HRS Aluglaze FY26: Fast growth, better margins, and a working capital bill

FY26 revenue from operations was 67.5 crore, EBITDA was 17.9 crore, and profit after tax was 10.2 crore.

EBITDA margin increased to 26.6% in FY26 from 25.4% in FY25, and PAT margin increased to 15.1% from 12.2%.

Cash conversion cycle increased to 340 days in FY26 and working capital days increased to 158 days. Cash flow from operations was -11.1 crore in FY26.

Net debt to equity was reported at 0.5x in FY26, improving from 1.9x in FY25.

The company highlights backward integration including in-house powder coating and fabrication, and a captive 422 kW rooftop solar plant to reduce operating costs.

Proposed utilisation was 18.3 crore for assembly and glazing line capex (11.4 crore utilised), 19.0 crore for working capital (18.5 crore utilised), 7.6 crore for general corporate purpose (7.6 crore utilised), and 6.0 crore for issue expenses (6.0 crore utilised).

The presentation lists presence in Gujarat, Maharashtra, West Bengal, Telangana, and Tamil Nadu, with a revenue mix slide showing Gujarat 93.2%, Maharashtra 3.4%, Telangana 2.7%, and Tamil Nadu 0.7%.