Ceinsys Tech (538734) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 operational revenue grew 79% year-over-year to INR 212 crore (INR 1,118 Mn), with EBITDA up 102% to INR 22.1 crore (INR 214 Mn) and margins at 19.14%.

• Net profit for Q3 FY25 rose 71% year-over-year to INR 11.18 crore (INR 178 Mn), with PAT margin at 15.92%.

• Order book as of December 31, 2024, stands at INR 1,390 crore (INR 13,900 Mn), with major new project wins in water and geospatial domains.

• Raised INR 235 crore (INR 2,350 Mn) via equity and share warrants in September 2024 to fund expansion and acquisitions.

• Working capital cycle improved to 124 days from 237 days in March 2023.

Financial highlights

• Q3 operational revenue: INR 212 crore (+79% YoY); EBITDA: INR 22.1 crore (+102% YoY); EBITDA margin: 19.14%.

• Q3 net profit: INR 11.18 crore (+71% YoY); PAT margin: 15.92%.

• Nine-month revenue: INR 276 crore (+58% YoY); EBITDA: INR 251 crore (+62% YoY); EBITDA margin: 18.61%.

• Nine-month net profit: INR 41 crore (+77% YoY); PAT margin: 15.02%.

• Net operational cash surplus at INR 20 crore (INR 200 Mn) and total cash surplus at INR 125 crore (INR 1,250 Mn) as of December 31, 2024.

Outlook and guidance

• Management remains optimistic about future growth, focusing on execution, capacity building, and leveraging India's geospatial market growth.

• No formal revenue or profitability guidance for FY25 or FY26; policy may be reviewed after year-end.

• Q4 execution of river linking project expected at INR 150 crore, subject to regulatory approvals.

• FY26 order book execution expected at INR 550 crore, with INR 220 crore from river linking.

• Plans to expand in EV mobility, digital water management, and renewable energy sectors.