Date: September 24, 2026
Financial Performance
FY26 Consolidated Results (Audited):
- Revenue: ₹824 crore, representing 25.13% year-on-year growth
- EBITDA: ₹78.70 crore, representing 14.94% year-on-year growth
Q1 FY27 Consolidated Results:
- The company reported strong topline performance with a clear margin recovery agenda
- The next three quarters will focus on new program launch stability, productivity, and operating leverage
Balance Sheet Highlights (FY26 vs FY25):
- Total equity: ₹197.12 crore (FY25: ₹153.09 crore)
- Property, plant & equipment: ₹319.02 crore (FY25: ₹217.89 crore)
Operational Highlights
Manufacturing Capabilities:
- Six manufacturing facilities across five states
- Over 3,000 components manufactured with multi-process portfolio
- Facilities located in Pune/Chakan, Pantnagar, Sanand, Hosur, and Dharwad
Integrated Processes:
- Design, tooling, stamping, welding, and validation capabilities
- Automation and repeatability central to scale-up
- Broad customer access and diversified product canvas including body-in-white, structural parts, pedal and exhaust systems, cabin, seating, and commercial-vehicle assemblies
Technology Implementation:
- SAP S/4HANA implemented across all functions
- Real-time operating visibility for faster fact-based decisions
- Traceability and control with stronger process discipline
- Industry 4.0 implementation with OEE, quality, and capacity analytics
- Cybersecurity, access governance, and data quality remain ongoing priorities
Strategic Priorities
FY27 Management Priorities:
- Q2 FY27: Capture festive momentum, support customer schedules, deliver tooling milestones, and stabilize new programs
- Q3 FY27: Secure commercial recoveries, close eligible raw-material and price-recovery discussions, improve yield and productivity
- Q4 FY27: Increase operating leverage using larger revenue base to improve fixed-cost absorption and profitability
- Full year: Strengthen cash conversion through tighter working capital, tooling billing, and milestone collections
Growth Drivers:
- Supportive India automotive market with August 2026 PV retail at 402,398 units (16.1% YoY growth)
- CV retail at 90,769 units in August 2026 (14.45% YoY growth)
- Evaluating potential export opportunities with premium customer, program finalization done
- May support revenue growth from second half of FY27
Capital Allocation
Funding Actions during FY26:
- Promoter warrants: ₹15.75 crore (already received ₹6.12 crore)
- Stake increase: 36.5% in FY27
- Primary use of proceeds: Working capital to support higher operating scale
- Selective capacity expansion: Program- and return-linked investment
Capital-Allocation Guardrails:
- Customer-backed investment: Prioritize capex and tooling linked to validated programs and milestones
- Working-capital control: Match procurement, production, and billing discipline to ramp schedules
- Capital recycling: Completed non-core monetization supports focus on core operations and liquidity
- Governance: Pricing, allotment, related approvals and disclosures remain subject to law and shareholder authorization
Cash Conversion Focus:
- Management priority: Tighter inventory, receivable, tooling and customer-recovery discipline as volumes scale
- Growth must translate into cash—not only accounting profit
Industry Context
Market Indicators (August 2026):
- Total vehicle retail: 2.42 million units, increased 17.5% year on year
- PV retail: 402,398 units, increased 16.1% year on year
- PV wholesale: 439,309 units (SIAM reported 36.5% year-on-year growth)
- CV retail: 90,769 units, increased 14.45% year on year
- M&HCV volumes increased around 8–9% in FY26
- Rural growth ahead of urban growth in CV retail (FADA reported)
- Demand drivers: Freight, infrastructure, and replacement activity