Date: November 14, 2026

Financial Performance Summary

Consolidated Financial Highlights – Q2 & H1FY27

| Particulars (in INR crores) | Q2FY27 | Q2FY26 | YoY Change | H1FY27 | H1FY26 | YoY Change |

| Total revenue | 231.6 | 245.4 | -5.6% | 533.9 | 493.5 | 8.2% |

| EBITDA | 36.9 | 33.2 | 11.2% | 86.1 | 61.3 | 40.4% |

| EBITDA margin | 15.9% | 13.5% | 240 bps | 16.1% | 12.4% | 370 bps |

| PAT | 26.0 | 21.9 | 18.3% | 57.2 | 42.0 | 36.2% |

| PAT margin | 11.2% | 8.9% | 227 bps | 10.7% | 8.5% | 220 bps |

| EPS | 1.25 | 1.23 | 1.6% | 2.77 | 2.58 | 7.4% |

Revenue Performance

  • Q2FY27 revenue stood at INR 231.6 crores (Q2FY26: INR 245.4 crores, -5.6% YoY)
  • H1FY27 revenue increased to INR 533.9 crores (H1FY26: INR 493.5 crores, +8.2% YoY)
  • Engineering division recorded 121.6% YoY growth in H1FY27

Profitability Metrics

  • Q2FY27 EBITDA: INR 36.9 crores (+11.2% YoY) with margin expansion of 240 bps to 15.9%
  • H1FY27 EBITDA: INR 86.1 crores (+40.4% YoY) with margin expansion of 370 bps to 16.1%
  • Q2FY27 PAT: INR 26.0 crores (+18.3% YoY) with PAT margin of 11.2% (227 bps expansion)
  • H1FY27 PAT: INR 57.2 crores (+36.2% YoY) with PAT margin of 10.7% (220 bps expansion)

Business Segment Performance

Engineering & EPC Business

  • Remains core growth driver with opportunities across oil & gas, marine, water infrastructure and industrial sectors
  • Current order book: Over INR 1600 Crores
  • Strong bidding pipeline: INR 2550 Crores
  • Company focused on strengthening EPC capabilities and enhancing execution capacity

Renewable Energy Initiatives

  • Solar portfolio development as part of diversification strategy
  • 10 solar sites handed over, with billing started for 4 sites
  • Expected completion of all remaining sites by end of current quarter
  • Aims to develop additional recurring revenue streams

Defence Manufacturing Expansion

Tembo Classic Engineering Private Limited
  • Secured manufacturing licences for both ammunition and small arms
  • Bhoomi Poojan completed for defence manufacturing facility at Amravati, Maharashtra
Strategic Partnership
  • Collaboration with Lachaussee SA, Belgium for advanced ammunition production line in India
  • Project value: Approximately €50 million
  • Annual production capacity: Approximately 100 million rounds
  • Delivery schedule: 2028 and 2029
UAV & Drone Technologies
  • Expansion through JR UAV Limited and its international partnerships
  • Developing capabilities in specialised UAV component manufacturing
  • Exploring opportunities across defence and unmanned systems

Corporate Developments

  • Listing on BSE Main Board completed, enhancing capital market presence
  • Company holds Two-Star Export House status
  • Products certified by Underwriters Laboratories Inc. (USA) and FM Approvals (USA)

Management Commentary

Mr. Sanjay J. Patel, Managing Director, stated:

  • H1FY27 delivered healthy growth across key profitability parameters
  • Margin expansion reflects improved operating efficiencies and disciplined execution
  • Focus on profitable growth continues
  • Strong revenue visibility with substantial order book and bidding pipeline
  • Progressing defense and aerospace platform aligned with Make in India and Atmanirbhar Bharat objectives
  • Priorities remain on disciplined execution, strengthening Engineering & EPC franchise, renewable energy initiatives, and scaling defense capabilities
  • Confident in long-term growth prospects with diversified business platform

Outlook

  • Focused on execution and sustainable growth
  • Multiple growth initiatives underway across core engineering, renewable energy, and defense sectors
  • Aim to create sustainable value for all stakeholders