Krishna Defence FY26: Margin-Led Growth and a Wider Product Mix

FY26 consolidated revenue from operations was Rs 2,447.8 million (Rs 244.78 crore), EBITDA was Rs 520.3 million (Rs 52.03 crore) with EBITDA margin of 21.3%, and net profit including share of associate’s profit was Rs 413.2 million (Rs 41.32 crore).

As of 31 March 2026, unexecuted order book was Rs 1,034 million (Rs 103.4 crore) and tender pipeline was Rs 2,210 million (Rs 221.0 crore), as stated in the investor presentation.

Management stated an approximate FY26 product mix of about 60% bulb bars, about 15% welding wires/weld consumables, about 15% armoured steel profiles, and about 10% other products.

Key certifications highlighted include AS9100D (aviation, space and defence quality management system), IRS certification for commercial shipbuilding bulb bars, IACS class certified sections supply, and Bureau Veritas certification enabling entry into non-defence commercial shipbuilding as structural stiffeners.

Management reiterated an aim of 30% plus CAGR growth for the next 3 to 5 years. On margins, management stated it expects improvement from current levels, driven by product mix and operating leverage, while cautioning that a fixed 5% margin expansion every year is not realistic.

The presentation stated composite doors and hatches are in the last phase of trials with the Indian Navy and that an in-house pressure testing facility has been established. Management added that trial manufacturing has started and expects traction during FY27.