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Perception outweighs rationalism in the short term. Decent Q4FY26 numbers: Sales growth: 25% YoY PAT growth: 18% YoY OPM: 16.1% vs 17.8% OCF: 14.02 Cr vs 6.97 Cr Receivables: 46 Cr Vs 34 Cr Recommended dividend of ₹1.5 per share. Waiting for the management commentary. Disc: Invested. No buy/sell reco. #Macpower

Log in to CompoundingAI for results pulse ! Macpower CNC Machines - Q4 FY26 Results Revenue guidance met. PAT grew faster than revenue. ROE at 21.3%. FCF turned positive. And the Q4 margin dipped 188 bps QoQ from a material cost spike that needs watching. The greenfield plant - the key to everything still has no land update. Q4 numbers: Revenue ₹100.3 Cr - up 25.3% YoY and 16.4% QoQ. The strongest quarter of the year. EBITDA ₹16.2 Cr at 16.20% margin - down 188 bps from Q3's 18.08% and down 71 bps YoY. The culprit: material costs grew 69.2% YoY against revenue growing 25.3% - a 44 percentage point gap that compressed gross margins sharply. Finance costs grew 570.8% YoY, but that number is misleading - 93% of it is bank charges (LC and BG fees for defence/export contracts) classified under finance costs per IndAS. Not debt-related. PAT ₹10.1 Cr +18.0% YoY. EPS ₹10.14. FY26 full year: Revenue ₹333.2 Cr +27.3% - within the 20-30% guidance range, MET. EBITDA ₹53.9 Cr at 16.18% - up 60 bps YoY (FY25: 15.58%). PAT ₹33.9 Cr +33.1%. Normalized +30.3% (FY25 had a ₹0.77 Cr fire loss). EPS FY26 ₹33.86. ROE 21.3% (up from ~19% FY25). ROA 14.0%. ETR declined to 25.2% (from 26.5%) on new tax regime. Dividend ₹1.50/share (15%) recommended - consistent with FY25. CFO ₹14.0 Cr - CFO/PAT 0.41×. The working capital drag is inventory: ₹145.6 Cr at year-end, +33.8% YoY, sitting at ~260 inventory days. This absorbed ₹36.8 Cr in cash. FCF turned positive at +₹3.1 Cr versus −₹9.0 Cr in FY25 - improvement despite the inventory build, helped by 31% lower capex (₹11.0 Cr vs ₹16.0 Cr). Effectively debt-free - total borrowings ₹0.39 Cr, D/E 0.22%. Net worth ₹175.2 Cr +22.7%. Current ratio 2.34×. Trade receivables ₹46.3 Cr +34.8% at ~51 receivable days - stable. Intangible assets up 395% to ₹1.72 Cr, reflecting Macatrol® controller IP investment. Capacity at 2,500 machines/year (expanded from 2,000 in November 2025). The EBITDA guidance gap is material: management targets 22-25% EBITDA margins; actual FY26 is 16.18% - a gap of 582-820 bps with no specified timeline. The path to those margins runs through the greenfield plant, which would scale capacity to 10,000 machines/year. Land acquisition for that facility has had no announcement since Q3. FY27 revenue guidance: 25-30% growth (₹416-433 Cr). Defence bids outstanding: ₹958 Cr (Q3 data) - conversion rate will shape both revenue and margin mix. Note: This is not investment advice.