Date: September 4, 2026

Financial Performance Overview

Dhoot Transmission Limited reported unaudited consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27).

Revenue Performance

  • Consolidated Revenue from Operations: ₹14,464 million, representing 49.7% year-over-year (YoY) growth from Q1 FY26 (₹9,663 million)
  • Quarter-over-quarter (QoQ) growth: 13.2% from Q4 FY26 (₹12,773 million)
  • India Business revenue: Increased 53.2% YoY
  • Global business revenue: Increased 18.3% YoY
  • EV-related supplies: Increased 79.2% YoY, now constituting 27% of consolidated revenue

Profitability Metrics

  • Consolidated EBITDA: ₹2,184 million, representing 29.0% YoY growth from Q1 FY26 (₹1,694 million)
  • QoQ EBITDA growth: 22.1% from Q4 FY26 (₹1,789 million)
  • EBITDA margin: 15.1% in Q1 FY27 compared to:
  • 17.5% in Q1 FY26 (250 basis points decline YoY)
  • 14.0% in Q4 FY26 (110 basis points improvement QoQ)
  • Profit After Tax (PAT): ₹1,327 million, representing 37.8% YoY growth from Q1 FY26 (₹962 million)
  • QoQ PAT growth: 39.1% from Q4 FY26 (₹954 million)

Cost Structure Analysis

  • Depreciation & Amortization: ₹396 million, increased 49.5% YoY and 13.1% QoQ
  • Increase attributed to higher capitalization and impact of Multilink acquisition for part of the quarter
  • Finance Cost: ₹155 million, decreased 34.0% YoY and 31.4% QoQ
  • Decline due to working capital debt optimization following equity infusion in March 2026
  • Other Income - Operating: ₹137 million, included interest of ₹75.9 million on fixed/term deposits created from equity infusion
  • Exceptional items: ₹(30) million (consistent with Q1 FY26)
  • Tax: ₹413 million

Margin Pressure Factors

The company cited two primary factors affecting margins:

1. Copper and other raw material price increases not fully passed through to customers in the quarter they are incurred (typical time lag in pass-through)

2. Higher labor costs

Strategic Developments

Multilink Acquisition Update

  • Control gained on June 11, 2026
  • Majority of consideration paid in June 2026, balance paid in July/August 2026
  • Integration in progress, expected completion by Q3/early Q4 FY27
  • Acquisition supports scaling of non-wiring harness business

Management Commentary

Rahul Dhoot, Managing Director, commented:

  • Indian two and three-wheeler automotive market showed robust growth
  • Q1 business growth exceeded expectations with strong performance in both EV and ICE segments
  • Electrification trend driving growth in both wiring harness and non-wiring harness businesses
  • Confidence in delivering another year of strong growth
  • Multilink integration progressing well, expected to meaningfully scale non-wiring harness business

Business Context

Dhoot Transmission Limited is a tier-I auto component group with:

  • 41% market share in India's Two-Wheeler and Three-Wheeler Wiring Harness market (FY26)
  • Diversified product portfolio including Electronics Sensors & Controllers, Automotive Switches, Connection Systems, and EV products (Charging Guns, Inlets, Off-Board Chargers, RCDs, Li-Ion Battery assembly)
  • Global presence with 23 manufacturing facilities across India, UK, Slovakia, and Thailand
  • Workforce: 2,500+ employees