Key Business Updates

  • Commissioned a 360,000 shells per annum large-caliber ammunition shell line at its greenfield Belgaum facility
  • Inducted into the NATO supply chain for artillery shell bodies and mission-critical components
  • Entered into a 5-year binding MoU with a NATO-affiliated entity for supply of large-caliber ammunition shells
  • Secured order for 30,000 units of 152mm artillery shells from a leading Indian energetics player, with supplies commencing June 2026
  • Commercialized high-precision machining line with advanced 7-Axis and 11-Axis CNC machines
  • Secured maiden aerospace order from Alpha Aircraft Systems Inc., USA
  • Subsidiary Quantum Energetics Private Limited entered advanced energetics segment (TNT, RDX, HMX production), subject to approvals
  • ICRA upgraded credit rating to [ICRA]A-(Stable) / [ICRA]A2+

Financial Performance (FY26 Consolidated)

  • Revenue from Operations: ₹11,074 Mn (19.9% YoY growth)
  • EBITDA: ₹2,995 Mn (EBITDA Margin: 27.0%)
  • PAT: ₹2,589 Mn (PAT Margin: 22.7%)
  • Basic EPS: ₹23.90 per share (24.2% YoY growth)
  • ROCE: 21.7% | ROE: 19.6%
  • Cash flow from operations: ₹316.9 Mn

Q4 FY26 Performance

  • Revenue from Operations: ₹2,636 Mn (-2.3% YoY)
  • EBITDA: ₹599 Mn (EBITDA Margin: 22.7%)
  • PAT: ₹657 Mn (PAT Margin: 22.9%)
  • Basic EPS: ₹6.35 per share

Capacity and Expansion

  • Current Forging Capacity: 100,000+ MTPA (planned expansion to 150,000 MTPA)
  • Current Machining Capacity: 45,000+ MTPA (planned expansion to 80,000 MTPA)
  • Hattargi facility: 46-acre facility with machining capacity of 58,000+ MTPA and captive forging capacity of 100,000+ MTPA
  • Empty Shell production capacity: 360,000 shells p.a.

Manufacturing Capabilities

  • 4 state-of-the-art production facilities across India and UAE
  • Equipment includes: 25-ton, 16-ton, 10-ton hydraulic hammers; 8,000-ton mechanical press; 7-axis & 11-axis CNC machines
  • GERB anti-vibration technology from Germany
  • Dedicated R&D team of 75 people

Order Book and Revenue Mix

  • Defence, Aerospace & Railways contribution increased from 5% in FY24 to 13% in FY26
  • These sectors now account for ~50% of the order book
  • Balanced contribution from Commercial Vehicles, Agriculture, Oil & Gas, Power Generation and Heavy Engineering

Capital Structure (FY26)

  • Total Assets: ₹18,508 Mn
  • Total Equity: ₹15,945 Mn
  • Borrowings: ₹1,267 Mn
  • Net Debt: ₹377 Mn
  • Net Debt/Equity: 0.02x
  • Property, Plant & Equipment: ₹5,140 Mn
  • CWIP: ₹2,773 Mn

Sustainability and Governance

  • Comprehensive ESG framework with 15 factors and 461 subfactors
  • Board of Directors includes Mr. Jaspalsingh Chandock (Chairman & MD), Mr. Trimaan Chandock (ED), Mr. Jaikaran Chandock (ED), and three independent directors
  • Multiple committees: Audit, Stakeholders Relationship, Nomination and Remuneration, CSR, Risk Management, Management

Strategic Direction

  • Diversified approach across multiple sectors with minimal geographical concentration
  • Expanding into defence, aerospace, railways, energy, and industrial equipment
  • Focus on high-value precision components and complex manufacturing
  • Geographic expansion to enhance serviceability in key markets
  • Industry 4.0-enabled automation enhancing productivity and traceability