Shankara Buildpro Q4 FY26: Volume-led growth, margins inch up

FY26 revenue from operations was INR 6,826 crore, up 30% year on year, as stated in the investor presentation and reiterated on the earnings call.

FY26 steel revenue was INR 6,220 crore (up 33% YoY) and steel volumes were 10.16 lakh tonnes (up 32% YoY). Q4FY26 steel volumes were 2.89 lakh tonnes.

Non-steel revenue was INR 606 crore in FY26, up 2% YoY, with management citing headwinds in tiles and plastic pipes; plumbing, fittings and sanitaryware delivered growth.

FY26 EBITDA was INR 228 crore (EBITDA margin 3.35%), and PAT was INR 128 crore. Management noted FY26 PAT includes a one-time INR 2.61 crore provisioning due to labour code amendments.

Management guided total steel volumes of 1.2 million tonnes in FY27, non-steel revenue of INR 750 crore in FY27, and overall revenue growth in the range of about 20% for FY27.

Management stated an aspirational EBITDA margin of around 4% over the medium to long term, while guiding FY27 EBITDA margin broadly in the 3.3% to 3.5% range.

Management guided adding 7 to 10 stores/fulfilment centres in FY27 (with three already opened) and then adding 4 to 5 per year from FY28, with FY27 capex guidance of INR 15 to 20 crore.