Financial Results Summary

Consolidated Financial Performance (Rs Mn)

| Particulars | Q2 FY27 | Q2 FY26 | YoY Change | Q1 FY27 | QoQ Change | H1 FY27 | H1 FY26 | YoY Change |

| Revenue from Operations | 4,091 | 2,816 | 45% | 3,955 | 3% | 8,046 | 5,372 | 50% |

| EBITDA | 245 | 443 | (45)% | 215 | 14% | 460 | 841 | (45)% |

| EBITDA Margin % | 6% | 16% | (>100) bps | 5% | 100 bps | 6% | 16% | (>100) bps |

| PAT | (522) | (206) | (>100)% | (532) | 2% | (1,054) | (167) | (>100)% |

| PAT Margin % | (12)% | (7)% | (>100) bps | (13)% | 100 bps | (13)% | (3)% | (>100) bps |

Note: Q2 and H1 FY27 figures are not directly comparable with corresponding FY26 periods, as consumer electronics costs are now being expensed compared with the pre-operative phase in FY26.

Segment Performance

Aerospace Segment:

  • Q2 revenue grew 44% YoY to ₹3,514 Mn
  • H1 revenue grew 42% YoY to ₹6,736 Mn
  • Q2 EBITDA increased 24% YoY to ₹783 Mn
  • H1 EBITDA increased 29% YoY to ₹1,514 Mn
  • Business continued to broaden manufacturing scope and deepen customer relationships

Consumer Segment:

  • Q2 revenue increased 52% YoY to ₹577 Mn
  • H1 revenue increased 107% YoY to ₹1,310 Mn
  • Q2 EBITDA loss widened to ₹401 Mn from ₹361 Mn in Q1
  • H1 EBITDA loss stood at ₹763 Mn
  • Gradual ramp affected cost absorption

Joint Venture Performance (Proportionate Basis)

  • Q2 revenue reached ₹4,480 Mn, up 44% YoY and 4% QoQ
  • Q2 EBITDA stood at ₹331 Mn, down 36% YoY and up 8% QoQ
  • H1 revenue reached ₹8,781 Mn, up 48% YoY
  • H1 EBITDA stood at ₹638 Mn with margin of approximately 7%

Business Highlights

Order Book & Contracts:

  • Aerospace order book reached USD 1.1 billion, growing 9% QoQ
  • Safran A320 wheels agreement marks first serial-production contract exceeding 15 years
  • Expanded Aerospace product portfolio to 5,978 SKUs, adding 238 parts during Q2
  • Signed new long-term supply agreements with Safran, expanding relationships to six Safran entities

Manufacturing Capacity:

  • Added nine Aerospace CNC machines during the quarter, taking segment total to 229
  • Annualized machining and molding capacity across Company increased to 4.93 million hours
  • H1 FY27 capital expenditure stood at ₹1,597 Mn

Funding & Investment:

  • ₹6,500 Mn promoter-group investment through preferential warrants
  • Funds to support capacity expansion, strategic JV investments, and working capital requirements

Consumer Business Update:

  • Q2 volume ramp progressed slower than anticipated due to extended qualification timelines and supply chain constraints
  • Focus remains on completing remaining milestones and progressing into sustained production volumes
  • Recalibrating path to Consumer EBITDA breakeven

Management Changes:

  • Reenah Joseph appointed Chief Financial Officer, bringing nearly two decades of experience across corporate finance, capital markets, M&A and investor relations

Management Commentary

Mr. Aravind Melligeri, Executive Chairman and CEO, stated:

  • First half FY27 marked continued progress in expanding business and strengthening long-term growth opportunities
  • Revenue grew 50% YoY to ₹8,046 Mn driven by 42% growth in Aerospace and more than doubling of Consumer revenue
  • Aerospace order book stood at USD 1,096 Mn, providing long-term revenue visibility
  • View Consumer slowdown as timing-related shift rather than change in underlying opportunity
  • Near-term focus on improving utilization and translating installed capacity into profitable growth
  • ₹6,500 Mn promoter warrant intended to support next phase of expansion, including Hosur
  • New Safran agreements expanded relationships to six entities post quarter-end
  • Focus remains on disciplined execution and stronger returns