Virtuoso Optoelectronics Q1 FY27: Scale-Up Continues, Margins Hold Steady

Net sales were INR 375.9 crore, EBITDA was INR 35.1 crore (9.3 percent margin), and PAT was INR 9.05 crore.

Management reiterated FY27 revenue growth guidance of 35 to 40 percent and EBITDA margin guidance of 9 to 10 percent.

Management indicated AC around 55 to 60 percent of revenue, EMS around 10 percent, commercial refrigeration around 10 percent, components and others around 5 percent, and compressors around 15 percent.

EMS from 4 lakh cph to 12 lakh cph; AC capacity from 1.0 million to 1.8 million units; deep freezers from 150,000 to 250,000 units (phase 1) and to 400,000 units (phase 2); compressors from 2.8 million to 6.0 million units.

Management indicated compressor EBITDA is currently around 6 percent (plus or minus 1 percent) and may improve by 1 to 2 percent after backward integration and normalisation.

Total capex for VOEPL in FY27 was guided at about INR 80 crore to INR 100 crore; commercial refrigeration capex was guided at INR 20 crore to INR 25 crore for FY27.

Net working capital days were stated at around 85 days.