Q2 FY27 Financial Performance

  • Revenue: ₹15,464 million, representing 35% year-over-year growth
  • EBITDA: ₹3,562 million, representing 23% year-over-year growth
  • EBITDA Margin: 23.0% (decreased approximately 230 basis points YoY)
  • PAT: ₹2,234 million, representing 29% year-over-year growth
  • PAT Margin: 14.4% (decreased approximately 50 basis points YoY)
  • BEV Revenue: ₹6,061 million, representing 129% year-over-year growth
  • BEV Share in Automotive Product Revenue: 51% (includes product revenue from PV, CV, OHV, E2W, E3W vehicle segments)

H1 FY27 Financial Performance

  • Revenue: ₹28,568 million, representing 43% year-over-year growth
  • EBITDA: Not explicitly quantified for H1 but mentioned 34% YoY growth
  • EBITDA Margin: 23.1% (decreased approximately 150 basis points YoY)
  • PAT: ₹4,039 million, representing 36% year-over-year growth
  • PAT Margin: 14.1% (decreased approximately 50 basis points YoY)
  • BEV Revenue: ₹10,416 million, representing 119% year-over-year growth
  • BEV Share in Automotive Product Revenue: 48%
  • Return on Capital Employed (RoCE): 16.4% (LTM EBIT/(Average tangible capital employed + capital deployed for acquiring NOVELIC))
  • Return on Equity (RoE): 13.9% (LTM PAT/(Average tangible net worth + capital deployed for acquiring NOVELIC))

Key Financial Metrics and Ratios

  • Free Cash Flow from Operations (FCFO): ₹4,456 million in H1 FY27
  • Net Debt to EBITDA: 0.2x (Short-term & long-term debt less cash, bank balances & mutual fund investments / LTM EBITDA)
  • Working Capital Turnover (WCTR): 5.2x (LTM Revenue/ Average net working capital)
  • Fixed Asset Turnover (FATR): 3.8x (LTM Revenue/ Average Tangible net block)
  • Value Added/Employee Cost: 2.9x (Material margin / (Employee cost + Manpower cost on hiring))

Order Book Updates

The company added ₹25 billion in new orders during Q2 FY27, bringing the net order book to ₹251 billion (5.6x FY26 revenue). The order book adjustment includes:

  • Orders consumed from matured and ramp-up programs during Q2 FY27: ₹36 billion
  • Orders added for programs won in Q2 FY27: ₹25 billion
  • Orderbook at the end of Q1 FY27: ₹240 billion
  • Orderbook at the end of Q2 FY27: ₹251 billion

New Order Wins in Q2 FY27

1. Helical Limited-Slip Differential for Electric Passenger Vehicles

  • Customer: Existing customer, Global OEM of EVs
  • Value: ₹7,000 million addition to orderbook
  • Start of Production: H1 FY29

2. Rear Radar Sensor for Intelligent & Connected 2Ws

  • Customer: New customer, Indian OEM of ICE and EV 2-Wheelers
  • Value: ₹1,000 million addition to orderbook
  • Start of Production: H2 FY28

3. Integrated Motor Controller for Electric 2-wheelers

  • Customer: Existing customer, Indian OEM of ICE and EV 2-Wheelers
  • Value: ₹3,800 million addition to orderbook
  • Start of Production: H1 FY28

4. Traction motors (Additional Volumes in two existing programs) for Electric 2-wheelers

  • Customer: Existing customer, Indian OEM of ICE and EV 2Ws and 3Ws
  • Value: ₹12,500 million addition to orderbook
  • Start of Production: H2 FY27

Non-Electric Program Orders

The company added ₹6.6 billion in non-electric program orders:

  • Starter Motors for ICE Passenger Vehicles: ₹3,300 million (North American OEM, H1 FY29 SOP)
  • Differential Assembly for ICE Passenger Vehicles: ₹1,600 million (Indian OEM, H2 FY28 SOP)
  • Differential Gears for ICE PVs and OHVs: ₹2,000 million (North American and Indian customers, H1 FY28 SOP)

Business Segments and Geographic Presence

  • 75 EPIC mobility programs across 37 different customers
  • Geographic distribution: North America (9 customers, 15 programs), Europe (15 customers, 23 programs), India (9 customers, 9 programs), Rest of Asia (4 customers, 4 programs)
  • Program status: Programs in fully ramped-up production, programs in ramp-up or not yet in production
  • Business verticals: Driveline business, Motor business, Robotics and Physical AI business

Management Team

  • Mr. Vivek Vikram Singh: MD & Group CEO
  • Mr. V. Vikram Verma: Whole Time Director and CEO, Driveline Business
  • Mr. Sat Mohan Gupta: CEO, Motor Business
  • Mr. Praveen Chakrapani Rao: Group CTO
  • Mr. Rohit Nanda: Group CFO
  • Mr. Amit Mishra: Head, Railway Business
  • Mr. Pankaj Gupta: Senior Vice President (Legal), Company Secretary and Compliance Officer

Notes and Clarifications

  • PAT margin percentage calculated from PAT including non-controlling interest
  • ROCE calculation includes capital deployed for acquiring NOVELIC
  • ROE calculation includes capital deployed for acquiring NOVELIC and Railway Business intangibles
  • LTM PAT is adjusted for one-time impact of ₹301 million due to the new labour code
  • Railway business order book is based on purchase orders received from customers to be executed largely within next 12 months
  • Net order book represents aggregate revenue from awarded programs yet to start production or fully ramp up in the next 10 years, adjusted for programs expected to reach end of life