Bigbloc Construction Ltd

AGM Details

• AGM held on 25 August 2026 at 12:10 PM via VC/OAVM.
• Meeting started at 12:10 due to a technical matter.
• E-voting available during meeting and for 15 minutes after.

Ordinary Business

• Adopt audited standalone and consolidated financial statements for FY2025-26.
• To reappoint director retiring by rotation.

Special Business

• Approve material related party transactions for FY2026-27 with Bigbloc Building Elements Pvt Ltd and Siam Cement Big Bloc.

Voting Status

• Voting results to be announced within two working days of the meeting.
• Results will be displayed on the company website and disseminated to exchanges.

Director Changes

• Director to be re-appointed: Mohit Narayan Saboo (DIN: 02357431).

Business overview

• BigBloc is a leading AAC blocks manufacturer under NXTBLOC brand in India.
• Four plants in Gujarat and Maharashtra with 1.3 million CBM p.a. capacity.
• JV with Siam Cement Group (SCG) ongoing since FY24 for building solutions.
• Aims to be a vertically integrated, green building materials provider.

Operational highlights

• Total AAC capacity across plants: 1.3 million CBM p.a.
• SCG JV project value INR 891 Mn; 2,50,000 CBM installed capacity.
• Launched AAC Wall Panels; NXTFIX mortar; NXTPLAST plaster; NXGRIP tile adhesive planned.
• MP expansion: 57,500 sqm land acquired in Central India.
• Solar capacity installed: 2,375 kW across group.

Financial performance

• FY26 revenue: INR 2,834 Mn; FY25: 2,246; FY24: 2,432.
• EBITDA: INR 176 Mn; margin 6.21%.
• PAT: INR -85 Mn; margin -3.00%.
• Equity share capital: INR 283 Mn; total equity: INR 1,463 Mn.
• Long-term borrowings: INR 1,144 Mn; short-term borrowings: INR 872 Mn.
• Cash and bank balances: INR 6 Mn; total borrowings: INR 2,016 Mn.

Capital structure & liquidity

• Equity capital grew to INR 283 Mn; balance sheet shows growing borrowings.
• Debt: long-term 1,144 Mn; short-term 872 Mn; total borrowings 2,016 Mn.
• Cash balance modest at INR 6 Mn; liquidity metrics not disclosed.

Strategic priorities & outlook

• Automation across new/existing plants to boost productivity.
• Expansion into high-growth markets; MP land acquisition for scale.
• ProductPortfolio: AAC Wall Panels, NXTFIX, NXTPLAST; NXGRIP tile adhesive.
• In-house logistics; cross-selling across building materials; SCG collaboration.
• Talent development to support scalable growth; sustainability focus.

Risks & governance

• Logistics and freight costs limit AAC adoption; in-house logistics mitigates risk.
• Reliance on SCG JV; diversification into walls and chemicals mitigates risk.
• Board includes promoters and independent directors; CFO-signatory responsible for finance.

Governance & leadership

• Promoters: Narayan Sitaram Saboo (Chairman) and Naresh Sitaram Saboo (MD).
• Independent directors: Sachit Gandhi and Saurabh Gupta; Samiksha Nandwani.
• Director & CFO: Mohit Narayan Saboo.

Conversion approval details

• Shareholders approved converting Bigbloc Building Elements Private Limited from private to public company.
• AGM held on 17 August 2026.
• Approval granted by Special Resolution with the required majority.
• Subject to regulatory formalities including ROC filing and issuance of a fresh Certificate of Incorporation.
• Pending completion of formalities will reflect the change in corporate records.
• Subsidiary of Bigbloc Construction Limited.
• No financial impact or metrics disclosed.

Financial Performance

• Revenue from operations was approximately INR 79 crores, up about 40% YoY.
• EBITDA was approximately INR 6 crores, up from INR 1 crore.
• EBITDA margin stood around 8%.
• Net loss narrowed to approximately INR 70 lakhs from INR 6 crores.
• Q1 FY27 capacity utilization was around 69%.

Operational Update

• Total capacity is 1.3 million cubic meters; AAC blocks 1.05 million.
• AAC panels capacity is 0.25 million cubic meters; fungible capacity.
• Four plants exist; three for AAC blocks; one fungible.
• Mortar plant is now operational; expanding construction chemicals.
• Solar energy meets 52% of power needs.
• MP plant: land acquired; construction post-monsoon; commercial production FY28.

