Why these 2 ASX industrial shares are climbing on 'good, not great' news

Solid results have sparked fresh momentum for two under-the-radar ASX industrials this reporting season.

Investors have been reminded this week that sometimes good really is great.

While some ASX stalwarts like Woolworths Group Ltd (ASX: WOW) and CSL Ltd (ASX: CSL) have seen their share prices wobble on results that fell short of lofty expectations, a couple of quieter small and mid-caps are moving in the opposite direction.

At the time of writing, the Mader Group Ltd (ASX: MAD) share price is back near record highs, while Duratec Ltd (ASX: DUR) share price has surged more than 11% in the past two sessions. Neither company delivered blockbuster surprises in their FY25 earnings, but by meeting guidance and showing steady progress, both have been rewarded with strong share price gains.

A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today.

Image source: Getty Images

Duratec Ltd (ASX: DUR)

Duratec is an engineering services business specialising in asset protection, remediation, and infrastructure maintenance across defence, mining, oil and gas, and industrial sectors.

For FY25, the company delivered revenue of $573 million, up 3.1% compared to the prior year. Operating earnings (EBITDA) rose to $53 million, an increase of 11.3%. Net profit after tax (NPAT) came in at $22.8 million, up 6.5% year-on-year.

Duratec's Managing Director, Chris Oates, commented on the year ahead:

As we move into FY26, Duratec is well positioned to build on this year's momentum. With a robust financial position,  expanding  sector  presence,  and  proven  expertise  in  delivering  technically  complex  projects,  we  are exceptionally  well  placed  to  capitalise on  the  growing  demand  across  all sectors through leveraging  our  cross-subsidiary synergies.

Mader Group Ltd (ASX: MAD)

Mader is a global provider of specialist technical services across mining, energy, and infrastructure.

The company reported record annual revenue of $872.2 million in FY25, up 13% from the prior year. Operating earnings (EBITDA) lifted 10% to $109.5 million, while NPAT rose 13% to $57.1 million. Net debt was cut sharply to $8.3 million, down from $31.2 million (a 73% reduction) a year earlier.

CEO Justin Nuich said:

With record results of in revenue and in  NPAT,  this achievement marks a significant milestone for our business as we enter the final year of our five-year strategic plan with growth momentum and encouraging market conditions.

This year's performance underscores the strength and resilience of our teams and business model as we continue our transformation into a diversified, global technical services leader.  We have expanded our global presence, broadened our customer base, and built deeper capabilities across more industries and geographies than ever before.

Looking ahead, Mader is guiding for FY26 revenue of at least $1 billion and NPAT of at least $65 million, implying further growth of around 14%.

Foolish takeaway

Duratec and Mader's results may not have grabbed headlines, but in a reporting season where several bigger names have disappointed, steady growth has proven to be a winning formula. Investors appear happy to back these industrials as they keep building on solid foundations and set the stage for more expansion in FY26.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Mader Group. The Motley Fool Australia has positions in and has recommended Mader Group. The Motley Fool Australia has recommended CSL. Motley Fool contributor Leigh Gant owns shares in Mader Group and Duratec. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Earnings Results

A man leans forward propped on his elbows as he holds his clasped hands to his mouth in a worried pose as he gazes at his computer screen in a home setting.
Earnings Results

5 things reporting season taught ASX investors about FY27

Five FY26 lessons that shape the year ahead.

Read more »

Two smiling colleagues looking at a tablet in a data centre.
Earnings Results

This broker is tipping 33% upside for Megaport shares

It could be time to buy the dip on Megaport shares.

Read more »

Elderly couple using laptop at home while drinking a cup of coffee.
Earnings Results

Why now is the time to buy MediBank Private shares: Expert

This stock comes with a strong yield and defensive profile.

Read more »

A gambler at a casino bets a pile of chips on one number.
Earnings Results

The Star Entertainment share price falls on FY26 earnings

The Star Entertainment Group posted a $307 million net loss for FY26, but cost cuts and stabilised revenues mark early…

Read more »

A woman presenting company news to investors looks back at the camera and smiles.
Financial Shares

Kina Securities lifts profit and dividend in half-year 2026 earnings

Kina Securities lifts 1H 2026 profit and dividend, buoyed by strong capital and digital initiatives.

Read more »

Businessman planning and analysing investment data.
Earnings Results

Kingsgate Consolidated posts record FY2026 earnings

NPAT jumps 843% and a dividend is declared on record gold and silver production.

Read more »

Woman at computer in office with a view
Earnings Results

Praemium posts FY26 revenue growth and completes platform integration

Praemium’s FY26 results show revenue growth, HNW momentum, and successful tech integration driving future opportunities.

Read more »

happy group of people
Earnings Results

Black Cat Syndicate posts record FY26 earnings and profit turnaround

Black Cat Syndicate reports record FY26 results, including a $374 million revenue surge and $86 million profit turnaround on strong…

Read more »