Group revenue rose 18% year on year in the third quarter, carried by an engineering order book that grew faster than any other part of the portfolio.
Marine Engineering and Castle Construction together booked a 25% increase in domestic project acquisition against the same quarter last year. The growth is concentrated in public infrastructure — river training works, jetty construction and two dredging contracts that run into 2027 — rather than in one-off private commissions.
Where the quarter came from
Engineering and infrastructure contributed just under half of group revenue for the first time since 2019. Consumer and retail held flat in volume but improved margin, largely because Meena Bazar's own-brand range now accounts for a fifth of basket value. The organic tea business had a strong export quarter on the back of the spring flush.
An order book is only as good as the delivery behind it. We would rather report a smaller number we can build than a larger one we cannot.
Capital expenditure rose to fund the solar installation at the Charka Steel plant and the cold-chain build-out behind Meena Click. Both are on schedule. Net debt fell despite the spend, and the group closed the quarter with its lowest gearing in six years.
Outlook
The board has not revised full-year guidance. The engineering pipeline is strong into the first half of 2026, but monsoon scheduling makes the fourth quarter the least predictable of the year, and the group would rather be judged on the twelve-month figure than on a strong three months.