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1 — At a Glance
Three years ago ASM Technologies was an engineering services company turning over ₹220 crore. Its operating margin then was 9%, meaning the share of sales left after running costs. Revenue in the three months to June 2026 came to ₹199 crore. That quarter carried an operating margin of 23% and nearly matched the full year to March 2024.
Quarterly revenue was ₹198.82 crore, against ₹122.92 crore in the same period a year earlier. Operating profit rose to ₹46.0 crore, from ₹25.67 crore in that earlier quarter. Net profit was ₹26.82 crore, compared with ₹15.57 crore a year before. Earnings per share, the profit attached to one share, came to ₹18.39 for the quarter. The entire year to March 2025 produced ₹22.08 on the same measure.
The shape of the company changed underneath those numbers over the same stretch. Design-led manufacturing was 8.06% of group revenue in the year to March 2022. By the year to March 2026 it was 53.8%. The June quarter presentation puts the split at 73.6% manufacturing against 26.4% engineering services. Export revenue was 95.47% of the total in the year to March 2017. By the year to March 2026 that share was 20.00%. The same presentation shows domestic sales at 87.2% of the June quarter. A company that once billed American clients from Bengaluru now mostly makes machinery in Bengaluru for Indian buyers.
Crisil, a credit-rating agency, upgraded the long-term rating to BBB+/Stable in April 2026. It also raised the rated bank facilities to ₹99.5 crore from ₹32 crore. The auditors signed an unmodified review opinion on the quarter. They attached two emphasis-of-matter notes, which flag a point without qualifying the accounts. One covers a new ERP system, the software running the company’s records, still settling in. The other covers two investments awaiting valuation reports.
The market pays ₹97.90 for every ₹1 of yearly profit.
2 — Introduction
ASM Technologies was incorporated in 1992 by Rabindra Srikantan and is listed on the BSE. For most of its life it did one thing: consulting and product development in engineering and research. The work ran out of offshore development and support centres in India, for customers based abroad. The company has a presence in the United States, Singapore, the United Kingdom and Canada. Mexico, Japan, Thailand and Vietnam make up the rest of that footprint.
Customers sit in semiconductor equipment, hi-tech, medical equipment and automotive and aerospace. Enterprise storage and networking and consumer electronics account for the rest of the client list.
The last four years have stapled a manufacturing business on top of the services one. A joint venture with the HHV Group, ASM-HHV Engineering, makes systems and sub-systems for semiconductor and solar equipment. The venture has established India’s first equipment manufacturing facility focused on semiconductors. The number of facilities went from two to seven across that stretch. Bangalore and Chennai hold three facilities each, while Vietnam holds the seventh. A unit opened at the Guindy Industrial Estate in Chennai in the year to March 2023. Inside it are Japanese machining centres and computer-guided wire cutting machines. Semcon Engineering UK was bought outright in the three months to December 2022. In November 2024 the National Company Law Tribunal, the court that approves mergers, cleared the folding of ASM Digital Engineering into the parent. In October 2024 the board approved buying the remaining 30% of RV Forms and Gears.
Funding followed. February 2024 brought a preferential raise of about ₹170 crore, sold to selected buyers rather than the open market. About ₹38 crore of that was fresh equity and about ₹132 crore was warrants, each a right to buy a share later. Of the ₹170.13 crore received, ₹25.28 crore went to general corporate purposes. A further ₹89.28 crore was earmarked for organic and inorganic growth. The balance of the money was parked in fixed deposits and mutual funds. In September 2025 the company allotted another 15,56,984 equity shares on top of that. The share count moved from 1.03 crore to 1.46 crore over those years.
Two memorandums of understanding sit on the table, both signed with state governments. One, worth ₹510 crore, is with the Government of Karnataka. The other, worth ₹250 crore, is with the Tamil Nadu government. They cover facilities at Dabaspet and Sriperumbudur, and ten acres in Karnataka have been secured. The agreement there is in its final stage, with construction still to begin.
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3 — Business Model: WTF Do They Even Do?
Two separate businesses sit stapled together inside a single listed company. The first is engineering research and development: engineers billed out to companies that build hardware. Those customers make semiconductors, networking gear, medical devices and car and aircraft parts. This is the original ASM business, and its size tracks the number of engineers. The group employed 543 people in the year to March 2017, across all its work. By the year to March 2026 the headcount stood at 2,000. Crisil, a credit-rating agency, describes the costs here as mostly fixed, being employee salaries and rentals.
The second business is design-led manufacturing, which means building the machines that make electronic parts. This is where the capital has gone. Crisil describes growth in the year to March 2026 as led by machinery used to make electronic components. Fixture building sits inside it as well, through RV Forms and Gears. That unit launched Smartfix 4.0 with ASM, a
