AXISCADES Technologies (532395) Q2 25/26 earnings summary

Executive summary

• Power930 targets INR 9,000 crore ($1 billion) revenue by FY30, shifting toward products, solutions and manufacturing-led growth.

• FY26 core-domain revenue growth and overall EBITDA growth targets are 45%; management cited visibility into FY27 and growth above 70% for FY28–FY30.

Financial highlights

• Q2 FY26 revenue from operations was INR 29,905.89 lakh, up 13% YoY and 22.7% QoQ; EBITDA was INR 47 crore, up 41.5%, and PAT was INR 2,312.79 lakh, up 88.9%.

• Q2 total income was INR 30,500.34 lakh and PBT INR 3,626.18 lakh; both exceeded Q2 FY24.

• H1 revenue from operations was INR 54,276.46 lakh, up 11.2%; EBITDA was INR 81 crore, up 25.7%, and PAT was INR 4,398.79 lakh, up 51.6%.

• H1 total income was INR 55,930.38 lakh and PBT INR 6,424.02 lakh, up 11.2% and 49.6%, respectively.

Outlook and guidance

• Management expects Q3 to be as strong as Q2; relocation may make Q4 steadier, while FY26 growth commitments remain intact.

• H2 typically contributes 55% of annual revenue, with defense deliveries weighted toward the second half; management cited a visible order pipeline and expected defense ramp-up.

• ESAI growth is expected to remain subdued in Q3 and Q4 as manufacturing capacity is installed and certified; other segments are expected to offset the slowdown.