Nature of Disclosure: Regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, containing the unaudited financial results for the quarter and nine months ended September 30, 2026.

Financial Performance - Q3 CY26

  • Revenue from operations: ₹6,602 million, a 30.2% increase from ₹5,069 million in Q3 CY25.
  • EBITDA (excluding other income): ₹1,289 million, a 38.0% increase from ₹934 million in Q3 CY25.
  • EBITDA margin: 19.5%, compared to 18.4% in Q3 CY25.
  • Profit after tax (PAT): ₹871 million, a 38.2% increase from ₹630 million in Q3 CY25.
  • PAT margin: 13.1%, compared to 12.4% in Q3 CY25.
  • Basic EPS: ₹4.63, compared to ₹3.35 in Q3 CY25.
  • Diluted EPS: ₹4.63, compared to ₹3.35 in Q3 CY25.

Financial Performance - 9M CY26 (Nine Months)

  • Revenue from operations: ₹17,920 million, a 22.8% increase from ₹14,592 million in 9M CY25.
  • EBITDA (excluding other income): ₹3,534 million, a 37.2% increase from ₹2,575 million in 9M CY25.
  • EBITDA margin: 19.7%, compared to 17.6% in 9M CY25.
  • Profit after tax (PAT): ₹2,357 million, a 40.7% increase from ₹1,675 million in 9M CY25.
  • PAT margin: 13.1%, compared to 11.4% in 9M CY25.
  • Basic EPS: ₹12.54, compared to ₹8.91 in 9M CY25.
  • Diluted EPS: ₹12.54, compared to ₹8.91 in 9M CY25.

Revenue Mix Analysis

Q3 CY26:

  • By Vertical: Industry & Automation (41.2%), Off-Highway Mobility (31.2%), Wind (25.7%), Others (1.9%).
  • By Geography: Domestic (67.6%), Exports (32.4%).

9M CY26:

  • By Vertical: Industry & Automation (42.0%), Off-Highway Mobility (29.4%), Wind (26.8%), Others (1.9%).
  • By Geography: Domestic (69.4%), Exports (30.6%).

Key Operational Highlights

  • The company reported its best-ever quarterly performance across all key financial parameters.
  • Performance was broad-based, with all end-market segments (Industry & Automation Solutions, Off-Highway Mobility Industry, and Wind Industry) registering their highest-ever quarterly revenues.
  • Domestic market growth was 23.8% YoY in Q3 CY26.
  • Export market growth was 46.2% YoY in Q3 CY26.

Management Commentary

Mr. Kennady V Kaippally, Managing Director, provided the following commentary:

  • Q3 CY26 marks the first results announcement as a listed company following a successful IPO.
  • The robust growth was driven by strong performance in both domestic and export markets.
  • Demand remains robust across all end markets, supported by:
  • Industry & Automation: Rising automation initiatives, Industry 4.0 adoption, and strong industrial and government capex cycles.
  • Off-Highway Mobility: Increasing localization, import substitution, supportive government policies, and India's position as a global export hub.
  • Wind Energy: Increasing turbine capacities, new installations, and replacement demand from Indian and global OEMs.
  • The company aims to grow faster than its end markets through new products, market share gains, localization, and higher exports.

Forward-Looking Guidance

  • For CY26, the company expects revenue growth of approximately 20%.
  • For the period CY26 to CY28, the company aims for a revenue Compound Annual Growth Rate (CAGR) of approximately 15%.
  • The company targets maintaining an EBITDA margin in the vicinity of 18.5% over this period.

Company Description

Bonfiglioli Transmissions Limited is India's largest manufacturer of gearboxes (below 15k Nm) and drive solutions. It is part of the Bonfiglioli Group, Italy. The company holds the #1 market position in its three verticals:

  • Industry & Automation Solutions (~25% market share in low and medium-duty gearboxes).
  • Off-Highway Mobility (~32% share in drives).
  • Wind (>50% share in yaw and pitch drives).

It operates three manufacturing facilities in Chennai and Pune and offers over 11,800 SKUs.