Batliboi has ₹593 cr in orders and a new hydrogen MoU with L&T.
The engineering firm's backlog is now larger than its market cap. A green-hydrogen venture with L&T and a Chinese partner is the new diversification play.
— 2 earlier stories on Batliboi Ltd. →What's new
- Batliboi ended FY26 with a ₹593 crore order backlog and ₹990 crore in inflows for the year.
- The company signed a green-hydrogen electrolyzer MoU with Larsen & Toubro and a Chinese manufacturer.
- Canadian subsidiary Quickmill plans a CAD 4 million capex, subject to local regulatory approvals.
Why this matters
The order backlog provides multi-year revenue visibility for a company with a ₹375 crore market cap. The hydrogen MoU is a bet on a new energy vertical, but it's pre-revenue and unconfirmed. The immediate story is the backlog.
What we're watching
- Conversion of the green-hydrogen MoU into firm orders over the next two to three quarters.
- Regulatory approval for Quickmill's CAD 4 million capex in Canada.
- Whether management's guidance for a stronger FY27 translates into actual profit growth.
The full read
Batliboi's order backlog stood at ₹593 crore at the end of FY26. Total inflows for the year were ₹990 crore. The company is now making a play in green hydrogen after signing a memorandum of understanding with Larsen & Toubro and a Chinese manufacturer. The venture is still in its infancy. Management expects active inquiries to close in two to three quarters. In Canada, subsidiary Quickmill posted ₹127 crore in revenue and is planning a CAD 4 million capex, subject to local approvals. The hydrogen MoU is the diversification headline. The immediate story is the backlog, which is substantial relative to the company's size.
Questions answered
- How large is Batliboi's order book relative to its size?
- The ₹593 crore order backlog is significantly larger than the company's ₹375 crore market capitalization. Total inflows for FY26 were ₹990 crore.
- What is the status of the green-hydrogen project?
- Batliboi signed an MoU with Larsen & Toubro and a Chinese manufacturer to produce electrolyzers. Management expects active inquiries for the venture to close in two to three quarters.
- How did the Canadian business perform?
- Quickmill, the Canadian subsidiary, posted ₹127 crore in revenue for FY26. It is planning a CAD 4 million capex expansion, pending local regulatory approvals.
- What did management say about the next fiscal year?
- Management expressed confidence in a stronger FY27, citing improved order book visibility and cost efficiencies across divisions.
Batliboi Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on BATLIBOI →- 26 May 2026 · 4:43 PM IST Batliboi has ₹593 cr in orders and a new hydrogen MoU with L&T.
- today Batliboi buys Penta Automation for ₹19.8 cr to expand in robotics
- 33d ago Batliboi's order backlog jumps 75% to ₹593 cr, but green hydrogen slips