Date: 12th November 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue: ₹579.77 crore vs ₹418.92 crore, up 38.40% YoY
  • EBITDA (excluding other income): ₹39.95 crore vs ₹36.57 crore, up 9.25% YoY
  • EBITDA Margin: 6.89% vs 8.73%, down 184 bps YoY
  • PAT: ₹14.87 crore vs ₹13.39 crore, up 11.09% YoY
  • PAT Margin: 2.56% vs 3.20%, down 64 bps YoY
  • Basic EPS: ₹8.15 vs ₹7.35, up 10.88% YoY

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue: ₹1,077.79 crore vs ₹860.03 crore, up 25.32% YoY
  • EBITDA (excluding other income): ₹71.26 crore vs ₹78.33 crore, down 9.03% YoY
  • EBITDA Margin: 6.61% vs 9.11%, down 250 bps YoY
  • PAT: ₹23.20 crore vs ₹30.61 crore, down 24.21% YoY
  • PAT Margin: 2.15% vs 3.56%, down 141 bps YoY
  • Basic EPS: ₹12.70 vs ₹17.13, down 25.86% YoY

Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Revenue: ₹579.77 crore vs ₹498.02 crore, up 16.42% QoQ
  • EBITDA (excluding other income): ₹39.95 crore vs ₹31.31 crore, up 27.60% QoQ
  • EBITDA Margin: 6.89% vs 6.29%, up 60 bps QoQ
  • PAT: ₹14.87 crore vs ₹8.33 crore, up 78.61% QoQ
  • PAT Margin: 2.56% vs 1.67%, up 89 bps QoQ
  • Basic EPS: ₹8.15 vs ₹4.55, up 79.12% QoQ

Business Segment Performance

Industrial Switchgear Division

  • Q2 FY27 Contribution: 56.39% of total revenues
  • Q2 FY27 Growth: 23.79% YoY
  • H1 FY27 Contribution: 55.09% of total revenues
  • H1 FY27 Growth: 17.36% YoY
  • EBITDA Margin: 8.26% in Q2 FY27, 7.92% in H1 FY27
  • Products: Toroidal Transformers, Three phase transformers, Rotary Switches, Isolators, General Purpose relays, Wire Harness, Wiring Ducts, MPCB's, Contactors & OLR's, Control Panels, Terminal Blocks, Sensors

Wires & Cables Division

  • Q2 FY27 Contribution: 36.18% of total revenues
  • Q2 FY27 Growth: 57.48% YoY
  • H1 FY27 Contribution: 38.08% of total revenues
  • H1 FY27 Growth: 30.77% YoY
  • EBITDA Margin: 5.05% in Q2 FY27, 5.11% in H1 FY27
  • Products: Wires & Cables, Flexible Bus Bars, Enamelled Wires, Bunched Conductors, Tinned Copper Wires

Building Products Division

  • Q2 FY27 Contribution: 7.43% of total revenues
  • Q2 FY27 Growth: 103.53% YoY
  • H1 FY27 Contribution: 6.82% of total revenues
  • H1 FY27 Growth: 76.18% YoY
  • Products: Modular Switches, Wires & Cables, MCB's Distribution Boards, Changeovers

Key Performance Drivers

Revenue Growth Drivers

  • Strong demand across all core business divisions
  • High demand products: three phase transformers, wire harness, relays, contactors
  • Export contribution: 23.60% in Q2 FY27 (21.29% in H1 FY27 vs 24.0% in H1 FY26)

Margin Pressure Factors

  • Elevated and volatile raw material costs, particularly copper, silver, aluminium, and plastics
  • Raw material cost increased to 80.6% of revenue in Q2 FY27 from 75.4% in Q2 FY26
  • Pricing actions have time lag in passing through to customers

Management Commentary Highlights

Performance Context

  • Growth reflects continued demand across all core business divisions
  • Input costs remained elevated and volatile during the period
  • Impact of raw material costs felt across the industry

Mitigation Strategies

  • Addressing cost pressures through sourcing efficiencies
  • Product mix optimization
  • Operational improvements
  • Calibrated pricing measures

Emerging Businesses

  • Continued building of energy management and EV charging businesses
  • Preparation for Saudi Arabia facility operations

Saudi Arabia Project Update

  • Unforeseen escalation of war in Saudi Arabia delayed project execution
  • New expected commencement: April 2027 (subject to uncertainties settling down in Middle East)

Demand Environment

  • Underlying demand remains encouraging
  • Supported by investments in power infrastructure, renewable energy, industrial automation, data centers, and electrification
  • Government of India's ₹1.86 lakh crore PM-DHARA scheme approval for intra-state transmission and battery energy storage (30th September 2026)

Outlook

  • Subject to raw material prices remaining stable, margins expected to normalize progressively from Q3 and Q4 FY27
  • Company positioned for sustainable long-term growth with diversified product portfolio, strong manufacturing base, growing export presence, and continuous focus on innovation

Recent Developments

  • Saudi Arabia facility startup delayed to April 2027 due to war-related uncertainties in the region

Company Background

  • Capital goods engineering company offering total and customized electrical solutions
  • Largest manufacturer of CAM Operated Rotary switches & Wire Ducts in India
  • Four in-house manufacturing facilities in Coimbatore
  • Wide distribution network locally and globally
  • Markets products through own distributors and more than 350 local distributors of L&T
  • Strong R&D team focused on developing and commercializing technologies