Financial Performance Highlights

Revenue and Profitability

  • Revenue from Operations: INR 6,732.01 Mn (FY26) vs INR 6,204.10 Mn (FY25), growth of 8.5%
  • EBITDA: INR 879 Mn with EBITDA margin of 13.06%
  • Profit After Tax (PAT): INR 552.14 Mn (FY26) vs INR 480.27 Mn (FY25), growth of 15%
  • PAT Margin: 8.2% (FY26) vs 7.68% (FY25)
  • EPS: INR 8.56 (Basic and Diluted)

Segment-wise Revenue Contribution (FY26)

  • Trailer Axles and Suspension Assemblies: 42.61%
  • Commercial Vehicle Components: 42.97%
  • Tractor Components: 9.48%
  • Exports: 3.60% (20% YoY growth)
  • Others: 1.38%

Key Financial Ratios (March 31, 2026 vs March 31, 2025)

  • Debt-to-Equity Ratio: 0.12x (unchanged)
  • Interest Coverage Ratio: 10.30 (FY26) vs 6.48 (FY25) - 58.95% improvement due to debt repayment from IPO proceeds
  • Current Ratio: 3.46 (FY26) vs 3.21 (FY25)
  • Return on Net Worth: 11.27% (FY26) vs 11.05% (FY25)
  • Debt Service Coverage Ratio: 4.90 (1.59 in FY25)
  • Inventory Turnover: 14.16 (12.67 in FY25)

Capital Structure and IPO Proceeds Utilization

Share Capital

  • Authorized Share Capital: INR 37 Cr (7 Cr equity shares of INR 5 each + 20 lakh preference shares of INR 10 each)
  • Issued, Subscribed and Paid-up Capital: INR 32.25 Cr (6.45 Cr equity shares of INR 5 each)
  • Market Capitalization (March 31, 2026): INR 10,218.3 Mn

IPO Proceeds Deployment (100% utilized as promised)

  • Capital Expenditure (machinery and equipment): INR 700 Mn (fully utilized)
  • Debt Repayment: INR 900 Mn (fully utilized)
  • Working Capital: INR 300 Mn (fully utilized)
  • General Corporate Purposes: INR 469.19 Mn (fully utilized)
  • Total IPO Proceeds: INR 2,369.19 Mn + INR 130.81 Mn offer expenses = INR 2,500 Mn

Strategic Initiatives and Operational Highlights

Manufacturing Capacity Expansion

  • Axle Beam Extrusion Plant: Commissioned India's first single-piece axle beam extrusion plant with investment of ~INR 25 Cr
  • Capacity Increase: Trailer axle manufacturing capacity expanded by 50% from 5,000 to 7,500 units per month
  • Seamless Tube Project: INR 167 Cr project in Jharkhand with 120,000 tonnes capacity, targeted commissioning in FY27
  • Tipping Jacks: New manufacturing facility with capacity of 800 units per month, commercial production began in Q4 FY26

Backward Integration

  • Commissioned multiple high-tonnage presses doubling forging capacity
  • Robotic press forging facility for axle shafts expected operational by September 2026
  • High-pressure moulding line for foundry expected by September 2026, doubling casting capacity

Financial Risk Management

Borrowings Position (March 31, 2026)

  • Long-term borrowings: INR 291.42 Mn
  • Short-term borrowings: INR 232.23 Mn
  • Lease liabilities: INR 13.57 Mn
  • Total borrowings: INR 537.22 Mn
  • Interest expense for FY26: INR 69.42 Mn

Market Risk Exposure

  • Interest Rate Risk: ±50 bps change impacts profit by ±₹2.38 Mn for liabilities, ±₹1.78 Mn for assets
  • Foreign Currency Risk: ±10% EUR rate change impacts profit by ±₹8.56 Mn; ±10% USD rate change impacts profit by ±₹2.32 Mn

Employee Benefit Obligations

  • Gratuity Plan: Defined benefit obligation of ₹57.55 Mn with sensitivity of ±0.5% discount rate change impacting obligation by ₹(2.98) Mn to ₹3.21 Mn

Annual General Meeting Details

Meeting Information

  • 35th AGM Date: September 16, 2026 at 11:00 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Cut-off date for e-voting: September 9, 2026
  • Remote e-voting period: September 13, 2026 (9:00 AM) to September 15, 2026 (5:00 PM)

Business Items

  • Adoption of audited standalone financial statements for FY ended March 31, 2026
  • Re-appointment of Mr. Sumeet Rai as director retiring by rotation
  • Ratification of remuneration to Cost Auditors for FY27
  • Re-appointment of independent directors Mr. Sanjiv Paul, Mr. Gurvinder Singh Ahuja, and Ms. Deepa Verma for second terms
  • Appointment of Mr. Sharat Chandra Kumar as Independent Director for first term

Corporate Governance and Board Composition

Board of Directors (as of March 31, 2026)

  • Sudhir Rai: Chairman and Managing Director
  • Anita Rai: Whole-Time Director
  • Sumeet Rai: Whole-Time Director
  • Kunal Rai: Whole-Time Director (Finance) and CFO
  • Sanjiv Paul: Independent Director
  • Gurvinder Singh Ahuja: Independent Director
  • Deepa Verma: Independent Director
  • Mukesh Agarwal: Independent Director (resigned July 24, 2026)

Changes in Board

  • Appointed: Mr. Sharat Chandra Kumar as Additional Director (Independent, Non-Executive) from July 24, 2026
  • Resigned: Mr. Mukesh Agarwal ceased from Board from July 24, 2026

Regulatory Compliance and Other Disclosures

  • No material adverse remarks or qualifications in audit reports
  • All SEBI Listing Regulations compliance requirements met
  • No significant or material orders from regulators/courts affecting going concern status
  • Unmodified audit opinion on financial statements and internal financial controls
  • CSR expenditure: INR 11.44 Mn in FY26
  • Total employees: 2,441 individuals (566 permanent, 1,875 contractual)