Financial Performance Highlights

H1FY27 Performance:

  • Total Income: ₹290.5 crore, representing 76% YoY growth
  • Revenue from Operations: ₹280.2 crore, up 81% YoY
  • EBITDA: ₹85.4 crore with margins of 29.4% (453 bps expansion)
  • Profit After Tax: ₹51.6 crore, up 162% YoY with margins of 17.8%

Q2FY27 Performance:

  • Revenue from Operations: ₹143.1 crore, up 72% YoY
  • Total Income: ₹148.7 crore, up 68% YoY
  • EBITDA: ₹43.8 crore with margins of 29.5% (455 bps expansion)
  • Profit After Tax: ₹26.4 crore, up 146% YoY with margins of 17.8%
  • Gross Profit Margin: 60.8% (down 249 bps YoY)

Segmental Performance

Transfer Case Business:

  • Continued as key growth driver supported by Indonesia 4x4 program ramp-up
  • Higher domestic demand from 4x4 vehicle adoption and recent OEM refresh launches

Components & Exports:

  • Export business achieved quarterly revenue of ~₹23 crore
  • All key programs successfully executed reaching stable volume levels
  • Export component business crossing quarterly run rate of ₹20+ crore

EV Transmission Business:

  • Doubled performance in Q2 compared to previous quarter and corresponding period last year
  • Strong demand recovery with momentum improving towards end of Q2
  • Rising industry penetration of EVs supported demand improvement

Operational Highlights

Indonesia Program Execution:

  • Successfully ramped up Indonesia programs within short timeframe
  • Received Agility Excellence Award from Tata Motors on September 10, 2026, for execution excellence
  • Recognized for flawless quality, delivery performance, and proactive capacity planning

US Operations (Project Mayflower):

  • Wholly owned subsidiary established in South Carolina, USA
  • Office located at Clemson University CU-ICAR, Greenville
  • Initial headcount onboarded in US
  • Participating in SEMA show in Las Vegas from November 3-6, 2026

Business Updates and Future Outlook

Growth Strategies:

  • FY27 component exports targeted at ~₹80 crore
  • H2 FY27 expected to sustain revenue momentum from new platforms and facelift programs
  • EV business positive momentum expected to sustain through H2 FY27
  • Focus on converting export opportunities into recurring global programs

New Business Developments:

  • Received enquiry from leading German OEM for transfer case requirements in European market
  • Prototype order secured for EV Transmission from India-China JV OEM manufacturing in India
  • Sigma platform approval received from customer for production supplies, SOP expected from H2 FY27
  • Automatic Transmission progressing through Proof-of-Concept stage

Financial Position

Balance Sheet (as of September 2026):

  • Total Assets: ₹808.5 crore (vs ₹734.5 crore in March 2026)
  • Property, plant and equipment: ₹269.3 crore
  • Capital work-in-progress: ₹21.1 crore
  • Inventories: ₹74.5 crore
  • Trade receivables: ₹110.5 crore
  • Cash and Cash Equivalents: ₹44.3 crore
  • Bank Balances other than Cash: ₹255.7 crore
  • Total Equity: ₹686.6 crore
  • Trade Payables: ₹81.3 crore

Cash Flow (H1FY27):

  • Cash generated from Operations: ₹47.3 crore
  • Net Cash from Operating Activities: ₹33.9 crore
  • Net Cash from Investing Activities: -₹23.2 crore
  • Net Cash from Financing Activities: -₹0.6 crore
  • Net increase in Cash: ₹10.0 crore

Manufacturing and Capacity

Manufacturing Facilities:

  • Sirsi, Karnataka: Components and Synchronisers (operating since 1984)
  • Shivare, Pune: Precision Grinding and Honing operations (since 1991)
  • Bhosari, Pune: 4WD Transfer case (since 1996)
  • Shirwal, Maharashtra: EV Assembly, Export Components, Manual and Automatic Transmission (since 2023)

Long-term Targets

  • FY27 Revenue Target: ~₹500 crore
  • FY29-30 Revenue Aspiration: ~₹1,000 crore
  • FY33 Revenue Aspiration: ~₹2,000 crore