Macfos (Robu.in) FY 2025-26: Growth, Better Margins, and a Clear Two-Engine Strategy

Macfos Limited, the company behind Robu.in, ended FY 2025-26 with another year of strong operating momentum. The company reported revenue of ₹311.74 crore, EBITDA of ₹38.97 crore, and Profit After Tax (PAT) of ₹25.65 crore for the year. Margin performance improved alongside growth, with FY 2025-26 EBITDA margin at 12.50% and PAT margin at 8.23%.

In its shareholder note and earnings call, management also highlighted that FY 2024-25 had a one-time bulk order in H1. For a like-to-like view, it excluded that bulk order from the comparison and stated that FY 2025-26 delivered materially stronger growth on revenue and profits.

What stood out was not only the scale-up in revenue, but the way the business is being positioned. Management repeatedly framed Macfos as a capability-building story: expanding product availability, improving fulfilment speed, strengthening systems, and gradually developing higher-margin in-house products under what it calls Robu 2.0.

What Robu.in sells and why it matters

Robu.in is positioned as a specialised electronics parts e-commerce platform. The investor presentation lists a wide range of products including robotic parts, drone parts, e-bike parts, IoT and wireless items, 3D printers and accessories, DIY learning kits, development boards, Raspberry Pi peripherals, sensors, motors, motor drivers, pumps, batteries and chargers, and mechanical and electronic components.

The business targets a broad customer set: manufacturers, corporates, educational institutions, researchers, and developers. Its operating advantage, as described in the presentation, is aggregation: hard-to-find items under one roof with pan-India delivery and a sourcing network across India and abroad.

By March 2026, the company reported:

• More than 100,000 SKUs
• 150 plus brands
• 210 plus vendor tie-ups (India and abroad)
• A 50,000 plus square feet dedicated warehouse
• 280 plus staff (own plus contract)

The company also described an in-house R and D and product development team, which becomes more relevant when evaluating Robu 2.0.

FY 2025-26: Operating momentum and improving profitability

The year was strong across revenue and profitability. On a reported basis, total revenue in FY 2025-26 was ₹311.74 crore. EBITDA and PAT expanded at a faster rate than revenue, resulting in margin improvement.

Financial summary (as presented)

The presentation also provides half-year numbers:

• H2 FY 2025-26 revenue ₹182.63 crore, EBITDA ₹23.50 crore, PAT ₹15.49 crore

During the conference call, management addressed two data issues in the presentation:

1. Total orders served in H2 FY 2025-26 was shown as 3,00,000, and management clarified it was a typographical error. The corrected number stated on the call was 2,67,126.

2. Unique visitor reporting methodology changed in FY 2025-26, creating mismatch when comparing quarterly sums to the annual figure. Management explained the difference and said it would revert to the older quarterly download-and-sum method for consistency in future.

These clarifications matter because the business is increasingly tracked through operational KPIs such as visitors, orders, and average order value.

Demand indicators: orders, visitors, and higher average order value

The operating metrics in the investor presentation show increased engagement.

For FY 2025-26:

• Average monthly visitors (website plus app): 585,917
• Total orders served: 505,250
• Average order value: ₹6,111

The presentation also shows that the SKU base expanded sharply to 105,775 by Mar-26 from 71,054 in Mar-25. It states the increase was driven largely by small and low-cost items.

On the call, management explained that average order value typically rises in the last quarter because B2B and B2G customers tend to consume annual budgets toward year-end. This was provided as a reason for a noticeable jump in Q4 implied average order value.

While the company did not provide B2B versus B2C revenue splits, it did provide directional commentary: over time, the company expects B2B to contribute a growing share of revenue, while the online B2C side contributes higher order volumes.

Balance sheet and working capital intensity

As of 31 March 2026, the balance sheet expanded alongside scale.

Key balance sheet items (₹ crore):

• Inventory: ₹79.57 crore
• Trade receivables: ₹13.25 crore
• Short-term loans and advances: ₹38.11 crore
• Cash and cash equivalents: ₹1.82 crore

On the liabilities side:

• Short-term borrowings: ₹35.38 crore
• Total shareholders funds: ₹95.97 crore

Management was direct about the business model: debt is used largely to fund inventory, which in turn supports revenue growth. It stated it is not worried about debt as long as inventory conversion to sales remains strong, and noted comfort from long-standing banking relationships.

The presentation also disclosed inventory ageing dynamics:

• Very slow-moving inventory (older than 9 months) was 6.21% as of Mar-26 versus 2.64% as of Mar-25.

Management attributed the increase primarily to the components category and the nature of low-cost SKUs with longer rotation cycles. It also stated these are not perishable or obsolete.

Another working-capital-linked operating cost disclosed was return and replacement cost to company:

• FY 2025-26: ₹109.89 lakh
• FY 2024-25: ₹58.19 lakh

The strategy: Robu 1.0 and Robu 2.0

Management structured its long-term plan around two pillars.

Robu 1.0: Strengthen the core distribution engine

Strategic priorities listed include:

• Increase order fulfilment speed and capability, and strengthen intra and inter warehouse management
• Category, brand, and product expansion
• Increase corporate customer reach and facilitate ease of ordering
• Drive digital innovation by maximizing ERP use and building scalable in-house IT infrastructure

In the call, management also stated that warehouse expansion is a constant focus because more SKUs require more space, but it added that there is no warehouse capex planned as of now.

Robu 2.0: Build proprietary products for margin cushion

Robu 2.0 is positioned as a product innovation engine, with special focus on drones and related parts.

Brands and product lines mentioned include:

• SmartElex: own electronics products, including motor driver series and modules. The presentation states 295 SKUs added across five categories till March 2026, and highlights launches such as TFT and HMI displays and a Raspberry Pi Neo development board.
• EasyMech: own mechanical products, including mechanical accessories and drone frames.
• Simplifly VCI: own drone products, with seven SKUs launched in two categories. Major launches listed include an agri-drone frame, ready-to-fly FPV kits, telemetry for drone remote, and a drone RC remote.
• Pro Range: OEM products, with 650 SKUs added during the year.

The company also discussed drone-related engagements with government and defense organizations, but kept the commentary cautious. Management said it is currently supplying low value and low volume products directly, and that over the next two years it expects clarity on whether it will meaningfully scale in that area.

Crucially, management gave a margin framework for Robu 2.0 products: it targets roughly 10 percentage points higher gross margin than distribution products. It did not disclose the current revenue contribution of Robu 2.0, stating that it remains small compared to Robu 1.0.

Key takeaways

Macfos ended FY 2025-26 with higher revenue, stronger profitability, and improving margins. The operating indicators also point to rising engagement and larger order baskets. At the same time, scaling has increased working capital intensity, visible in higher inventory and short-term borrowings.

Strategically, the company is keeping the narrative simple. Robu 1.0 is about strengthening distribution with better fulfilment and systems. Robu 2.0 is about developing proprietary products, especially in drones, to create a margin cushion over time.

The next phase will likely be defined by how efficiently the company funds growth in inventory, how it manages slow-moving stock as SKU count rises, and how quickly its in-house product portfolio gains sustained adoption without distracting from the core engine.