ADS Revenue Target: INR 280-300 crore for FY26
On track to double FY25 ADS revenues with strong order book visibility and high-value aerospace and semiconductor components being added to portfolio.
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revenue
Sweden Stabilization: Q3 FY26
Revenue and margin stabilization expected from Q3 FY26 with full-year growth of ~20% and double-digit margins. Q2 will be muted due to summer holidays.
ADS Order Book: INR 1,000 crore by FY27-28
Currently at ~INR 750 crore including existing execution and new orders, targeting INR 1,000 crore peak revenue by FY27-28.
Sweden Full Year Revenue: ~INR 225 crore
Expected revenues from Swedish subsidiary at around INR 225 crore for full FY26 on fixed currency basis, representing ~20-25% growth.
FY26 Revenue Growth: Mid-Teens
Management targets mid-teens revenue growth for full year FY26, expecting H2 to be significantly stronger than H1 (which grew only ~6.5% due to tariff disruptions). October showed good momentum with positive November and December outlook.
ADS FY26 Sales Guidance: ~INR 3,000 Million
ADS division expected to deliver approximately INR 300 crore in FY26 sales, building from INR 86.4 crore in H1. Monthly run rate of INR 38-40 crore anticipated for the next 5 months.
ADS FY27 Target: INR 550 Crore
With current capacity supporting INR 600-650 crore and new facility (70,000 sq ft, ~33% addition) ready by June-July 2026, the company targets INR 550 crore ADS revenue in FY27.
ADS Margin Band: 25-30%
ADS margins currently at the higher end of the 25-30% band. Management does not anticipate significant upside beyond this range as the industry matures and cost pressures increase.
FY26 Revenue Growth: Mid-teens to high teens
Management maintained full-year guidance expecting to close FY26 with teens to mid-teens topline growth while comfortably maintaining current margin profile.
FY27 ADS Revenue: INR 550-600 crore
ADS division expected to reach INR 550-600 crore in FY27 from current INR 300+ crore run rate, with INR 3870 crore cumulative backlog providing multi-year visibility.
FY26 Capex: INR 375-400 crore
Capex guidance maintained at INR 375-400 crore for FY26 including ADS plant expansion; similar levels expected for FY27. US facility capex excluded pending customer confirmation.
Margin trajectory: Better than FY26
Management expects margin improvement in FY27 driven by ADS scale-up and export recovery, though 20% EBITDA target deferred beyond next year.