Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹1,363.1 million, representing 34.0% YoY growth and 14.8% QoQ growth
  • EBITDA: ₹283.2 million, showing 8.6% YoY growth
  • Adjusted Profit After Tax: ₹202.8 million, with 18.5% YoY growth
  • Reported PAT includes deferred tax credit of ₹15.0 million in Q2 FY27

H1 FY27 Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹2,550.2 million, showing 33.7% YoY growth
  • EBITDA: ₹549.2 million, representing 11.9% YoY growth
  • EBITDA margin: 21.2% (H1 FY26: 25.2%)
  • Adjusted PAT: ₹375.8 million, with 17.0% YoY growth
  • Reported PAT: ₹375.8 million, showing 17.0% YoY growth
  • Operating Cash profit before tax: ₹507.2 million, increasing 16.2% YoY
  • Gross material margin: 45.7% (FY26: 46.0%)
  • Employee benefit expenses: ₹420.6 million, rising 40.7% YoY, including ESOP charge of ₹11.4 million (H1 FY26: ₹0.6 million)

Segment-wise Performance H1 FY27

Temperature Sensing Solutions

  • Revenue: ₹1,329 million, growing 57.3% YoY
  • Contribution: ~53% of H1 product revenue
  • Growth driven by consolidation of Tempsens Germany, Tempsens Measurement Control Private Limited, and Tempsens Polska
  • Organic growth from thermal power and OEMs including CVD equipment manufacturers
  • Ramping up despatches for temperature sensors for fuel cells
  • Growth in demand for sensors for CVD industry
  • Healthy order pipeline across thermal and nuclear power, steel and glass

Electrical Heating Solutions

  • Revenue: ₹467 million, growing 44.1% YoY
  • Growth led by significant dispatches to oil and gas customers in India, South-East Asia and Middle East
  • Key growth drivers: oil and gas, and OEMs across automotive, life sciences and plastics
  • Major certification completed for standard furnaces with supplies starting in Q3 for OEM customer in life sciences
  • Mid Voltage heater platform positioning for energy-transition applications, certification expected by Q4 FY27

Specialized Cables

  • Revenue: ₹735 million, growing 2% YoY
  • Q2 FY27 revenue: ₹409.8 million, rising 12.6% YoY and 26.0% QoQ
  • Supplies for high temperature wiring harnesses to OEM customer to start in Q3 FY27
  • Dispatches executed for thermal power, oil and gas (Africa) and chemicals customers in India
  • Focus areas: exports, thermal and nuclear power, and cable harnesses
  • Oil and gas approvals in Middle East expected to open new export market

Geographic Revenue Mix H1 FY27

  • Domestic revenue: ₹1,594 million, growing 11.9% YoY
  • Q2 FY27 domestic revenue: ₹813.9 million, increasing 6.2% YoY
  • Export revenue: ₹937 million, more than doubling with 101.5% YoY growth
  • Q2 FY27 export revenue: ₹538.8 million
  • Export contribution: ~37% of product revenue in H1 FY27 (H1 FY26: ~25%)
  • Q2 FY27 export contribution: ~40%

Capacity Expansion Projects

Temperature Sensing Solutions

  • New plant within existing Unit 1 for contact temperature sensors for OEMs
  • Built-up area: approximately 50,000 sq. ft. (brownfield)
  • Commissioning: Expected by Q3 FY28
  • Peak revenue potential: approximately ₹1,200 million per annum at full utilization
  • New office facility in Ajman, UAE

Product Launch - Non-contact temperature sensors

  • EDGE series Thermal + Visual camera
  • Applications: Temperature monitoring and surveillance
  • Resolution: 384x288 / 640x480 Pixels

Electrical Heating Solutions

  • New plant within existing Unit 6 for Mid Voltage heaters and pressure vessels
  • Built-up area: approximately 50,000 sq. ft. (brownfield expansion)
  • Commissioning: Expected by Q1 FY28
  • Peak revenue potential: approximately ₹2,000 million per annum at full utilization
  • Additional 25,000 sq. ft. commissioned for custom-built furnaces