Guidance and Outlook

• Utilization improvements should strengthen profitability and cash flows.
• Capex cycle is largely behind us; focus on utilization and ROIC.
• Prices to rise to improve margins; some hikes already.
• Mortar plant expands product portfolio into construction chemicals.

Q&A Highlights

• 69% utilization across AAC blocks.
• MP plant construction to start post-monsoon; FY28 production.
• Debt to reduce by Rs 25-30 crores by year-end.
• Fly-ash prices up 5-10%; diesel 7-8%; coal 50-60%.
• Labor shortages are behind us; automation reducing labor needs.

Meeting Details

• Date and time: 10 August 2026, 12:00 Noon IST.
• Type: earnings call recording.
• Organizer: Bigbloc Construction Limited.
• Key participants: CFO and director.
• Purpose: earnings results discussion / investor interaction.
• Recording available on the company's website.

Business overview

• One of India's largest AAC block manufacturers with 13,00,000 CBM annual capacity.
• Four manufacturing plants at Umargaon, Kapadvanj, Wada, and Ramosadi (JV) across Gujarat/Maharashtra.
• NXTBLOC is the brand; integrated platform includes AAC blocks, wall panels, and construction chemicals.

Operational highlights

• Q1-FY27 revenue ₹791 mn; EBITDA ₹63 mn; PAT -₹7 mn; PAT margin -0.88%.
• Sales volumes rose 32% YoY to 221,545 CBM; capacity utilisation ~69%.
• Two-year capacity expansions lifting utilisation; nearing operational break-even.
• Industry demand robust with growing adoption of green building materials.
• Geographic expansion and product line growth include AAC Wall Panels and NXGRIP.
• In-house logistics network to improve service and dispatch.

Financial performance

• FY26 revenue ₹2,834 mn; EBITDA ₹176 mn; PAT ₹-89 mn.
• EBITDA margin declined from 23.07% (FY24) to 6.21% (FY26).
• FY26 PAT margin at (3.00)%.
• Q1-FY27 revenue ₹791 mn; EBITDA margin 7.96%.
• Total equity ₹1,463 mn; long-term borrowings ₹1,144 mn; short-term borrowings ₹872 mn.
• Total assets ₹3,885 mn; cash ₹6 mn.

Balance sheet & liquidity

• Equity share capital rose from ₹142 mn (FY24) to ₹283 mn (FY25/26).
• Long-term borrowings ₹1,144 mn; current borrowings ₹872 mn; total borrowings ₹2,016 mn.
• Cash and bank balances ₹6 mn; total assets ₹3,885 mn.

Strategic priorities & outlook

• Geographic expansion: acquired 57,500 sq mts land in Madhya Pradesh to grow Central India footprint.
• Product portfolio expansion into AAC Wall Panels and NXGRIP tile adhesive.
• JV with Siam Cement Group International for NXTPLAST plaster; in-house logistics to boost delivery.
• Automation and process innovation across plants to improve productivity and cost efficiency.
• Strengthening service delivery through a logistics network; enhancing brand visibility and market share.

Risks & mitigation

• Industry-wide labour shortages pose headwinds; mitigated via efficiency gains and expanded footprint.

Financials & capacity

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Standalone capacity utilization around 59% in Q1.
• Consolidated capacity utilization around 69%; BBEPL 84%, Siam Cement 38%.
• Company has a single segment: Building materials; segment reporting not applicable.
• Auditors flag deviation: post-employment benefits not provided; expense would rise and profit would fall.
• Consolidated total income for quarter ended 30 Jun 2026: 8046.35 Lakhs; total expenses: 8118.19 Lakhs.
• Consolidated PBT: loss of 71.84 Lakhs.
• Profit after tax for continuing operations: loss 71.95 Lakhs.
• EPS (continuing operations): Basic 0.01, Diluted 0.01.
• Subsidiaries in consolidation: Bigbloc Building Elements Pvt Ltd (92.63%), Siam Cement Bigbloc Construction Technologies Pvt Ltd (52%).

Financial performance

• Standalone revenue from operations: ₹88.50 crore; standalone net loss ₹4.14 crore; EPS ₹-0.29.
• Consolidated revenue: ₹283.42 crore; consolidated net loss ₹8.49 crore; consolidated EPS ₹-0.12.
• Standalone revenue grew ~31% year‑on‑year; consolidated revenue grew ~26% YoY.
• Dividend for FY25‑26 not recommended by the Board.

