EPACK Prefab deploys Rs 208.5 crore; Ghiloth due March 2027

EPACK Prefab Technologies Limited had deployed Rs 208.5 crore of its Rs 300 crore IPO fresh issue by September 30, 2026, while its Ghiloth facility’s completion moved to March 2027. EPACK Prefab spent Rs 70 crore on debt repayment and maintained FY27 revenue guidance of Rs 1,900 crore to Rs 1,950 crore.

How has EPACK Prefab used its IPO proceeds?

EPACK Prefab had used Rs 208.5 crore, or 69.5% of its Rs 300 crore fresh issue, by September 30, 2026. The company reported Rs 91.5 crore as unutilised, held in bank fixed deposits and a monitoring account. The utilisation figure was based on a certificate from CARE, identified in the presentation as the monitoring agency.

The largest fully used item was Rs 70 crore for repayment or prepayment of certain borrowings, which EPACK Prefab said was completed without a prepayment penalty. The other three spending amounts were described as approximate in the presentation, covering the Ghiloth project, the Mambattu expansion, and general corporate purposes and share-issue expenses.

EPACK Prefab said the Rs 33.3 crore general-corporate-purpose spend included Rs 14.8 crore of issue expenses. The disclosed uses for this allocation were working capital and taxes, separating it from the manufacturing-capacity projects at Ghiloth and Mambattu. The fresh issue therefore supported both asset creation and shorter-cycle operating requirements.

Why is EPACK Prefab’s Ghiloth completion now March 2027?

EPACK Prefab has extended the Ghiloth, Rajasthan project’s completion timeline to March 2027, with the facility reported as work in progress and about Rs 65.3 crore spent by September 30, 2026. The project’s stated purpose is manufacturing continuous sandwich insulated panels and prefabricated products, against an allocation of Rs 103 crore.

The presentation does not disclose the original completion date or a reason for the revised schedule. It consequently confirms the March 2027 target but does not identify whether the change reflects construction progress, approvals, equipment delivery, or another factor. About Rs 37.7 crore of the allocated amount remained to be spent based on the allocation and the reported approximate expenditure.

Ghiloth is shown as part of EPACK Prefab’s wider manufacturing network, with Unit 3 occupying 215,000 square feet and a greenfield expansion adding 351,000 square feet. The company also reported cumulative capex of more than Rs 160 crore in Ghiloth and Mambattu, although it did not state a date for that cumulative measure.

EPACK Prefab said its sandwich-panel capacity includes one line at Greater Noida, one at Mambattu and one at Ghiloth. That links the Rajasthan project to its sandwich-panel production network, while the Mambattu IPO project is specifically intended to increase pre-engineered steel building capacity.

Which capacity additions are operating and planned?

EPACK Prefab’s Mambattu Line 1 has been in production since April 2026, following spending of about Rs 40 crore from its Rs 58.2 crore allocation by September 30, 2026. The company’s FY27 priorities also list a Mambattu second-line addition, indicating that the first line’s start does not complete the stated expansion programme.

As of October 30, 2026, EPACK Prefab reported total pre-engineered buildings, or PEB, capacity of 158,422 metric tonnes per annum, sandwich-panel capacity of 2.1 million square metres and expanded polystyrene packaging capacity of 8,400 metric tonnes per annum. At September 2026, prefab capacity utilisation was 77.5%, compared with 48.5% for sandwich panels, a difference of 29 percentage points.

EPACK Prefab also identified Gujarat near Vithalapur as a planned geographic addition. The presentation lists Unit 5 at 198,000 square feet and a planned Phase 1 greenfield expansion of about 50,000 PEB capacity. Management said Gujarat had become important after the PEB capacity ramp-up and was likely by the end of January or February.

Because the presentation is dated November 2026, management’s timing comment points to early 2027 rather than a completed start. EPACK Prefab said Gujarat would strengthen its West India presence while it continued to pursue opportunities in North and South India. It also described the location’s port proximity as suitable for international markets, without disclosing an export target or Gujarat utilisation forecast.

Can EPACK Prefab maintain its FY27 outlook during the build-out?

EPACK Prefab maintained FY27 guidance of Rs 1,900 crore to Rs 1,950 crore in revenue, a 10.5% earnings before interest, tax, depreciation and amortisation, or EBITDA, margin, and a 6.0% to 6.5% profit after tax, or PAT, margin. Management also retained planned capex of about Rs 150 crore and a net working-capital target of about 40 days.

The outlook follows H1 FY27 revenue from operations of Rs 867 crore, up 18.9% from Rs 729.3 crore in H1 FY26. EBITDA rose 5.1% to Rs 85.1 crore from Rs 80.9 crore, but the EBITDA margin fell to 9.8% from 11.1%. Management attributed the margin change to a temporary rise in raw-material prices amid geopolitical conditions.

Management said price revisions on new orders and long-term sourcing arrangements were expected to restore margins over coming quarters. Employee cost declined to 10.0% of H1 FY27 revenue from 10.2% a year earlier, while other expenses declined to 12.1% from 13.1%; gross margin, however, fell to 32.0% from 34.3%.

Working capital is another disclosed measure to track against management’s FY27 target. EPACK Prefab’s working-capital cycle was 60 days in H1 FY27, versus 32 days in FY26 and the approximately 40-day target. The company attributed the increase to large renewable industrial projects expected to be realised in Q3 FY27 under contractual milestones and inventory built to reduce disruption from raw-material volatility.

EPACK Prefab reported net debt to equity of negative 0.03 times in H1 FY27, compared with negative 0.27 times in FY26. Net debt to EBITDA was negative 0.15 times in H1 FY27, versus negative 1.25 times in FY26. The company defines net debt after cash, bank balances and liquid investments, and annualises H1 FY27 net-debt-to-EBITDA data.

Conclusion

EPACK Prefab has directed most of its fresh-issue proceeds to debt repayment, Mambattu expansion, Ghiloth construction and corporate uses, with Rs 208.5 crore deployed by September 30, 2026. Mambattu Line 1 was operating from April 2026, while Ghiloth remained under construction with a revised March 2027 completion target and Gujarat remained a planned addition.

The next disclosed milestones are Ghiloth’s March 2027 completion and management’s indicated Gujarat timing around the end of January or February. Results will also show whether EPACK Prefab progresses toward its FY27 revenue guidance of Rs 1,900 crore to Rs 1,950 crore, reduces working capital from 60 days toward about 40 days, and delivers the guided 10.5% EBITDA margin.