Product Highlights - Laboratory Furnaces

  • Laboratory furnaces for temperature testing
  • Status: ETL and CE approved
  • Bulk despatches to start from Q3 FY27

Specialized Cables

  • New plant - Unit 8 for specialized cables, export-focused
  • Commissioning: Expected by Q2 FY28
  • Peak revenue potential: approximately ₹600 million per annum at full utilization
  • Tempsens - Victura JV new plant
  • Agreement signed to acquire built-up shed of approximately 80,000 sq. ft.
  • Commissioning: Expected to commence by Q4 FY27
  • Peak revenue potential: approximately ₹1,200 million per annum at full utilization

Capital Expenditure & Balance Sheet

  • Capital expenditure: ₹367.3 million in H1 FY27
  • Includes ₹259.9 million for leasehold land to support Specialised Cables business expansion
  • Capital work-in-progress: ₹54.3 million as on September 30, 2026 (March 31, 2026: ₹6.1 million)
  • Total borrowings: ₹407.3 million, reduced 49% YoY (March 31, 2026: ₹779.48 million)
  • Debt-equity ratio improved to 0.06x from 0.15x
  • Cash and cash equivalents: ₹965.74 million (March 31, 2026: ₹284.79 million)
  • Bank balances other than cash: ₹351.10 million (March 31, 2026: ₹57.59 million)

IPO Proceeds Utilization

  • IPO completed: 21,666,666 equity shares at ₹300 per share
  • Listing date: August 28, 2026 on NSE and BSE
  • Issue comprised fresh issue of ₹950.0 million and offer for sale of ₹5,550.0 million
  • Net proceeds to company: ₹872.6 million after IPO-related expenses of ₹77.3 million

Utilization as of September 30, 2026:

  • Capital expenditure allocation: ₹181.3 million (planned), ₹6.1 million utilized, ₹175.2 million unutilized
  • Borrowing repayment: ₹550.0 million (full allocation utilized)
  • General corporate purposes: ₹141.3 million allocated, unutilized
  • Total utilized: ₹556.1 million (~64%)
  • Total unutilized: ₹316.5 million (~36%)

Consolidated Financial Position as of September 30, 2026

  • Total assets: ₹7,819.76 million (March 31, 2026: ₹6,610.52 million)
  • Property, plant and equipment: ₹1,146.69 million
  • Right-of-use assets: ₹568.27 million
  • Goodwill: ₹1,082.79 million
  • Other intangible assets: ₹436.51 million
  • Inventories: ₹1,399.34 million
  • Trade receivables: ₹831.28 million
  • Total equity: ₹6,486.90 million (March 31, 2026: ₹5,254.75 million)
  • Equity share capital: ₹335.33 million
  • Other equity: ₹5,850.32 million
  • Total current liabilities: ₹1,164.47 million

Cash Flow Statement H1 FY27

  • Net cash generated from operating activities: ₹490.90 million
  • Net cash used in investing activities: ₹286.02 million
  • Net cash generated from financing activities: ₹475.74 million
  • Net increase in cash and cash equivalents: ₹680.62 million

Historical Financial Performance

FY24-FY26 Revenue Growth:

  • FY24: ₹2,748.10 million
  • FY25: ₹3,785.26 million
  • FY26: ₹4,448.78 million
  • Revenue CAGR (FY24-FY26): Incorporates full-year consolidation of Marathon Heater's results in Fiscal 2025

Profitability Metrics:

  • FY26 EBITDA: Calculated as profit for the year plus finance costs, depreciation and amortization expense, and total tax expenses
  • FY26 Adjusted PAT: Profit for the year adjusted to exclude amortization impact of intangible assets (net of tax) created from Marathon Amalgamation Scheme and acquisitions
  • FY26 ROCE: EBIT divided by capital employed
  • FY26 Debt/EBITDA: Total borrowings divided by EBITDA