ANLON - Anlon Tech

📊 NSE: ANLON 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 18:21

💰 Financial Performance

Revenue Growth by Segment

Revenue for FY 2024-25 grew 43.44% YoY to INR 50.23 Cr. H1 FY26 revenue reached INR 41.38 Cr, a 117.12% increase from INR 19.05 Cr in H1 FY25, driven by the manufacturing and assembly segment and a 66% realization of previous year's service income levels (INR 13.22 Cr in H1 FY26).

Geographic Revenue Split

Primarily domestic (India) with key projects delivered to Airports Authority of India, Maruti Suzuki India Limited, and major airports in Goa, Delhi, and Trivandrum. Specific regional percentage split is not disclosed.

Profitability Margins

Net Profit margin for FY 2024-25 was 12.92% (INR 6.49 Cr). H1 FY26 PAT margin stood at 12.84% (INR 5.42 Cr), showing stability despite rapid scaling. Manufacturing margins are targeted at 15-25% as the company moves away from lower-margin entry projects (~14%).

EBITDA Margin

EBITDA margin was 19.69% in H1 FY26 (INR 8.31 Cr) compared to 20.46% in H1 FY25. The slight compression is attributed to initial market entry projects taken at lower margins, though refurbishment projects are expected to improve this to the 20-25% range.

Capital Expenditure

Incurred INR 3.7 Cr for manufacturing sweeping machines for demo and hire purposes and INR 1.49 Lakhs for office building construction. Planned conversion of current facility into an R&D and competence center for customized manufacturing.

Credit Rating & Borrowing

Executed a supplementary loan agreement with SBI on 01.12.2025 for enhancement of working capital facilities. Availed a new Overdraft facility of INR 2.90 Cr from Kotak Mahindra Bank to support increased capital employed.

⚙️ Operational Drivers

Raw Materials

Not specifically named, but categorized as raw materials for specialized vehicle assembly and manufacturing. Raw material consumption was INR 1.87 Cr in H1 FY26.

Import Sources

International sourcing through OEM partner Rosenbauer (Austria), though specific country percentages are not disclosed.

Key Suppliers

Rosenbauer (key OEM partner for firefighting trucks), Maruti Suzuki (client/partner), and Airports Authority of India (key client).

Capacity Expansion

Current manufacturing facility is being converted into an R&D and competence center. The company is actively seeking new space for customized manufacturing to support a 30-35% growth target for FY27.

Raw Material Costs

Raw material consumption was INR 1.87 Cr in H1 FY26. Gross margins benefited from favorable inventory movement of INR 7.58 Cr as closing stock was cleared for operational profit realization.

Manufacturing Efficiency

Achieved 14% blended margins in manufacturing assembly initially; targeting 15-25% through operational efficiency and higher-margin refurbishment projects.

Logistics & Distribution

Investing INR 3.7 Cr in sweeping machines for demo and hire purposes to expand distribution and customer reach.

📈 Strategic Growth

Expected Growth Rate

30% to 35%

Growth Strategy

Transitioning to a high-utilization growth phase by converting existing facilities into R&D centers, seeking new space for customized manufacturing, and focusing on three growing segments: Airport safety, sewage cleaning, and specialized firefighting equipment.

Products & Services

Runway rubber removal machines, multifunctional foam mist vehicles, rapid intervention vehicles, crash fire tenders (CFTs), sweeping machines, and refurbishment services.

Brand Portfolio

Anlon

New Products/Services

Supplied four runway rubber removal machines to AAI and one multifunctional foam mist vehicle to Maruti Suzuki in H1 FY26. Sweeping machines for hire/demo are expected to contribute to future revenue.

Market Expansion

Targeting the sewage cleaning market and expanding customized manufacturing capabilities to achieve 30-35% CAGR.

Strategic Alliances

Long-term OEM partnership with Rosenbauer for the supply and maintenance of specialized firefighting vehicles.

🌍 External Factors

Industry Trends

The industry is evolving toward Industry 4.0 and smart manufacturing; Anlon is positioning itself by establishing an R&D center and focusing on high-utilization growth segments.

Competitive Landscape

Faces competition from domestic and international specialized vehicle manufacturers and service providers in the airport equipment sector.

Competitive Moat

Durable advantage in specialized refurbishment of the world's largest firefighting vehicles and a strong OEM network with Rosenbauer, creating high entry barriers for competitors.

Macro Economic Sensitivity

Highly sensitive to airport traffic and GDP growth; aeronautical and service revenues fluctuate based on flight frequency and airport financial health.

Consumer Behavior

Shift toward outsourcing specialized maintenance and refurbishment of high-value airport assets to improve operational efficiency.

Geopolitical Risks

Geopolitical instability and trade barriers could impact the supply chain for specialized vehicles and international OEM components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to airport safety regulations, pollution norms for specialized vehicles, and government policies regarding aeronautical services.

Environmental Compliance

Alignment with global safety norms and technological advancements in firefighting and cleaning equipment; specific ESG costs not disclosed.

Taxation Policy Impact

Effective tax rate of approximately 25.4% based on H1 FY26 tax expense of INR 1.85 Cr on PBT of INR 7.27 Cr.

Legal Contingencies

Pending litigations exist as per Note 33 of the Financial Statements; specific case values and details are not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Unpredictability in airport-related revenue due to external factors like fuel price volatility and flight reductions, potentially impacting income by over 20%.