Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue: ₹57 crore, representing 71% year-on-year growth
  • EBITDA: ₹11 crore, representing 109% year-on-year growth
  • EBITDA Margin: 18.8%
  • PAT: ₹8 crore, representing 46.5% year-on-year growth
  • PAT Margin: 13.8%
  • EPS: ₹14

H1 FY27 Performance (Half-Year Ended September 30, 2026)

  • Revenue: ₹134 crore, representing 33% year-on-year growth
  • EBITDA: ₹25 crore, representing 43% year-on-year growth
  • EBITDA Margin: 18.5%
  • PAT: ₹23 crore, representing 17.1% year-on-year growth
  • PAT Margin: 17.3%
  • EPS: ₹40

Order Book Position

  • Order book as of September 30, 2026: ₹133 crore
  • Year-on-year growth: 202% (compared to ₹44 crore in previous year)
  • Strong visibility driven by increased demand for complete mining solutions
  • Robust growth from both public-sector and private-sector customers

Financial Ratios and Breakdown

Q2 FY27 Profit & Loss Analysis (₹ crore)

  • Gross Margin: 56.5% (870 bps decrease YoY)
  • Employee Cost: ₹6 crore (stable YoY)
  • Other Expenses: ₹16 crore
  • Other Income: ₹2 crore (decreased from ₹4 crore YoY)
  • Depreciation: ₹2 crore
  • Finance Cost: ₹0
  • Tax: ₹3 crore

Balance Sheet Position (as of September 2026, ₹ crore)

  • Total Assets: ₹561 crore
  • Non-Current Assets: ₹335 crore (including Property, Plant and Equipment: ₹112 crore, Investments: ₹210 crore)
  • Current Assets: ₹226 crore (including Inventories: ₹115 crore, Trade receivables: ₹91 crore)
  • Shareholders Funds: ₹488 crore (Equity Share Capital: ₹6 crore, Other Equity: ₹483 crore)
  • Total Liabilities: ₹561 crore
  • Current Liabilities: ₹64 crore
  • Debt-free status maintained with minimal borrowings

Cash Flow Statement (H1 FY27, ₹ crore)

  • Profit before Tax: ₹30 crore
  • Net Cash from Operating Activities: ₹2 crore
  • Cash Flow from Investing Activities: -₹1 crore
  • Cash Flow from Financing Activities: ₹0
  • Cash and cash equivalents at period end: ₹1 crore

Business and Operational Highlights

Manufacturing Capabilities

  • Expansive manufacturing site at Vallabh Vidyanagar, Gujarat
  • DSIR-approved R&D centre
  • Assembly shops (3 regular, 1 heavy for NPD assembly)
  • Machine shop with 6 Horizontal Machining Centers, 1 Vertical Machining Center, 1 CNC Turning Center
  • Shot blasting machines (Manual & Auto), paint booths, product testing facilities

Product Evolution

  • Three new products released in 2025-26:
  • MCAR-E: Fully Indigenous Battery-Operated Passenger Car
  • MUV: Fully Indigenous Battery-Operated MUV
  • CM-3500: High-powered Machine engineered for efficient coal extraction
  • 50 years of engineering excellence in mining equipment

Customer Base

Major customers include Coal India Limited, Manganese Ore India Limited, South Eastern Coalfields Limited, Western Coalfields Limited, The Singareni Collieries Company Limited, Hindustan Zinc Limited, Tata Steel, Uranium Corporation of India Limited, The Hutti Gold Mines Company Limited, and various private mining contractors.

Industry Outlook

Coal Mining Sector
  • Government target of 100 million tonnes underground coal production by 2030 using mass-production technology
  • CIL awarded 23 discontinued UG mines in June 2024, supporting fleet renewal
  • CIL reported operating fleet of 47 continuous miners across 27 mines
  • Government incentives for underground mining: 2% floor revenue share (reduced from 4%), nil mandatory upfront payment, 50% rebate on performance security
Metals Mining Sector
  • Hindustan Copper expansion creating potential for metal LHDs
  • HZL Q2 mined metal rose 5% to 271 kt, supporting fleet service and replacement demand
  • MOIL H1 FY27 ore production: 9.61 lakh tonnes, up 1.8% YoY
  • Uranium: 13 projects with in-principle approval, projected ore capacity ~11.535 million tonnes annually
Construction Sector
  • MoSPI reported 7.7% construction growth (Apr-Jun 2026)
  • ICEMA domestic construction equipment sales forecast: 9-12% for FY27
  • EC piling-rig series (EC125/EC216/EC267) serving foundation applications

ESG Initiatives

  • Renewable energy utilization and resource efficiency programs
  • Wind power capacity installation
  • Water reuse initiatives
  • Community health activities including blood donation camps, health walkathons
  • Social initiatives: food distribution, university scholarships, career counseling
  • Education and training programs for employees and community

Historical Financial Performance (₹ crore)

| Metric | FY26 | FY25 | FY24 | FY23 | CAGR |

| Revenue | 231 | 247 | 228 | 173 | 10.1% |

| EBITDA | 42 | 56 | 39 | 24 | 20.8% |

| EBITDA Margin | 18.3% | 22.7% | 17.3% | 13.9% | |

| PAT | 39 | 49 | 40 | 21 | 22.9% |

| PAT Margin | 16.8% | 19.9% | 17.8% | 12.1% | |

| EPS (₹) | 67.11 | 85.25 | 70.06 | 36.18 | |

Management Commentary

The performance was driven by robust execution of the order book, supported by healthy order inflows and sustained demand across key business drivers. Margins improved year-on-year, supported by better capacity utilization and efficient execution, which helped optimise other operating costs. Margins are in line with the targeted range of 18-20%.

Corporate Governance

Board of Directors includes:

  • Shri Pradip M. Patel (Chairman and Non-Executive – Non-Independent Director)
  • Shri Venkatraman Srinivasan (Independent Director)
  • Shri Prayasvin B. Patel (Executive Director)
  • Shri Kamlesh Shah (Executive Director)
  • Shri Prashant C. Amin (Non-Executive – Non Independent Director)
  • Shri Jai Diwanji (Independent Director)
  • Shri Sunil Vakil (Independent Director)