In 2020, listed Indian manufacturer GMM Pfaudler acquired a 54% stake in its global parent, Pfaudler Group. By 2022 it owned 100%, becoming the ultimate parent of a glass-lined equipment leader with over 40% global share.
It supplies engineered equipment and process systems for chemicals, pharmaceuticals, semiconductors and energy. Its core is corrosion-resistant glass-lined steel, plus seals, mixers, filtration and fluoropolymer linings. It holds about 50% domestic share and over 40% globally.
Management is moving from a regionally decentralized model to four global product divisions: corrosion-resistant technologies, process performance, heavy engineering, and process systems. It is also diversifying beyond pharma and chemical capex into nuclear, defense, semiconductors and minerals.
GMM Pfaudler was the Indian subsidiary, founded in 1962 as Gujarat Machinery Manufacturers. In August 2020 it agreed to buy 54% of Pfaudler Group from DBAG for about $27.4 million. The remaining 46% was acquired in September 2022.
The company traces its DNA to 1884, when Caspar Pfaudler fused glass to steel for brewing. That became Glasteel, used in the first glass-lined chemical equipment in 1923. Proprietary technologies now include ARG, anti-static glass, and Cryo-Lock modular agitators.
Non-traditional industries—oil and gas, metals and minerals, defense, nuclear, semiconductors—reached 43% of FY26 order intake, up from 31% in FY24. A €33.2 million European defense acid-recovery order and a ₹130 crore nuclear order underline the shift.
FY26 consolidated revenue rose 10.1% to ₹3,523.94 crore. Order intake jumped 19.8% to ₹3,714 crore, and backlog reached ₹2,194 crore. Adjusted EBITDA was ₹403 crore at an 11.4% margin; consolidated PAT was ₹51.82 crore.
The unexecuted order backlog rose 34.1% to ₹2,194 crore in FY26. About 70% of current orders have 10–12 month execution cycles. Free cash flow reached ₹367 crore, a free cash flow-to-EBITDA conversion above 90%.
Consolidated PAT remains thin and restructuring costs are real: Hyderabad and UK site closures, and German workforce cuts. Gross debt is ₹1,437 crore, including pension and lease liabilities. Net debt to EBITDA is 1.9x, and Europe's chemical weakness persists.
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