CEWATER Q1 FY27 Guidance vs Delivery (CEWATER Management Mirror)

Revenue Operations Stand at INR 853 Million in Jun'26 Qtr Following Supply Chain Disruptions; Order Book Climbs to INR 6,199 Million

Management revised FY26 revenue guidance down to approximately INR 600 crores (around 2% growth) in the Dec'25 Qtr concall due to delayed project executions, including a deferred Kenya project and land acquisition issues. The reported FY26 revenue was INR 557.8 crores, missing the revised target as stated in the Mar'26 Qtr results. In the Mar'26 Qtr, revenue stood at INR 206 crores (down flattish YoY), and the Jun'26 Qtr results reported a further decline to INR 853 million, heavily impacted by supply chain disruptions from the Middle East conflict, causing a revenue shortfall of roughly INR 500 to 550 million. Management now expects an order book conversion of 80% to 85% on its INR 6,199 million backlog for FY27 growth, assuming execution stabilizes in Q2 FY27 and H2 FY27. For FY27, overall order intake is targeted at approximately INR 10,000 million.