Date: July 28, 2026

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Financial Results (Standalone & Consolidated)

Group Performance Q1 FY27 vs Q1 FY26:

  • Order Inflow: ₹1080 billion (vs ₹945 billion) - 14% increase
  • Order Book as of June 30, 2026: ₹7790 billion (vs ₹6128 billion)
  • Revenue: ₹679.4 billion (vs ₹636.8 billion) - 7% increase
  • International Revenue: 51% of total (vs 52%)
  • EBITDA: ₹61.2 billion (vs ₹63.2 billion) - 3% decrease
  • EBITDA Margin: 9.0% (vs 9.9%) - 90 bps contraction
  • Reported PAT: ₹41 billion (vs ₹36 billion) - 14% increase
  • Finance Cost: ₹5.4 billion (vs ₹7.8 billion) - 31% decrease
  • Other Income: ₹23.8 billion (vs ₹13.6 billion) - 75% increase
  • Tax Expense: ₹19.4 billion (vs ₹15.3 billion) - 26% increase
  • Non-controlling Interest: ₹8.7 billion (vs ₹7.0 billion) - 23% increase

Balance Sheet Position as of June 2026 vs March 2026:

  • Equity & Reserves: ₹1088 billion (vs ₹1093 billion)
  • Non-Controlling Interest: ₹195 billion (vs ₹192 billion)
  • Borrowings - Financial Services: ₹1153 billion (vs ₹1098 billion)
  • Other Borrowings: ₹145 billion (vs ₹119 billion)
  • Total Sources of Funds: ₹2582 billion (vs ₹2502 billion)
  • Debt/Gross Equity Ratio: 1.01 (vs 0.95)
  • Debt/Net Equity Ratio: 0.39 (vs 0.35)

Cash Flow Metrics Q1 FY27 vs Q1 FY26:

  • Cash flow from Operations (excl Financial Services): ₹43.4 billion (vs ₹58.1 billion)
  • Net Working Capital: 4.9% (vs 10.1%)
  • ROE (TTM): 16.1% (vs 17.0%) [Includes 100 bps impact of Labour Code provision recognised in Q3 FY26]

Segment Performance Q1 FY27:

EPC Projects Segment:
  • Infrastructure & Utilities: Revenue ₹218.58 billion, EBITDA ₹11.14 billion, Margin 5.1%
  • Energy - Conventional: Revenue ₹142.39 billion, EBITDA ₹10.78 billion, Margin 7.6%
  • Energy - Green: Revenue ₹56.07 billion, EBITDA ₹3.39 billion, Margin 6.0%
Manufacturing & Products Segment:
  • Revenue: ₹44.86 billion, EBITDA ₹6.80 billion, Margin 15.2%
  • Heavy Engineering: Revenue ₹8.4 billion, Margin 24.3%
  • Precision Engineering & Systems: Revenue ₹20.8 billion, Margin 10.3%
  • Others (CE&IPDD, Electronics, Electrolyser): Revenue ₹15.6 billion, Margin 16.7%
Services Segment:
  • Technology, Platforms & Services: Revenue ₹146.27 billion, EBITDA ₹28.03 billion, Margin 19.2%
  • Financial Services: Income from Operations ₹50.4 billion, PAT ₹9.0 billion, Book ₹1296.3 billion, Debt ₹1154.2 billion, Retail Book 98%, RoA 2.48%, CRAR 17.89%
  • Realty: Revenue ₹10.09 billion, EBITDA ₹3.72 billion, Margin 36.9%
  • Development Projects: Revenue ₹10.74 billion, EBITDA ₹1.27 billion, Margin 11.8%

Detailed Segment Financials (₹ Billion):

| Segment | Q1 FY27 Revenue | Q1 FY27 EBITDA | EBITDA % |

| Infrastructure & Utilities | 218.58 | 11.14 | 5.1% |

| Energy - Conventional | 142.39 | 10.78 | 7.6% |

| Energy - Green | 56.07 | 3.39 | 6.0% |

| Manufacturing & Products | 44.86 | 6.80 | 15.2% |

| Technology, Platforms & Services | 146.27 | 28.03 | 19.2% |

| Financial Services | 50.40 | 12.99 | 25.8% |

| Realty | 10.09 | 3.72 | 36.9% |

| Development Projects | 10.74 | 1.27 | 11.8% |

| Total | 679.42 | 78.12 | 11.5% |

Disinvestment / Strategic Actions

Not Specified

Key Strategic Developments:

  • Order inflow growth aided by ultra-mega offshore wind orders from Europe and sustained domestic private sector ordering
  • Strong addressable prospects pipeline of ~₹15 trillion for the near term
  • Private capex recovery broadening with resilient new capex areas including digital infra, energy transition, and GCC-led Real Estate capex
  • Energy infrastructure build-out focusing on transition plus energy security
  • Strategic self-reliance (Atmanirbhar Bharat) in manufacturing and defence
  • Capital reallocation to growth avenues including data centers, EVs, and advanced manufacturing
  • Tech capex supercycle continues with AI, cloud, and data centers

Operational Highlights:

  • International orders constitute 52% of the Order Book
  • Revenue growth was subdued primarily attributable to execution stage of the order book and supply chain constraints in the Middle East
  • Staff costs increased 11% driven by resource augmentation and salary increments across businesses
  • SG&A increased 45% including impact of forex variation in LTM & LTTS, and credit cost in FS and PP&M
  • EBITDA margin impacted by lower execution levels, forex variation in IT subsidiaries and higher ECL provisions
  • Finance cost reduction primarily due to decline in average borrowings
  • Interest cost for Hyderabad Metro not considered from May 1, 2026

Energy Segment Performance:

  • Order Inflow: Conventional Energy ₹30.5 billion (-90% YoY), Hydrocarbon ₹25.6 billion (-70% YoY), CarbonLite Solutions ₹4.9 billion (-98% YoY)
  • Revenue: Energy Segment ₹142.4 billion (+14% YoY), Hydrocarbon ₹126.3 billion (+5% YoY), CarbonLite Solutions ₹16.0 billion (>100% YoY)
  • EBITDA Margin: Energy Segment 7.6% (+10 bps YoY), Hydrocarbon 7.5% (+20 bps YoY), CarbonLite Solutions 7.8% (-310 bps YoY)

Manufacturing & Products Performance:

  • Order Inflow: ₹55.4 billion (+74% YoY) with Heavy Engineering ₹32.8 billion (>100% YoY), Precision Engineering & Systems ₹4.3 billion (-27% YoY), Others ₹18.3 billion (-10% YoY)
  • Revenue: ₹44.9 billion (+9% YoY) with Heavy Engineering ₹8.4 billion (-27% YoY), Precision Engineering & Systems ₹20.8 billion (+46% YoY), Others ₹15.6 billion (+3% YoY)
  • EBITDA Margin: 15.2% (-230 bps YoY) with Heavy Engineering 24.3% (-10 bps YoY), Precision Engineering & Systems 10.3% (-460 bps YoY), Others 16.7% (+210 bps YoY)

Other Operational / Legal / Strategic Disclosures

The presentation contains forward-looking statements subject to risks and uncertainties including fluctuations in earnings, ability to manage growth, competition, economic growth in India and export countries, ability to attract professionals, time and cost overruns, international operations management, government policies, fiscal deficits, regulations, and interest costs.