MCPL’s FY26 playbook: growth, working capital discipline, and an export-led push

FY26 total income was 202.99 crore, up 23.4% year on year, as shown in the historical income statement and reiterated on the concall.

H2 FY26 EBITDA was 13.45 crore with an EBITDA margin of 11.14% versus 13.79% in H2 FY25. H2 FY26 PAT was 6.14 crore versus 6.64 crore in H2 FY25.

Management stated a target of sustaining 25-30% revenue CAGR over the next three years and targeting exports to rise from around 1% to around 20% of revenue over three years.

The Dubai Display Centre is positioned as MCPL’s overseas flagship display centre and GCC export hub. The investor presentation states it was inaugurated in August 2025.

It is described as MCPL’s first step toward partial backward integration, enabling in-house cutting and polishing for slabs, improving customization timelines and reducing outsourcing dependence.

Key emerging metrics show working capital days reduced to 177 in FY26 from 231 in FY25, and trade receivable days reduced to 111 in FY26 from 161 in FY25 (as per the key emerging metrics slide).

On the concall, management stated that B2B has been roughly 80-82% of the mix, with the balance coming from B2C.