Financial Performance Highlights

Q2 FY27 Results (₹ Mn)

  • Revenue from operations: ₹4,091 Mn (up 45% YoY from ₹2,816 Mn in Q2 FY26, up 3% QoQ from ₹3,955 Mn in Q1 FY27)
  • Other income: ₹106 Mn
  • Total income: ₹4,197 Mn (up 41% YoY)
  • EBITDA: ₹245 Mn (down 45% YoY from ₹443 Mn)
  • EBITDA margin: 6% (vs 16% in Q2 FY26)
  • Depreciation and amortization: ₹465 Mn
  • Finance costs: ₹206 Mn
  • Loss before share of JVs & tax: ₹(427) Mn
  • Share of net profit of associates & JVs: ₹18 Mn
  • Loss before tax: ₹(409) Mn
  • Total tax expense: ₹113 Mn
  • Loss after tax: ₹(522) Mn (vs loss of ₹206 Mn in Q2 FY26)
  • PAT margin: (12%)

Including JV share (100% Aequs, 50% of JV share for API, SQuAD & ACPL, 33% of Ajna):

  • Revenue: ₹4,480 Mn (up 44% YoY, up 4% QoQ)
  • EBITDA: ₹331 Mn (7% margin)

H1 FY27 Results (₹ Mn)

  • Revenue from operations: ₹8,046 Mn (up 50% YoY from ₹5,372 Mn)
  • Other income: ₹173 Mn
  • Total income: ₹8,220 Mn (up 45% YoY)
  • EBITDA: ₹460 Mn (down 45% YoY from ₹841 Mn)
  • EBITDA margin: 6% (vs 16% in H1 FY26)
  • Depreciation and amortization: ₹919 Mn
  • Finance costs: ₹394 Mn
  • Loss before share of JVs & tax: ₹(854) Mn
  • Share of net profit of associates & JVs: ₹47 Mn
  • Loss before tax: ₹(807) Mn
  • Total tax expense: ₹248 Mn
  • Loss after tax: ₹(1,054) Mn (vs loss of ₹167 Mn in H1 FY26)
  • PAT margin: (13%)

Including JV share:

  • Revenue: ₹8,781 Mn (up 48% YoY)
  • EBITDA: ₹638 Mn (7% margin)

Segment Performance

Q2 FY27 Segment Revenue (₹ Mn)

  • Aerospace: ₹2,707 (66% of total)
  • Consumer: ₹1,384 (34% of total)

Q2 FY27 Segment EBITDA (₹ Mn)

  • Aerospace: ₹518 (19% margin)
  • Consumer: ₹(273) ((20)% margin)

H1 FY27 Segment Revenue (₹ Mn)

  • Aerospace: ₹5,243 (65% of total)
  • Consumer: ₹2,803 (35% of total)

H1 FY27 Segment EBITDA (₹ Mn)

  • Aerospace: ₹1,002 (19% margin)
  • Consumer: ₹(542) ((19)% margin)

Operational Highlights

  • Aerospace order book reached USD 1,096 million, growing 9% QoQ
  • Signed new long-term supply agreements with Safran, expanding relationships to six Safran entities
  • Safran A320 aircraft wheels agreement represents first serial-production contract exceeding 15 years
  • Consumer segment ramp delayed due to extended qualification timelines and supply chain constraints
  • H1 FY27 capital expenditure: ₹1,597 Mn

Strategic Developments

  • ₹6,500 Mn promoter-group investment through preferential warrants to support capacity expansion, strategic JV investments, and working capital requirements
  • Replicating Belagavi aerospace ecosystem with new aero-engine & landing gear ecosystem at Hosur
  • New CFO appointment: Reenah Joseph joined with nearly two decades of experience in corporate finance, capital markets, M&A and investor relations

Balance Sheet Position (as of September 30, 2026, ₹ Mn)

  • Total equity: ₹13,921 (Equity share capital: ₹6,707, Reserves and surplus: ₹7,215)
  • Total liabilities: ₹13,818
  • Non-current borrowings: ₹2,809
  • Current borrowings: ₹2,803
  • Lease liabilities: ₹2,752 (Non-current: ₹2,032, Current: ₹720)
  • Trade payables: ₹3,826
  • Total assets: ₹27,739
  • Property, plant and equipment: ₹9,442
  • Right-of-use assets: ₹2,414
  • Inventories: ₹6,832
  • Trade receivables: ₹2,987
  • Cash and cash equivalents: ₹1,710
  • Bank balances other than cash: ₹289

Cash Flow Statement (H1 FY27, ₹ Mn)

  • Cash flow from operations: ₹(808)
  • Capital expenditures: ₹(1,597)
  • Proceeds from borrowings: ₹2,373
  • Repayment of borrowings: ₹(707)
  • Lease liability payments: ₹(260)
  • Interest payment: ₹(403)
  • Net cash movement: ₹(1,316)
  • Opening cash: ₹3,015
  • Closing cash: ₹1,710

Key Metrics

  • Fixed Asset Turnover: 0.9x (annualized)
  • ROCE: 22% for Aerospace, (25)% for Consumer (annualized)
  • JV revenue grew 32% YoY
  • JV EBITDA grew 47% YoY in H1 FY27

Management Commentary

Executive Chairman and CEO Aravind Melligeri stated that the first half of FY27 marked continued progress in expanding business and strengthening long-term growth opportunities. The company is recalibrating the path to Consumer EBITDA breakeven with near-term focus on improving utilization and translating installed capacity into profitable growth.