Gabion targets ₹200 cr revenue, but its order book story doesn't add up
Management guided 40-45% growth for FY27, then contradicted itself on when a ₹200 cr order book would be completed.
— 1 earlier story on Gabion Technologies India Ltd. →What's new
- Gabion set an FY27 revenue target of ₹200 cr, up 40-45% from FY26's ₹115.58 cr.
- Management aims to double product sales to ₹100 cr via a capacity expansion to 18,000 MT by September 2026.
- A statement that the entire ₹200 cr order book would be done in FY27 was quickly revised to 90%.
Why this matters
The guidance is aggressive, but the fumbled order-book timeline is the real story. On a live call, management first claimed the ₹200 cr backlog would clear in FY27, then walked it back to 90%. That inconsistency muddies the visibility behind the headline target.
What we're watching
- Whether the capacity expansion to 18,000 MT actually delivers the ₹100 cr in product sales.
- How the ₹15 cr of unbilled work-in-progress from FY26 flows into FY27.
- The clarity on the 90% vs. 100% order-book execution split.
The full read
Gabion Technologies wants investors to believe in a 40-45% revenue jump to ₹200 crore in FY27. Management's plan is to double product sales to ₹100 crore by expanding capacity from 12,000 to 18,000 metric tonnes by September 2026. The problem isn't the ambition. It's the arithmetic. On the call, management first claimed the entire ₹200 crore order book would be finished in FY27. It then revised that to 90%. That slip undermines the precision of the guidance. The FY26 miss, revenue landed at ₹115.58 crore against a 20-25% growth target, was blamed on ₹15 crore of unbilled work-in-progress. The H2 business grew 29% year-on-year, which is real. But when a company changes its order-book story mid-call, the gap between guidance and execution looks wider than the headline number suggests.
Questions answered
- How much of the FY26 growth miss was due to timing?
- FY26 revenue came in at ₹115.58 cr, below the 20-25% growth guidance. Management attributed the shortfall to ₹15 cr of unbilled work-in-progress, meaning the sales were logged but not yet invoiced.
- What is the core of the capacity expansion plan?
- Gabion is expanding manufacturing capacity from 12,000 to 18,000 metric tonnes by September 2026. The goal is to double product sales to ₹100 cr as part of the ₹200 cr revenue target.
- Why did management change its story on the order book?
- During the call, management first stated the entire ₹200 cr order book would be completed in FY27. It later revised this figure down to 90%, creating confusion about the revenue timing.
- Was there any growth in the second half of FY26?
- Yes. Despite the full-year miss, H2 revenue grew 29% year-on-year, suggesting momentum heading into the new fiscal year.
Gabion Technologies India Ltd.
Latest quarter · Mar 2026
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All notes on GTIL →- 25 May 2026 · 3:17 PM IST Gabion targets ₹200 cr revenue, but its order book story doesn't add up
- 51d ago Gabion Technologies targets ₹200 cr revenue for FY27