Financial Performance Highlights

H2 FY26 Performance (Standalone)

  • Revenue from Operations: INR 1,031.6 Mn, up 116.0% YoY (H2FY25: INR 477.6 Mn)
  • EBITDA: INR 271.6 Mn, up 136.0% YoY (H2FY25: INR 115.1 Mn)
  • EBITDA Margin: 26.3%, improved by 223 bps YoY
  • Net Profit: INR 199.2 Mn, up 325.5% YoY (H2FY25: INR 46.8 Mn)
  • Net Profit Margin: 19.3%, improved by 951 bps YoY
  • EPS: INR 5.98, up 264.6% YoY

FY26 Annual Performance (Standalone)

  • Revenue from Operations: INR 1,535.5 Mn, up 55.5% YoY (FY25: INR 987.3 Mn)
  • EBITDA: INR 328.2 Mn, up 21.8% YoY (FY25: INR 269.5 Mn)
  • EBITDA Margin: 21.4%, decreased by 593 bps YoY
  • Net Profit: INR 214.0 Mn, up 64.7% YoY (FY25: INR 130.0 Mn)
  • Net Profit Margin: 13.9%, improved by 77 bps YoY
  • EPS: INR 6.47, up 28.4% YoY

Key Financial Improvements

  • Cash flow from Operations turned Positive in FY26
  • Working capital cycle improved from ~570 days (FY25) to ~370 days (FY26)
  • Cash & Cash Equivalents increased to INR 575.1 Mn (FY25: INR 59.3 Mn)

Business Overview and Operational Highlights

Core Business Identity

  • Defence-focused manufacturer of marine-grade HVAC & refrigeration systems
  • Trusted supplier to Indian Navy, Indian PSUs, shipyards, and private industrial clients
  • Only Indian company registered across all 3 critical naval segments
  • 30+ years of experience with 345+ team strength across 8 locations in India

Completed Projects

  • INS Dhruv (Project VC 11184): AC & Ref Plant with Control Panel (Completed)
  • INS Jalashwa: SCAC with Control Panel (Completed)
  • Brahmaputra Class: AC Plant with Control Panel (Completed)
  • P17A Nilgiri Class Ships: AC Plant with Control Panel (03/07 ships Commissioned)
  • P75 Scorpene Submarine (INS Vagsheer): FCU AC Plants with Control Panel (Completed)
  • FPV Coast Guard: Turnkey HVAC (02/08 ships Commissioned)
  • CTS: AC Plant with Control Panel (Delivery ahead of schedule)

Ongoing Projects

  • Fleet Support Ships: AC Plant, HVAC and Ref Plant
  • Solace Marine: Turnkey HVAC for Tugs
  • FPV: Turnkey HVAC
  • Beas: MCB AC Plant with Control Panel
  • Shivalik: MCB AC Plant with Control Panel
  • NGMV: Ref Plant with Control Panel
  • NGOPV: Turnkey HVAC
  • Kongsberg: Cooling System for RAS & FAS

Manufacturing Infrastructure

  • Owned Unit: ~20,000 sq. ft. (core manufacturing processes)
  • Leased Unit: ~17,000 sq. ft. (supportive operational activities)
  • Greenfield Expansion: ~50,000 sq. ft. underway, expandable to ~100,000 sq. ft.
  • Supported by 40%-50% subsidy on CAPEX under PSI scheme of Government of Maharashtra
  • Advanced in-house testing facility for performance validation and quality assurance

Order Book Position

  • Opening Order Book: INR 2,154.1 Mn
  • Orders Received during FY26: INR 2,089.1 Mn
  • Orders Executed during FY26: INR 1,535.5 Mn
  • Unexecuted Order Book as on March 31, 2026: INR 2,707.7 Mn (1.8x FY26 revenue)

Strategic Initiatives and Growth Outlook

Capacity Expansion

  • Greenfield project spanning 50,000 sq. ft., expandable to 100,000 sq. ft.
  • Aimed at streamlining stage-wise inspections by Naval officials
  • Enables greater agility in integration and timely deliveries

Market Diversification

  • Targeting high-potential sectors including Data Center cooling
  • Tech Cooperation with Smardt (Canada) for Oil-Free Data Centre Chillers (Agreement signed)
  • Expanding into other rapidly growing industries beyond defence

Technology Partnerships

  • Forming strategic alliances for cutting-edge technologies
  • Focus on oil-free magnetic-bearing technology-based AC plants
  • Continuous R&D for energy-efficient, high-performance systems

After-Sales Support

  • Expanding comprehensive maintenance and support contracts
  • Enhancing lifecycle support services

Market Opportunity Assessment

Defence Marine Opportunity

  • Indian Navy expected to expand to ~230 ships by 2035
  • Government approvals for projects worth ~INR 2.35 lakh crore
  • Order inflows expected over 2 years horizon
  • AC/HVAC systems constitute ~1% of project value

Data Centre Cooling Opportunity

  • India data centre capacity expected to increase from ~INR 9,600 Cr (2024) to ~INR 13,000 Cr (2033)
  • Industry expected to grow at ~10.5% CAGR
  • DC Cooling systems account for ~12–13% of total project cost