BSE: 526433
ASM TECHNOLOGIES LTD.
Provides engineering research and design (ER&D) services and design-led precision manufacturing (DLM), serving customers across Hi-Tech (semiconductor equipment, both front-end and back-end) and Engineering (automotive, aerospace, medical devices, solar) verticals. In H1 FY26, DLM contributed 63% of revenue and ER&D 37%, with management pivoting capacity from ER&D into DLM. Revenue is generated through fee-based engineering/design services and through the manufacture of high-precision capital equipment and components in its own facilities. The company operated seven manufacturing facilities at FY26 year-end, after commissioning two new units in Bengaluru and one in Vietnam during the year, and was running at 80-85% capacity utilization. It has signed MoUs for Rs 510 crore of capex in Karnataka and Rs 250 crore in Tamil Nadu, and received ECMS approval for Rs 565 crore of investment in high-precision capital equipment manufacturing. FY26 consolidated revenue was Rs 528.5 crore with EBITDA margin of 19.1%; the largest cost line is employee cost at 40.4% of revenue, followed by materials at 33.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Export Services (ER&D), Domestic Services (ER&D), Export Manufacturing (DLM), Domestic Manufacturing (DLM). Engineering services plus capital-intensive precision manufacturing, pivoting mix from services towards design-led manufacturing.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 192 | 220 | 202 | 289 | 529 |
| EBITDA (ex other income) | 21 | 21 | 6 | 47 | 99 |
| margin % | 11.0 | 9.4 | 2.8 | 16.3 | 18.7 |
| Owners' profit | 14 | 7 | (7) | 26 | 61 |
| EPS, as reported (₹) | 13.90 | 5.36 | (3.16) | 10.59 | 41.65 |
| ROE % · ROCE % | 21.2 · 29.5 | 10.3 · 18.5 | (5.2) · (0.4) | 15.2 · 24.6 | 19.8 · 24.1 |
| Debt / equity (x) | 0.69 | 0.88 | 0.51 | 0.46 | 0.37 |
| Cash from operations | 14 | 20 | (1) | (23) | 93 |
| Capex | 0 | 0 | 0 | 0 | (95) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57 | 65 | 115 | 123 | 277 | 116 | 135 | 199 |
| Profit before tax | 4 | 8 | 22 | 21 | 48 | 13 | 23 | 39 |
| Net profit | 2 | 5 | 15 | 16 | 35 | 9 | 17 | 27 |
| EPS (₹) | 1.83 | 4.40 | 10.11 | 10.67 | 23.76 | 6.38 | 11.48 | 18.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Export service | 24 | 3.8 |
| Import Service | 34 | 5.2 |
| Export Manufacturing | 4 | 0.6 |
| Import Manufacturing | 72 | 11.1 |
| Export- Services | 26 | 3.9 |
| domestic- Services | 45 | 6.8 |
| Export- Manufacturing | 3 | 0.4 |
| Domestic-Manufacturing | 43 | 6.6 |
| export | 42 | 6.4 |
| domestic | 73 | 11.3 |
| manufacturing export | 7 | 1.0 |
| manufacturing domestic | 156 | 23.9 |
| Export | 21 | 3.2 |
| Domestic | 38 | 5.9 |
| Manufacturing Export | 4 | 0.6 |
| Manufacturing Domestic | 61 | 9.3 |
| Total, before eliminations | 651 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 105.4 | 15.0 | 63 of 65 | 3% |
| P/B | 30.1 | 2.6 | 63 of 65 | 3% |
| ROCE | 21.8 | 14.2 | 18 of 76 | 77% |
| ROE | 19.8 | 11.5 | 13 of 64 | 81% |
| Debt / Equity | 0.4 | 0.0 | 53 of 65 | 19% |
| EBITDA margin | 24.1 | 18.4 | 16 of 65 | 77% |
| Revenue growth | 61.8 | 10.6 | 6 of 63 | 92% |
| Profit growth | 72.2 | 6.7 | 9 of 62 | 87% |
| Market cap | 9232 | 419 | 16 of 76 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · SBI Mutual Fund acquires 5.25% stake in ASM Technologies | ownership changes | high | — | — |
| 21 Oct 2026 · SBI MF picks 5.24% stake in ASM Technologies via preferential allotment | ownership changes | high | — | — |
| 21 Oct 2026 · ASM Technologies submits quarterly securities compliance certificate | compliance | minimal | — | — |
| 16 Oct 2026 · ASM Technologies allots 10.79 lakh shares at Rs 4,875 via preferential issue | fund raising | high | — | — |
| 4 Oct 2026 · ASM Technologies EGM: Preferential Issue and Director Appointment Approved | board shareholder meetings | low | — | — |
| 4 Oct 2026 · EGM approves preferential securities issue and new independent director | board shareholder meetings | low | — | — |
| 4 Oct 2026 · ASM Technologies EGM: Preferential Allotment and New Director Considered | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Newspaper publication of corrigendum to EGM notice | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from 1 October 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Corrigendum to EGM Notice for preferential share issue | board shareholder meetings | low | — | — |
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.