EPACK Prefab commissions Ghiloth line, Gujarat due early 2027

EPACK Prefab Technologies Limited commissioned its Ghiloth sandwich-panel line for commercial production in November 2026, lifting total sandwich-panel capacity to 2.1 million square metres, while Gujarat Phase 1 remains scheduled to start in January or February 2027. The expansion follows full utilisation of EPACK Prefab’s built-up pre-engineered building capacity across units.

What capacity has EPACK Prefab added at Ghiloth?

EPACK Prefab has commissioned a sandwich-panel manufacturing line at Ghiloth, Rajasthan, with commercial production beginning in November 2026 and total sandwich-panel capacity reaching 2.1 million square metres. Sandwich insulated panels are part of EPACK Prefab’s prefab product portfolio, alongside pre-engineered steel buildings, prefabricated structures, light-gauge steel frames, modular solutions, doors and windows.

The new line comes as EPACK Prefab reported that its built-up pre-engineered building, or PEB, capacity was fully utilised across units. EPACK Prefab’s prefab business provides turnkey solutions including design, manufacturing, installation and erection of pre-engineered steel buildings, prefabricated structures and related components in India and overseas. Management said full PEB capacity utilisation supports its regional strategy and decision to build capacity in the North and West ahead of demand.

Ghiloth is also among the sites funded through EPACK Prefab’s initial public offering, or IPO, proceeds. As of September 30, 2026, EPACK Prefab had used part of the proceeds for capital expenditure at Ghiloth and Mambattu, as well as for repayment of borrowings. The release does not disclose the individual amount spent at each manufacturing location or the sandwich-panel capacity before the Ghiloth line entered commercial production.

When will EPACK Prefab start Gujarat Phase 1?

EPACK Prefab expects Gujarat Phase 1 to commence in January or February 2027, with work described as progressing on track in its November 2, 2026 results release. EPACK Prefab identified Gujarat expansion and strengthening its presence in West India as strategic priorities, alongside further capacity expansion at Mambattu.

Management linked the Gujarat project to demand from renewables, data centres, semiconductors, power, logistics and industrial infrastructure, where it said construction speed and execution certainty are important. These sector references describe management’s demand rationale rather than announced orders for the Gujarat plant. EPACK Prefab did not disclose Gujarat Phase 1’s capacity, capital cost or product mix.

The capacity plan follows a rise in project activity. EPACK Prefab recorded order inflow of Rs 1,124.3 crore in H1 FY27, up 71% from H1 FY26, and held a pending order book of Rs 1,462.5 crore on September 30, 2026, up 59% year on year. The release named Emmvee, HEC, SAEL and United Breweries Limited among customers associated with major H1 FY27 orders, but did not allocate those orders by plant or product line.

How much IPO money has EPACK Prefab deployed?

EPACK Prefab had utilised Rs 208.5 crore of its Rs 300 crore IPO proceeds by September 30, 2026 for its stated objects. That deployment included repayment of Rs 70 crore of borrowings and capital expenditure at Ghiloth and Mambattu. The remaining IPO proceeds were held in fixed deposits with scheduled commercial banks and in the monitoring account.

The disclosed utilisation means 69.5% of the Rs 300 crore proceeds had been deployed by September 30, 2026, leaving Rs 91.5 crore unutilised based on the figures in the release. EPACK Prefab also said it remained net cash positive, reporting net cash of about Rs 25.4 crore after funding capacity expansion and increased working capital.

Management maintains FY27 capital expenditure guidance of approximately Rs 150 crore. That target sits alongside plans for Mambattu and Gujarat expansion and is separate from the reported Rs 208.5 crore aggregate IPO-proceeds deployment, which also included Rs 70 crore of debt repayment. The release does not specify how much of the FY27 capex target is to be funded by the unutilised IPO balance, internal cash generation or other sources.

What operating results support EPACK Prefab’s expansion?

EPACK Prefab delivered record quarterly revenue from operations of Rs 501.1 crore in Q2 FY27, a 15.5% increase from Rs 433.9 crore in Q2 FY26 and a 37% increase from the preceding quarter. For H1 FY27, revenue rose 18.9% to Rs 867 crore, led by the prefab business, whose revenue increased 18.8% to Rs 774.5 crore; expanded polystyrene, or EPS, packaging revenue grew 19.1%.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 5.1% to Rs 85.1 crore in H1 FY27, while profit after tax rose 5.0% to Rs 47.8 crore. However, H1 EBITDA margin declined to 9.8% from 11.1%, and profit-after-tax margin fell to 5.5% from 6.2%. EPACK Prefab attributed the changes to steel-price volatility and EPS input costs that rose faster than could be passed through on orders already under execution.

Management said it has revised prices on new orders and established long-term sourcing arrangements, and expects gross margins to recover as those orders are executed. Other expenses declined to 12.1% of revenue in H1 FY27 from 13.1% in H1 FY26, which EPACK Prefab said provided operating leverage. EPACK Prefab’s FY27 outlook calls for revenue of Rs 1,900 crore to Rs 1,950 crore, EBITDA margin of about 10.5% and profit-after-tax margin of 6.0% to 6.5%.

How is working capital affecting EPACK Prefab’s expansion plans?

EPACK Prefab said working capital increased during H1 FY27 as it executed large renewable-energy and industrial projects using milestone-based billing. A significant part of the associated receivables is backed by letters of credit, and EPACK Prefab expects realisation in the coming months. Management has made reducing net working capital to around 40 days a priority for H2 FY27.

The working-capital movement occurred alongside Rs 1,124.3 crore of H1 FY27 order inflow and the September 30 pending order book of Rs 1,462.5 crore. These figures provide visibility for project execution, but EPACK Prefab also identifies receivables conversion as a key second-half operating task. EPACK Prefab retained credit ratings of ICRA A+ with a Stable outlook for long-term instruments and ICRA A1 for short-term instruments.

Conclusion

EPACK Prefab’s November 2026 Ghiloth commissioning increases sandwich-panel capacity to 2.1 million square metres at a time when its PEB capacity is fully utilised and its H1 FY27 order inflow reached Rs 1,124.3 crore. EPACK Prefab is pairing physical expansion with IPO-funded capex, while revenue growth of 18.9% to Rs 867 crore has outpaced growth in EBITDA and profit after tax.

The next disclosed milestone is the expected January or February 2027 commencement of Gujarat Phase 1. Progress can also be measured against management’s FY27 targets of Rs 1,900 crore to Rs 1,950 crore revenue, around 40 days of net working capital, approximately Rs 150 crore capex and about 10.5% EBITDA margin.