AGARWALEYE Q4 FY26 Results Analysis: PAT Surges 52%, Facility Additions Beat Target

AGARWALEYE reported Q4 FY26 numbers with revenue of Rs. 564.11 Cr (+22.60% YoY) and PAT growth of +17.40% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

AGARWALEYE delivered an exceptional Q4 FY26 with revenue growth of 22.6% YoY and PAT growth of 52.4% YoY, substantially exceeding management's guidance of 20%+ revenue and 35%+ PAT. The company added 57 facilities (vs 52-55 target), mature facilities showed 35.3% YoY growth indicating strong market share gains, and cash conversion remained strong at 3.09x PAT. All FY26 guidance targets were met or exceeded, demonstrating superior execution.

Key Investment Insights

Key Positives

• Revenue grew 22.6% YoY to Rs.564.11 Cr, exceeding 20%+ guidance
• PAT grew 52.4% YoY to Rs.168.14 Cr, substantially exceeding 35%+ guidance
• Mature facilities revenue grew 35.3% YoY to Rs.1,632 Cr
• Added 57 facilities in FY26 exceeding 52-55 target range
• CFO at Rs.518.99 Cr is 3.09x PAT indicating strong cash conversion
• Current borrowings reduced 73.2% YoY to Rs.23.97 Cr
• Free cash flow positive at Rs.71.04 Cr despite Rs.447.95 Cr capex
• EBITDA margin stable at 28.9% despite aggressive expansion

Risk Factors

• Employee costs grew 23.5% YoY vs 21.6% revenue growth - 190 bps higher
• Other expenses grew 36.6% YoY vs revenue growth of 22.6% - 1400 bps higher
• GST Show Cause Notice of Rs.15.08 Cr pending from authorities
• Effective tax rate increased to 32.37% from 30.97% in FY25
• Standalone PAT declined 60% YoY in Q4 due to exceptional items