Adisoft hit a capacity ceiling at ₹169 cr. A new plant targets ₹650-700 cr.
FY26 grew 26.7% but management said it could not take more work. The Bhosari facility is meant to change that.
What's new
- FY26 revenue was ₹169.33 cr, up 26.7% YoY, but management said the company hit its space and manpower ceiling.
- New 70,000 sq ft Bhosari plant under construction, with production planned for H2 FY27.
- Management guided minimum 25% top-line growth for FY27 and above 30% for FY28.
Themes from the call
Capacity
FY26 ended at full utilization; the current ₹169 cr revenue run-rate is a hard ceiling until the new plant comes online.
Margins
H2 FY26 EBITDA margin reached 20.52%, driven by fixed-cost absorption as revenue scaled in the second half.
Customer risk
One market-leader customer represents 65% of revenue, and management gave no specific plan to reduce that share.
Guidance watch
- FY27 guided at minimum 25% top-line growth; FY28 targeted above 30% contingent on Bhosari ramp.
Risk flags
- Single customer at 65% of revenue remains the central structural risk.
- Management refused to specify capex for the Bhosari facility or its phasing.
Key quotes
-
"With this facility, we can definitely achieve more than 650-700 crores."
— Ajay Prabhu -
"We can only service this business, we have the space and manpower constraints, we have reached the ceiling."
— Ajay Prabhu on FY26 capacity limits
The brief
Adisoft Tech finished FY26 at full capacity. Revenue grew 26.7% to ₹169.33 cr, but CEO Ajay Prabhu told investors the company had hit a wall on space and manpower. It could not take on more work. The H2 performance was strong: EBITDA margin expanded to 20.52% as fixed costs were absorbed on higher volume, and net profit grew 79.5%. But growth from here depends entirely on the new Bhosari facility, which has a September-October production start. Management's guidance is 25% minimum growth for FY27 and above 30% for FY28, anchored to that ramp. The long-term target of ₹650-700 cr in peak capacity within five years implies a 4x expansion from today. The order pipeline at ₹85 cr and ₹40 cr book give near-term visibility. The concentration risk is hard to ignore. One customer is 65% of revenue. Management spoke of diversifying into pharma, white goods, and e-commerce, with a target to bring automotive down to 60-65%. No specifics on how or when. For a company this dependent on a single buyer, the new factory is not just capacity. It is the chance to build a second customer base. Whether that happens is the real question for FY27 and FY28.
The old plant is full. The new plant is a promise. The customer base is still one.