Om Galaxy’s WONDRA spent ₹17.25 crore, posted FY26 loss

Om Galaxy’s WONDRA cleaning-products segment spent ₹17.25 crore on capital expenditure in Fiscal 2026 but generated ₹4.79 crore of revenue, reported negative earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹70.46 lakh, and recorded a ₹1.69 crore profit-after-tax loss. Its capital expenditure was about 3.6 times Fiscal 2026 revenue.

Why did Om Galaxy’s WONDRA report a FY26 loss?

Om Galaxy’s WONDRA reported a Fiscal 2026 loss because its operating result was negative before depreciation and amortisation, with those charges widening the reported loss. EBITDA was negative ₹70.46 lakh, while depreciation and amortisation expense totalled ₹1.28 crore. The segment consequently reported a profit after tax (PAT) loss of ₹1.69 crore for Fiscal 2026.

Fiscal 2026 was the first year in which Om Galaxy identified Cleaning Products under the WONDRA brand as a reportable business segment. Fiscal 2025 disclosed no WONDRA revenue or EBITDA, although it recorded ₹1.83 lakh of depreciation and amortisation and a PAT loss of ₹1.37 lakh. The disclosed information therefore does not provide a like-for-like two-year revenue or operating-profit comparison for WONDRA.

The Fiscal 2026 result shows that WONDRA did not cover its disclosed operating costs before depreciation and amortisation. Depreciation and amortisation of ₹1.28 crore exceeded the segment’s ₹70.46 lakh negative EBITDA, while the final PAT loss was ₹1.69 crore. Om Galaxy has not disclosed the individual cost categories, product lines or sales volumes that produced the segment result.

How much capital did Om Galaxy’s WONDRA business use?

Om Galaxy’s WONDRA used ₹17.25 crore of capital expenditure in Fiscal 2026, up from ₹8.08 crore in Fiscal 2025. The ₹9.17 crore increase was about 113%, while Fiscal 2026 revenue reached ₹4.79 crore. The segment reporting does not specify the assets, projects or facilities to which WONDRA’s capital expenditure was assigned.

WONDRA represented about 54% of Om Galaxy’s ₹32.17 crore total segment capital expenditure in Fiscal 2026. The Moulds and Hot Runner System segment accounted for the remaining ₹14.92 crore. Om Galaxy also reported ₹32.17 crore of gross additions to property, plant and equipment and intangible assets company-wide, including ₹22.76 crore of plant and machinery and ₹7.57 crore of moulds and dies.

Om Galaxy separately recorded ₹15.25 crore of gross additions to capital work in progress during Fiscal 2026, comprising ₹12.30 crore for factory buildings and ₹2.95 crore for plant and machinery. Capital work in progress is expenditure on assets that are still being constructed or installed and are not yet ready for intended use. The company did not allocate the ₹15.25 crore between WONDRA and the Moulds and Hot Runner System segment, so it cannot be counted as additional WONDRA spending.

How did Om Galaxy’s WONDRA compare with its moulds business?

Om Galaxy’s WONDRA supplied a small share of Fiscal 2026 segment revenue while taking a larger share of segment capital expenditure than the moulds business. WONDRA revenue of ₹4.79 crore represented about 3.9% of combined segment revenue of ₹124.00 crore. Moulds and Hot Runner System generated ₹119.21 crore of revenue but used ₹14.92 crore of capital expenditure, compared with WONDRA’s ₹17.25 crore.

The two segments reported different operating outcomes in Fiscal 2026. Moulds and Hot Runner System reported EBITDA of ₹33.53 crore and PAT of ₹18.33 crore, whereas WONDRA reported negative EBITDA of ₹70.46 lakh and a PAT loss of ₹1.69 crore. Moulds and Hot Runner System revenue increased from ₹112.66 crore in Fiscal 2025 to ₹119.21 crore in Fiscal 2026, a ₹6.55 crore rise.

WONDRA’s segment assets rose to ₹22.73 crore as of March 31, 2026, from ₹9.88 crore a year earlier. Its segment liabilities fell to ₹6.34 crore from ₹7.50 crore over the same period. The ₹12.85 crore increase in segment assets was lower than Fiscal 2026 capital expenditure of ₹17.25 crore, and Om Galaxy did not provide a segment-level reconciliation of the difference.

What could change Om Galaxy’s WONDRA economics?

Om Galaxy’s WONDRA would need higher revenue, better operating performance, or both to move beyond the Fiscal 2026 result, but Om Galaxy has disclosed no segment-specific revenue or profitability target. Revenue of ₹4.79 crore was below capital expenditure of ₹17.25 crore, and negative EBITDA of ₹70.46 lakh indicates that disclosed operating costs exceeded sales before depreciation and amortisation. Whether the segment assets produce higher sales remains unresolved in the disclosure.

Company-level working-capital data do not identify WONDRA’s cash-conversion cycle. Om Galaxy’s inventory days rose to 337 in Fiscal 2026 from 253 in Fiscal 2025, while adjusted trade receivable days declined to 74 from 100. The company attributed higher inventory days to work in progress, project-based production and advance procurement of critical raw materials for its customised mould and precision-tooling operations.

Om Galaxy reported ₹41.79 crore of total outstanding borrowings as of July 15, 2026, and ₹31.76 crore of capital commitments for factory-building construction as of March 31, 2026. It subsequently obtained a ₹1.45 crore HDFC Bank working-capital term loan on July 21, 2026 and a ₹1.76 crore Small Industries Development Bank of India term loan on August 20, 2026. None of those company-level disclosures assigns borrowings, commitments or loan proceeds to WONDRA.

Conclusion

Om Galaxy’s Fiscal 2026 reporting shows a capital-heavy early stage for WONDRA: ₹17.25 crore of capital expenditure accompanied ₹4.79 crore of revenue, negative EBITDA of ₹70.46 lakh and a PAT loss of ₹1.69 crore. The Moulds and Hot Runner System segment, in contrast, generated ₹119.21 crore of revenue and ₹33.53 crore of EBITDA while recording ₹14.92 crore of capital expenditure.

The next results will show whether WONDRA’s ₹22.73 crore of segment assets at March 31, 2026 generate additional revenue and improve operating results. Om Galaxy has said it does not expect to announce new products or business segments in the near future and intends to strengthen operations and product offerings within its current business lines, but it has not disclosed a WONDRA sales target, profitability plan or funding allocation.