Univastu India Q4 FY26: Revenue Surge, Large Metro Orders, and a Net-Zero Push

Univastu India Limited’s Q4 FY26 earnings presentation shows a sharp step-up in scale. On a consolidated basis, revenue from operations rose to 109.44 crore in Q4 FY26 from 39.91 crore in Q4 FY25. EBITDA increased to 15.26 crore from 8.25 crore, and net profit rose to 10.33 crore from 4.21 crore.

For the full year, FY26 revenue from operations reached 243.35 crore compared with 171.18 crore in FY25. EBITDA grew to 41.61 crore from 29.14 crore, while PAT increased to 25.69 crore from 15.52 crore. The headline message is straightforward: higher volumes translated into materially higher profits.

What the presentation does not do is offer a detailed bridge for the quarter’s margin movement. EBITDA margin including other income fell to 13.94% in Q4 FY26, down from 18.14% in Q3 FY26 and 20.67% in Q4 FY25. Even with strong earnings growth, that compression is an important context point.

A multi-vertical infrastructure company with metro and sports at the core

Univastu positions itself as an infrastructure and civil construction player operating across public and commercial sectors in India. The company highlights a broad set of business segments: metro projects (E&M works), sports infrastructure, civil infrastructure, tunnel ventilation systems, swimming pool projects, metro BMS projects, bullet train projects, and data center projects.

This breadth matters because the order inflow shown for FY26 is heavily skewed towards metro projects in Q4, while the earlier quarters include multiple sports complex and swimming pool projects. The company also emphasizes technology, including IoT-led building management systems and net-zero architecture, as part of its positioning.

The company discloses several partnerships and joint structures, including a strategic understanding with Myrtha Pools (Italy) for swimming pools and an IoT-focused joint subsidiary with NUOS (Falcon Control Systems). It also mentions JVs used to bid for and execute specific government projects.

Order book: large metro wins dominate FY26 Q4

A central highlight is the stated total value of ongoing projects of 1,854.14 crore, alongside 95+ completed projects with a stated completed-project value of 916.52 crore. The presentation also notes that the unexecuted order book is distributed across Uttar Pradesh, Gujarat, Haryana, Meghalaya, and Maharashtra.

The FY26 quarter-wise order tables show that Q4 contains the largest wins. Two metro projects in Mumbai stand out: MMRDA Metro Line 6 with order value of 756.16 crore (pending shown as 756.16 crore) and an L&T Line 4 metro project with order value of 391.76 crore (pending shown as 317.20 crore). The Q4 table also includes a high-speed rail project and other orders including a Pune metro-related JV order.

This matters because it suggests the company’s near-term execution pipeline is tied closely to metro infrastructure in Maharashtra. The presentation frames this as strength in large metro execution, including E&M systems, traction power and allied infrastructure, and BMS capabilities.

Strategy narrative: net-zero, IoT-led BMS, and sports infrastructure optionality

The outlook section lays out three strategic themes.

First is geographical diversification in sports infrastructure. The company states it is expanding in Maharashtra, Goa, Gujarat, and Madhya Pradesh. The linkage is clear: sports complexes and swimming pool projects already appear in the FY26 order tables, and additional geographic spread could increase tender participation.

Second is growth ambition. The presentation states that Univastu and its subsidiaries are on track to achieve 40% CAGR organically, with potential to exceed 50% growth through strategic partnerships and new initiatives. This is guidance in directional form rather than a specific FY target, but it sets expectations for scale-up.

Third is net-zero. Univastu Bootes Infra LLP is described as a subsidiary focused on net-zero construction that is scaling rapidly in line with sustainability goals. The presentation also claims that this focus supports industry-leading margins of 16 to 17%.

Separately, the company highlights Univastu NUOS IoT Systems Pvt. Ltd. as a joint subsidiary focused on wireless BMS, IoT, and automation, positioned to benefit from demand for smart infrastructure. The presentation characterizes this as a cost-efficient and scalable solution with first-mover advantage in metro projects.

Sports infrastructure also carries a longer-cycle opportunity in the presentation’s narrative. It explicitly references India’s potential hosting of the 2030 Commonwealth Games and 2036 Olympics and positions the Myrtha Pools partnership as a capability advantage for Olympic-standard pool construction.

Balance sheet: expansion in working capital is visible

The consolidated balance sheet shows a large jump in scale from FY25 to FY26. Total assets rose to 330.28 crore in FY26 from 187.65 crore in FY25.

Two working-capital lines move sharply. Current trade receivables increased to 80.63 crore in FY26 from 7.23 crore in FY25. Current trade payables increased to 151.99 crore in FY26 from 43.08 crore in FY25. Total current liabilities rose to 199.23 crore from 82.68 crore.

The presentation does not provide a cash flow statement in the excerpt, so it is not possible to conclude how much of this working capital movement is timing-related versus structural. What is verifiable is that the company’s cash and cash equivalents increased to 16.69 crore in FY26 from 1.24 crore in FY25.

Takeaways

Univastu’s Q4 FY26 presentation is anchored by three tangible datapoints: sharply higher quarterly revenue and profits, a large disclosed ongoing project value of 1,854.14 crore, and a FY26 order intake table that is dominated by large metro wins in Q4.

At the same time, the quarter shows a lower EBITDA margin compared with recent quarters, and the FY26 balance sheet reflects significant expansion in receivables, payables, and current liabilities. The presentation’s strategy narrative focuses on scaling net-zero construction, expanding IoT-led BMS capability, and broadening sports infrastructure presence. Execution on the large metro pipeline, and the ability to manage working capital as scale increases, remain the key financial watchpoints implied by the disclosed numbers.