TTM Technologies, Inc. Q2 FY26 Results — Earnings Call Analysis
Published 29 May 2026 | Electronic Equipment, Instruments and Components | Market Cap: ₹19.5K Cr
- The company is tracking well ahead of its previously communicated plan to grow revenues 15% to 20% per year for the next 3 years. - The company projects net sales growth to continue in the second half of 2026, following a strong first half.
From TTM Technologies, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Price
₹187.79
Market Cap
₹19.5K Cr
P/E Ratio
107.0
Revenue Rank
Margin Rank
How does TTM Technologies, Inc. rank in Electronic Equipment, Instruments and Components?
Compare TTM Technologies, Inc. against every Electronic Equipment, Instruments and Components company this quarter on revenue, margins and earnings-call signals.
📊 Revenue & Sales Performance
Rank 2- →The company is tracking well ahead of its previously communicated plan to grow revenues 15% to 20% per year for the next 3 years.
- →They expect continued strong growth in data center networking, medical, industrial and instrumentation, and aerospace and defense end markets.
- →First quarter 2026 sales grew 30% year-over-year to $846 million, driven by AI demand in data centers.
- →Data center and networking end market saw 61% year-on-year growth and is expected to represent 42% of net sales in Q2 2026.
- →Aerospace and defense sales grew 11% year-over-year; bookings remain strong driven by defense budgets.
- →Increased capital expenditures (CapEx) from previously guided $250 million to now $300-$320 million in 2026 to support accelerated growth.
- →Strong backlog of $1.6 billion in aerospace and defense and increased book-to-bill ratios indicate robust future demand.
- →Emphasis on innovation and technology leadership to support complex, high-layer PCB volumes driving ASP and volume growth.
📈 Profitability & Margins
Rank 3- →The company projects net sales growth to continue in the second half of 2026, following a strong first half.
- →Non-GAAP diluted EPS for Q2 2026 is expected in the range of $0.82 to $0.88 per share, up from $0.75 in Q1 2026.
- →The company aims for revenue growth of 15% to 20% per year over the next 3 years.
- →They plan to double earnings from 2025 to 2027.
- →Adjusted EBITDA margin improved to 15.7% in Q1 2026, indicating strong operating performance.
- →Growth is driven by expanding demand in data center networking (AI-related), medical, industrial, instrumentation, aerospace and defense markets.
- →Capital investments are increasing (CapEx raised from $250 million to $310 million) to support accelerated growth.
- →The company maintains disciplined cost management with SG&A and R&D expenses controlled relative to net sales.
🏗️ Capital Expenditure Plans
Yes- →Capital expenditures (CapEx) for 2026 are increased from an initial range of $240-$260 million to $300-$320 million.
- →The increase reflects accelerated investments primarily in Asia, including facilities in China, Malaysia, and Syracuse, to keep pace with customer demand.
- →Early orders and deposits on equipment have been placed to mitigate lead time risks.
- →The company is expanding its global footprint with 24 manufacturing sites across China, Malaysia, Canada, and the U.S.
- →A new UK facility (~750,000 sq. ft.) is being developed with 3 modules to serve commercial and defense customers, including an R&D center for close customer collaboration.
- →The focus is on capacity expansion and leading-edge technologies, especially to support growth in data center networking, medical, aerospace, defense, and AI-related end markets.
💰 Fundraising & Capital Structure
No information- →The transcript does not mention any current or future plans for fundraising through debt or equity.
- →There is no disclosure of new debt issuance or equity offerings in the discussed earnings call.
- →The company highlights maintaining a healthy net leverage ratio of about 1, indicating controlled use of debt.
- →Capital expenditures are increasing (from $250M to $310M+) funded through strong cash flows from operations.
- →No comments or indications were made regarding seeking external financing through equity or additional debt.
📋 Order Book & Pipeline
Yes- →At the end of Q1 2026, the 90-day backlog was $787 million, up from $517 million a year ago.
- →Aerospace and Defense (A&D) backlog stood at $1.6 billion, similar to the level a year ago.
- →Book-to-bill ratios: Overall at 1.41; Commercial segment at 1.65; A&D segment at 1.10 in Q1 2026.
- →Significant A&D bookings in Q1 2026 included programs like Alteams Air Defense Radar, APS 153 maritime surveillance radar, and ballistic missile detection systems.
- →Data center and networking end market order growth exceeded expectations with 61% year-on-year increase.
- →Ongoing strong demand from data center and networking customers, particularly driven by AI data center buildouts.
- →Medical, industrial, and instrumentation segments also showing healthy demand with 61% year-over-year growth in Q1 2026.
- →Strategic alliance contracts with major customers provide multi-year visibility on orders.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Continue your research
Others in Electronic Equipment, Instruments and Components this season
- Cognex Corporation (Q2 FY26)
Cognex Corporation Q2 FY26 quarterly results analysis. **Strong start in 2026:** Q1 revenue grew 24% YoY (21% constant currency) with continued momentum into Q2
- Arrow Electronics, Inc. (Q2 FY26)
Arrow Electronics, Inc. Q2 FY26 quarterly results analysis. Arrow expects continued operational momentum and profitable growth throughout the year. Market Cap $
- Littelfuse, Inc. (Q2 FY26)
Littelfuse, Inc. Q2 FY26 quarterly results analysis. Littelfuse expects continued solid demand supported by strong backlog and customer traction into Q2 2026. M
- Zebra Technologies Corporation (Q2 FY26)
Zebra Technologies Corporation Q2 FY26 quarterly results analysis. Full-year sales growth expected between 10% and 14%, reflecting a 1-point increase at the mid
Frequently Asked Questions
What were TTM Technologies, Inc. Q2 FY26 results?
- The company is tracking well ahead of its previously communicated plan to grow revenues 15% to 20% per year for the next 3 years. - The company projects net sales growth to continue in the second half of 2026, following a strong first half.
What is TTM Technologies, Inc. share price analysis?
TTM Technologies, Inc. currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 107.0 with a market cap of $19,502. Investors should review the full earnings analysis for detailed insights.
Is TTM Technologies, Inc. planning capital expenditure?
- Capital expenditures (CapEx) for 2026 are increased from an initial range of $240-$260 million to $300-$320 million. - The increase reflects accelerated investments primarily in Asia, including facilities in China, Malaysia, and Syracuse, to keep pace with customer demand. - Early orders and deposits on equipment have been placed to mitigate lead time risks. - The company is expanding its global footprint with 24 manufacturing sites across China, Malaysia, Canada, and the U.S. - A new UK facility (~750,000 sq.
Keep TTM Technologies, Inc. on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.