ASM Technologies FY26 turnaround delivers Rs 528.5 crore revenue

ASM Technologies Limited delivered FY26 revenue from operations of Rs 528.5 crore and profit after tax of Rs 60.8 crore, compared with revenue of Rs 201.6 crore and a loss of Rs 7.2 crore in FY24. EBITDA reached Rs 101.1 crore and the EBITDA margin was 19.1% in FY26.

How did ASM Technologies return to profit in FY26?

ASM Technologies returned to profit as revenue and operating earnings increased sharply through FY25 and FY26. Revenue from operations rose to Rs 528.5 crore in FY26 from Rs 288.8 crore in FY25 and Rs 201.6 crore in FY24, while EBITDA increased to Rs 101.1 crore from Rs 47.3 crore and Rs 6.0 crore, respectively.

The operating improvement carried through to profit before tax and profit after tax. Profit before tax was Rs 84.1 crore in FY26, versus Rs 34.1 crore in FY25 and a loss before tax of Rs 10.6 crore in FY24; after a tax charge of Rs 23.4 crore, profit after tax was Rs 60.8 crore, compared with Rs 25.1 crore in FY25.

The change followed a decline in the earlier part of the five-year period. Revenue rose from Rs 191.6 crore in FY22 to Rs 220.4 crore in FY23, declined to Rs 201.6 crore in FY24, and then increased to Rs 288.8 crore and Rs 528.5 crore in FY25 and FY26. EBITDA was Rs 21.0 crore in both FY22 and FY23 before falling to Rs 6.0 crore in FY24.

What changed in ASM Technologies' margins between FY24 and FY26?

ASM Technologies' reported margins moved from low or negative levels in FY24 to double-digit percentages in FY26. EBITDA margin increased to 19.1% in FY26 from 3.0% in FY24, EBIT margin rose to 18.0% from negative 0.2%, and profit-after-tax margin reached 11.5% from negative 3.5%.

FY26 cost of goods sold was Rs 124.6 crore, employee cost was Rs 213.7 crore and other expenses were Rs 89.1 crore, against revenue of Rs 528.5 crore. In FY25, the corresponding expense lines were Rs 45.4 crore, Rs 152.6 crore and Rs 43.6 crore, against revenue of Rs 288.8 crore; the presentation reports EBITDA margins of 16.4% in FY25 and 19.1% in FY26.

Depreciation increased to Rs 14.0 crore in FY26 from Rs 9.9 crore in FY25, while EBIT rose to Rs 95.1 crore from Rs 46.2 crore. Finance cost declined to Rs 8.8 crore from Rs 11.8 crore, and FY26 included an exceptional gain of Rs 1.6 crore, compared with an exceptional loss of Rs 0.3 crore in FY25.

How did ASM Technologies' returns recover after FY24?

ASM Technologies reported return on capital employed, or ROCE, of 21.9% in FY26, up from negative 0.2% in FY24 and 18.4% in FY25. Return on equity, or ROE, rose to 25.7% from negative 7.0% in FY24 and 17.0% in FY25, alongside the shift from a Rs 7.2 crore loss to Rs 60.8 crore of profit after tax.

The FY26 return measures were above those reported in each of the preceding four financial years in the presentation. ROCE was 20.2% in FY22 and 13.2% in FY23, while ROE was 22.6% in FY22 and 10.6% in FY23, compared with FY26 readings of 21.9% and 25.7%, respectively.

Earnings per share increased to Rs 41.65 in FY26 from Rs 21.28 in FY25, after negative Rs 6.62 in FY24. Total equity reached Rs 307.0 crore at March 2026, compared with Rs 165.1 crore at March 2025 and Rs 136.0 crore at March 2024, while other equity increased to Rs 292.5 crore from Rs 153.2 crore over the latest year.

What does ASM Technologies' FY26 cash flow and balance sheet show?

ASM Technologies generated net cash from operating activities of Rs 68.0 crore in March 2026, reversing a net operating cash outflow of Rs 23.5 crore in March 2025. Cash generated from operations was Rs 81.0 crore after a working-capital outflow of Rs 21.7 crore, compared with cash used in operations of Rs 22.9 crore in the preceding year.

Investing activities used Rs 165.6 crore in March 2026, while financing activities generated Rs 101.6 crore. Cash and cash equivalents at the end of the period were Rs 6.3 crore, up from Rs 2.3 crore at March 2025; the balance sheet also recorded Rs 22.9 crore of bank balances other than cash and cash equivalents and Rs 68.0 crore of current investments.

Non-current borrowings rose to Rs 68.7 crore at March 2026 from Rs 9.8 crore at March 2025, while current borrowings declined to Rs 43.9 crore from Rs 66.7 crore. Property, plant and equipment increased to Rs 93.0 crore from Rs 47.4 crore, inventories rose to Rs 69.6 crore from Rs 18.8 crore, and trade receivables declined to Rs 115.7 crore from Rs 129.1 crore.

What does the presentation disclose about ASM Technologies' manufacturing facility?

ASM Technologies' presentation records the inauguration of a new ASM HHV Engineering Pvt Ltd manufacturing facility supporting design-led manufacturing, precision engineering and advanced manufacturing. The supplied presentation does not disclose the facility's capacity, capital cost, revenue target or expected financial contribution.

The facility disclosure sits alongside FY26 financials that show property, plant and equipment of Rs 93.0 crore at March 2026, compared with Rs 47.4 crore at March 2025. However, the presentation does not link that Rs 45.6 crore increase in property, plant and equipment to the ASM HHV Engineering Pvt Ltd facility, so no direct financial effect can be determined from the disclosed historical data.

Conclusion

ASM Technologies' FY26 financials show a turnaround from the FY24 loss across revenue, operating profit, net profit, margins and return measures. Revenue increased from Rs 201.6 crore in FY24 to Rs 528.5 crore in FY26, EBITDA margin rose from 3.0% to 19.1%, and ROE moved from negative 7.0% to 25.7%.

The next reported periods will show whether operating cash generation of Rs 68.0 crore is sustained alongside the Rs 165.6 crore investing outflow and non-current borrowings of Rs 68.7 crore at March 2026. The presentation also leaves unresolved the capacity, investment and prospective financial contribution of the new ASM HHV Engineering Pvt Ltd manufacturing facility.