EPACK Prefab begins Andhra output; Rajasthan due in FY27

EPACK Prefab Technologies Limited started partial commercial production at its Mambatu expansion plant in Andhra Pradesh on April 29, 2026, after Rs 39.95 crore of IPO-funded capital-expenditure payments by September 30, 2026. EPACK Prefab expects its Ghiloth plant in Rajasthan, where Rs 65.30 crore had been paid, to start during FY27.

When did EPACK Prefab start production at Mambatu?

EPACK Prefab started part of commercial production at its Mambatu expansion plant on April 29, 2026. The company described the Andhra Pradesh expansion as one of the capital-expenditure objectives funded through its initial public offering, or IPO, in explanatory notes accompanying its unaudited consolidated results for the quarter and half year ended September 30, 2026.

The stated operating status is partial commercial production, rather than full commissioning of the Mambatu site. By September 30, 2026, EPACK Prefab had made Rs 39.95 crore of IPO-funded capital-expenditure payments for the Andhra Pradesh plant. The disclosure does not specify the facility's manufacturing capacity, product range, utilisation rate, customer contracts or timing for full commercial production.

Mambatu had reached a production milestone before the Rajasthan project was expected to start. The company disclosed Rs 25.35 crore more capex payments for Ghiloth than for Mambatu as of September 30, 2026, yet Mambatu had already begun partial output five months earlier. The different status shows that disclosed spending alone does not establish a project's commissioning stage.

When will EPACK Prefab start the Ghiloth plant?

EPACK Prefab expects to start its Ghiloth plant in Rajasthan during FY27. The company gave this timetable in its November 2, 2026 results filing, but did not disclose a month, quarter, capacity figure or a more specific commissioning date within FY27.

IPO-funded capex payments for Ghiloth were Rs 65.30 crore as of September 30, 2026, compared with Rs 39.95 crore for Mambatu. The Rajasthan payment total was therefore higher by Rs 25.35 crore. EPACK Prefab did not state whether the gap reflected differing construction stages, equipment costs, capacity, product mix or other project requirements.

The FY27 timing is an expectation stated by the company, not confirmation that the site has begun production. EPACK Prefab's filing identifies only Mambatu as having commenced partial commercial production, on April 29, 2026. It does not separately quantify how much of the Ghiloth expenditure was spent on land, civil works, machinery, advances or other capital items.

How has EPACK Prefab deployed its IPO proceeds?

EPACK Prefab received Rs 300 crore of IPO money and reported Rs 14.82 crore of share-issuance expenses, leaving Rs 285.18 crore for the uses listed in its September 30, 2026 disclosure. The company had used Rs 70 crore for term-loan repayments, Rs 105.25 crore across the two plant projects and Rs 18.44 crore for general corporate purposes.

The Rs 91.49 crore held in fixed deposits with scheduled commercial banks represented unutilised IPO money temporarily parked by EPACK Prefab as of September 30, 2026. The listed uses and fixed-deposit balance add to Rs 285.18 crore, the amount remaining after the Rs 14.82 crore issuance-expense deduction from the Rs 300 crore received.

EPACK Prefab also disclosed that total IPO expenses attributable to the company were about Rs 16.01 crore, excluding goods and services tax. Separately, the company said its audit committee and board had approved the use of general-corporate-purpose IPO money for working capital, direct and indirect tax payments, general expenses, and IPO expenses above the earlier estimate.

How did the prefabricated buildings segment perform?

EPACK Prefab's Contracts of Prefabricated Buildings & Building Material segment recorded revenue of Rs 460.016 crore in the quarter ended September 30, 2026, up from Rs 404.5686 crore in the quarter ended September 30, 2025. Revenue also rose from Rs 314.4422 crore in the quarter ended June 30, 2026, making the September quarter Rs 145.5742 crore higher sequentially.

The segment's quarterly result was Rs 37.7063 crore in September 2026, compared with Rs 38.115 crore a year earlier and Rs 20.423 crore in June 2026. Thus, revenue increased by Rs 55.4474 crore year on year, while segment result was Rs 0.4087 crore below the September 2025 level. The filing does not link these movements directly to the April 29 Mambatu production start.

For the half year ended September 30, 2026, the prefabricated buildings segment reported revenue of Rs 774.4582 crore, against Rs 651.6351 crore in the corresponding 2025 half year. Its segment result increased to Rs 58.1292 crore from Rs 53.9197 crore. The same filing showed EPS Beads revenue of Rs 92.5067 crore for the 2026 half year, compared with Rs 77.6405 crore a year earlier.

The prefabricated buildings segment had assets of Rs 1,417.6641 crore at September 30, 2026, compared with Rs 1,298.529 crore at September 30, 2025. Segment liabilities were Rs 755.0904 crore, up from Rs 687.0151 crore. These segment disclosures do not allocate Mambatu or Ghiloth assets, revenue or liabilities separately, so the filing does not quantify either plant's financial contribution.

What do the latest financial results show alongside the expansion?

EPACK Prefab reported consolidated revenue from operations of Rs 501.1253 crore for the quarter ended September 30, 2026, compared with Rs 433.9374 crore in the quarter ended September 30, 2025. Profit before tax was Rs 38.7378 crore, compared with Rs 39.0504 crore a year earlier, while revenue from operations was Rs 365.8397 crore in the June 2026 quarter.

For the half year ended September 30, 2026, revenue from operations reached Rs 866.9649 crore, compared with Rs 729.2757 crore in the corresponding prior-year period. Profit before tax increased to Rs 62.9162 crore from Rs 60.3655 crore. These half-year results cover the period in which Mambatu began partial commercial production on April 29, 2026.

Cash flow from operating activities was an outflow of Rs 106.9209 crore for the period ended September 30, 2026, versus an inflow of Rs 92.6277 crore in the comparative period presented. The statement showed increases in trade receivables of Rs 144.1162 crore and inventories of Rs 96.5879 crore, alongside operating profit before working-capital changes of Rs 87.528 crore.

EPACK Prefab ended September 30, 2026 with cash and cash equivalents of Rs 27.0377 crore, after a net decrease of Rs 39.7071 crore during the period. Investing activities generated Rs 55.2153 crore and financing activities generated Rs 11.9985 crore, while the company separately held Rs 91.49 crore of unutilised IPO money in fixed deposits with scheduled commercial banks.

Conclusion

EPACK Prefab's September 2026 disclosure confirms that Mambatu has moved from an IPO-funded expansion project into partial commercial production, with Rs 39.95 crore of capex payments reported by September 30. Ghiloth remained under development, with Rs 65.30 crore of reported payments and a company-stated expectation of starting during FY27. The prefabricated buildings segment recorded higher quarterly and half-year revenue, although the filing does not isolate the contribution from either new plant.

The next disclosed milestone is EPACK Prefab's expected FY27 start for Ghiloth. Readers can also watch for further statements on Mambatu's production status and deployment of the Rs 91.49 crore of IPO money temporarily held in fixed deposits as of September 30, 2026.