ADMACH SYSTEMS LIMITED

Engineers and manufactures Special Purpose Machinery (SPM) for steel processing, Non-Destructive Testing (NDT) and X-ray inspection systems, and defense, aerospace and nuclear-grade equipment from an integrated Pune facility on an engineer-to-order basis. Management cites an end-mix of roughly 50% special-grade steel processing equipment and 30% NDT and defense, with the balance spread across automotive, food processing, mining, nuclear and aerospace. FY26 revenue was ₹68.91 crore, up 29% year-on-year, and PAT was ₹10.01 crore, up 59% on EBITDA of ₹13.69 crore. The order book stood at approximately ₹65 crore at year-end and ₹83.77 crore by July 2026, against a quoted pipeline of around ₹200 crore at 60-65% expected conversion. Recent wins include a ₹10 crore Nuclear Fuel Complex order, NDT machines for delivery to Mexico and China via a domestic NDT customer, and direct US sales to Welspun Tubular LLC. The business exports to 28+ countries and lists Tata Steel, ArcelorMittal and Indian Ordnance Factories among clients, supported by European partners including Braun Machinefabrik and Nordinkraft. Materials are 75.2% of revenue, and a ₹15 crore capex on CNC, laser cutting and press brake machines is intended to lift in-house processing from 30% to 70% of work; receivables stretched to 150-160 days in FY26 and operating cash flow turned negative.