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Strong revenue growth offset by margin pressure; robust order book and margin recovery expected.

Q3 FY26 revenue reached INR 4,936 crore with a strong INR 87,000 crore order book and 7% margin guidance.

Order book at INR 90,000 crore supports FY26 revenue guidance of INR 21,000-22,000 crore.

Q1 revenue dipped, but a robust order book and Vande Bharat ramp-up signal strong recovery ahead.

Order book at INR 1 lakh crore, with growth driven by diversification and international focus.

Strong Q4 expected to meet revenue targets, with a robust order book and expanding global footprint.

Stable profits and cash flow, but large JV receivable and charge claim remain key risks.

Execution delays hit Q1 results, but robust order book and GST relief support FY25 outlook.