solutions and repair and maintenance), and Graco (line lazer marking machines).

Management highlighted FY26 as a turning point in partner engagement. The MD stated Rosenbauer International AG, Austria made a strategic decision to join hands with Anlon for manufacturing a series of fire engines from Anlon’s Bangalore facility. On the concall, management described this as a process with multiple senior visits culminating in the CEO’s visit, followed by further meetings in Austria and planned interactions at Hannover. They also clarified that a 170-year-old global OEM will follow internal quality processes before expanding programs.

The other major collaboration discussed is with Bucher Municipal, Switzerland. The MD stated there was a joint decision to manufacture Bucher’s sewage cleaner machines in India, and Anlon would be responsible for promoting the range domestically. In the concall, management connected this to rising municipal demand, pointing to urban flooding and the need for mechanised drain clearing. Management also said key superstructure components were already ordered.

Capital raising and bidding capacity: what management actually said

A practical constraint for participating in large infrastructure tenders is financial capacity for bid securities and guarantees. Management explained that bids often require EMD and performance bank guarantees and that the company wants to be able to bid for larger airport and infrastructure projects. On the concall, management stated the fund raise would help it bid and secure projects and indicated the raised amount could support a bidding capacity of about INR 350 to 400 crore. Management also stated an expected conversion of about 50 to 55%.

Importantly, management clarified that this is not an order win but the ability to participate in the opportunity pipeline over the next 15 to 18 months. For investors, this distinction is key because it frames the fund utilisation as enabling growth rather than immediately lifting revenue.

Takeaways from FY26

Anlon’s FY26 results show a clear scale-up with revenue more than doubling year on year while maintaining steady EBITDA and PAT margins. The order book of about INR 110.15 crore provides near-term visibility and is diversified across manufacturing, AMC, trading and spares.

The larger story is the company’s attempt to build a Make-in-India manufacturing platform in safety-critical niches that traditionally relied on imported solutions. The EN 14043 certification and deep OEM partnerships support tender qualification, while the installed base can expand AMC and spares. At the same time, the balance sheet indicates higher working capital intensity as trade receivables increased in FY26, and management acknowledged execution spillover as a reality in engineering projects.

For FY27, management did not provide numeric revenue or margin guidance, but stated it intends to improve on FY26 performance and expects manufacturing and assembly to take a larger share of the mix over time. The next phase will likely be defined by how efficiently the company converts its order book, manages working capital, and translates partner discussions into repeatable product programs.