NSE: GMMPFAUDLR · BSE: 505255
GMM PFAUDLER LIMITED
Manufactures corrosion-resistant industrial equipment — primarily glass-lined reactors, vessels and storage tanks, heavy engineering equipment, and related process systems — sold mainly to chemical and pharmaceutical producers, with growing orders from semiconductor, defence, nuclear, oil & gas, and metals & minerals customers. Two reportable segments: India (₹976.42 crore revenue, 27.7% of segment revenue) and Overseas (₹2,547.52 crore revenue, 72.3% of segment revenue), reflecting its Indian parent plus European and Brazilian operations. FY26 consolidated revenue was ₹3,523.94 crore with ₹51.82 crore net profit, weighed down by ₹52.62 crore of exceptional items for workforce reduction at the German Pfaudler GmbH subsidiary and ₹12.69 crore for Indian labour code gratuity changes. Order intake for FY26 reached ₹3,714 crore (up 20% year-on-year) and opening backlog rose 34% to ₹2,194 crore, including a ₹130 crore nuclear order and a USD 30 million acid-recovery order, giving strong revenue visibility into FY27. The biggest cost line is raw materials at 41.5% of revenue, followed by employee costs at 28.6%, consistent with an equipment manufacturer that buys glass, steel and alloys and runs engineering-heavy plants. Recent acquisitions include 100% of SEMCO Brazil for ₹162 crore and 51% of GMM Inox Poland for ₹25.30 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Overseas (72%), India (28%). Cyclical, asset-heavy industrial equipment manufacturer with diversified end-markets
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,541 | 3,178 | 3,446 | 3,199 | 3,524 |
| EBITDA (ex other income) | 284 | 410 | 477 | 313 | 337 |
| margin % | 11.2 | 12.9 | 13.8 | 9.8 | 9.6 |
| Owners' profit | 85 | 98 | 179 | 53 | 58 |
| EPS, as reported (₹) | 58.18 | 37.52 | 39.80 | 11.78 | 12.86 |
| ROE % · ROCE % | 11.3 · 9.4 | 26.2 · 17.4 | 17.9 · 17.5 | 4.8 · 10.1 | 4.2 · 9.0 |
| Debt / equity (x) | 0.76 | 0.98 | 0.73 | 0.63 | 0.68 |
| Cash from operations | 236 | 185 | 284 | 378 | 389 |
| Capex | (132) | (69) | (64) | (63) | (78) |
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 | 805 | 801 | 807 | 795 | 902 | 884 | 944 | 925 |
| Profit before tax | 33 | 62 | (34) | 32 | 64 | (14) | 26 | 40 |
| Net profit | 17 | 40 | (28) | 10 | 39 | (9) | 15 | 22 |
| EPS (₹) | 3.84 | 9.23 | (6.00) | 2.48 | 9.22 | (1.78) | 3.82 | 5.32 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 976 | 27.7 |
| Overseas | 2,548 | 72.3 |
| Total, before eliminations | 3,524 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 76.2 | 26.5 | 101 of 130 | 23% |
| P/B | 4.6 | 3.1 | 70 of 112 | 38% |
| ROCE | 4.1 | 11.3 | 110 of 142 | 23% |
| ROE | 4.2 | 9.8 | 84 of 113 | 26% |
| Debt / Equity | 0.7 | 0.2 | 93 of 113 | 18% |
| EBITDA margin | 11.2 | 12.4 | 62 of 110 | 44% |
| Revenue growth | 16.4 | 20.6 | 64 of 114 | 44% |
| Profit growth | 117.7 | 17.1 | 21 of 109 | 82% |
| Market cap | 5682 | 279 | 16 of 141 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for November 4 to approve quarterly and half-year results | results | low | — | — |
| 15 Oct 2026 · Routine filing: SEBI Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Sept 30 for Q2 FY27 results | compliance | minimal | — | — |
| 28 Sept 2026 · GMM Pfaudler to host analyst and investor meetings on Oct 1 and Oct 6 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · CRISIL reaffirms credit ratings at AA-/Stable and A1+ | credit debt | medium | — | — |
| 15 Sept 2026 · GMM Pfaudler CFO change: Poempner resigns, Ankit Nayyar takes over | management changes | high | — | — |
| 15 Sept 2026 · Group CFO Alexander Poempner resigns, Ankit Nayyar named successor | management changes | critical | — | — |
| 15 Sept 2026 · GMM Pfaudler: Group CFO Alexander Poempner resigns, Ankit Nayyar to replace | management changes | high | — | — |
| 3 Sept 2026 · Promoter group inter-se transfer of 23,480 shares | ownership changes | medium | — | — |
| 2 Sept 2026 · GMM Pfaudler to host plant visit for analysts on September 7 | 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.