GMM Pfaudler Heavy Engineering order intake rises 254%

In Q2 FY27, GMM Pfaudler’s Heavy Engineering Technologies order intake rose 254% year on year to Rs 201 crore, while Process System Technologies intake fell 46% to Rs 78 crore. The contrast made Heavy Engineering Technologies a larger source of new orders than Process System Technologies, despite the latter recording higher quarterly revenue of Rs 142 crore.

Which divisions drove GMM Pfaudler order intake in Q2 FY27?

GMM Pfaudler’s Q2 FY27 order intake was led by Corrosion Resistant Technologies at Rs 556 crore, followed by Process Performance Technologies at Rs 364 crore, Heavy Engineering Technologies at Rs 201 crore and Process System Technologies at Rs 78 crore. Corrosion Resistant Technologies, which combines glass-lined and fluoropolymer businesses, increased intake 15% year on year and 11% quarter on quarter.

The largest percentage change came from Heavy Engineering Technologies, or HET, whose Rs 201 crore intake was 254% above Q2 FY26’s Rs 57 crore and 248% above Q1 FY27’s Rs 58 crore. HET supplies engineered-to-order critical equipment for nuclear, power, and oil and gas customers, including global engineering, procurement and construction firms. Its Q2 FY27 intake also exceeded the Rs 189 crore reported in Q3 FY26 and was the division’s highest figure in the five-quarter series shown.

Process Performance Technologies, or PPT, supplied the second-biggest year-on-year increase in percentage terms, with order intake up 85% from Rs 196 crore in Q2 FY26 to Rs 364 crore in Q2 FY27. Its intake was flat quarter on quarter from Rs 367 crore in Q1 FY27. PPT brings together mixing, filtration, drying, separation and sealing businesses serving pharmaceutical, chemical, metals and minerals, water treatment, and food and beverage applications.

Why did Process System Technologies order intake decline?

Process System Technologies, or PST, recorded Q2 FY27 order intake of Rs 78 crore, down 46% from Rs 143 crore in Q2 FY26 and broadly flat sequentially from Rs 80 crore in Q1 FY27. The supplied presentation does not specify the cause of the Q2 decline, so it does not establish whether customer timing, project completion, competition or another factor drove the change.

The disclosed context is more explicit for the half year. PST’s H1 FY27 order intake was Rs 157 crore, 69% below the previous year, while management noted that H1 FY26 included a large Rs 355 crore order. This means the half-year comparison contains a disclosed large-order base effect, although the presentation does not assign the Rs 355 crore order to a specific quarter.

PST’s five-quarter order pattern shows Rs 193 crore in Q4 FY26, followed by Rs 80 crore in Q1 FY27 and Rs 78 crore in Q2 FY27. Its current intake therefore remained below the Rs 115 crore recorded in Q3 FY26 and the Rs 143 crore in Q2 FY26. PST sells integrated process systems, modular solutions, lab and process glass, and specialised applications such as acid recovery for chemical, pharmaceutical, defence and other uses.

How did Q2 FY27 revenue compare with new orders?

GMM Pfaudler’s divisional revenue increased year on year in all four businesses in Q2 FY27, including PST, even as new PST orders declined. PST revenue rose 57% to Rs 142 crore from Rs 91 crore in Q2 FY26 and increased 8% from Rs 131 crore in Q1 FY27. This separates the quarter’s revenue movement from its order-intake movement.

HET revenue grew 38% year on year to Rs 92 crore, but its Rs 201 crore order intake was more than twice its quarterly revenue. In contrast, PST’s Rs 78 crore intake was below its Rs 142 crore revenue. These are reported quarterly flows rather than a disclosed backlog calculation, so the presentation does not quantify how either relationship affects future revenue recognition.

PPT showed both revenue and order growth in Q2 FY27. Revenue increased 34% year on year and 30% quarter on quarter to Rs 331 crore, while order intake rose 85% year on year to Rs 364 crore. Corrosion Resistant Technologies, or CRT, had revenue of Rs 500 crore, flat year on year but 7% higher quarter on quarter, while its Rs 556 crore intake was 15% higher year on year.

What does H1 FY27 show about order momentum?

H1 FY27 order growth was concentrated in HET and PPT, while PST had a lower comparison because H1 FY26 included the disclosed Rs 355 crore order. HET intake rose 306% year on year to Rs 258 crore, PPT rose 74% to Rs 731 crore, and CRT increased 19% to Rs 1,058 crore. PST fell 69% to Rs 157 crore.

The revenue picture over H1 FY27 was positive across the divisions, but with differing rates. PST revenue increased 51% to Rs 273 crore, ahead of PPT’s 29% increase to Rs 586 crore, HET’s 17% increase to Rs 165 crore, and CRT’s 5% increase to Rs 966 crore. Thus, the new-order disparity between HET and PST did not match the reported revenue ranking for the first half.

HET’s Rs 258 crore H1 FY27 intake was greater than its Rs 165 crore revenue, whereas PST’s Rs 157 crore intake was below its Rs 273 crore revenue. PPT also reported intake above revenue, at Rs 731 crore versus Rs 586 crore, and CRT reported Rs 1,058 crore of intake against Rs 966 crore of revenue. The presentation reports these divisional measures but does not provide divisional order backlogs or conversion schedules.

What businesses sit behind GMM Pfaudler’s contrasting divisions?

GMM Pfaudler’s HET business is India-based with a growing export footprint and supplies engineered-to-order alloy process equipment under Equilloy. Its Q2 FY27 intake of Rs 201 crore followed a five-quarter low of Rs 37 crore in Q4 FY26, highlighting that its quarterly orders varied from Rs 37 crore to Rs 201 crore across the disclosed series.

PST provides one-stop process systems and modular solutions through GMM Pfaudler Systems and Normag. Its Q2 FY27 revenue of Rs 142 crore was its highest level in the five displayed quarters, rising from Rs 86 crore in Q3 FY26 and Rs 99 crore in Q4 FY26. However, the Rs 78 crore intake was the lowest point in that same five-quarter order series.

The other two divisions offer different product sets and produced the largest absolute intake figures in Q2 FY27. CRT includes Pfaudler glass-lined technology and Edlon fluoropolymers, while PPT includes Mixel mixing, Mavag filtration and drying, Interseal sealing and HydroAir membrane separation systems. Their combined Q2 FY27 intake of Rs 920 crore was above HET’s Rs 201 crore and PST’s Rs 78 crore.

Conclusion

GMM Pfaudler’s Q2 FY27 divisional figures show an uneven order mix: HET delivered the sharpest percentage increase, rising 254% year on year to Rs 201 crore, while PST declined 46% to Rs 78 crore. PPT also increased 85%, and CRT remained the largest order-intake division at Rs 556 crore. Revenue nevertheless rose across every division, including PST.

The next disclosed item to watch is management’s group-wide refinancing and debt-reduction plan, targeted within 12 to 18 months as of August 2026. Management said it had repaid about Rs 116 crore of net debt in H1 FY27 through internal accruals and expects the refinancing, intercompany-loan termination and tax-structure review to affect interest, foreign-exchange and tax items below earnings before interest and tax.