Financial Performance Highlights
Full Year FY26 Performance (Consolidated)
- Revenue from operations: ₹12,304 million, up 33% YoY from ₹9,246 million in FY25
- EBITDA: ₹1,545 million, up 43% YoY from ₹1,080 million in FY25
- EBITDA Margin: 13% vs 12% in FY25 (100 bps improvement)
- Profit After Tax: Loss of ₹1,133 million vs loss of ₹1,024 million in FY25
- PAT Margin: -9% vs -11% in FY25 (200 bps improvement)
- Other Income: ₹654 million vs ₹346 million in FY25
- Total Income: ₹12,958 million, up 35% YoY
- One-time expenses: ₹76 million in share issue and labour code expenses
Q4 FY26 Performance (Consolidated)
- Revenue from operations: ₹3,671 million, up 47% YoY from ₹2,493 million in Q4 FY25
- Total Income: ₹3,950 million, up 48% YoY
- EBITDA: ₹321 million vs ₹416 million in Q4 FY25 (-23% YoY)
- EBITDA Margin: 9% vs 17% in Q4 FY25
- Profit After Tax: Loss of ₹541 million vs profit of ₹90 million in Q4 FY25
- PAT Margin: -14% vs 3% in Q4 FY25
Segment Performance
Aerospace Segment:
- Strong order book of $889 million (approximately ₹7,400 crore)
- Steady growth with continued customer traction
Consumer Segment:
- Revenue growth of 84% YoY in FY26
- Significant capacity expansion during Q4 and FY26
- Additional investments planned in FY27 including ongoing construction of new facility
- Commencement of commercial operations in Q3 FY26 led to cessation of capitalization
Operational Highlights
- Manufacturing footprint expansion through MoUs with Government of Tamil Nadu (₹1,900 crore investment in Hosur for integrated Aerospace ecosystem) and Government of Karnataka (₹2,856 crore investment to expand aerospace and consumer electronics manufacturing across Belagavi & Hubballi)
- Added new aerospace parts enhancing portfolio depth and customer wallet share
- Export positioning reinforced with global OEMs
- Partnership with IIT Dharwad to build advanced materials R&D ecosystem focused on applied research, failure analysis, process simulation and manufacturing innovation
- Ravi Kumar Assudani joined as Head of Engineering - Consumer Segment
Balance Sheet Position (as at March 31, 2026)
- Equity Share Capital: ₹6,707 million
- Reserves and Surplus: ₹8,149 million
- Total Equity: ₹14,855 million
- Cash and Cash Equivalents: ₹3,015 million
- Bank Balances (other): ₹552 million
- Total Cash: ₹3,567 million
- Property, Plant and Equipment: ₹8,755 million
- Right-of-use Assets: ₹2,733 million
- Investments: ₹1,055 million
- Inventories: ₹5,674 million
- Trade Receivables: ₹2,646 million
- Net Debt to Equity: 0.10x
Cash Flow Statement (Q4 FY26)
- Cash flow from operations: Negative ₹1,424 million
- Capital expenditures: ₹319 million
- Term Loans Received: ₹750 million
- Repayment of loan: ₹2,527 million
- Net cash movement: Negative ₹4,866 million
- Closing Cash: ₹3,015 million
Management Commentary
Executive Chairman and CEO Aravind Melligeri stated that FY26 has been a landmark year defined by strong execution, meaningful business expansion, and the IPO which marks a transformational milestone. He highlighted the operating leverage in the platform as programs mature and scale, with Aerospace segment showing steady growth and Consumer segment posting 84% YoY growth. The company enters FY27 with confidence in sustaining growth momentum.
Growth Strategies
1. Continue to increase wallet share with existing customers
2. Move up the value chain and increase manufacturing of more critical and complex parts in Aerospace segment including landing gear and engine components
3. Leverage credibility with existing customers to increase value addition across customers' platform
4. Serve as D2P partner for Airbus with access to pool of contracts
5. Long-term MSAs setting broad terms governing relationship
6. Diversify customer base by pursuing opportunities to develop new relationships
7. Improve margins through higher value manufacturing and operational efficiencies
8. Leverage existing capabilities to increase market share in current operating segments and sector adjacencies