Prime Cable's margin story is two years away
FY26 revenue jumped **67%** to **₹235 cr**. Management guides **40-45%** growth for FY27-28 but says margins hold flat at **10-11%** until medium-voltage capacity ramps up.
What's new
- FY26 revenue grew 67% to ₹235 cr, with EBITDA margin at 10%.
- Guided for 40-45% annual revenue growth over FY27-28.
- Expects margins to stay at 10-11% in FY27, improving to 12-13% from FY28.
Why this matters
Prime Cable is growing its top line fast, but profitability is lagging. The promised margin improvement hinges on a medium-voltage capacity ramp that is still two years out.
What we're watching
- Execution of the 40-45% growth guide against the ₹191 cr order book.
- Whether the medium-voltage ramp delivers the promised margin step-up.
- How EBITDA margins hold in FY27 as the company spends to add capacity.
The full read
Prime Cable Industries put up 67% revenue growth in FY26, taking the top line to ₹235 crore. The margin, however, was flat at 10%. Management guided for 40-45% annual growth in FY27-28, backed by a ₹191 crore order book. But it expects EBITDA margins to stay at 10-11% for another year. The uplift to 12-13% is pinned on a medium-voltage cable capacity ramp that is still two years away. The company is scaling its top line without yet becoming more profitable. Not yet. The strategic bet is on higher-margin products. The timeline is long.
Questions answered
- How much did Prime Cable grow in FY26?
- Revenue grew 67% to ₹235 crore. EBITDA margin was 10%.
- What does the margin guidance imply?
- Management expects EBITDA margins to stay flat at 10-11% in FY27. The improvement to 12-13% is tied to the medium-voltage capacity ramp, which is planned for FY28.
- Is there anything new beyond the earnings release?
- No. The concall summary adds detail to the guidance but no new material surprises. The numbers were already communicated with the results.
- What is the growth rate the company is guiding for?
- It expects annual revenue growth of 40-45% over the next two years, a step-down from the 67% achieved in FY26.