01 — At a Glance
The Sleeper Stock That Decided to Wake Up (Sort Of)
- 52-Week High / Low₹4,596 / ₹1,109
- Q3 FY26 Revenue₹116 Cr
- Q3 FY26 PAT₹9.3 Cr
- Q3 FY26 EPS₹6.38
- Annualised EPS (Q3×4)₹25.52
- Book Value₹202
- Price to Book11.3x
- Debt / Equity0.18x
- YoY Revenue Growth (Q3)+79%
- Return 1-Year+80.1%
The Spicy Bit: ASM delivered Q3 FY26 with revenue at ₹116 crore (up 79% YoY), PAT at ₹9.3 crore (up 79%), and EPS at ₹6.38. The annualised EPS stands at ₹25.52, making the current P/E 54.4x — which is what happens when the stock goes up 80% in a year and the concall hasn’t even mentioned the new wireless acquisition yet. The company just approved a ₹79.57 crore investment in Asmaitha Wireless Technologies (51% stake). Yes, while selling engines and making gears, they’re now into wireless. This is what happens when your engineering team gets bored with precision.
02 — Introduction
Engineering Brilliance Meets Strategic Chaos: A Love Story
Welcome to ASM Technologies. No, not the semiconductor equipment company in Taiwan that everyone mistakes them for. This is the Indian engineering-led design and manufacturing powerhouse that has spent the last three decades quietly building parts for everyone’s devices while the stock market played ಕನ್ನಡ (ignored it completely).
Founded in 1992 by Mr. Rabindra Srikantan (who has an MS in Computer Engineering and an apparent addiction to building businesses), ASM started as an IT consulting shop. Then, around 2016, they had an epiphany: “Why sell software when we can make actual things?” Result? A pivot into Design-Led Manufacturing (DLM). Fast forward to 9M FY26, and DLM contributes 53% of consolidated revenue. The engineering research and development (ER&D) side still does ER&D (shocking, I know).
The company now operates across six development centers, six manufacturing facilities (with two fresh ones commissioned in Bengaluru this quarter), and has a global presence in the USA, Singapore, UK, Canada, Japan, Thailand, and Mexico. Oh, and Vietnam. They just added Vietnam because apparently the Asia expansion checklist wasn’t complete.
Financial snapshot? Q3 FY26 posted ₹116 crore revenue (79% YoY growth), ₹9.3 crore PAT (same 79%), and cranked out an annualised EPS of ₹25.52. Meanwhile, the company’s doing strategic investments in wireless companies, announcing ₹760 crore in capex across Tamil Nadu and Karnataka, and generally acting like they’re preparing for a quadruple-sized business in the next 24 months.
From the Management Concall (Jan 2026): “We commissioned two new manufacturing facilities in Bengaluru during Q3, strengthening our capacity to service growing demand.” Translation: Our old factories are now as congested as a Delhi metro during monsoon. Also, “enquiry momentum remains healthy” — which in management-speak means “our order book isn’t empty but we’re not celebrating yet.”
03 — Business Model: WTF Do They Even Do?
They Make Stuff. Precision Stuff. For Nerds.
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