ACE posts a record Q1 FY27 as margins widen and capex tailwinds build

Total income was INR 8,403 million, EBITDA was INR 1,725 million with a 20.53% margin, and PAT was INR 1,195 million with a 14.22% margin.

Management stated the Cranes, Construction Equipment and Material Handling segment revenue was INR 738.37 crore in Q1 FY27 versus INR 605.43 crore in Q1 FY26, with volumes up 17.25% year on year.

The presentation showed agricultural equipment volumes of 440 units in Q1 FY27 versus 589 units in Q1 FY26. Management stated the agri division revenue was INR 42.67 crore in Q1 FY27.

Management stated Q1 FY27 exports were close to 3% and defence around 5% of revenue. For FY27, they indicated exports of at least 6% to 7% and defence about 5% to 6%.

Management stated the JV should become functional by end of July 2026, start having some revenue from Q3 FY27, and meaningful revenue would come from FY28 onwards.

Management indicated FY27 capex of around INR 200 to 250 crore, including INR 40 to 50 crore for a defence-dedicated facility (Plant 9) and a major chunk of about INR 130 to 140 crore for land takeover.