• Margin expectations: Standalone EBITDA margin was approximately 27% in Q4, while normalized consolidated EBITDA margin was around 25% after adjusting for one-off acquisition charges. Gross margins face an expected 200–250 bps compression to roughly 66% due to raw material and labor inflation, partially offset by price hikes and currency tailwinds on exports.
• Revenue guidance: Consolidated revenue is projected to reach ₹2,300–2,400 crore in FY27, compared to the FY26 guidance of ₹1,800 crore. Growth will be driven by over 20% expansion in the domestic market, 15% growth in ex-India exports, and full-year contributions from overseas acquisitions.
• Acquisitions outlook: Recently acquired units CTF and Pen-Rade are expected to deliver revenue growth of 12–13% and 15% respectively in the current year following balance sheet cleanup. Their profitability is guided in the early teens this year, with expectations to reach high teens or close to 20% over the next few years.
• European operations: Manufacturing for acquired businesses will remain in Europe due to specialized capabilities, while India will provide component manufacturing and R&D support. European channel inventory has normalized, showing growth in Q4 with positive momentum expected in upcoming quarters.