PWR Holdings Ltd (ASX:PWH) Stock Falls Today as Latest Announcement Draws Attention

Sonal Goyal

23 October 2026 02:45 PM AEDT

PWR Holdings Ltd (ASX:PWH) Stock Falls Today as Latest Announcement Draws Attention

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PWR Holdings Ltd (ASX:PWH) shares were trading 2.15% lower at $11.37 during the 23 October 2026 session.
The 20 October 2026 AGM update raised FY27 Aerospace and Defence Revenue growth expectations to around 50%, from 30%.
FY26 revenue was a record $170.7 million, with NPAT of $17.9 million, up 83%.

Shares in PWR Holdings Ltd (ASX:PWH) were trading 2.15% lower at $11.37 during the Trading session on 23 October 2026. During the same session, the S&P/ASX 200 Consumer Discretionary index (XDJ) was up 1.77%, or 65.10 points, at 3,742.80 at 1:31 pm AEDT, the S&P/ASX 200 (XJO) was up 0.38% at 8,760.00 and the All Ordinaries was up 0.54% at 8,868.90. PWR Holdings designs and manufactures thermal management products for motorsport, aerospace and defence, and automotive customers. On 20 October 2026, the company released its 2026 AGM addresses and an updated outlook, and the share price movement on 23 October 2026 has not been linked to that release.

Latest development: 2026 AGM announcement (20 October 2026)

On 20 October 2026, PWR Holdings lodged four documents presented at its 2026 AGM: the Chairman's address, the Managing Director and CEO's address with an updated outlook, proxy results and presentation slides. The addresses reviewed FY26, in which revenue rose 31% to a record $170.7 million (34% in constant currency), EBITDA rose 60% to $40.7 million and NPAT rose 83% to $17.9 million. NPAT Margin improved three percentage points to 10.5%.

Cash conversion was 104.9%, free Cash Flow was $10.6 million, and the year ended with net Debt of $5.6 million and gearing of 4.7%. The company declared total FY26 dividends of 8 cents per share, fully franked, double the prior year, and its team grew to more than 700 people.

Latest development: segment and market performance

Motorsports revenue rose 45% to a record $101.9 million, helped by 2026 Formula 1 regulation changes that increased cooling content per car. Aerospace and Defence revenue rose 31% to a record $35.2 million, and the company entered FY27 with an order book of about $40 million. OEM revenue was $14.6 million, reflecting completed programs and timing of new ones, and Automotive Aftermarket revenue was stable at $15.8 million. The company completed its move to the Stapylton facility, with Australian-manufactured revenue exceeding $100 million.

Latest development: updated FY27 outlook

PWR said its FY27 outlook was revised upward for Aerospace and Defence, where it now expects revenue growth of around 50%, compared with 30% previously, mainly because of a recently secured US$4.6 million order for pre-contract activities relating to one pipeline opportunity. It said it has not yet been formally selected as supplier for the ongoing program. It expects Motorsports to maintain its higher baseline, OEM revenue growth of around 20%, and modest Aftermarket growth.

At group level, the company expects statutory NPAT margin to improve two percentage points to 12.5% in FY27, including Poland start-up costs of less than $1 million, and said outperformance above that margin would be reinvested in resourcing for pipeline opportunities. It expects a more balanced Earnings profile across the two halves of the year than in prior years.

About PWR Holdings and what it does

PWR Holdings is an Australian-headquartered manufacturer of high-performance cooling and thermal management products, such as radiators, intercoolers and heat exchangers. It sells to Formula 1 and other motorsport teams, aerospace and defence customers, vehicle manufacturers and the automotive aftermarket, with operations in Australia, North America and plans for a new site in Krosno, Poland.

Risks and catalysts on watch

Items flagged in the update include the timing of individual orders, which depends on customer delivery schedules, the fact that the company has not been formally selected for the program linked to the new order, lower OEM revenue in FY26 and the costs of entering Poland. The company referred to a medium-term expectation of NPAT margin returning towards 17.8% over FY28 to FY30, compared with 12.5% targeted for FY27.

Items that may attract attention include shipments on the US Government follow-on order, the Ford Mustang S650 and hypercar programs, the five pipeline opportunities in Aerospace and Defence and operations beginning in Poland during FY27.

In summary

PWR Holdings shares were lower on 23 October 2026 while the consumer discretionary index advanced. The company's most recent announcement, dated 20 October 2026, reviewed FY26 and raised the Aerospace and Defence part of its FY27 outlook. Further updates will be released through the ASX.

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