Innomet Advanced Materials, the Hyderabad based manufacturer of metal powders and Tungsten Heavy Alloy (THA) components is on a growth surge. It has entered FY27 with far stronger revenue visibility than it had at the start of FY26. After delivering 66% revenue growth in FY26, the company now seems positioned for another step-up in scale, supported by a rapidly expanding order book and strong traction in its Tungsten Heavy Alloy (THA) business, run under the brand Innotung.
The most significant development has been the surge in THA orders. As of the FY26 result presentation, Innomet had already secured an order book of approximately Rs 36 crore, with management indicating that these orders are scheduled for execution largely in H1 FY27. About 75% of this order book relates to the THA business, highlighting growing acceptance of the company’s products in international defence and engineering applications.
The situation has become even more interesting after the company reportedly secured an additional order worth around Rs 16 crore. This takes the cumulative order book to above Rs 50 crore, a figure that is nearly equal to the company’s entire FY26 revenue of Rs 53.9 crore.
What makes this particularly noteworthy is that these are not routine orders. The existing order book disclosed by the company consisted of orders above Rs 50 lakh and excluded the regular flow of smaller repeat orders. At the same time, the metal powder business continues to enjoy stable demand from long-standing customers.
As a result, there is a realistic possibility that revenue generated in the first six months of FY27 could approach—or even match—the revenue achieved in the whole of FY26. The management has indicated that it is targeting revenues of Rs 90-100 crore in FY27, and this could well happen, given the company could exceed Rs 50 crore of revenue in the first half itself.
Beyond near-term orders, several structural drivers are falling into place. The company has obtained aerospace certification, expanded its international marketing efforts, strengthened export relationships, and is seeing increasing opportunities arising from global supply chain diversification. Export revenue has already risen from 9.7% of sales in FY25 to 18.3% in FY26, and recent order inflows suggest this trend could continue. The acquired unit Swastik Tungsten could start contributing towards the latter part of FY27. With a capacity of 10 tons per month of Tungsten, it will have some surplus to sell in the market, even after catering to the internal requirements of Innomet’s tungsten business.
Importantly, management believes the existing manufacturing infrastructure can support revenue scaling towards Rs 100 crore without substantial incremental capital expenditure. This creates the possibility of meaningful operating leverage as revenues rise. Additionally, the Swastik Tungsten acquisition could emerge as another growth engine from H2 FY27 onwards.
While execution remains the key variable, the visibility provided by the current order book suggests that FY27 could be substantially stronger than FY26. For a company that spent the last few years investing in capabilities, certifications and market development, the focus now appears to be shifting from capability creation to commercialization.
PS: Wisdom-IR is investor relations advisor to Innomet. In case you have any queries for the management, you can address them to us.