Emmforce FY26: Export drivetrain scale-up meets an early agri ramp

FY26 revenue was Rs 113 crore, EBITDA was Rs 23 crore, and PAT was about Rs 8 crore, as stated in the investor presentation and reiterated on the call.

The presentation states about 94 percent of revenue comes from overseas markets, with exports to more than 20 countries.

Management guided FY27 revenue of about Rs 165 crore from automotive and Rs 30 crore from agri, and FY28 total revenue of about Rs 240 crore with agri around Rs 50 crore.

Management stated the Rs 470 crore US export order is expected to generate approximately Rs 60 crore of annual revenue in FY27.

Installed annual capacity is stated as about Rs 350 crore, split Rs 200 crore automotive and Rs 150 crore agri. Utilization is stated at 50 to 55 percent in automotive and 8 to 10 percent in agri.

Management attributed PAT moderation to manpower hiring for already secured projects and higher depreciation related to EMSPL capex and capacity expansion.

Management stated targets of EBITDA margins in the 20 to 22 percent range and PAT margins around 10 percent over coming years.