Consolidated Financial Performance (Q1 FY27 vs Q1 FY26 vs Q4 FY26)

  • Operational Income: ₹925 Cr (up 16% YoY from ₹795 Cr; down 2% QoQ from ₹944 Cr)
  • Material Cost: ₹366 Cr (up 26% YoY from ₹291 Cr; down 13% QoQ from ₹420 Cr)
  • Other Costs: ₹465 Cr (up 15% YoY from ₹403 Cr; up 4% QoQ from ₹448 Cr)
  • Total Operating Expenses: ₹831 Cr (up 20% YoY from ₹694 Cr; down 4% QoQ from ₹868 Cr)
  • EBITDA: ₹94 Cr (down 7% YoY from ₹101 Cr; up 25% QoQ from ₹75 Cr)
  • EBITDA Margin: 10.1% (down 258 bps YoY from 12.7%; up 217 bps QoQ from 8.0%)
  • Other Income: ₹10 Cr (up 6% YoY from ₹9 Cr; down 46% QoQ from ₹18 Cr)
  • Depreciation: ₹41 Cr (up 14% YoY from ₹36 Cr; down 4% QoQ from ₹42 Cr)
  • Finance Cost: ₹23 Cr (down 47% YoY from ₹43 Cr; up 38% QoQ from ₹16 Cr)
  • Profit before exceptional items and tax: ₹40 Cr (up 27% YoY from ₹32 Cr; up 15% QoQ from ₹35 Cr)
  • Exceptional Items: ₹0 Cr (compared to ₹9 Cr in Q4 FY26)
  • Profit before tax after exceptional items: ₹40 Cr (up 27% YoY from ₹32 Cr; up 56% QoQ from ₹26 Cr)
  • Tax: ₹18 Cr (down 16% YoY from ₹21 Cr; up 65% QoQ from ₹11 Cr)
  • Profit after tax: ₹22 Cr (up 118% YoY from ₹10 Cr; up 47% QoQ from ₹15 Cr)
  • PAT Margin: 2.4% (up 111 bps YoY from 1.3%; up 80 bps QoQ from 1.6%)
  • Other Comprehensive Income: ₹5 Cr (down 91% YoY from ₹55 Cr; down 47% QoQ from ₹9 Cr)
  • Total Comprehensive Income: ₹27 Cr (down 59% YoY from ₹65 Cr; up 11% QoQ from ₹25 Cr)
  • Basic EPS: ₹5.32 (up 114% YoY from ₹2.48; up 39% QoQ from ₹3.82)

Standalone Financial Performance (Q1 FY27 vs Q1 FY26 vs Q4 FY26)

  • Operational Income: ₹235 Cr (up 2% YoY from ₹231 Cr; down 18% QoQ from ₹289 Cr)
  • Material Cost: ₹119 Cr (up 10% YoY from ₹108 Cr; down 26% QoQ from ₹160 Cr)
  • Other Costs: ₹91 Cr (up 4% YoY from ₹87 Cr; down 12% QoQ from ₹103 Cr)
  • Total Operating Expenses: ₹209 Cr (up 7% YoY from ₹195 Cr; down 20% QoQ from ₹263 Cr)
  • EBITDA: ₹26 Cr (down 28% YoY from ₹36 Cr; flat QoQ at ₹26 Cr)
  • EBITDA Margin: 11.0% (down 466 bps YoY from 15.7%; up 207 bps QoQ from 9.0%)
  • Other Income: ₹1 Cr (up 113% YoY from ₹1 Cr; down 84% QoQ from ₹8 Cr)
  • Depreciation: ₹7 Cr (down 11% YoY from ₹8 Cr; down 1% QoQ from ₹7 Cr)
  • Finance Cost: ₹6 Cr (down 15% YoY from ₹7 Cr; down 25% QoQ from ₹7 Cr)
  • Profit Before Tax: ₹15 Cr (down 35% YoY from ₹22 Cr; down 26% QoQ from ₹20 Cr)
  • Tax: ₹3 Cr (down 38% YoY from ₹6 Cr; up 5% QoQ from ₹3 Cr)
  • Profit After Tax: ₹11 Cr (down 33% YoY from ₹17 Cr; down 32% QoQ from ₹16 Cr)
  • PAT Margin: 4.7% (down 249 bps YoY from 7.2%; down 95 bps QoQ from 5.7%)
  • Other Comprehensive Income: ₹0 Cr (down 100% QoQ from ₹2 Cr)
  • Total Comprehensive Income: ₹11 Cr (down 33% YoY from ₹17 Cr; down 38% QoQ from ₹18 Cr)
  • Basic EPS: ₹2.48 (down 33% YoY from ₹3.71; down 32% QoQ from ₹3.66)

