Revenue from operations reached ₹615 million, representing 12% year-over-year growth and 13% quarter-over-quarter growth from ₹544 million in Q1 FY27.
The company reported a net loss of ₹6 million for the quarter, compared to a net profit of ₹6 million in Q2 FY26.
Gross margins declined by approximately 250 basis points year-over-year to 41.0%, primarily due to higher raw material prices.
EBITDA margin stood at 3.1% for the quarter.
ROE and ROCE were noted as not applicable as the company incurred a loss in Q2 FY27.
Operational Highlights Q2 FY27
Production volume was 6,009 MT, down 4% year-over-year but up 5% quarter-over-quarter.
Capacity utilization improved to 57% from 55% in Q1 FY27.
The second solar plant at Churu (4.8 MW AC) was commissioned in Q2 with ₹25 crore capitalized; cost benefits are expected in H2 FY27.
Total solar capacity now stands at 8.4 MW (AC).
Exports increased 29% year-over-year to ₹32 million, though export conditions remain volatile due to geopolitical uncertainty and increased freight container prices.
Revenue Segment Breakdown Q2 FY27
Tractor: 55% of revenue (down from 60% in Q2 FY26)
M&HCV: 20% of revenue (up from 17% in Q2 FY26)
Earth moving: 20% of revenue (up from 18% in Q2 FY26)
Construction & others: 6% of revenue (up from 5% in Q2 FY26)
Financial Statements Overview
Half Year FY2027 Performance (₹ Millions)
Revenue from operations: 1,159
Total income: 1,164
Cost of material consumed: 662
Employee cost: 140
Finance cost: 27
Depreciation and amortization expense: 63
Profit before tax: (45)
PAT: (22)
Balance Sheet Position H1 FY2027 (₹ Millions)
Total equity: 698
Non-current liabilities: 476
Current liabilities: 678
Total assets: 1,852
Property, plant and equipment: 926
Capital work-in-progress: 29
Inventories: 175
Trade receivables: 468
Cash and cash equivalents: 2.6
Future Roadmap and Strategy
Focus on reducing reliance on cyclical tractor segment (historically over 50% of revenue) to lower volatility
Target non-tractor segments (M&HCV, construction, engineering) to exceed 75% of revenue in 3-5 years
Improve capacity utilization to 65% from FY27 including Unit 3
Planned investment of approximately ₹600 lakh in new machinery (trimming, VTL, Sinto and VMC machines) due for installation by end-FY27
Target export share of ~15% of revenue within 3 years, supported by EU and US trade deals
Manufacturing Facilities
Total installed capacity: 42,000 MT per year across three units
Unit 1 (Jaipur): 10,000 MT/year capacity, SINTO HPML moulding line, 5-25 kg casting weight
Unit 2 (Reengus): 20,000 MT/year capacity, DISA FLEX 70 HS HPML moulding line, 40-150 kg casting weight
Unit 3 (Reengus): 12,000 MT/year capacity, RHINO HPML moulding line, 20-50 kg casting weight
Total built-up area: ~22,000 sq m with additional 30,000 sq m land available for expansion
Management Team
Vimal Chand Jain: Chairman & Managing Director, 50+ years experience, BE (Electrical)
Vinit Jain: Whole-Time Director & CFO, 28+ years experience, B.Com and MBA
Vikram Jain: Whole-Time Director, Marketing, 25+ years experience, BE (Manufacturing)
