Total Income: ₹22,099.09 million (FY26) vs ₹21,047.52 million (FY25), representing 5.0% growth
Revenue from Operations: ₹21,777.29 million (FY26) vs ₹20,775.38 million (FY25)
EBITDA: ₹2,572.56 million with margin of 11.8% (FY26) vs ₹2,472.30 million with approximately 12.0% margin (FY25)
Profit After Tax: ₹1,643.75 million (FY26) vs ₹1,555.35 million (FY25), up 5.7%
Earnings Per Share: ₹108.77 (FY26) vs ₹102.92 (FY25)
Total Assets: ₹15,144.31 million (2025: ₹13,923.24 million)
Total Equity: ₹10,987.70 million (2025: ₹9,819.22 million)
Dividend Information
Final Dividend Recommended: ₹32 per equity share (320%) of face value ₹10 each
Total Dividend Outflow: ₹483.58 million
Previous Year Dividend: ₹30.50 per share (305%)
Record Date: August 5, 2026
Payment Timeline: Within 30 days from declaration date
Payment Method: Electronic only (as per SEBI amendment)
Significant Accounting Changes
Depreciation Method Change: Changed from Reduced Balance to Straight-Line effective July 1, 2025, decreasing FY26 depreciation expense by ₹3.25 million
Labor Code Implementation: Government notified Labour Codes on November 21, 2025, increasing gratuity liability by ₹116.53 million and leave liability by ₹3.34 million due to past service cost
Supplier Finance Arrangements: Carrying amount of trade payables under supplier finance: ₹623.58 million with payment terms of 30-60 days
Operational Performance
Capacity Utilization: Maintained at approximately 90%
Delivery Performance: Consistently achieved over 95%
Key Product Performance: Rear and Front Axles (58.31% of turnover), Brakes (25.13% of turnover), Others including Suspension (16.56% of turnover)
Export Revenue: ₹2,189.62 million (10.05% of total turnover)
Capital Investment: ₹110.8 million on energy conservation equipment in FY26
Renewable Energy: Sourced over 90% of electrical energy requirements from renewable sources
Property, Plant and Equipment
Net Book Value: ₹2,103.77 million (2025: ₹1,855.80 million)
Additions during year: ₹587.11 million (2025: ₹156.96 million)
Capital Work-in-Progress: ₹135.17 million (2025: ₹65.43 million)
Next phase of capacity expansion expected to be completed by end of calendar year 2026
Liquidity Position
Cash and Cash Equivalents: ₹381.86 million (2025: ₹85.74 million)
Bank Balances: ₹2,207.28 million (2025: ₹303.54 million)
Undrawn Borrowing Facilities: ₹833.58 million (2025: ₹957.04 million)
Investments in Mutual Funds: ₹1,402.17 million (at FVTPL)
Related Party Transactions
Major transactions with Meritor group entities: Purchases ₹1,081.05 million, Technical fees ₹975.33 million
Purchases with related parties: 1.66% of total purchases
Sales to related parties: 5.08% of total sales
Dividend paid to promoters: ₹327.42 million
Corporate Governance
AGM Scheduled: August 12, 2026 via video conference to approve financial statements, dividend, and reappointment of director Kenneth James Hogan
Board Changes: Mr. Ranganathan S, CFO superannuated; Mr. Raman K appointed as Interim CFO
Auditors: S R Batliboi & Associates LLP (statutory), Deloitte (internal), Pracheta & Associates (secretarial)
Risk Factors and Outlook
Positive Outlook based on India's infrastructure development, expanding industrial activity, and rising freight movement
Focus Areas: Completion of capacity expansion, strengthening position in growth segments, accelerating technology-led product development
Target Markets: Commercial vehicles, off-highway, defence, and advanced mobility applications including e-axle technologies
Key Risks: Industry cyclicality, commodity price volatility, technology shifts toward electrification, global economic uncertainties
