BSE: 544669
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Special Purpose Machinery for steel processing (50%), NDT and X-ray inspection systems and defense (30%), Other industrial systems. Engineer-to-order industrial machinery maker with concept-selling model, project-based execution and working-capital-heavy receivables
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 69 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 18.39 |
| ROE % · ROCE % | — · 18.2 |
| Debt / equity (x) | — |
| Cash from operations | (5) |
| Capex | (19) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 28 | 40 |
| Profit before tax | 6 | 6 |
| Net profit | — | — |
| EPS (₹) | 8.97 | 10.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.1 | 26.5 | 61 of 130 | 54% |
| ROCE | 17.0 | 11.3 | 42 of 142 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · H1 FY27 revenue up 48%, PAT up 46%, order book at Rs 77.42 crore | investor communications | medium | — | — |
| 27 Oct 2026 · Admach Systems secures ₹1.16 crore order | compliance | low | — | — |
| 27 Oct 2026 · Admach Systems receives ₹115.97 lakh domestic inspection equipment order | business updates | medium | — | — |
| 27 Oct 2026 · H1 FY27 revenue rises 48.34%, profit after tax rises 45.91% | compliance | minimal | — | — |
| 26 Oct 2026 · Admach Systems posts 48% revenue and 46% net profit growth in H1 FY27 | results | high | — | — |
| 26 Oct 2026 · Admach Systems posts 46% profit rise in H1 ended September 2026 | results | high | — | — |
| 23 Oct 2026 · Admach Systems to hold H1 FY27 earnings call on October 29 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 26 to consider H1 FY26-27 financial results | results | low | — | — |
| 15 Oct 2026 · Admach Systems bags Rs 7.92 crore order, order book at Rs 76.25 crore | business updates | high | — | — |
| 15 Oct 2026 · Admach Systems gets Rs 7.92 cr purchase order from steel company | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.