Also they have mentioned that transportation cost is significant hence they can’t compete with locally manufactured products.i think there was a case of why they can’t capture French market as there is a similar company available in France.so FTA may not be significant event for 3B.
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Something more near term that will impact 3B is INR depreciation. INR is down 17-20% against the GBP and EUR in one year. This makes 3B a lot more competitive in the markets it’s growing in. As the % of revenue coming from Europe rises, and cost base of TPE & Coris hopefully shifts more to INR, this should bode well for their export led strategy.
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Good numbers this quarter on revenue and profit.
But I don’t like that growth guidance has come down earlier it looked like 15–20%, now it’s more like 10–15%. Exports growth projection decreases from 20-25% to 15-20%.
Also FY usage is confusing, CORIS and 3B/TRUPCR projection is mentioned differently at many places.
I think FY26 can end around ₹140-142cr sales and ₹58–60 cr PAT.
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The headline numbers were influenced by Coris, which recognized 100% of a significant annual order during Q3FY26. Since this is a yearly contract, the performance should be evaluated on an annual horizon; consequently, tracking the growth of the Ex-Coris business over the next three quarters would provide better picture. Overall, the results are decent, with revenue growing by 4%, PBT by 11%, and PAT by 14%.
Coris is expected to make loss of EUR 325k on annual basis which is like 81k per quarter, if we add that to ex-coris business, consolidated PAT has grown by 8%
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FY27 PAT will probably stay flat vs FY26 since FY26 has CORIS’ best quarter in it.
Also now that gains are taxed like regular cap gains, mgmt should think about buybacks again.