Key takeaway: The investor presentation for Krishna Defence and Allied Industries Limited (KRISHNADEF) for Q2 FY27 and the half-year ended 30 September 2026 highlights strong financial and operational performance. Revenue for Q2 FY27 reached INR 753 million, reflecting a 55.7% year-over-year (YoY) increase. EBITDA surged to INR 203 million, up 119.9% YoY, with EBITDA margins expanding to 26.9%, a rise of 786 basis points. Net profit reached INR 151 million, up 120.4% YoY, with net profit margins at 20.1%. The company reported an all-time high order book of INR 1,090 million and a robust tender pipeline of INR 3,050 million as of 30 September 2026. Key business developments include signing an MoU with a defence prime for ammunition components, receiving a Transfer of Technology (ToT) from CSIR–Goa for the JAYA Autonomous Underwater Vehicle (AUV), and securing developmental contracts with the Indian Navy for ISR and ASW capabilities. The company also received the Fastest Growing SME Award from India SME Forum. Strategic initiatives include expanding into marine and offshore engineering services, developing advanced underwater platforms, and forming a joint venture with VABO Composites for composite doors and hatches. The company aims to achieve a 30%+ compound annual growth rate (CAGR) over the next 3–5 years and has completed capacity expansion at its Halol facility. Financially, consolidated revenue grew from INR 499 million in FY22 to INR 2,448 million in FY26, with EBITDA and net profit showing significant CAGR growth. The balance sheet reflects increased equity and assets, with strong liquidity and operational capacity. The company is well-positioned to benefit from India’s growing defence and maritime sectors, supported by government policies and increasing defence budgets.