Financial Performance Summary

Q2 FY27 Consolidated Results:

  • Total Revenue: ~INR2,000 crore (73% YoY growth, 25% sequential growth)
  • Operating EBITDA: INR193 crore (68% YoY growth)
  • PBT: INR165 crore
  • PAT: INR124 crore (87% YoY growth)
  • EBITDA Margin: Not specified for quarter

H1 FY27 Consolidated Results:

  • Total Revenue: INR3,603 crore (71% YoY growth)
  • Operating EBITDA: INR355 crore (68% YoY growth)
  • PBT: INR306 crore (95% YoY growth)
  • PAT: INR230 crore (98% YoY growth)
  • EBITDA Margin: 9.9% (vs 10.1% in H1 FY26)
  • PBT Margin: 8.5% (vs 7.4% YoY)
  • PAT Margin: 6.4% (vs 5.5% YoY)

Segment-wise Performance (H1 FY27):

  • Automotive: 91% YoY growth, contributing ~26% of operating revenue
  • Consumer: ~29% contribution to operating revenue
  • Healthcare: 61% YoY growth
  • Industrial: 86% YoY growth, 31% sequential growth
  • IT & Railways: 69% YoY growth, 82% sequential growth, contributing ~14% of operating revenue

Export & ODM Performance:

  • Export Revenue (Q2): INR514 crore (91% YoY growth)
  • Export Revenue (H1): INR901 crore (80% YoY growth)
  • ODM Revenue (Q2): INR322 crore
  • ODM Revenue (H1): INR591 crore (117% YoY growth)

Customer Concentration (H1 FY27):

  • Top 5 customers: ~38% of revenue
  • Top 10 customers: ~50% of revenue
  • Top 20 customers: ~66% of revenue

Order Book & Visibility:

  • Total open order book as of September 30, 2026: INR7,420 crore
  • Segment-wise order book composition:
  • Automotive: ~30%
  • Consumer: ~24.5-25%
  • Industrial: ~24.5-25%
  • Healthcare: ~8%
  • IT & Railways: ~12%

Working Capital & Cash Flow:

  • Net working capital cycle: 63 days (vs 71 days in previous quarter, 73 days in September 2025)
  • H1 FY27 operating cash flow: INR120 crore
  • OCF to EBITDA conversion: 34% for H1

Balance Sheet Position (as of September 2026):

  • Net cash position: INR258 crore
  • Treasury balance: ~INR1,000 crore
  • Gross debt: INR746 crore

Capital Expenditure:

  • Q2 FY27 capex: ~INR200 crore
  • PCB project: ~INR140 crore
  • Brownfield capabilities: Balance amount
  • Total PCB project investment to date: >INR200 crore
  • Expected additional PCB investment in balance year: ~INR200 crore
  • Total expected PCB investment: INR800-900 crore by March 2028

Return Metrics:

  • H1 adjusted annualized ROCE: 21.4%

Strategic Projects Update:

PCB Project:

  • Status: Construction and commissioning underway
  • Expected equipment power-on: March 2027
  • Trial production start: March/April 2027
  • Commercial production target: April 2027
  • Quality certifications timeline: 3-6 months post production start
  • Volume production expected by: September 2027
  • FY28 revenue expectation: INR200-300 crore
  • FY29 revenue expectation: INR700-800 crore (at 70-80% utilization)
  • Steady-state EBITDA margin target: 15-18% (excluding incentives)
  • Asset turnover expectation: 1.2x-1.5x of investment

Other ECMS Scheme Projects:

  • CCL project: Expected commissioning in FY28-29
  • HDI Flex: Expected in FY28-29
  • Camera module project: Construction started, production expected by end FY27
  • Magnetic space project: Small investment, high margin business expected in FY28-29

Joint Ventures:

  • Elemaster JV: Factory commissioned September 2026, regulatory approvals ongoing
  • FY28 revenue expectation: INR150-200 crore
  • Capex: INR40-50 crore
  • Kaga JV: Agreement signed recently
  • FY28 revenue expectation: INR100-150 crore
  • Capex: INR30-50 crore
  • Camera module capex: INR25-30 crore initially

Acquired Entities Performance:

  • Elcome: H1 revenue INR135 crore, full-year target INR300-350 crore (20-25% growth)
  • Syrma Johari MedTech: H1 revenue INR140 crore, full-year target ~INR300 crore (45-50% growth)
  • Medical-grade plastics facility commissioned in Jodhpur

Guidance & Outlook:

  • FY27 revenue growth guidance revised to 40-45% (INR7,000 crore)
  • FY28 revenue target: Cross $1 billion mark
  • FY27 EBITDA margin expectation: 10-10.5%
  • FY28 EBITDA margin expectation: 10.5-11%+
  • Export revenue FY27 target: INR1,700+ crore
  • ODM revenue FY27 target: INR1,000-1,100 crore
  • Supply chain constraints expected to continue for next 5-6 months, easing in April-June 2027

Framework Agreement:

  • $250 million framework agreement signed
  • Revenue impact expected from FY28 onwards
  • Expected annualized revenue: INR500-1,500 crore
  • Focus areas: Industrial, power management, power distribution, data center

Technology Initiatives:

  • ARC system implementation showing 5-6% OEE improvement
  • Targeting 6-10% OEE improvement across all plants
  • Three-layer technology deployment: core operations, customer-facing systems, AI for complexity management

Minority Interests:

  • H1 minority profit: ~INR14 crore
  • Full-year expectation: INR30-45 crore

Incentives Timeline:

  • Capex incentives: Expected 6-12 months after project completion (March 2027)
  • PLI incentives: Application filing expected July-August 2028, recovery 3-6 months thereafter

Customer Onboarding:

  • FY26: 32 new customers onboarded
  • H1 FY27: 18 new customers onboarded