EPACK PREFAB H1 orders rise 65%, backlog reaches Rs 1,462.5 crore

EPACK PREFAB ended the first half of financial year 2027 (H1 FY27) with a pending prefab order book of Rs 1,462.5 crore after net H1 order inflow increased 64.86% year on year to Rs 1,124.3 crore. The 30 September 2026 backlog was its highest disclosed level and, according to management, provided about 11 months of prefab revenue visibility.

How quickly did EPACK PREFAB's H1 order inflow grow?

EPACK PREFAB received net orders worth Rs 1,124.3 crore in H1 FY27, up 64.86% from Rs 655.6 crore in H1 FY26. The increase of Rs 468.7 crore was larger than the Rs 241.6 crore rise between H1 FY25 and H1 FY26, when order inflow moved from Rs 414 crore to Rs 655.6 crore.

H1 FY27 order inflow exceeded prefab revenue of Rs 774.5 crore in the same period by Rs 349.8 crore. Total revenue was Rs 867 crore in H1 FY27, compared with Rs 729.3 crore in H1 FY26, an 18.9% increase that was slower than the 64.86% growth in H1 order inflow. The presentation does not provide an order-by-order revenue-conversion schedule.

What lifted EPACK PREFAB's pending order book to a record?

EPACK PREFAB's pending order book stood at Rs 1,462.5 crore at 30 September 2026, up 52.30% from Rs 920 crore at the end of H1 FY26. It was also Rs 832.3 crore higher than the Rs 630.2 crore pending balance reported at the end of H1 FY25.

The disclosed H1 FY27 bridge starts with Rs 1,112.7 crore of orders pending at 31 March 2026, adds Rs 1,124.3 crore of orders received and deducts Rs 774.5 crore of orders executed. That leaves the reported Rs 1,462.5 crore at 30 September 2026. EPACK PREFAB identified Emvee, HEC, SAEL and United Breweries Limited as major orders received, and separately cited an Emvee order of about Rs 165 crore.

Which regions account for EPACK PREFAB's order bookings?

South accounted for the largest share of EPACK PREFAB's booked order value, at 41.7% across 100 of the 285 orders recorded. West represented 26.4% of value from 33 orders, while North represented 25.5% from 104 orders. Central accounted for 2%, East for 4%, and exports for 0.4% across three orders.

The booking mix differed from the sales distribution in the prefab business for H1 FY27. South contributed 43% of prefab sales, North and Central together accounted for 29%, East represented 11%, and West represented 16%. South was therefore the largest region in both sales and booked order value, while West's 26.4% booking share exceeded its 16% sales share; the order-book data separately show North and Central.

EPACK PREFAB lists 13 customer industries, including power and renewable energy, warehousing and logistics, cement, automobiles, pharmaceuticals, and cold storage and refrigeration. Management said EPACK PREFAB had emerged as a first choice in the renewable sector and saw opportunities in semiconductor and solar, but the presentation gives no booking or revenue target for those areas.

How much revenue visibility does the prefab backlog provide?

EPACK PREFAB says its Rs 1,462.5 crore pending prefab order book gives clear visibility over approximately 11 months. This statement applies to the prefab backlog at 30 September 2026 rather than to total revenue, which includes business outside the prefab revenue figure.

Prefab revenue reached Rs 774.5 crore in H1 FY27, up from Rs 651.6 crore in H1 FY26 and Rs 443.8 crore in H1 FY25. In financial year 2026 (FY26), EPACK PREFAB received Rs 1,579 crore of orders and executed Rs 1,382.3 crore, ending the year with Rs 1,112.7 crore pending compared with Rs 916 crore at 31 March 2025.

During H1 FY27, the Rs 1,124.3 crore of orders received was greater than the Rs 774.5 crore executed, increasing the pending balance by Rs 349.8 crore over six months. The presentation does not specify how much of the Rs 1,462.5 crore backlog will be recognised in any individual quarter or financial year.

What could affect EPACK PREFAB's order-book conversion?

EPACK PREFAB states that some orders received during the year may be cancelled, so the Rs 1,462.5 crore figure is a pending-order measure rather than guaranteed revenue. The presentation does not disclose a historical cancellation rate, the value of cancellable orders, or order-level cancellation terms.

Profitability and working-capital items were also disclosed for H1 FY27. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to Rs 85.1 crore from Rs 80.9 crore in H1 FY26, while EBITDA margin declined to 9.8% from 11.1%. Management attributed the reduction partly to a 238-basis-point decline in gross margin to 32%, citing a temporary rise in raw-material prices amid geopolitical conditions.

Working-capital days were 60 in H1 FY27, compared with 32 days in FY26. Management said large renewable industrial projects were expected to be realised in the third quarter of FY27 under contractual milestones, while inventory had been built up to limit disruption from raw-material volatility. Management also said price revisions on new orders and long-term sourcing arrangements were expected to restore margins over coming quarters.

Conclusion

EPACK PREFAB's H1 FY27 booking pattern shows order additions of Rs 1,124.3 crore exceeding execution of Rs 774.5 crore, which increased the pending prefab balance. The 285 recorded orders were geographically diversified, although South represented the largest share of value at 41.7%, ahead of West at 26.4% and North at 25.5%.

The next disclosed event to watch is the expected Q3 FY27 realisation of large renewable industrial projects under contractual milestones. EPACK PREFAB's stated plans for price revisions and long-term sourcing arrangements, along with any order cancellations, will determine how the backlog converts into revenue and whether the 9.8% H1 FY27 EBITDA margin changes.