Key Financial Figures - Q2 FY27 (Consolidated)

  • Revenue From Operations: ₹10,915 million (up 32% YoY from ₹8,252 million in Q2 FY26)
  • Gross Profit: ₹4,696 million (up 38% YoY); Gross Profit Margin: 43.0% (vs. 41.2% in Q2 FY26)
  • EBITDA: ₹2,112 million (up 48% YoY); EBITDA Margin: 19.4% (vs. 17.3% in Q2 FY26)
  • Profit After Tax (PAT): ₹1,086 million (up 52% YoY); PAT Margin: 10.0% (vs. 8.6% in Q2 FY26)
  • EPS – Basic: ₹17.31 (vs. ₹11.60 in Q2 FY26)
  • EPS – Diluted: ₹17.24 (vs. ₹11.56 in Q2 FY26)

Key Financial Figures - H1 FY27 (Consolidated)

  • Revenue From Operations: ₹21,127 million (up 33% YoY from ₹15,915 million in H1 FY26)
  • Gross Profit: ₹9,035 million (up 36% YoY); Gross Profit Margin: 42.8%
  • EBITDA: ₹4,073 million (up 48% YoY); EBITDA Margin: 19.3%
  • Profit Before Tax: ₹2,667 million (up 47% YoY), which includes an Exceptional Item of ₹169 million recognized in Q1 FY27 for a litigation settlement.
  • Profit After Tax (PAT): ₹1,960 million (up 46% YoY); PAT Margin: 9.3%
  • EPS – Basic: ₹31.20
  • EPS – Diluted: ₹31.07

Exceptional Item Detail

An amount of ₹169 million was recognized in H1 FY27 (Q1 FY27) towards the settlement of a litigation matter before the U.S. District Court. The matter, disclosed in the Company's 2021 prospectus, was settled without admission of liability. The settlement amount is expected to be substantially covered by insurance.

Segment-Wise Performance (Q2 FY27)

  • Auto ICE: Contributed 65.7% of sales. Growth of 18.2% YoY. Breakdown: Motorcycles (32.0%), Passenger Vehicles (17.3%), Scooters (5.9%), HCV (10.1%), 3W (0.5%).
  • Auto-Tech Agnostic & xEV: Combined revenue growth of 27.0% YoY. Contributed 13.4% of sales. Breakdown: Auto-Tech Agnostic (8.2%), xEV (5.2%).
  • Non-Automotive: Contributed 20.9% of sales (vs. 13.2% in Q2 FY26). Growth of 107.7% YoY. Breakdown: ADS (14.9%, growth of 206.5% YoY), Off-Road (2.6%, growth of 8.5% YoY), Agriculture (1.5%, growth of 26.1% YoY), Others (2.0%).

Geographical Sales Mix (Q2 FY27)

  • India: 64.5% of sales (growth of 20.6% YoY)
  • International: 35.5% of sales (growth of 56.2% YoY)
  • Europe: 15.4% (growth of 23.7% YoY; 49.8% excluding Sweden)
  • USA: 11.9% (growth of 77.8% YoY)
  • Other Foreign Countries: 8.2% (growth of 128.9% YoY)
  • Exports from India constituted 30.1% of total sales.

Order Book & Business Visibility

  • Peak Annual Revenues from New Business (Excluding ADS): ₹22,410 million as of September 2026. This is based on LOIs/POs for which production started after April 1, 2026, or is yet to start, and is expected to peak over the next 3 years.
  • ADS Backlog: Approximately ₹58,697 million over the next five years.

Capital Expenditure (Capex) & Expansion Plans

Planned capex of approximately ₹8,000 million in FY27 for the following projects:

  • Auto ICE: Expansion at Pantnagar (Plant 6) for 2W forging; Expansion at Manesar (Plant 4) adding 80k sq. ft. for PV and 2W.
  • Auto Tech-agnostic & xEV: Bengaluru (Plant 2) machined capacity addition; 60:40 JV with Nichidai Corporation (Japan) for cold & warm forged precision components (commercial production expected H2 FY27).
  • ADS: New 80k sq. ft. hangar; New 45k sq. ft. Defence plant; New brownfield surface coating facility in Bengaluru.

Management Commentary

Mr. B R Preetham, Joint Managing Director & Group CEO, cited record revenue and EBITDA, broad-based growth across all segments, and strong demand visibility. He highlighted the success of the diversification strategy since the IPO, with Auto ICE contribution reducing to 65.7%. The commentary emphasized a focus on adding customers, deepening wallet share, and moving up the value chain.

Balance Sheet Highlights (as of September 30, 2026)

  • Total Assets: ₹50,675 million (vs. ₹44,947 million on March 31, 2026)
  • Property, Plant & Equipment: ₹22,195 million
  • Capital Work in Progress (CWIP): ₹2,766 million
  • Inventories: ₹8,974 million
  • Trade Receivables: ₹6,495 million
  • Cash and Cash Equivalents: ₹1,037 million
  • Total Equity: ₹32,929 million
  • Borrowings (Non-Current): ₹733 million
  • Borrowings (Current): ₹5,630 million
  • Trade Payables: ₹7,248 million

Cash Flow Statement (H1 FY27)

  • Cash Generated from Operations: ₹2,803 million
  • Net Cash from Operating Activities: ₹2,223 million
  • Net Cash used in Investing Activities: ₹(3,704) million
  • Net Cash from Financing Activities: ₹1,520 million
  • Net increase in cash: ₹39 million

Recent Awards

The company received several awards during the quarter: JIPM – TPM Excellence Consistency Award from Bajaj Auto; Quality Award – "Super Platinum" from Bajaj Auto; Reliability Excellence Award from Tata Cars; Excellence in Quality from Ather Energy.