ASM TECHNOLOGIES FUNDAMENTAL RESEARCH REPORT

ASM Technologies (BSE: 526433; BSE-only), Bengaluru, began as an engineering-services (ER&D) firm and is now mainly a design-led manufacturer (DLM) of capital equipment and sub-systems for semiconductor-equipment makers, electronics, solar, aerospace and medical customers. It has 7 factories (Bengaluru, Chennai, Vietnam) and 9 design centres across India, the US, Singapore, the UK, Japan, Mexico and Vietnam. In Q1 FY27 DLM was 73.6% of revenue and ER&D 26.4%; 87% of revenue was booked in India. Rated Crisil BBB+/Stable (upgraded Apr-2026). MD and promoter: Rabindra Srikantan. Event 1 - the manufacturing pivot is paying. FY26 consolidated revenue rose 83% to Rs 529 Cr, EBITDA 114% to Rs 101 Cr (19.1%) and PAT 138% to Rs 61 Cr. Q1 FY27 revenue was Rs 199 Cr (+62%), EBITDA Rs 46 Cr at a 23.2% margin and PAT Rs 27 Cr (+72%).