Q2 FY27 Consolidated Financial Highlights

  • Revenue from Operations: ₹263.2 Cr (vs ₹213.1 Cr in Q2 FY26), up 23% YoY
  • Total Revenue (including Other Income of ₹4.3 Cr): ₹267.5 Cr (up 23% YoY)
  • EBITDA: ₹47.2 Cr (vs ₹35.6 Cr in Q2 FY26), up 33% YoY
  • EBITDA Margin: 17.6% (vs 16.4% in Q2 FY26)
  • EBIT: ₹38.2 Cr (vs ₹27.3 Cr in Q2 FY26), up 40% YoY
  • EBIT Margin: 14.3% (vs 12.6% in Q2 FY26)
  • Profit Before Tax: ₹41.6 Cr (vs ₹29.0 Cr in Q2 FY26), up 43% YoY
  • Profit After Tax: ₹32.9 Cr (vs ₹23.1 Cr in Q2 FY26), up 43% YoY
  • PAT Margin: 12.3% (vs 10.7% in Q2 FY26)

H1 FY27 Consolidated Financial Highlights

  • Revenue from Operations: ₹501.6 Cr (vs ₹419.9 Cr in H1 FY26), up 19% YoY
  • Total Revenue (including Other Income of ₹8.0 Cr): ₹509.7 Cr (up 19% YoY)
  • EBITDA: ₹89.9 Cr (vs ₹70.4 Cr in H1 FY26), up 28% YoY
  • EBITDA Margin: 17.6% (vs 16.5% in H1 FY26)
  • EBIT: ₹72.6 Cr (vs ₹54.5 Cr in H1 FY26), up 33% YoY
  • EBIT Margin: 14.2% (vs 12.8% in H1 FY26)
  • Profit Before Tax: ₹79.3 Cr (vs ₹57.0 Cr in H1 FY26), up 39% YoY
  • Profit After Tax: ₹63.0 Cr (vs ₹45.3 Cr in H1 FY26), up 39% YoY
  • PAT Margin: 12.4% (vs 10.6% in H1 FY26)

New Order Update

Talbros Automotive along with its JVs has received orders worth over ₹1,000 crores:

  • ₹250 Cr order includes ~₹110 Cr exports from sealing business (gaskets ~₹100 Cr, heat shields ~₹150 Cr)
  • ₹500 Cr orders secured in forgings business from a major European-based global automotive component supplier
  • ₹90 Cr export orders through MTCS JV for BIW components from a multinational automobile manufacturer for EV segment
  • ₹170 Cr orders through Talbros Marugo Rubber JV in domestic market for Hoses and Anti-vibration parts

Order Execution Details:

  • Orders to be executed over next 5 years
  • Commercialization starts from FY27
  • Includes ~₹100 Cr for EV segment
  • Includes ~₹700 Cr for Exports segment
  • Company gaining market share in European market

Consolidated Balance Sheet (as of September 2026)

Assets:

  • Total Assets: ₹1,262.4 Cr (vs ₹1,085.1 Cr in Mar 2026)
  • Non-current Assets: ₹635.7 Cr (Property, plant and equipment: ₹243.2 Cr, Investments: ₹255.4 Cr)
  • Current Assets: ₹626.7 Cr (Inventories: ₹171.2 Cr, Trade receivables: ₹324.9 Cr, Cash and cash equivalents: ₹4.2 Cr)

Liabilities and Equity:

  • Shareholders' Funds: ₹874.0 Cr (Equity Share capital: ₹12.3 Cr, Other equity: ₹861.7 Cr)
  • Non-current Liabilities: ₹68.8 Cr
  • Current Liabilities: ₹319.6 Cr (Borrowings: ₹49.9 Cr, Trade payables: ₹244.7 Cr)

Consolidated Cash Flow Statement (H1 FY27)

  • Profit Before Tax: ₹79.3 Cr
  • Net Cash from Operating Activities: ₹33.2 Cr
  • Net Cash from Investing Activities: -₹30.7 Cr
  • Net Cash from Financing Activities: -₹34.0 Cr
  • Net Change in cash: -₹31.6 Cr
  • Closing Cash Balance: ₹4.2 Cr

Revenue Mix and Business Performance

Market Type Breakdown (H1 FY27):

  • Domestic OEMs: 63%
  • Exports: 26%
  • Aftermarket: 3%
  • Others: 8%

Domestic Market Breakdown (H1 FY27):

  • Passenger Vehicles: 34%
  • HCV & LCV: 22%
  • 2 & 3 Wheelers: 16%
  • Agri & Off Loaders: 15%
  • Others: 13%

EV Sales: Proportion of EV sales to total sales in H1FY27 stood at 4.01% compared to 2.93% in H1FY26

Export Profile: Europe & UK comprise ~82% of exports

Business Verticals Performance

Gasket & Heat Shields Business:

  • Signed exclusive contract with SANWA for Light Weight Aluminium Heat Shields
  • Revenue from heat shield in H1 FY27: ₹34.62 Cr
  • Revenue from EV in heat shields in H1 FY27: ₹2.17 Cr

Forgings Business:

  • Revenue from EV in forging division in H1 FY27: ₹11.53 Cr

Joint Ventures Update

Talbros Marugo Rubber Pvt. Ltd. (TMR):

  • 50:50 partnership with Marugo Rubber Industries Ltd (Japan)
  • ~91% revenue from PV segment, ~9% from CV segment
  • H1 FY27 Total Income: ₹86 Cr (up 28% from FY26)

Lohum Talbros Carbon Pvt. Limited:

  • JV for Recovered Carbon Black (rCB) and Devulcanized Rubber
  • Business to commence from July 2027 onwards
  • Equity funding for 1st year: ₹20 Cr (Talbros' commitment: ₹9.95 Cr at 49%)

Capacity Utilization (H1 FY27)

  • Gasket & Heat Shields: 90%
  • Forgings: 90%
  • Marelli Talbros Chassis Systems: 80%
  • Talbros Marugo Rubber: AV - 87%, Hose - 80%

Capex Plans

  • FY26 Capex: ₹51 Cr
  • FY27 Capex: ₹103 Cr
  • To be funded by Internal Accruals & some borrowings

Historical Financial Performance

FY26 Consolidated:

  • Revenue from Operations: ₹870.0 Cr
  • EBITDA: ₹155.1 Cr (17.5% margin)
  • PAT: ₹104.1 Cr (11.7% margin)

FY25 Consolidated:

  • Revenue from Operations: ₹827.1 Cr
  • EBITDA: ₹147.3 Cr (17.4% margin)
  • PAT: ₹94.4 Cr (11.2% margin)

Management and Governance

Board of Directors: Mr. Pratham Mittal, Mr Rakesh Vohra, Mr. Tarun Singhal, Mrs. Priyanka Gulati, Mr. Ajay Kumar Vij, Mr Rahul Bhutoria (all Independent Directors)

Executive Management Team:

  • Mr. Ashish Gupta - CEO (35+ years experience)
  • Mr. Manish Khanna - Chief Financial Officer (CA and MBA, 18+ years experience)
  • Mr. Suresh Sharma - President – Gaskets Division (26+ years experience)
  • Mr. Jai Prakash Chauhan - Associate Vice President – Forging Division (22+ years experience)
  • Mrs. Seema Narang - Company Secretary (30+ years experience)