Regulatory Disclosure Details

Financial Performance Highlights

Second Half FY26 Performance (H2FY26)

  • Revenue: ₹75.20 Crore, up 30% YoY (from ₹57.65 Crore in H2FY25)
  • EBITDA: ₹24.54 Crore, up 52% YoY (from ₹16.13 Crore in H2FY25)
  • EBITDA Margin: 33%, expanded by 900 basis points YoY
  • PBT (excluding Other Income): ₹22.53 Crore, up 66% YoY (from ₹13.57 Crore in H2FY25)
  • Reported PBT: ₹23.02 Crore, up 38% YoY
  • PAT: ₹15.88 Crore, up 24% YoY

Full Year FY26 Performance

  • Revenue: ₹141.78 Crore, up 17% YoY (from ₹121.32 Crore in FY25)
  • EBITDA: ₹42.76 Crore, up 53% YoY (from ₹28.00 Crore in FY25)
  • EBITDA Margin: 30%, expanded by 900 basis points YoY
  • PBT (excluding Other Income): ₹38.69 Crore, up 57% YoY (from ₹24.72 Crore in FY25)
  • Reported PBT: ₹39.73 Crore, down 13% YoY (from ₹45.43 Crore in FY25)
  • PAT: ₹28.28 Crore, down 20% YoY (from ₹35.56 Crore in FY25)

Performance Commentary

  • Revenue growth driven by improved realizations and better product mix rather than volume growth
  • Existing assets operated at near-full utilization throughout FY26
  • Employee cost increased approximately 197% in FY26 due to front-loaded hiring for Phase 1 expansion
  • Loans & Advances increased to approximately ₹48 Crore, primarily reflecting advances for Phase 1 plant and machinery
  • Operating Cash Flow grew 64% YoY to ₹9.85 Crore despite capital-intensive buildout phase
  • Trade receivables expanded in normal course of business with collections in line with standard terms

Capacity Expansion Program

Phase 1 Expansion (Current)

  • Total Investment: Approximately ₹150 Crore
  • Commissioning Date: On track for June 15, 2026
  • Capacity Enhancements:
  • Ingot: From 0 to 48,000 MTPA (new capability)
  • Forging: From 18,000 to 40,000 MTPA
  • Machining: From 8,400 to 33,000 MTPA (quadrupled capacity)
  • Status: Order booking already secured ahead of commissioning

Phase 2 Expansion (Planned)

  • Total Investment: Approximately ₹165 Crore
  • Centerpiece: State-of-art 5,000-Ton Open Die Hydraulic Forging Press with 40-Ton Manipulator
  • Components: Heavy forging line, integrated CNC Machining division, heat treatment facility, material handling systems, power & utility infrastructure, industrial production shades, civil foundations, heavy duty flooring, weighment and logistics infrastructure
  • Target Sectors: Aerospace, nuclear, advanced defence, and heavy oil & gas
  • Expected Benefits: Enhanced production capacity, ability to manufacture larger & higher value forged components, improved operational efficiencies, strengthened position in heavy engineering sector

FY27 Strategic Focus Areas

1. Execute capacity and capability built through Phase 1 expansion

2. Pursue customer and product approvals across high-value critical segments (defence, aerospace, export OEMs)

3. Strengthen organizational capabilities through more institutionalized and professionally managed operating structure

4. Continue building high precision engineering components in highly regulated industries

5. Sustain healthy operating-cash-flow conversion and optimize working-capital cycle

6. Focus on timely commissioning of Phase 2 expansion program

Management Commentary

Anshul Chamaria, Director, characterized FY26 as "a year of base-building" and "the foundation for the next leg of a multi-year, transformational journey that begins in FY27." The company emphasized that PBT excluding Other Income represents the "cleanest measure of underlying earning power" and reflects a "structural re-rating of the business."

Forward-Looking Statements Disclosure

The document contains forward-looking statements relating to growth strategy, capacity-expansion plans, expected revenue and margin trajectories, capex-execution timelines, and future operating performance. These statements are based on management's current expectations and are subject to risks and uncertainties including economic conditions, regulatory developments, raw-material dynamics, capex execution, customer concentration, and competition. The company undertakes no obligation to publicly update or revise such statements except as required under applicable law.