SHAPE Australia forecasts FY26 revenue up nearly 23% and NPAT soaring 47%, driven by sector diversification and modular expansion.
- Record $1.16 billion project wins in FY26
- Revenue forecast between $1.175 billion and $1.225 billion
- NPAT expected to rise 47% to $30-32 million
- Backlog orders surpass $680 million
- Modular revenue more than doubles FY25 result
Record Project Wins Fuel Revenue and Profit Surge
SHAPE Australia Corporation (ASX:SHA) is on track to deliver a standout FY26, with project wins hitting a record $1.16 billion as of April 30, comfortably eclipsing last year’s $981.6 million. This surge underpins a revenue forecast between $1.175 billion and $1.225 billion; a hefty 22.8% jump from FY25’s $956.9 million. Net profit after tax is expected to climb nearly 47% to a range of $30 million to $32 million, up from $21.1 million the previous year.
The company’s backlog orders have also swelled to over $680 million, well beyond FY25’s $492.4 million, providing a robust foundation for future earnings. Modular construction revenue has more than doubled, exceeding $63 million, highlighting SHAPE’s rapid growth in this segment.
Diversification Drives Resilience and Margin Expansion
SHAPE’s strategic focus on sector and capability diversification is paying dividends. Education sector revenue has nearly doubled its share to 22%, largely thanks to modular projects, while Data Centre refurbishment revenue has jumped from under 1% to over 10%. The company has also secured over $65 million in aged care project wins, broadening its exposure to resilient sectors.
Capability-wise, the scaling of modular operations in Victoria and South Australia stands out, with revenue more than doubling FY25’s $30.6 million. This expansion complements the company’s traditional fitout and construction services, reinforcing its competitive edge.
These results build on momentum from earlier in FY26, where SHAPE accelerated growth with a 16% revenue rise and a $3.8 billion pipeline, boosted by the Arden acquisition, which expanded its facilities maintenance capabilities and retail fitout footprint $3.8b pipeline boost. The Arden deal, completed in early 2026, has integrated smoothly, enabling cross-selling opportunities and contributing to the strong financial outlook.
Workforce Growth Supports Operational Excellence
SHAPE’s headcount has risen to over 850 employees, a 12% increase year-on-year excluding Arden, and 24% including the acquisition. This growth reflects the company’s success in attracting and retaining talent to support its expanding operations and maintain high client satisfaction, which underpins repeat business and ongoing contract wins.
CEO Peter Marix-Evans emphasised the company’s resilient business model, highlighting the focus on shorter-duration projects and shared risk with supply chain partners to mitigate cost escalation pressures. The strong and diversified $4.2 billion forward pipeline provides visibility into FY27 and beyond, allowing SHAPE to remain selective and pursue high-quality opportunities that reinforce its growth trajectory.
Bottom Line?
SHAPE’s record FY26 performance sets a high bar, but the true test will be sustaining margin improvements and managing integration risks as the pipeline matures into FY27.
Questions in the middle?
- How will SHAPE’s margin profile evolve as modular operations scale further?
- Can the company maintain its selective approach amid a growing $4.2 billion pipeline?
- What synergies will emerge from deeper integration of Arden’s business units?