Revenue Growth: 60% year-on-year growth in Q2 FY27
Segment Performance: Wiring harness business grew 44.6% YoY; Non-wiring harness business grew 124% YoY
EV Business: Revenue grew 108% YoY, now contributing 31% of total sales (up from 27% in Q1 and 24% in FY2026)
Multilink Acquisition: Contributed ₹160 crores revenue during the quarter
Profitability: Organic adjusted EBITDA margin maintained at 15.2%; Reported EBITDA margin at 14.3% after ESOP impact and Multilink consolidation
PAT: Pre-exceptional PAT at ₹162 crores, representing 30% growth over same quarter last year
Cash Position: Net cash, bank and FD balance at ₹900 crores after full repayment of IPO debt
Operational Updates
Capacity Expansion: Added two battery manufacturing plants (South and West India) and one wiring harness plant at Chhatrapati Sambhajinagar, all operational at full capacity
Plant Utilization: Running at 75% capacity normally, reaching 100% during peak Diwali period
Future Capacity: Five new plants to be added in next 12 months (Pune, Chennai, Jhajjar locations)
Capital Expenditure
Revised Guidance: CAPEX increased to ₹750 crores for FY2027 (from initial expectations)
Breakdown: ₹150-200 crores allocated for electronics and battery components
Rationale: Accelerated investment due to stronger-than-expected industry growth and customer volume guidance
Business Segments & Outlook
Growth Guidance: Revised upward from 30% to over 40% for FY2027
EV Outlook: Customers projecting 2x volumes in coming 2-3 years; 15-20% growth expected in FY2028
Export Business: Targeting 10-15% annual growth for next three years with three new customers
Multilink Integration: New automated facility in Hosur operational from February 1st, expected full integration by April 30th
RideVision Collaboration: Progressing well with business opportunities exploration; updates expected next quarter
Margin & Cost Analysis
Commodity Impact: 4-5% impact from copper price inflation passed through to customers quarterly
ESOP Costs: One-time impact of ₹9 crores in Q2; normalized to ₹3-4 crores quarterly going forward
Other Expenses: Increased due to contractor charges and piece rate wages for incremental volume
Multilink Margins: Currently at 10-11%; expected improvement post integration and automation completion
Customer & Product Development
Hero MotoCorp: Added as customer through Multilink acquisition (non-wiring harness products)
New Products: DC-DC converters and off-board chargers being developed at multiple facilities
Battery Business: ₹589 crores revenue in Q2 (excluding wiring harness); assembly business for customers using supplied cells
Working Capital
Receivables: Increased due to higher exit run rate during festival months; expected to normalize to 55-day timeframe
