ACE reports H1-FY26 PAT up 4.9% YoY, secures ₹420 crore defence order; margins expand despite revenue dip
ACE reported H1-FY26 PAT up 4.9% to ₹187.8 crore, with EBITDA margin at 19.12%. Revenue declined 4.9% due to CEV-5 norms and monsoons. Secured a ₹420 crore defence order, benefiting from proposed anti-dumping duty on Chinese cranes.
The announcement details the company's half-yearly financial performance, including significant margin improvements. The substantial defence order and the strategic advantage from government policy (anti-dumping duty) are material developments that will significantly influence future revenue and market position.
Despite a slight revenue decline in H1-FY26 due to specific operational factors, the company achieved substantial margin expansion, secured a significant ₹420 crore defence order, and anticipates long-term strategic advantages from proposed anti-dumping duties on Chinese cranes. The positive macroeconomic outlook further supports future growth.
* Action Construction Equipment Limited (ACE) has released its earnings presentation for Q2 and H1 of FY26. * For H1-FY26 (April to September 2025), the company reported a consolidated Total Income of ₹1,476.8 crore, a decline of 4.9% year-on-year. This was attributed to the adoption of CEV-5 Emission norms and moderation in activity due to prolonged monsoons. * Despite the revenue decline, H1-FY26 saw significant margin expansion: * EBITDA increased by 5.0% year-on-year to ₹282.3 crore, with EBITDA margin expanding by 180 basis points to 19.12%. * Profit After Tax (PAT) grew by 4.9% year-on-year to ₹187.8 crore, and PAT margin expanded by 119 basis points to 12.72%. * Diluted EPS for H1-FY26 was ₹15.78 per share, up 5.0% year-on-year. * Margin expansion was driven by calibrated pricing actions post-CEV-5 norms, a favorable product mix, deepening cost efficiencies, and softening commodity prices. * The company received its single largest order from the Ministry of Defence for 1,121 Rough Terrain Forklifts (Telehandlers) amounting to ₹420 crore, which will be partially executed in the current fiscal year. * ACE highlighted that the proposed anti-dumping duty on Chinese crane imports provides a long-term strategic advantage, strengthening its leadership as a 100% Swadeshi OEM. * The management noted that macroeconomic fundamentals of the Indian economy remain resilient, with lower inflation, expected interest rate reductions, easing liquidity, and tax cuts anticipated to support growth in coming quarters.
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