GMM Pfaudler (505255) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue was ₹3,199 crore, down 7% year-over-year, with EBITDA at ₹381 crore (11.9% margin), and PAT at ₹100 crore, down 42% year-over-year, all before one-time costs.

• Q4 FY25 revenue was ₹807 crore (up 9% YoY), EBITDA ₹93 crore (11.5% margin, up 4% YoY), and PAT ₹15 crore (down 40% YoY), before one-time costs.

• Order intake for FY25 was ₹3,102 crore, up 3% YoY; order backlog at ₹1,636 crore, down 3% YoY.

• Strong free cash flow of ₹318 crore in FY25, nearly ₹100 crore higher than previous year.

• Audited standalone and consolidated financial statements for FY25 were approved with an unmodified audit opinion; final dividend of ₹2 per share recommended.

Financial highlights

• FY25 EBITDA margin was 11.9% (down from 13.8% YoY); PAT margin was 3.1% (down from 5.0% YoY).

• Free cash flow for FY25 was ₹318 crore, up from ₹221 crore in FY24, with 80% EBITDA conversion.

• Net Debt/Equity improved to 0.2x (from 0.4x YoY); Net Debt/EBITDA improved to 0.5x (from 0.8x YoY).

• Standalone revenue for FY25 was ₹1,032.59 crore, up from ₹926.65 crore in FY24; consolidated revenue for FY25 was ₹3,466.50 crore, up from ₹3,229.10 crore in FY24.

• Standalone net profit for FY25 was ₹42.25 crore, down from ₹51.05 crore in FY24; consolidated net profit for FY25 was ₹49.17 crore, down from ₹170.66 crore in FY24.

Outlook and guidance

• Profitability improvement in H2 FY25 attributed to higher volumes, favorable product mix, and ongoing transformation, with benefits expected to continue into FY26.

• India business expected to maintain strong margins (15%+ achievable in FY26) and growth, supported by a healthy backlog and strong order intake in April.

• International business anticipates margin and order intake improvement as market conditions recover; April showed positive trends.

• Board expects improved capacity utilization and cost reduction from consolidation of glass-lined manufacturing operations.

• Services revenue expected to recover as deferred maintenance and CapEx cycles return.