The document contains the Q6 FY2026 (January 1, 2026 - March 31, 2026) financial results and business highlights. The company changed its financial year, making the last period an 18-month period ended March 31, 2026. Q2 FY26 refers to quarter ending March 31, 2025, and Q6 FY26 refers to quarter ending March 31, 2026.

Financial Highlights (Q6 FY2026 Consolidated Continuing Operations)

  • New Orders: ₹67.3 billion, representing +32.6% year-over-year growth
  • Revenue: ₹46.2 billion, representing +14.6% year-over-year growth
  • EBITDA: ₹4.5 billion, representing -11.5% year-over-year decline
  • EBITDA Margin: 9.7%, representing a contraction of 287 basis points
  • Profit Before Tax: ₹4.6 billion, representing -13.6% year-over-year decline
  • Order Backlog: ₹450.3 billion, representing +9.3% growth

Financial Statement Overview (Q6 FY2026)

  • Revenue: ₹46.2 billion (100%)
  • Material Cost: ₹34.1 billion (69% of revenue)
  • Other Costs: ₹7.6 billion (excluding Demerger Expenses)
  • Other Income: ₹1.0 billion
  • Depreciation and Amortization: ₹0.7 billion
  • Finance Costs: ₹0.1 billion
  • Demerger Expenses: ₹0.1 billion

Segment Performance (Q6 FY2026)

Digital Industries (DI)

  • Book-to-bill ratio: 0.84
  • Order drivers: Metals & Mining, Cement, and Food & Beverage sectors
  • Revenue growth driven by factory automation segment from strong order backlog
  • Sequential improvement in EBITDA margin
  • Underlying EBITDA margin (18M ex-currency impact) within 6%-8% range; 5.6% with currency impact

Smart Infrastructure (SI)

  • Book-to-bill ratio: 1.15
  • Order growth driven by Power Utilities, Renewables, and Data Center sectors
  • Revenue growth from Electrification & Automation and Electrical Products due to strong backlog
  • EBITDA margin declined due to higher material cost from commodity prices

Mobility (MO)

  • Book-to-bill ratio: 3.37
  • Key orders: Supply allocation of bogies & components from parent; 9K HP Loco order value adjustment
  • Revenue growth primarily from execution of 9K HP Loco project
  • Higher EBITDA driven by timely project execution, revenue growth, and economies of scale

6-Month Financial Highlights (Ended March 31, 2026)

  • New Orders: ₹115.6 billion, +26.8% year-over-year
  • Revenue: ₹84.5 billion, +14.3% year-over-year
  • EBITDA: ₹8.7 billion, -3.9% year-over-year
  • EBITDA Margin: 10.3%, -196 basis points
  • Profit Before Tax: ₹8.9 billion, -13.0% year-over-year
  • Order Backlog: ₹450.3 billion, +9.3%

Business Milestones and Updates

  • Dispatch of 40 locomotives from Dahod facility in record time (9000 HP project)
  • Leading Semiconductor OSAT (Outsourced Semiconductor Assembly and Test) plant at Gujarat involving power distribution, facility management systems, automation systems, IT-OT integration, and cybersecurity
  • ₹18 billion order for supply of bogies, traction motors, and gearboxes to 'Global mobility factory'
  • Recognized as India's #1 Sustainable Company in Engineering, Electricals & Electronics sector by Business World, 2026

Macroeconomic Context

  • India's structural growth momentum continues despite global volatility
  • West Asia conflict impacted INR/USD depreciation and commodity prices
  • Robust domestic growth supported by reforms and policy certainty
  • Private capex uptick continues with tendering pipeline supported by public capex
  • India-EU FTA presents opportunity with priority EU access for >99% export value and potential GDP boost of 0.6%-1.0% by 2030