Financial Performance Highlights

Consolidated Performance (H1FY27)

  • Revenue from Operations: ₹4,111 Mn, up 6.3% YoY from ₹3,867 Mn
  • Adjusted EBITDA: ₹718 Mn, up 9.5% YoY from ₹656 Mn
  • Adjusted EBITDA Margin: 17.5%, improved by 50 bps from 17.0%
  • Profit After Tax: ₹375 Mn, down 10.1% YoY from ₹417 Mn
  • PAT Margin: 9.1%, declined by 170 bps from 10.8%

Consolidated Performance (Q2FY27)

  • Revenue from Operations: ₹2,128 Mn, up 8.4% YoY from ₹1,963 Mn
  • Adjusted EBITDA: ₹365 Mn, up 3.4% YoY from ₹353 Mn
  • Adjusted EBITDA Margin: 17.2%, declined by 80 bps from 18.0%
  • Profit After Tax: ₹181 Mn, down 17.9% YoY from ₹221 Mn
  • PAT Margin: 8.5%, declined by 280 bps from 11.2%

Standalone Performance (H1FY27)

  • Revenue from Operations: ₹1,656 Mn, up 29.6% YoY from ₹1,278 Mn
  • Adjusted EBITDA: ₹385 Mn, up 16.0% YoY from ₹332 Mn
  • Adjusted EBITDA Margin: 23.3%, declined by 280 bps from 26.0%
  • Profit After Tax: ₹254 Mn, up 12.8% YoY from ₹225 Mn
  • PAT Margin: 15.3%, declined by 230 bps from 17.6%

Standalone Performance (Q2FY27)

  • Revenue from Operations: ₹880 Mn, up 33.3% YoY from ₹660 Mn
  • Adjusted EBITDA: ₹203 Mn, up 12.3% YoY from ₹181 Mn
  • Adjusted EBITDA Margin: 23.1%, declined by 430 bps from 27.4%
  • Profit After Tax: ₹135 Mn, up 7.0% YoY from ₹126 Mn
  • PAT Margin: 15.4%, declined by 380 bps from 19.1%

Segment Performance Analysis

Electrical and Electronic Instruments (EEI) Segment (H1FY27)

  • Revenue: ₹3,255 Mn, up 29.3% YoY from ₹2,517 Mn
  • Contributes ~79% of consolidated revenue
  • Adjusted EBITDA: ₹750 Mn, up 29.9% YoY from ₹578 Mn
  • Adjusted EBITDA Margin: 23.1%, improved by 10 bps from 23.0%
  • PAT: ₹497 Mn, up 32.2% YoY from ₹376 Mn
  • PAT Margin: 15.3%, improved by 30 bps from 14.9%

High Pressure Die Casting (HPDC) Segment (H1FY27)

  • Revenue: ₹855 Mn, down 36.6% YoY from ₹1,349 Mn
  • Contributes ~21% of consolidated revenue
  • Adjusted EBITDA: ₹(32) Mn, compared to ₹78 Mn in H1FY26
  • Adjusted EBITDA Margin: -3.8%, compared to 5.8%
  • PAT: ₹(122) Mn, compared to ₹41 Mn in H1FY26
  • PAT Margin: -14.3%, compared to 3.0%

Key Financial Metrics

Margin Profile

  • Standalone EBITDA margins remained above 20% for past 7 quarters
  • Consolidated EBITDA margins remained ~15%+ for past 6 quarters
  • Upward trajectory of consolidated EBITDA driven by HPDC turnaround and improved product mix in EEI

Balance Sheet Position (as of September 30, 2026)

  • Total Assets: ₹10,275.8 Mn
  • Property Plant & Equipment: ₹3,461.8 Mn
  • Cash and cash equivalents: ₹1,064.7 Mn
  • Inventories: ₹1,930.8 Mn
  • Trade receivables: ₹1,222.0 Mn
  • Total Equity: ₹7,804.4 Mn

Cash Flow Statement (Apr-Sep'26)

  • Net Cash from Operating Activities: ₹470.9 Mn
  • Net Cash from Investing Activities: ₹(183.5) Mn
  • Net Cash from Financing Activities: ₹(155.4) Mn
  • Net Increase in Cash and Cash equivalents: ₹132.0 Mn

Management Commentary

Dr Dineshkumar Musalekar, Managing Director & Group CEO, stated:

  • Delivered steady performance reflecting focus on profitable growth and business quality
  • EEI segment remains primary growth engine with 24.9% YoY growth in Q2FY27
  • In HPDC segment, prioritizing sustainable profitability over volume
  • Industry outlook favorable driven by electrification, grid modernization, renewables, and rising power requirements from AI and data centers
  • Accelerating global footprint across US, Africa and Southeast Asia
  • Investing in new products across energy meters, medium-voltage products, automation and solar inverters
  • Priorities for remainder of FY27: profitable growth, improved product mix, new product development, deeper customer relationships, strategic geographic expansion, and disciplined capital allocation

Guidance

Management expects HPDC business to remain break even at Adjusted EBITDA for full FY27.

Contacts for Information

  • Mr. Ajinkya Joglekar (Company Secretary)
  • Mr. Nishant Dudhoria (AGM – Strategy, Finance and PR)