Financial Performance Highlights

Q2 FY27 (July-September 2026) Consolidated Results:

  • Revenue from operations: ₹153.14 crore (compared to ₹153.60 crore in Q2 FY26)
  • Total Income from operations: ₹155.70 crore (compared to ₹155.99 crore in Q2 FY26)
  • EBITDA: ₹27.89 crore with 17.91% margin (compared to ₹42.29 crore with 27.11% margin in Q2 FY26)
  • Profit before tax: ₹21.29 crore (compared to ₹37.42 crore in Q2 FY26)
  • Profit after tax: ₹16.51 crore (compared to ₹26.88 crore in Q2 FY26)

H1 FY27 (April-September 2026) Consolidated Results:

  • Revenue from operations: ₹270.13 crore (compared to ₹282.84 crore in H1 FY26)
  • Total Income from operations: ₹276.22 crore (compared to ₹287.77 crore in H1 FY26)
  • EBITDA: ₹52.12 crore with 18.87% margin (compared to ₹78.24 crore with 27.19% margin in H1 FY26)
  • Profit before tax: ₹38.83 crore (compared to ₹67.07 crore in H1 FY26)
  • Profit after tax: ₹29.59 crore (compared to ₹48.19 crore in H1 FY26)

Note: EBITDA margin is calculated on total income from operations.

Operational Performance Overview

Consolidated revenue in Q2 FY27 was largely in line with Q2 FY26. Strong growth at both subsidiaries (M.E. Energy and Monga Strayfield) offset lower turnover in the standalone business.

For H1 FY27, consolidated revenue declined 4.5% to ₹270.13 crore from ₹282.84 crore in H1 FY26. The EBITDA margin contraction from 27.19% to 18.87% was attributed to two factors: Q2 FY26 included a high-margin export order creating an unfavorable product mix comparison, and lower standalone volumes resulted in fixed costs being spread over less revenue.

Standalone Business Challenges

The standalone business experienced delayed finalization of several large orders. A significant carbon black order has been received but the customer has put its execution on hold. Execution is now expected in FY28, subject to the customer's schedule.

The standalone business is pursuing an active enquiry pipeline of more than ₹2,500 crore, within a Group-wide pipeline of more than ₹4,000 crore. These are potential opportunities, not confirmed orders.

Subsidiaries Performance

  • M.E. Energy recorded strong revenue growth and expects healthy order momentum to continue into FY28
  • Monga Strayfield also grew strongly and is preparing for faster growth once its current capital expenditure programme is complete
  • Monga Strayfield is experiencing strong demand enquiries for its enclosures business

Capacity Expansion Initiative

On 30 October 2026, the Board approved an investment of up to ₹25 crore to expand Monga Strayfield's precision engineering and manufacturing capabilities at Pune, Maharashtra.

The expansion targets:

  • Enclosures, cabinets and assemblies for data-centre infrastructure
  • Transformers and critical-power applications

Monga Strayfield's relationship with Vertiv provides a base to serve growing requirements in India and pursue opportunities linked to Vertiv's global operations. The expanded operations could support approximately ₹150 crore of annual precision engineering revenue at scale, depending on product mix, utilisation, customer orders and phased ramp-up.

The Group will also evaluate opportunities in thermal management and other data-centre applications across its businesses.

Order Backlog

Consolidated order backlog stands at ₹470 crore as on 30 September 2026.

FY28 Outlook

M.E. Energy has seen strong order intake from the steel and ferro-alloy sectors. Monga Strayfield is scaling up its enclosures business. These factors are expected to enable the two subsidiaries to target combined revenue of approximately ₹500 crore in FY28.

Combined with an expected recovery in the standalone business, the Group expects FY28 to be a year of significant growth.

Management Commentary

Mr. Ranjit Lala, Managing Director: "Our challenge in standalone Kilburn this half has been when large orders are finalised, not whether the opportunity exists. Our priority now is to convert the Group's ₹4,000-crore-plus enquiry pipeline, including over ₹2,500 crore in standalone Kilburn, into executable orders, improve utilisation and restore operating leverage as project activity picks up. We expect this to support a meaningful recovery in standalone revenue in FY28."

Mr. Amritanshu Khaitan, Chairman: "The strong performance of M.E. Energy and Monga Strayfield shows the value of a diversified Group. The Pune expansion positions Monga Strayfield to scale up in data-centre and critical-power infrastructure, and we see scope to apply the Group's combined engineering strengths to thermal management and related areas. Together with a recovery in Kilburn's core business, these opportunities give us confidence in a stronger FY28."

Forward-looking Statements Disclaimer

Statements about future order conversion, revenue, margins, capex completion and growth are expectations, not guarantees. Actual results may differ materially due to customer decisions, project schedules, market conditions and execution.