Financial Performance Highlights

Consolidated Performance Q2 FY27

  • Revenue: ₹639 crores, representing 10.5% year-on-year growth
  • EBITDA: ₹148 crores, representing 17.7% year-on-year growth
  • EBITDA Margin: 23.1%, expanding by 140 basis points
  • Profit After Tax: ₹96 crores
  • PAT Margin: 15.1%

Consolidated Performance H1 FY27

  • Revenue: ₹1,160 crores, representing 11.1% growth over adjusted H1 FY26
  • Adjusted EBITDA: ₹257 crores, representing 11.4% growth over adjusted H1 FY26
  • Adjusted EBITDA Margin: 22.2%

Note: H1 FY26 adjustments exclude Rs 25 crores of one-time arbitration income in MHE division and Rs 19 crores (net of tax) plus Rs 7 crores (net of tax) of arbitration income booked under Other Income, and Rs 80 crores (net of tax) of unrealised mark-to-market gain on reclassification of investment booked as Exceptional Income below PBT.

Division-wise Performance

Gear Division Q2 FY27

  • Revenue: ₹488 crores, increasing 10.6% year-on-year
  • EBIT: ₹108 crores, increasing 27.2% year-on-year
  • EBIT Margin: 22.1%, expanding by 290 basis points
  • Order Intake: ₹493 crores (broadly stable)
  • Open Order Book: ₹1,056 crores, increasing 37.0% year-on-year

Gear Division H1 FY27

  • Revenue: Increased 13.1% year-on-year
  • EBIT: Increased 21.8% year-on-year
  • Order Intake: ₹1,063 crores, growing 8.8% year-on-year

MHE Division Q2 FY27

  • Revenue: ₹151 crores, increasing 10.4% year-on-year
  • EBIT Margin: 20.2% (moderated due to unfavorable product mix, increased input costs, and operating deleverage)
  • Order Intake: ₹253 crores, growing 32.5% year-on-year
  • Overseas Orders: ₹68 crores
  • Open Order Book: ₹579 crores, increasing 27.3% year-on-year

Note: MHE division project execution improved compared to Q1, with further acceleration anticipated during H2 FY27.

Other Business Updates

Overseas Business

  • Q2 FY27 Revenue: ₹159 crores
  • Growth: 30.6% year-on-year increase
  • Comprises exports and overseas subsidiaries

Order Book Position

  • Consolidated Q2 Order Intake: ₹746 crores, increasing 8.4% year-on-year
  • Consolidated H1 Order Intake: ₹1,501 crores, increasing 15.3% year-on-year
  • Consolidated Open Order Book: ₹1,635 crores as of 30th September 2026, up approximately 33% year-on-year

Corporate Actions

  • Interim Dividend: Declared ₹0.50 per equity share (50%) on face value of ₹1 each

Credit Rating Update

  • Long Term: Upgraded from ICRA AA (Stable) to ICRA AA (Positive)
  • Short Term: Reaffirmed at ICRA A1+

Banking Facilities

  • State Bank of India (Lead Banker) released Collateral Security for Fund Based and Non-Fund Based Working Capital Limits
  • Hypothecation of movable and immovable Fixed Assets including Plant & Machineries removed

Export Orders

  • MHE division secured export orders of approximately $9 million, entering global markets

Management Commentary

Mr. Prayasvin B. Patel, Chairman & Managing Director, commented on the strong performance driven by disciplined execution in the Gear division, healthy order book providing revenue visibility, and expansion in international markets. The company remains focused on strengthening leadership in industrial gear solutions and material handling equipment as it marks 75 years of operations.