Maxwell H1 income rises 91% as profit reaches Rs 5 crore

Maxwell reported total income of Rs 141 crore in H1FY27, 91% above Rs 74 crore in H1FY26, and a Rs 5 crore profit after a Rs 3 crore loss. EBITDA rose to Rs 10 crore from Rs 3 crore, lifting the margin to 6.8% from 3.4%.

How did Maxwell perform in H1FY27?

Maxwell’s total income increased by Rs 67 crore year on year to Rs 141 crore in H1FY27 from Rs 74 crore in H1FY26. The H1FY27 result places Maxwell within Endurance’s embedded-electronics and new-energy activities, which include its AVA battery management system, or BMS, business.

The income increase was accompanied by a shift to positive profit after tax, or PAT. Maxwell reported PAT of Rs 5 crore in H1FY27, equivalent to a 3.2% margin, compared with a Rs 3 crore loss and a negative 4.0% margin in H1FY26. The reported bottom-line movement was therefore Rs 8 crore between the two half-year periods.

EBITDA, or earnings before interest, tax, depreciation and amortisation, reached Rs 10 crore in H1FY27, compared with Rs 3 crore a year earlier. Maxwell reported EBITDA growth of 285%, while its margin increased by 3.4 percentage points to 6.8% from 3.4%, alongside the 91% rise in income.

Did Maxwell remain profitable in Q2FY27?

Yes, Maxwell reported a Rs 3 crore PAT in Q2FY27 after a Rs 1 crore loss in Q2FY26. Its PAT margin moved to 3.9% from negative 2.2%, while total income rose 94% to Rs 85 crore from Rs 44 crore over the same quarterly comparison.

Q2FY27 EBITDA was Rs 6 crore, compared with Rs 2 crore in Q2FY26, and the EBITDA margin increased to 6.9% from 4.4%. The quarterly margin was 0.1 percentage point above Maxwell’s 6.8% H1FY27 EBITDA margin, while Q2 PAT accounted for Rs 3 crore of the Rs 5 crore reported for the half year.

The H1FY27 and Q2FY27 figures show that Maxwell generated Rs 56 crore of income outside Q2, based on the difference between H1 income of Rs 141 crore and Q2 income of Rs 85 crore. The presentation does not separately disclose first-quarter PAT, product revenue or customer-level margins.

What embedded-electronics orders did Maxwell win?

Maxwell won Rs 53 crore of orders in H1FY27, including CT-Lite and CT-Safe BMS variants and an isolated direct-current-to-direct-current, or DC-DC, converter. The presentation states that its order values are measured at expected peak per-annum levels, rather than as revenue booked during H1FY27.

Cumulative orders stood at Rs 256 crore at expected peak per annum following the H1FY27 wins. Maxwell also said it was pursuing leads worth more than Rs 400 crore across BMS, tyre-pressure monitoring systems, or TPMS, and DC-DC converters; these leads are opportunities being pursued rather than confirmed orders.

The disclosed products broaden the scope beyond the continuing large-volume AVA BMS business. However, the presentation does not give separate H1FY27 income, order value, margin, customer or production-ramp figures for AVA, CT-Lite, CT-Safe, TPMS or isolated DC-DC converters.

What is Maxwell doing in battery packs?

Maxwell had started dispatching two-wheeler battery packs and expected a full ramp-up in Q3 FY27. It also announced capacity expansion for four-wheeler battery packs, extending the new-energy programme across both two-wheeler and four-wheeler applications.

For four-wheeler battery packs, Maxwell received nominations from two original-equipment manufacturers, or OEMs, with start of production, or SOP, expected in H1 FY28. The presentation does not disclose the nominated order value, battery-pack capacity, customer identities or the expected revenue contribution from the two four-wheeler programmes.

The timing differs between the two battery-pack activities. Two-wheeler pack dispatches had commenced by H1FY27 and were due to fully ramp in Q3 FY27, whereas the four-wheeler programmes had an expected H1 FY28 SOP. Maxwell’s Rs 141 crore H1FY27 income cannot be allocated between battery packs and embedded-electronics products using the disclosed data.

How does Maxwell compare with Endurance’s other businesses?

Maxwell’s 91% H1FY27 income growth exceeded Endurance’s 32% consolidated income growth, although Maxwell remained 1% of consolidated total income in both H1FY27 and H1FY26. Endurance reported consolidated income of Rs 9,159 crore in H1FY27, up from Rs 6,958 crore a year earlier.

Endurance’s standalone business reported H1FY27 income of Rs 6,955 crore, up 38%, while its Europe business reported Rs 2,175 crore, up 14%. Maxwell’s Rs 141 crore income was smaller than both operations, but its year-on-year growth rate was higher than the rates reported for those two segments.

Reported EBITDA margins also differed across the group. Maxwell recorded a 6.8% H1FY27 EBITDA margin, compared with 10.8% for the standalone business and 18.0% for Europe. The presentation does not disclose Maxwell’s capital expenditure, depreciation, customer concentration or product cost structure to explain the margin differences.

Conclusion

Maxwell’s H1FY27 results combine a Rs 67 crore increase in total income with an Rs 8 crore year-on-year improvement in PAT, while its Rs 53 crore of new orders added BMS variants and an isolated DC-DC converter to the disclosed embedded-electronics portfolio. The Rs 256 crore cumulative peak annual order base and leads of more than Rs 400 crore show the scale of the opportunities being pursued, not contracted revenue.

The next disclosed milestones are the full ramp-up of two-wheeler battery packs in Q3 FY27 and the expected H1 FY28 SOP for four-wheeler battery packs nominated by two OEMs. Progress on converting BMS, TPMS and DC-DC leads into orders, alongside the announced four-wheeler battery-pack capacity expansion, remains the key disclosed matter to watch.