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Ladies and gentlemen, good day, and welcome to the Bigbloc Construction Q2 and H1 FY26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing (*) then (0) on your touch-tone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Saboo. Thank you, and over to you, sir.
Hello. Good afternoon, everyone. It is my pleasure to welcome you all to Bigbloc Construction Limited Earnings Conference Call for the Q2 & H1 FY26 ended September 30, 2025. Thank you for joining us today.
I'll take you through our financial and operational performance for the Q2 & H1 FY26, followed by key business updates. During the quarter, business conditions showed gradual improvement despite a prolonged monsoon that impacted construction activity across some regions. As demand picked up towards the end of the quarter, we witnessed a steady recovery in volumes.
The positive momentum combined with improved capacity utilization supported our overall performance for the quarter. For Q2 FY26, consolidated revenue from operations was Rs. 673 million, reflecting a growth of 30.3% compared to the same period last year and 19.5% sequentially. The improvement was largely driven by higher sales volume, which increased 43.7% Y-o-Y and 18.3% Q-o-Q to 198,555 cubic meters.
For the first half of FY26 revenue from operations was Rs. 1,237 million, a growth of 19.8% over the corresponding period of last year. On the profitability front, EBITDA for Q2 FY26 was Rs. 19 million with a margin of 2.8%, while for H1 FY26 EBITDA was Rs. 32 million with a margin of 2.6%. The sequential improvement in margins was driven by better capacity utilization and stable input cost.
The company continues to focus on optimizing logistics and improving process efficiency to enhance profitability. From an operational standpoint, overall capacity utilization improved to 62% in Q2 FY26 compared to 53% in the previous quarter. The improvement was broad-based, reflecting higher activity levels across subsidiaries.
At our joint ventures SIAM Cement BigBloc Construction Technologies, utilization for AAC wall panels increased to 43% from 36% in the preceding quarter. The wall panel business continues to gain traction as acceptance of large format walling solutions grows among developers and contractors.
On the strategic front, the company remains focused on ramping up utilization levels across facilities and scaling its AAC wall panel operations. The upcoming commissioning of the construction chemicals facility at Umargaon in the second half of FY26 will further diversify the product portfolio and strengthen Bigbloc's position as an integrated building materials company.
Furthermore, renewable energy continues to play an increasingly important role in our operations. At SIAM Cement BigBloc Construction Technologies, nearly 50% of the power requirements are now being met through solar energy. This initiative aligns with our long-term focus on reducing dependence on conventional energy and enhancing the environmental sustainability of our businesses. At the industry level, construction activity is expected to strengthen in the second half of FY26, supported by the government's focus on affordable housing and infrastructure development.
The recent modernization in input prices and improvement in liquidity across the real estate sector are also expected to weigh demand for AAC blocks and wall panels. Looking ahead, our priorities remain centered on improving capacity utilization, increasing adoption of AAC wall panels and expanding our product portfolio with construction chemicals.
With the demand trends turning favorable post monsoon, we are confident of delivering an improved performance in the coming quarter. With that, I conclude my remarks. And now we can open the floor for questions and answers.
Thank you very much. Our first question is from the line of Deepam Gala, who is an Investor. Please go ahead.
Congratulations on the good set of revenue growth. I just wanted to know that how is the Gujarat market performing for us? Like can you give me the numbers for H1 for StarBigBloc?
So, you need specific numbers for StarBigBloc? Yes.
Given the capacity utilization for the StarBigBloc plant, which was at 90% in Q2 of FY26.
Okay. And how has that performed revenue-wise?
So, revenue-wise on a Q-o-Q basis, it has been improving and 90% is sort of an optimum utilization for the StarBigBloc plant.
Okay. And what is the realization that we are getting as of now in the market?
So average realization has been quite similar with a variation of just around 1% to 2% from Q1, which has improved in Q2 as compared to Q1. And generally, post Diwali in Q3 and Q4, the realizations can further improve. That's what we are targeting.
Okay. And lastly, how much is our logistics cost coming roughly?
So, logistics cost is in the range of approximately 12% to 20% of our turnover for the outward transportation, which varies from region to region and from location to location in the territory where we are operating.
So with the new plants coming up like in Madhya Pradesh and all, we are expecting it to go down or we are further going to cater new markets?
So, with a new plant in MP, which we are planning to start soon, we will be reducing some logistic cost as some transports which we are doing from the existing StarBigBloc plant to MP, they'll be saving on the logistics cost. And at the same point of time, we'll be also penetrating newer markets with newer territories when we start the MP plant.
So, when will we be able to see a margin expansion or it will remain at the same level more or less?
So, that plant will still take some time before we begin commercial operations. So it's too early to comment on the margin expansion for that location.
As there are no further questions, I would now like to hand the conference over to Mr. Mohit Saboo for the closing comments.
Thank you all for taking the time to join us today and for your continued interest in Bigbloc Construction. As we continue to navigate opportunities ahead, we remain committed to delivering consistent growth and value in the coming quarters. As always, if you have any further questions, please feel free to reach out to our Investor Relations advisor, Churchgate Partners, and we'll be happy to address your queries. Thank you once again. Have a good day.
On behalf of Bigbloc Construction, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.