Performance Highlights

  • Record Q2 Performance: Highest-ever quarterly revenue of ₹185.5 Cr, representing 48% YoY growth. Highest-ever quarterly Profit Before Tax (PBT) of ₹12.7 Cr, marking the first double-digit quarterly PBT in company history with 89% YoY and 32% QoQ growth.
  • H1 FY27 Financials: Revenue from operations reached ₹340.2 Cr (+60% YoY), EBITDA ₹52.2 Cr (+93% YoY) with margin expansion to 15.3% (+3.3 percentage points), Profit Before Tax ₹22.3 Cr (+108% YoY), Profit After Tax ₹16.4 Cr (+106% YoY), and basic/diluted EPS of ₹4.35 (+105% YoY).
  • Operating Leverage: Profit growth outpaced revenue growth, indicating emerging operating leverage from scale expansion.
  • Historical Context: H1 FY27 revenue of ₹340.2 Cr already represents 70% of FY26's full-year revenue (₹485.2 Cr), with H2 historically being the stronger half.

Capital Raise & Institutional Validation

  • Fundraising: Successfully raised ₹300 Cr through preferential allotment by issuing 25,72,898 equity shares at ₹1,166 per share.
  • Investor Participation: SBI Mutual Fund joined via preferential allotment, while Kotak Mutual Fund joined via promoter block deal, indicating strong institutional confidence.
  • Balance Sheet Impact: Strengthened balance sheet with enhanced financial flexibility to fund future expansion opportunities.

Business Development & Operational Updates

  • Semiconductor Business: Onboarded another leading global semiconductor equipment OEM, positioning the company to benefit from AI-led semiconductor industry growth.
  • Order Book & Pipeline: Order book stood at ₹900 Cr as of 30 September 2026. H1 order inflows approximately ₹430 Cr with bids submitted aggregating nearly ₹1,350 Cr across Aerospace & Defence, semiconductor, and industrial sectors.
  • Capacity Expansion: Inaugurated new Aerospace Park facility to support growing opportunities across semiconductor and non-defence sectors, expected to commence operations shortly.
  • Operational Efficiency: Inventory carrying levels improved from 7.98 months in Q2 FY26 to 6.67 months in Q2 FY27, reflecting improved working capital management.
  • Recognition: Named among ET Edge's Best Manufacturing Brands 2026.

Management Commentary

Managing Director Rishab Mohan Gupta highlighted the milestone quarter, emphasizing business model strength, customer trust, and disciplined execution. Noted significant transformation over recent years through continued investments in capabilities, infrastructure, talent, and customer relationships.

CEO Senthil Balasubramanian emphasized the company's 15-year journey entering a new phase of scale and capability with diversified customer base, expanding capacities, and opportunities across multiple high-growth sectors.

COO Zeena Philip highlighted execution capabilities supporting record revenue while maintaining focus on quality, delivery performance, and customer satisfaction. Emphasized workforce strength as a critical enabler of future growth.

CFO Jayanth V (implied from participants list) emphasized operating leverage emerging from growth in scale, cost control, and execution discipline. Noted fund raise significantly strengthened balance sheet through debt reduction, improved liquidity, and enhanced financial flexibility.

Company Overview

  • Business Model: One-stop electrical and electro-mechanical partner serving Aerospace & Defence (principal revenue engine), Semiconductor (scaling fast), Space & Satellite (proven delivery), with expansion into Commercial Aerospace and MRO.
  • Core Offerings: Electrical Wiring Interconnect Systems (EWIS), Electrical Panel Assemblies (EPA), Electronic Systems and Systems Integration (ESSI), Automatic Test Equipment (ATE), MRO, and Engineering services.
  • Facilities: Operating two units in Devanahalli, Bangalore (Unit I: ~240,000 sq ft owned for A&D; Unit IA: ~210,000 sq ft leased for Space & Semiconductor) and a facility in Tempe, USA (Rossell Techsys Inc.). New Aerospace Park facility recently inaugurated.
  • Client Base: Grown from single customer in 2011 to 30+ marquee customers including Boeing, BAE Systems, Honeywell, Tata Lockheed Martin Aerostructures, and Expleo.
  • Certifications: ITAR, AS9100D, and NADCAP standards compliant.
  • Awards: Multiple recognitions including Boeing Supplier of the Year (2015, 2019), BAE Systems Outstanding Supplier Recognition Award (2025), and Honeywell Supplier Excellence Award (2023, 2024).

Capital Structure Impact

The preferential allotment of 25,72,898 equity shares at ₹1,166 per share represents a dilution event, though specific pre- and post-issue share capital figures are not provided in the disclosure.

Forward-looking Statements

The presentation contains forward-looking statements regarding market opportunity and business prospects, subject to known and unknown risks including Indian and international economic performance, industry competition, technological disruptions, implementation strategy, growth levels, technological changes, revenue fluctuations, market preferences, and market risks.

Earnings Call Details

Scheduled for 06 November 2026 at 04:00 pm IST with participation from Managing Director Rishab Mohan Gupta, CEO Senthil Balasubramanian, COO Zeena Philip, and CFO Jayanth V.