Multibagger small-cap stock , with a market capitalisation of ₹547 crore, was locked in the 5% upper circuit at ₹43.2 apiece in Tuesday’s trade on May 19, following the announcement of its March quarter performance.
Although the company posted a mixed set of numbers for both the March quarter and FY26, investor sentiment remained positive amid improving long-term growth prospects.
For Q4FY26, the company reported revenue of ₹43.03 crore, compared to ₹49.25 crore in Q3FY26, as its traditional business faced headwinds due to geopolitical tensions.
The net profit declined to ₹1.52 crore from ₹2.02 crore on a sequential basis. However, adjusted PAT stood at ₹6.30 crore, compared to ₹7.86 crore in the previous quarter, after accounting for higher depreciation and interest costs related to the commissioning of the new defence manufacturing plant and solar unit.
On a YoY basis, the company posted rise in both revenue and profit by 52% and 17% respectively.
For the full financial year FY26, revenue increased sharply to ₹165.94 crore from ₹116.29 crore in FY25, driven by a growing order book and strong demand momentum from the US market. PAT stood at ₹6.29 crore in FY26, compared to ₹7.86 crore in FY25.
According to the company, the temporary moderation in profitability was primarily attributed to upfront investments in the new defence manufacturing facility and solar power plant, aimed at supporting long-term growth and improving operational efficiency.
“During the year, the company undertook transformative investments aimed at embarking on a major growth journey, improving operational efficiency, and creating a more strategic and higher-margin business profile.”
“Key among these were the commissioning of our new defence manufacturing facility and the implementation of our solar power project. While these investments resulted in higher depreciation and financing costs during the initial phase and temporarily impacted near-term profitability, they are expected to significantly strengthen the company’s earnings potential and competitive positioning over the coming years,” the company said in its earnings filing.
The company added that the business represents a significant long-term opportunity, driven by increasing localisation initiatives, supply chain diversification, and strong policy support for domestic defence manufacturing. While the external environment may continue to remain dynamic in the near term, the company believes that the strategic initiatives undertaken over the past year have positioned it strongly for future growth.
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The company’s shares staged a strong comeback in recent months after remaining under prolonged pressure. The stock closed the last three months in the green, delivering a cumulative gain of 31%.
It witnessed a sustained bull run between June 2023 and December 2024, rallying from ₹8.75 apiece to ₹61, resulting in a massive 597% gain. During the rally, the stock also touched a fresh all-time high of ₹73 apiece.
In terms of long-term performance, the stock has delivered a return of 354% over the last three years and 700% over the past five years.
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