Operational Highlights

  • Order Intake: ₹1,007 Crores in Q1 FY27, up 16% QoQ (Q1 FY26 order intake included a large order of ₹355 Cr)
  • Backlog: ₹2,289 Crores as of Q1 FY27, up 20% YoY and 4% QoQ
  • Diversification Strategy: Share of non-traditional industries continues to increase, strengthening diversification. Q1 FY27 saw major orders won in mining and petrochemical industries. Pipeline for non-traditional industries remains strong and growing.

Corporate Restructuring and Strategic Initiatives

  • Organizational Restructuring: Reorganization of businesses into four distinct global divisions to drive growth, diversification, and cost efficiencies:
  • Corrosion Resistant Technologies (CRT): Unites glass-lined and fluoropolymer businesses serving chemical, pharmaceutical, and semiconductor industries.
  • Process Performance Technologies (PPT): Brings together sealing, mixing, filtration, and drying businesses onto a single global platform serving chemical, pharmaceutical, food and beverage, metals and minerals industries.
  • Heavy Engineering Technologies (HET): India-based business with growing export footprint supplying engineered-to-order critical equipment to global EPCs and customers in nuclear, power, and oil and gas industries.
  • Process System Technologies (PST): Delivers integrated process systems and modular solutions for chemical and pharmaceutical industries, with specialized applications including acid recovery serving industries including defense.

Financial Optimization Initiatives

  • Debt Reduction: Repayment of approximately EUR 7 million of debt planned by end of Q2 FY27, funded through internal accruals.
  • Dividend Policy: Revision of dividend payout frequency from semi-annual to annual, with no change to the Company's Dividend Distribution Policy.
  • EBIT to PAT Conversion Improvement Initiatives:
  • Group Tax Strategy: Implementing efficient tax structure and reviewing/simplifying current legal entity structure within next 18-24 months.
  • Intercompany Loan Termination: Planned within next 12-18 months to reduce FX and tax exposure.
  • Refinancing: Group-wide refinancing planned within next 12 months to restructure and reduce debt levels, which creates FX fluctuations.

Acquisition History and Performance

  • The company has completed multiple acquisitions from FY17 to FY26, expanding from ₹378.1 Cr revenue in FY17 to ₹3,523.9 Cr in FY26.
  • Key acquisitions include: Normag (Germany, FY17), De Dietrich (Hyderabad, FY20), Global Pfaudler Business (FY21), Hydro Air Research (Italy, FY22), Mixel France SAS (FY23), GMM Pfaudler JDS (United States, FY23), MixPro Professional (Canada, FY24), and GMM Inox (Poland and Brazil, FY26).
  • Acquisition benefits include ~4x revenue increase, expanded global footprint to 20+ sites, expanded product portfolio with complementary technologies, and strengthened global presence across Europe, North & South America.

Transformation Progress

  • Product Diversification: Completed transition from primarily glass-lined equipment to diversified portfolio across glass-lined equipment, filtration & drying, mixing, sealing technology.
  • Industry Diversification: Completed transition from ~80% traditional industries to ~55% traditional industries and ~45% non-traditional industries.
  • Global Presence: Completed expansion to presence across 35+ countries with 20 manufacturing facilities.
  • Innovation & Technology: Completed expansion of product portfolio with Industry 4.0-enabled solutions, advanced automation and digital capabilities.
  • Organization Structure: Streamlining into simplified, product-focused global structure to be largely completed by FY27.
  • Capital Structure (Debt): Debt optimization and financing restructuring underway with gradual improvement expected over medium term.
  • EBIT to PAT Conversion: Initiatives underway to improve conversion, with benefits expected to materialize progressively as restructuring is completed.

Forward-Looking Statements

The presentation contains forward-looking statements subject to risks and uncertainties including domestic and international economic conditions, changes in government regulations, tax regime and other statutes. The company does not undertake to revise any forward-looking statements.