Krishna Defence Q2 FY27: Revenue up 55.7%, EBITDA up 119.9%
Krishna Defence reported Q2 FY27 standalone revenue of ₹753 million (up 55.7%) and EBITDA of ₹203 million (up 119.9%), reaching a record 26.9% margin. Net profit grew 120% to ₹151 million. The company has an order book of ₹109 crore and a tender pipeline of ₹305 crore. New ventures and MoUs are progressing, with potential Q4 FY27 revenue from VABO JV.
The strong financial performance, record margins, and positive outlook on future execution and new business development are likely to have a significant positive impact on investor sentiment and the company's stock.
The company reported significant year-on-year growth in revenue, EBITDA, and net profit, along with record-high EBITDA margins. Management expressed confidence in future growth and execution, supported by a healthy order book and new strategic initiatives.
Krishna Defence and Allied Industries Limited held its Q2 and H1 FY27 Earnings Conference Call on October 30, 2026, hosted by Antique Stock Broking Limited. The company reported strong financial performance for the second quarter of FY27.
Standalone revenue reached ₹753 million, a year-on-year growth of 55.7%. EBITDA more than doubled, growing by 119.9% to ₹203 million, with EBITDA margins expanding by 786 basis points to a record high of 26.9%. EBIT increased by 125% to ₹207 million, translating into a 120% growth in net profit to ₹151 million, with net profit margins improving by 590 basis points to 20.1%.
Ankur Shah, Managing Director, highlighted the company's priorities: execution of the current order book with quality and on time, investment in people, process, and facilities for higher-value jobs, fostering domestic and international partnerships for technology transfer aligned with 'Atmanirbhar Bharat', and disciplined growth with a focus on working capital, cost, and governance. The company is investing in special steels, metal composites, and defence systems for hull construction of warships, commercial shipbuilding, and battle tanks.
Regarding the order book, the company has a current order book of approximately ₹109 crore and a tender pipeline of ₹305 crore. Management expects to close the current on-hand orders by Q3 FY27, with potential spillover to Q4. The company is also working on new ventures, including a JV with VABO where ₹5-6 crore has been invested, with potential revenue in Q4 FY27. Other joint ventures with X-Sub Robotics and Taharabadkar Solutions are in developmental stages, with revenues not expected for at least 12-18 months.
New MoUs have been signed with PETA 1 (Belgium) for manufacturing their products in India for export, and with a Defence Prime for the development and supply of ammunition components. The company is also developing a prototype for underwater technology with a Technology Transfer from NIO Goa/CSIR Goa.
The company's revenue mix comprises approximately 92-93% from defence products and 7-8% from dairy products. Within defence, Bulb Bars contribute 55-60%, armoured steel for the Indian Army contributes 15-20%, and welding consumables contribute 15-20%. The company expects to achieve ₹400 crore to ₹450 crore in revenue from its current capacity with incremental capex.
On financial metrics, receivables have increased due to sales occurring at the end of August and September, with a typical payment cycle of 45-60 days. The company has received approval for PLI for certain items, which will fructify from FY28 onwards. Efforts are being made to secure advance payments from commercial shipbuilding customers, with some success in obtaining 5-15% advances.
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