Revenue: ₹512.42 crore, up from ₹425 crore in FY 2024-25, representing a growth of over 20%.
EBITDA: ₹129.16 crore (25.21% margin), up from ₹94.94 crore (22.34% margin) in the previous year, a growth of 36%.
Profit Before Tax (PBT): ₹65.73 crore (12.8% margin), up from ₹32.8 crore (7.7% margin) in the previous year, depicting a growth of over 100%.
Cash Generated from Operations: ₹81.77 crore, up from ₹62.91 crore in FY 2024-25, a growth of almost 30%.
Standalone Financials (FY 2025-26)
Revenue: ₹502.2 crore, up from ₹427.29 crore in FY 2024-25, a growth of 17%.
EBITDA: ₹126.35 crore (25.26% margin), up from ₹96.22 crore (22.52% margin), a growth of over 31%.
PBT: ₹63.14 crore (12.62% margin), up from ₹34.37 crore (8.04% margin), a growth of almost 84%.
Quarterly Consolidated Performance (Q4 FY26 vs Q4 FY25)
Revenue: ₹136.69 crore, up 48% from ₹92.23 crore.
EBITDA: ₹34.08 crore (24.93% margin), up 41.13% from ₹24.15 crore (26.18% margin).
PBT: ₹16.91 crore (12.37% margin), up 91.5% from ₹8.83 crore (9.57% margin).
Quarterly Standalone Performance (Q4 FY26 vs Q4 FY25)
Revenue: ₹135 crore, up 27.71% from ₹106 crore.
EBITDA: ₹33.23 crore (24.54% margin), up 37.7% from ₹24.13 crore (22.76% margin).
PBT: ₹16.11 crore (11.9% margin), up 80% from ₹8.95 crore (8.44% margin).
Key Financial Ratios & Debt (FY26)
Current Ratio: Improved to 1.38 from 1.05.
Debt Equity Ratio: Improved significantly to 0.63 times from 1.3 times.
Total Debt: Reduced to ₹221 crore from ₹297 crore in FY 2024-25, aided by an equity infusion.
Business and Geographic Segment Analysis
Revenue Split (FY26): Exports constituted 75% (₹346.68 crore) and Domestic 25% (₹110 crore) of turnover. Other operating income was ₹33 crore and other non-operating income was ₹22.48 crore.
Geographic Distribution: 69% of turnover from Europe, 29% from India and other Asian Pacific countries, and 2% from US and Canada.
Business Segment Distribution (by application): Commercial Vehicles (20%), Recreational Vehicles (18%), Passenger Cars (13%), Tractor & Agriculture (10%), Two-Wheelers (30%), and Others (9%). Management highlighted a significant shift, with the Passenger Car segment growing from 0% a few years ago.
New Project Wins and Updates
Royal Enfield: Secured a high-volume project for gears for the 350cc engine motorcycle's transmission and gearbox. Samples submitted for validation in June 2026. Commercial production is anticipated to begin in August-September 2026 at the Gajraula plant.
Kawasaki Japan: Received a high-volume project for 15 parts for a general-purpose engine. Pilot lots to be submitted, with mass production start anticipated in early 2027 (October 2027 SOP).
BMW EV Projects (Titan & Venus): Projects for reduction gearboxes for electric cars are on track. Final customer sign-off is expected in August 2026, with Start of Production (SOP) targeted for October-November 2026. These projects feature a digital, paperless, Industry 4.0 setup with end-to-end traceability.
Project Crystal (with ZF Rane): Electric power steering system for the US market. Sampling of 600 sets is under validation in Mexico and the US. This is a focus for future prototyping and will require significant capacity building and CAPEX.
Commercial Truck Segment (ZF): Electric power steering project for trucks. Samples are to be submitted imminently, with SOP expected from September-October 2026. This entry into the US truck market is seen as a strategic growth driver.
Shift Drum Project: A new product category outside of gears. SOP is scheduled for next month (July 2026) with an annual volume of 150,000 units, with 6-7 more part numbers expected to be added.
BHEL: The company is empaneled and has begun supplying critical components for industrial applications, including those related to national security. Progress is ongoing with sample submissions.
Guidance and Outlook
FY27 Revenue Guidance: ₹565 crore, plus or minus 5%.
FY27 CAPEX Plan: ₹77.45 crore.
Management expressed a long-term vision to achieve a ₹1000 crore revenue milestone in the next 3-5 years, emphasizing sustainable and managed growth.
Operational and Strategic Commentary
Management highlighted resilience and growth despite global challenges, including geopolitical turmoil and inflation.
The company won the "Outstanding Social Responsibility Award" at Grindex 2026 for sustainable and ethical manufacturing practices.
A initiative to plant 2500 trees around company premises was announced to reduce carbon footprint.
The company plans to start disclosing carbon emission numbers from the next quarter onwards.
Management discussed the competitive advantages of Indian manufacturing, including ESG compliance, energy cost control, and steel availability, in the context of global supply chain shifts and the 'China plus one' strategy.
The strategy focuses on high-precision, high-value-added products in challenging segments like premium motorcycles, EVs, and advanced car components (e.g., electric power steering, roll control parts).
Q&A Session Key Points
Questions addressed the revenue potential and margins of new projects (Royal Enfield, Kawasaki), growth sustainability beyond 20%, future CAPEX requirements for the ₹1000 crore target, the impact of global trade policies and currency risks, and progress in the defense/aerospace vertical with BHEL.
Management reiterated a disciplined approach to borrowing and CAPEX, investing only against assured business.
They confirmed no significant demand slowdown from European OEMs was being witnessed, though cost pressures from inflation are being managed through customer discussions and currency benefits.
