Innomet Advanced Materials Limited, a manufacturer of specialty metal powders and tungsten heavy alloys, reported stronger first-half results and outlined plans to scale revenue to an annual run rate of INR 1 billion within about 12–14 months. The company said its strategy will emphasise higher-value powders, exports and expanded tungsten heavy-alloy sales.
The company is commissioning a gas atomiser at its Hyderabad facility with an investment of about INR 22–23 million, scheduled for completion by January–February 2026. Existing metal powder capacity of roughly 600 tonnes per year leaves headroom for higher throughput, and management indicated no significant additional capital expenditure is planned for the next 12–18 months. According to the filing, revenue from operations for the first half of fiscal 2026 rose to INR 235.3 million, an increase of 61 percent year on year.
Innomet also noted recent access to defence and aerospace markets following the AS 9100D certification. It has secured defence orders in its tungsten division worth INR 81 million and an export order in the metal powders business. The company said it is progressing qualifications with defence public sector units and the Defence Research and Development Organisation and aims to establish itself as a supplier to major global metal injection moulding and additive manufacturing companies. It also plans to reduce its working-capital cycle as scale improves.
The company is developing powders such as 316L and Inconel 718 for customer qualification.
Management told investors that the revenue mix remained concentrated in metal powders, which accounted for 87.6 percent of first-half sales, while tungsten heavy alloys contributed 12.4 percent. Exports made up 15.1 percent of sales and the company aims to increase that share to about 20–35 percent as part of its growth plan. The firm reported an order book of INR 180 million as of late November, of which INR 140 million related to the tungsten business and INR 40 million to metal powders; roughly INR 42 million of the tungsten orders were exports.
“Our target is to cross INR 1 billion in revenue without major additional capital expenditure by leveraging existing capacities,” said Vinay Chaudhary, Managing Director and CEO. “We should be able to do it in about 12 to 14 months.”
Management highlighted operational factors affecting scalability. Capacity utilisation stood at about 65–70 percent for metal powders and 40–45 percent for tungsten heavy alloys, and the company is commissioning a gas atomiser to broaden product quality. Inventory and working-capital requirements remained high, with inventory turnover of about 232 days, receivables around 104 days and payables near 55 days. The company said it is managing these levels while maintaining margins amid volatile raw-material prices.
The company said in a stock exchange filing that revenue from operations for the first half of fiscal 2026 rose to INR 235.3 million, an increase of 61 percent year on year, with sequential growth of 32 percent. EBITDA for the period was INR 42.6 million, giving an EBITDA margin of 18.1 percent, while profit after tax stood at INR 20.2 million and earnings per share were INR 1.56.
Pricing across the company’s powder portfolio ranges from about INR 400 to INR 1,200 per kilogram depending on grade, the filing stated. Margin performance in the first half benefited from optimisation of raw material formulations, although the firm noted continued volatility in tungsten feedstock sourced mainly from China. Gross margin trends will remain sensitive to raw material price movements and product mix.
Innomet Advanced Materials Limited manufactures specialised metal powders and tungsten heavy-alloy products for industrial, defence and medical applications. Sustainability initiatives at its Hyderabad site include net-zero water discharge, a 280 kilowatt solar plant covering about 20 percent of power needs and recycling systems.
India’s atomised powders market is about 1,800 tonnes annually, including roughly 1,000 tonnes consumed by the automotive sector.
