Revenue rose 14.7% sequentially and 37% year-on-year to ₹1,441 crore, compared to ₹1,052 crore in the same period last year. EBITDA margins improved by 120 basis points both QoQ and YoY to 15.1%, up from 13.9% a year ago.
Profitability saw a sharp jump, with net profit coming in at ₹59 crore versus ₹5 crore in Q4FY25.
The company’s order book expanded, rising 67% YoY to ₹7,309 crore. Of this, ₹1,468 crore is expected to be executed in Q1FY27, with the remaining ₹5,841 crore scheduled from Q2FY27 onwards.
The board has approved a fundraise of up to ₹2,000 crore.
On margins, the company said that US tariffs have eased from peak levels of 50% to around 18%, and have now transitioned to a temporary 10-15% range following the US-India trade arrangement. This is expected to provide a direct benefit to margins.
However, geopolitical tensions in West Asia remain a near-term risk, leading to cost pressures from higher prices of helium and polymer-based inputs.
On the balance sheet front, net debt stood at ₹1,128 crore, with a net debt-to-equity ratio of 0.5 and net debt-to-EBITDA at 1.3x.
The company is targeting a reduction in leverage, with net debt-to-EBITDA guided below 1.2x in FY27.
