Financial Performance Highlights

Consolidated Results (Q1 FY27)

  • Revenue from Operations: ₹4,640 crore (₹46,399 million), up 18.7% YoY
  • EBITDA: ₹752 crore (₹7,516 million), up 10.2% YoY
  • EBITDA Margin: 16.2%
  • PBT after Exceptional Items: ₹55.7 crore (₹557 million)
  • Long-term Debt: ₹2,151.6 crore (₹21,516 million)
  • Working Capital Loans & Bill Discounting: ₹4,845.1 crore (₹48,451 million)
  • Equity: ₹9,519.1 crore (₹95,191 million)
  • Cash: ₹2,729.8 crore (₹27,298 million)
  • Return on Capital Employed (Net): 15.2%
  • Debt/Equity (Net): 0.45
  • Net Debt/EBITDA: 1.42

Standalone Results (Q1 FY27)

  • Revenue from Operations: ₹2,347.4 crore (₹23,474 million), up 11.5% YoY
  • EBITDA: ₹614.1 crore (₹6,141 million), up 4.5% YoY
  • EBITDA Margin: 26.2% (impacted by higher energy and input costs)
  • PBT before Exceptional Items: ₹490.2 crore (₹4,902 million), up 5.4% YoY
  • Exceptional Items: ₹-24.5 crore (₹-245 million)
  • Exchange Gain/(Loss): ₹-28.5 crore (₹-285 million)
  • PAT: ₹321.4 crore (₹3,214 million)
  • Sale Tonnage: 66,787 metric tons, up 8.0% YoY
  • Domestic Revenue: ₹1,142.7 crore (₹11,427 million), up 11.0% YoY
  • Export Revenue: ₹1,204.7 crore (₹12,047 million), up 12.0% YoY
  • Long-term Debt: ₹1,360.2 crore (₹13,602 million)
  • Working Capital Loans: ₹2,521.7 crore (₹25,217 million)
  • Equity: ₹11,387.5 crore (₹1,13,875 million)
  • Cash: ₹1,785.7 crore (₹17,857 million)
  • Return on Capital Employed (Net): 15.6%
  • Debt/Equity (Net): 0.18
  • Net Debt/EBITDA: 0.85

Business Segment Performance

Export Business Breakdown by Geography (Q1 FY27)

  • Americas: ₹797.2 crore (₹7,972 million)
  • Europe: ₹304.7 crore (₹3,047 million)
  • Asia Pacific: ₹102.8 crore (₹1,028 million)
  • Total Exports: ₹1,204.7 crore (₹12,047 million)

Subsidiary Performance (Q1 FY27)

KSSL (Indian Operations)

  • Revenue: ₹422.9 crore (₹4,229 million)
  • EBITDA: ₹72.9 crore (₹729 million)
  • EBITDA Margin: 17.2%
  • PBT before Exchange Gain/(Loss): ₹68.2 crore (₹682 million)

K Drive Mobility (Consolidated w.e.f July 1, 2025)

  • Revenue: ₹310.3 crore (₹3,103 million)
  • EBITDA: ₹10.0 crore (₹100 million)
  • EBITDA Margin: 3.2%
  • PBT before Exchange Gain/(Loss): ₹0.6 crore (₹6 million)

BFISL

  • Revenue: ₹222.1 crore (₹2,221 million)
  • EBITDA: ₹24.3 crore (₹243 million)
  • EBITDA Margin: 10.9%
  • PBT before Exchange Gain/(Loss): ₹15.4 crore (₹154 million)

Overseas Manufacturing Operations

European Operations:

  • Revenue: ₹1,073.8 crore (₹10,738 million)
  • EBITDA: ₹30.1 crore (₹301 million)
  • EBITDA Margin: 2.8%
  • PBT before Exchange Gain/(Loss): ₹-44.1 crore (₹-441 million)

US Operations:

  • Revenue: ₹461.5 crore (₹4,615 million)
  • EBITDA: ₹-3.9 crore (₹-39 million)
  • EBITDA Margin: -0.8%
  • PBT before Exchange Gain/(Loss): ₹-76.0 crore (₹-760 million)

Product Mix (Overseas):

  • Steel Forgings: 53% (₹818.9 crore/₹8,189 million)
  • Al Forgings: 47% (₹716.3 crore/₹7,163 million)

Operational Highlights

Order Book & New Wins

  • Indian operations won new orders worth ₹1,352 crore in Q1 FY27
  • Defence segment orders: ₹681 crore in Q1 FY27
  • Outstanding Defence orderbook: ₹11,196 crore as of June 30, 2026
  • Signed largest naval order for 12 Marine Gas Turbine Generator sets with Ministry of Defence

Capital Expenditure Plans

  • Planning ₹1,800 crore investment over 12-18 months
  • Setting up dedicated forging & machining capabilities for sunrise sectors
  • Includes energetics plant in Andhra Pradesh
  • Expected to generate incremental revenues post commissioning

Fund Raising

  • Board approved fund raise of up to ₹2,500 crore
  • Through issuance of Equity shares, Convertible securities or other securities
  • Via qualified institutional placement, preferential allotment or other methods
  • Subject to shareholder approval

Management Commentary & Outlook

Q1 FY27 Performance Context

  • Standalone business recorded 11.5% YoY topline growth despite energy price pressures
  • EBITDA margins normalized for input cost increase were at 28%
  • Export performance driven by inventory restocking and rebound in NA truck production
  • Passenger car exports showed strong growth across North America and Europe
  • Industrial segment delivered solid performance despite weak Oil & Gas quarter
  • Defence execution momentum drove robust YoY growth in domestic industrial business

Forward Guidance

  • Maintain growth outlook of 20-25% for Indian manufacturing business in FY27
  • Growth expected to be more pronounced in second half of fiscal year
  • HHP Engines segment momentum expected to pick up in H2FY27
  • Aerospace to see material improvement in YoY performance as recent orders enter production
  • Restructuring actions completed on EV business and German Forging business
  • Re-evaluating global manufacturing footprint for challenging business segments