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ASM Technologies reported a blockbuster Q2 FY26 with revenue growing 171% year-over-year. EBITDA came in at Rs. 31 crores versus Rs. 7 crores last year, with margins expanding sharply to 19.7%. Profit after tax surged to Rs. 19 crores from just Rs. 2 crores. For the first half of FY26, revenue stood at Rs. 277 crores, up 153% YoY, driven mainly by the Design-Led Manufacturing (DLM) business which now contributes 63% of revenue. The company has signed MoUs with Karnataka (Rs. 510 crore) and Tamil Nadu (Rs. 250 crore) governments to expand capacity over 3 phases. Net cash position is Rs. 77 crore and capacity utilisation is around 80-85%. The company has 18-24 months of forward visibility on its order book.
The strong quarter and major capacity expansion plan are positive signals for long-term growth, but management's refusal to provide any forward guidance, segment-wise details, or customer concentration beyond '60% from top 10 customers' may leave investors wanting more clarity. The Rs. 760 crore CAPEX plan may also raise near-term concerns about potential equity dilution alongside debt funding.