Assets, leverage & cash flow

• Total borrowings (standalone) ₹83.36 crore; debt‑to‑equity ratio 1.74x.
• Net worth and equity capital unchanged at ₹48.01–₹52.17 crore range; consolidation shows minority interest.
• Cash flow: operating cash flow ₹19.99 crore (approx.); consolidated cash flow from operations positive.
• No material changes to business scope or asset base disclosed during year.

Manufacturing footprint & capacity

• Four plants: Umargaon (Gujarat), Kapadvanj (Ahmedabad), Wada (Palghar), Ramosadi (Kheda, via JV).
• Aggregate installed capacity: ~13 lakh CBM per annum; Wada is India’s largest single‑location AAC plant.
• JV with SCG International: Ramosadi capacity ~2,50,000 CBM p.a; ZMARTBUILD WALL panels.
• Strategic capex and capacity expansion planned for central India; Madhya Pradesh land acquisition for 2,00,000–2,50,000 CBM.
• Footprint supports multi‑state, multi‑product operations with closer proximity to markets.

Portfolio & product portfolio

• NXTBLOC AAC Blocks: flagship product; 600 kg/m3 density; fly ash rich (65% by weight).
• ZMARTBUILD WALL: AAC wall panels via SCG JV; revenues rose from ₹24m to ₹78m in FY26.
• Construction chemicals: NXTFIX mortar, NXTPLAST plaster; upcoming NXTGRIP tile adhesive.
• Carbon credits: ~60,000–65,000 credits/year; ~150,000 tonnes accrued to date.
• Integrated platform enables blocks, panels, and chemicals from a single supplier.

Strategic alliances & corporate actions

• Strategic alliance with SCG International (Thailand) to bring advanced walling technologies; 52% holding by BigBloc.
• SBML amalgamated with BBEPL; effective 1 April 2025; post‑merger, non‑controlling interest 7.37% in BBEPL.
• Ramosadi plant capex and capacity aligned with alliance; broader portfolio expansion planned.
• Consolidation restatements reflect intra‑group reorganization; no customer impact disclosed.

Governance & leadership changes

• Board meetings: 10 in FY25‑26; Independent Director Saurabh Gupta joined 22 Aug 2025; Dishant Jariwala served until 30 Sept 2025.
• Samiksha Nandwani reappointed as Independent Director; Mohit Narayan Saboo reappointed as ED/CFO.
• Board committees: Audit, Nomination & Remuneration, Stakeholders’ Relationship, CSR, and Risk Management.
• AGM scheduled 25 Aug 2026; through VC/OAVM; related party approvals required for certain resolutions.

Related party transactions & governance

• Material RPTs for FY27: ₹11.50 crore with BBEP L; ₹3.371 crore with SIAM; total 47.33% of prior year consolidated turnover.
• Audit Committee and Board approvals obtained; transactions on an arm’s length basis; quarterly review by Audit Committee.
• RPTs include purchases, goods/services, and guarantees; related party disclosures in notes to accounts.
• Related parties include BBEP, SIAM, promoter/PMK entities; voting rights restricted for RPT approvals.

ESG, sustainability & risks

• Environment: rooftop solar capacity 3.3 MW; 60k–65k carbon credits annually; fly ash‑based inputs reduce emissions.
• Social: 100% employees covered under health and safety training; 1 woman director on the Board; CSR not mandatory in FY26 per MCA thresholds.
• Governance: zero tolerance for anti‑corruption; independent Directors; internal controls robust; POSH policy in place.
• Zero‑discharge commitment: plants operate with zero external water discharge; water reused in processes.

Outlook & risks

• Medium‑term demand remains supported by infra spend; macro risks include input cost volatility and labour constraints.
• West Asia energy shock in FY26 impacted site productivity; normalisation expected in FY27 with cost containment.
• Green building trends and carbon‑efficient products favor AAC adoption; execution risk mitigated by capacity expansion and automation.

Landmark momentum & market position

• NXTBLOC established as a trusted AAC brand; 2,000+ completed projects and 1,500+ projects in pipeline.
• Lodha, Godrej, Adani, Prestige among marquee clients; palava, crescent bay as flagship projects.
• Geographic reach: 50+ cities across 8+ states; distribution footprint supports timely delivery.
• Domestic AAC market evolving toward wall panels, precast, and panelised construction; BigBloc positioned to lead.