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Banka BioLoo FY26: Revenue growth, profitability turnaround, and an INR 107 crore unexecuted order book

Banka BioLoo Limited closed Q4 FY25-26 with a clear improvement in financial performance, supported by higher execution and cost measures. In the quarter ended 31 March 2026, standalone total income rose to INR 18.13 crore from INR 14.09 crore in Q4 FY24-25, a year-on-year increase of about 29 percent. More importantly, profitability moved from losses to profits. Standalone EBITDA turned positive at INR 2.54 crore versus a loss of INR 0.67 crore a year earlier, while profit after tax improved to INR 1.57 crore from a loss of INR 1.73 crore.

For the full year FY25-26, standalone total income was INR 61.01 crore compared to INR 55.39 crore in FY24-25, an increase of about 10 percent. EBITDA for the year stood at INR 4.08 crore versus a negative INR 4.88 crore last year. FY PAT turned marginally positive at INR 0.38 crore, compared to a loss of INR 9.30 crore in FY24-25. The company characterised FY26 as an inflection point, with margin recovery attributed to cost optimisation and stronger execution in the WaSH segment.

Two business pillars: Railways and WaSH

The presentation describes two operating focus areas. The first is Banka Railways, built around annual maintenance and operations contracts for bio toilets, and supported by a set of additional offerings including periodic overhauling, quick watering systems, supplies for coach upgradation, passenger amenity works, and packaged water and wastewater systems. The second pillar is Banka WaSH, covering urban water and wastewater projects through EPC delivery and also OpEx or BOOT models. The company also references faecal septage treatment plants and bio-toilets for on-site treatment of black water.

While the business descriptions are detailed, the presentation does not provide a segment-level revenue split or profitability split between Railways and WaSH. As a result, investors can see the direction of travel and operating scope, but cannot independently validate which segment contributed how much to the FY26 turnaround.

Order book: a visibility indicator for execution-led growth

Banka BioLoo disclosed that the 12-month order book stands at INR 82 crore and the total unexecuted order book stands at INR 107 crore. This is a key data point because the company’s FY25-26 standalone total income was INR 61.01 crore, making the disclosed unexecuted order book sizeable relative to current scale.

The company also gave directional detail by vertical. In Banka WaSH, Q4 FY25-26 new orders were reported at INR 16 crore, and the 12-month total WaSH order booking was stated at about INR 56 crore. The WaSH order book year to date was stated at about INR 69 crore unexecuted. The company highlighted that it expanded into Bangalore and Mumbai with projects from Brigade, Reliance and RMZ, alongside multiple residential and commercial wins from Grade-A developers in Hyderabad.

In Banka Railways, the company stated that no new orders were received in Q4 FY25-26. However, it reported a 12-month Railways order booking of about INR 26 crore, and unexecuted orders for the Railways business were stated at about INR 38 crore year to date.

Financial summary (Standalone)

Note: All values are converted from lakhs to INR crore.

Consolidated performance also improved

On a consolidated basis, the company also reported improvement in Q4 profitability. Consolidated total income for Q4 FY25-26 was INR 17.81 crore compared to INR 14.85 crore in Q4 FY24-25, an increase of about 20 percent. Consolidated EBITDA for Q4 was INR 3.19 crore compared to a loss of INR 0.14 crore a year earlier, and consolidated PAT was INR 1.60 crore compared to a loss of INR 1.62 crore.

For FY25-26, consolidated total income was INR 58.39 crore compared to INR 54.50 crore in FY24-25, an increase of about 7 percent. Consolidated EBITDA for the year stood at INR 6.22 crore compared to a negative INR 2.83 crore. FY consolidated PAT turned positive at INR 0.39 crore compared to a loss of INR 8.91 crore.

The consolidated numbers reinforce the core narrative: FY26 was a year of recovery, with operating profitability returning and net losses narrowing materially.

Operating footprint and impact metrics

Banka BioLoo positions itself as a social-impact company focused on water, sanitation and hygiene through research, design, partnerships and education. It reports an installed base of more than 25,000 bio toilet units and claims to operate more than 25,000 systems daily under Railways O&M. It also states that it has treated more than 12 MLD of fecal sludge and more than 4 BLD of used water.

The company reported a workforce of more than 650 employees on roll, with presence across seven Indian Railways zones and 26 states. These details indicate a national execution capability, which matters for both Railways servicing and urban WaSH projects.

What to track next

The FY26 turnaround is visible in the reported numbers, but the presentation provides limited forward-looking guidance. There is no stated revenue or margin target for FY26-27, and no disclosed capex or working capital plan. With an execution-led model, the key near-term monitorables remain order conversion, project completion cadence, and the sustainability of margins as revenue scales.

Order book visibility is a supportive indicator, particularly with the total unexecuted order book disclosed at INR 107 crore and the 12-month order book at INR 82 crore. The balance between WaSH order wins and Railways order momentum will matter, especially given that the company reported no new Railways orders in Q4.

Closing view

Banka BioLoo’s FY25-26 results show a decisive shift from losses to profits, backed by higher execution and cost measures. The company’s disclosure of its order book and its stated expansion into new metros under the WaSH vertical provide tangible markers of progress. The next step for investors is to watch whether the company can convert its INR 107 crore unexecuted order book into steady revenue while maintaining profitability, and whether disclosures evolve toward clearer segment-level reporting and measurable forward targets. */