Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Sales Volume: 8,842 MT (up 25.65% from 7,037 MT)
  • Revenue from Operations: ₹1,319.65 crore (up 85.31% from ₹712.15 crore)
  • Specialized Magnet Winding Wires Revenue: ₹951.06 crore (up 86.60%)
  • Standard Magnet Winding Wires Revenue: ₹338.19 crore (up 119.31%)
  • Other Operating Income: ₹30.41 crore (down 36.98%)
  • Export Revenue: ₹407.40 crore (up 107.69% from ₹196.15 crore)
  • EBITDA: ₹89.71 crore (up 94.57% from ₹46.11 crore)
  • EBITDA/Ton: ₹101,454 (up 54.86% from ₹65,515)
  • Profit After Tax: ₹47.95 crore (up 62.05% from ₹29.59 crore)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Sales Volume: 16,812 MT (up 27.83% from 13,152 MT)
  • Revenue from Operations: ₹2,483.89 crore (up 95.45% from ₹1,270.86 crore)
  • Specialized Magnet Winding Wires Revenue: ₹1,760.34 crore (up 97.90%)
  • Standard Magnet Winding Wires Revenue: ₹612.12 crore (up 101.42%)
  • Other Operating Income: ₹111.43 crore (up 43.84%)
  • Export Revenue: ₹690.91 crore (up 93.17% from ₹357.67 crore)
  • EBITDA: ₹164.08 crore (up 89.93% from ₹86.39 crore)
  • EBITDA/Ton: ₹97,600 (up 48.58% from ₹65,687)
  • Profit After Tax: ₹90.17 crore (up 72.51% from ₹52.27 crore)

Operational Highlights

Capacity Utilization:

  • Installed capacity as of September 30, 2026: 57,845 MT (Phase 2 expansion completed six months ahead of schedule)
  • Q2 FY27 utilization improved to 76% from 73% in Q1 FY27

Segment Performance:

  • Specialized wires revenue grew 87% in Q2 FY27 and was 18% above Q1 FY27
  • Export revenue share improved to 32% in Q2 FY27 from 26% in Q1 FY27
  • Standard wires revenue increased 119% in Q2 FY27 driven by new domestic OEM customers

Balance Sheet and Cash Flow:

  • Positive operating cash flow of ₹42.60 crore during H1 FY27
  • Total debt reduced to ₹341.30 crore in Q2 FY27 from ₹481 crore in Q1 FY27
  • Debt-to-equity improved to 0.38x from 0.57x last quarter
  • Average working capital days improved to 52 days from around 70 days last year

Strategic Developments

New Orders and Approvals:

  • Received new trial export order for Specialized wires for HVDC transformers
  • Powergrid approved Supa facility to manufacture specialized wires for 765kV transformers and reactors

Capacity Expansion (Phase-3):

  • Board approved Phase-3 expansion for Specialized Magnet Winding Wires
  • Total capacity to increase to approximately 72,200 MT by Q1 FY2029
  • Investment of up to ₹185 crore to be funded through internal accruals and long-term debt
  • Includes purchase of additional 10 acres of land in Supa along with building, plant and machinery

Management Commentary

Rajesh K. Hegde, Managing Director, stated:

  • Focus on increasing utilization of expanded capacity, particularly for Specialized Magnet Winding Wires
  • Strong export growth fueled higher contribution to revenue mix
  • Completed 96% of proposed Supa expansion six months ahead of schedule
  • Focus on working capital efficiency contributed to positive operating cash flow and debt reduction
  • Phase 3 expansion will improve long-term product mix of the Company