Financial Performance Q1 FY27

  • Revenue from operations: ₹360.7 crores (130.4% increase YoY from ₹156.6 crores in Q1 FY26)
  • EBITDA: ₹85.1 crores (199.7% increase YoY from ₹28.4 crores)
  • Profit Before Tax: ₹67.4 crores (355% increase YoY from ₹14.8 crores)
  • Profit After Tax: ₹50.22 crores (364.5% increase YoY from ₹10.8 crores)
  • EBITDA Margin: 23.54% (against annual guidance of 24% ±100 bps)
  • Gross Margin: 45.61% (compared to 47.65% in Q1 FY26)
  • ROCE: 17.2% (vs 11.4% previous)
  • Cash Flow from Operations: ₹247.69 crores (vs ₹191.66 crores YoY)

Order Book Position

  • Closing order book as of quarter end: ₹5,143 crores
  • Additional orders received today (6th Aug 2026): ₹800 crores
  • Total order book: ₹5,943 crores
  • Expected to reach robust closing order book of ₹5,000 crores by end of FY27

Business Segment Updates

Civil Nuclear Power
  • Received highest-ever order inflows for Kaiga 5 & 6 reactors in last quarter
  • Expecting ₹130-140 crores refurbishment orders in current quarter
  • Total nuclear order pipeline approximately ₹800 crores
  • Execution timelines: Refurbishment within 2 years, Kaiga 5 & 6 over 1-3.5 years
  • Significant opportunity from proposed 4 nuclear reactors at Mahi Banswara through NTPC-NPCIL partnership
  • Government targeting 100 GW nuclear power capacity by 2047
  • Played pivotal role in fast breeder reactor achieving criticality
Clean Energy
  • Record order inflows during quarter
  • Capacity augmentation for fuel cells in three phases:
  • Phase 1: Already commissioned
  • Phase 2: To be commissioned by September-October 2026
  • Phase 3: Multifold capacity expansion to be completed March 2027
  • Entered data center infrastructure solutions segment with initial ₹45 crores order
  • Potential for 8x scale-up in data center vertical
  • Setting up dedicated facility for data center infrastructure solutions
  • Good traction in hydropower and wind energy segments
Aerospace & Defense
  • Expecting significant order inflows with multiple programs in progress
  • Domestic defense: Volume orders for actuator assemblies for LCA Tejas Mark-1A (₹140-150 crores opportunity)
  • Wing kits and electromechanical actuators for various defense programs
  • Overall domestic opportunity potential exceeding ₹250 crores
  • MNC aerospace business showing phenomenal growth potential
  • Setting up multiple sub-units within existing dedicated aerospace facility
  • NADCAP-approved special processes facility established
  • Expect to double revenues in aerospace & defense segment during current fiscal
Oil & Gas
  • Facility to be operational by October 2026
  • Already delivered first articles to customers
  • First article components for another customer currently in progress

Capital Expenditure & Expansion

  • Total planned capex: ₹500 crores for current and next year
  • Capex incurred in Q1: ₹35 crores
  • Capex capitalization in Q1: ₹80 crores (from capital work-in-progress)
  • Allocation: 70% clean energy, 30% other segments (with some fungibility)
  • Asset turnover target: 4-5 times minimum

Working Capital Management

  • Working capital days improved to 59 days (from 172 days in FY26)
  • Target for FY27: 100 days (previous guidance 150-175 days)
  • Inventory days reduced from 208 to 145
  • Receivable days reduced from 140 to 82
  • Initiatives: Better commercial terms, credit period negotiations, daily/weekly monitoring
  • Expecting GST refund of ₹70 crores per year

Balance Sheet Position

  • Debt: ₹423.6 crores as of 30th June 2026
  • Investments: ₹379 crores as of July end
  • Net debt position: ₹20-30 crores after adjusting cash balances

Management Guidance

  • Reiterated FY27 revenue growth guidance: 80%
  • EBITDA margin guidance: 24% ±100 bps
  • Expect to outperform given guidance
  • ROCE target: 23% next year
  • Working capital target: 100 days for FY27

Future Outlook

  • Strong visibility across all business verticals
  • Multiple growth drivers: civil nuclear, clean energy, aerospace & defense
  • Focus on execution and operational efficiencies
  • Prioritization of projects and prudent capital allocation
  • Maintaining healthy working capital and strengthening operating cash flows
  • Building world-class institution with diversified and sustainable business