Financial Performance Highlights

Revenue Performance:

  • Consolidated revenue reached ₹2,610 million in Q1 FY27, representing 24.5% year-on-year growth
  • This marks the highest-ever quarterly revenue since listing

Profitability Metrics:

  • EBITDA stood at ₹799.6 million, showing 36.2% year-on-year growth
  • EBITDA margin expanded by 239 basis points to 30%
  • Profit After Tax reached ₹744.2 million, representing 115% year-on-year growth
  • PAT margin improved to 28.5%
  • Includes one-time exceptional gain of ₹241.7 million from sale of Bangalore old facility (not in use since 2019)
  • Adjusted PAT (excluding exceptional item) increased 45.2% to ₹502.5 million
  • Adjusted PAT margin of 19.3% represents highest profitability since IPO

Segment Performance:

  • Automotive business grew 32.4% year-on-year, outperforming industry growth of 21.7%
  • Passenger vehicle segment grew 45.4% year-on-year
  • Two-wheeler segment grew 19.5% year-on-year
  • Export business grew 83.2% year-on-year to ₹255.8 million
  • Export contribution reached 9.8% of consolidated revenue

Revenue Mix:

  • Passenger vehicles: 44.6%
  • Two-wheelers: 36.6%
  • Consumer appliances and others: 18.8%
  • New generation products contributed approximately 24% of consolidated revenue

Balance Sheet and Cash Flow

  • Cash flow from operations stood at ₹809 million (101.2% of EBITDA)
  • Free cash flow generation of ₹838 million
  • Annualized ROCE at 37.2%
  • Annualized ROE at 20.3%
  • Cash and cash equivalents as of June 30, 2026: ₹3,380.8 million
  • Net cash position: ₹3,287.7 million

Business Developments and Strategic Initiatives

Capacity Expansion:

  • New SJS Decoplast manufacturing facility in Pune commenced commercial operations in August 2026
  • Facility expected to add ₹200-250 crore additional revenue capacity
  • Target to double Decoplast sales in next 3-4 years

New Business Wins:

  • Secured new orders from Mahindra and Mahindra, Tata Motors, TVS, Autoliv, Royal Enfield, Skoda, John Deere, Hero MotoCorp
  • SDPL won new businesses with Tata Motors
  • Walter Pack won new businesses with Mahindra

Strategic Subsidiary:

  • Board approved setting up wholly-owned subsidiary for cover glass and display business
  • Technical license agreement with BOE for four-wheeler displays (exclusive for four-wheelers)
  • Equipment ordered with production expected to start Q2 FY28
  • Localization target: 50% of display content value
  • Estimated Indian display market: ₹500-1,000 crore currently, expected to grow to ₹5,000-7,000 crore by 2030
  • Company aspiration: 10% market share by 2030

Corporate Actions:

  • Acquired remaining stake in Walter Pack India, making it 100% wholly-owned subsidiary
  • Non-compete agreement with Walter Pack Spain expires January 2027

Recognition and Awards:

  • In-house R&D Centre received recognition from Department of Science and Industrial Research (DSIR)
  • CFO Mr. Mahendra Naredi received "Financial Visionary Award" and "CFO Trailblazer Award" at CFO Vault Summit and Awards 2026
  • Strong ESG rating of 75.6 from CareEdge

Operational Highlights

  • 27th consecutive quarter of outperforming underlying automotive industry
  • Favorable product mix and higher export contribution driving margin expansion
  • Supply chain management effectively handling raw material cost increases (0.5-0.6% impact)
  • Customer price pass-through mechanisms operational with typical 1-2 quarter lag

Growth Outlook and Guidance

  • Expect to outperform automotive industry by 1.5x to 2x in FY27
  • Target export contribution of 14%-15% of consolidated revenue by FY28
  • Focus on expanding premium content per vehicle
  • Continued investment in innovation including optical cover glass, automotive display systems, illuminated logos, and in-mold electronics
  • Cross-selling opportunities identified, particularly in chrome-plating for two-wheelers
  • Asset turnover expected between 2-2.5x for new facilities
  • Utilization targets: 85%-90% over 3-year period

ESG Initiatives

  • Employees planted 3,850 tree saplings across Nadaprabhu Kempegowda Layout (Bangalore) and Government Schools in Karpanahalli and Mylappanahalli, Hoskote
  • Focus on responsible manufacturing practices and resource efficiency