ASM Technologies (526433) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue from operations was ₹154.5 Cr, up 171% YoY; EBITDA rose 356% to ₹30.5 Cr and PAT rose 685% to ₹19.1 Cr.

• Growth was supported by both ER&D and design-led manufacturing (DLM); H2 momentum is expected to continue.

• The business combines ER&D with custom, high-precision DLM for high-tech and engineering markets.

Financial highlights

• H1 FY26 revenue was ₹277.4 Cr versus ₹109.6 Cr, up 153%; EBITDA was ₹56.2 Cr versus ₹10.2 Cr, and PAT was ₹34.7 Cr versus ₹4.8 Cr.

• H1 consolidated revenue was ₹2,797.68 million versus ₹1,154.65 million; consolidated PAT was ₹346.93 million versus ₹47.75 million.

• Q2 consolidated revenue was ₹1,557.39 million and PBT ₹264.24 million; standalone revenue was ₹1,426.47 million and PBT ₹270.72 million.

• H1 revenue mix was 63% DLM and 37% ER&D.

Outlook and guidance

• No formal forward guidance; rolling visibility was at least 18 months and up to 24 months in some cases.

• DLM is expected to scale, with ER&D supporting DLM design and engineering; service revenue momentum was expected in Q3-Q4.

• New facility capacity is expected to add headroom from Q4; larger projects are planned in three phases, with revenue recognized as phases are implemented.