Total income: ₹148.7 crores (68% YoY growth from ₹88.3 crores in Q2 FY26)
Revenue from operations: ₹143.1 crores (73% YoY growth)
EBITDA: ~₹44 crores (99% YoY growth)
EBITDA margin: 29.5%
PAT: ₹26 crores (146% YoY growth)
Sequential growth: 5% from Q1 FY27 revenue of ₹141.9 crores
H1 FY27 Results
Total income: ₹290.5 crores (76% YoY growth from ₹165.1 crores in H1 FY26)
Revenue from operations: ₹280.2 crores (81% YoY growth)
EBITDA: ₹85.53 crores (108% YoY growth)
EBITDA margin: 29.4%-29.5%
PAT: ₹51 crores (162% YoY growth)
PAT margin: 17.8%
Segment-wise Performance
Transfer Case Business
Q2 revenue: ₹80.4 crores (88% YoY growth from ₹42.7 crores)
H1 revenue: ₹156.4 crores (91% YoY growth from ₹82 crores)
Growth drivers: Indonesia pickup program ramp-up, strong domestic 4x4 demand, vehicle upgrades
Indonesia program execution: Mahindra portion (24,000 units supplied) to complete by February 2027; Tata portion (13,000 units supplied) to spill over until June 2027
EV Transmission Business
Q2 revenue: ₹11.4 crores (87% YoY growth from ₹6.1 crores)
H1 revenue: ₹17.2 crores (30% YoY growth from ₹13.2 crores)
Sigma program received customer approval for production supplies, prepared for series production in H2 FY27
Prototype order secured from Indian-China JV company (not yet production award)
Applications cover power range from 10kW to 150kW
Component Business
Q2 revenue: ₹34.6 crores (25% YoY growth from ₹27.7 crores)
H1 revenue: ₹67.6 crores (45% YoY growth)
Export component business crossed ₹23 crores quarterly run rate
Production approvals received for export parts
Strategic Initiatives & Growth Pipeline
Automatic Transmission Program
Assessing localization of globally proven automatic transmission technology
Submitted commercial quotations to Indian OEMs
Engaging with OEMs on next-generation vehicle programs
Targeting both front-wheel and rear-wheel drive solutions
Potential revenue impact: ₹300-700 crores per program
Geographic Expansion
Established wholly-owned subsidiary in Greenville, South Carolina, USA
Office at Clemson University International Center for Automotive Research
Initial focus on customer engagement, RFQ progression, and sourcing solutions
Evaluating manufacturing opportunities based on customer commitments and program economics
New Product Development
Pursuing opportunities in manual transmissions and synchronizer systems
Submitted proposal for 5-speed manual transmission for commercial truck application
Working on all-wheel drive systems and Power Take-off Unit (PTU) with Indian OEM
Partnership with Toyota Tsusho for access to Japanese ecosystem
Customer Relationships
Mahindra: Long-standing relationship in 4x4 systems, international platform expansion
Tata Motors: EV transmission capabilities, Indonesia program, recognition for execution excellence
Force Motors: Diversification into specialized vehicles
Global customers: BorgWarner, Magna (global technology and sourcing relationships)
Financial Position
Strong virtually debt-free balance sheet with negligible borrowings
Cash and cash equivalents: ₹41.6 crores
Bank balances: ₹255.7 crores
Trade receivables: ₹110.5 crores (as of September 2026)
Inventory: ₹74.5 crores (as of September 2026)
Focus on efficient working capital management
Guidance and Outlook
FY27 revenue target: well over ₹500 crores
Long-term aspirations: ₹1,000 crores by FY30, ₹2,000 crores beyond FY32-FY33
