Revenue from Operations: INR 17.2 billion, representing a 34.2% year-on-year (YoY) increase.
Value Added Revenue (VAR): INR 15,229 million, representing a 32.2% YoY growth. VAR is the primary performance metric as it excludes pass-through substrate costs.
EBITDA: INR 2,616 million, representing a 20.7% YoY growth.
EBITDA Margin (on VAR): 17.2%, a decrease of 165 basis points YoY.
Profit After Tax (PAT): INR 1,734 million, representing a 15.0% YoY growth.
PAT Margin (on VAR): 11.4%, a decrease of 170 basis points YoY.
Free Cash Flow to EBITDA %: 50% for Q2 FY27.
Key Financial Figures (H1 FY27)
Revenue from Operations: INR 32.6 billion, representing a 27.2% YoY increase.
Value Added Revenue (VAR): INR 29,044 million, representing a 25.3% YoY growth.
EBITDA: INR 5,085 million, representing a 14.1% YoY growth.
EBITDA Margin (on VAR): 17.5%, a decrease of 172 basis points YoY.
Profit After Tax (PAT): INR 3,386 million, representing a 6.2% YoY growth.
PAT Margin (on VAR): 11.7%, a decrease of 209 basis points YoY.
Free Cash Flow to EBITDA %: 69% for H1 FY27.
Notes on Financial Performance
Q2 FY26 included a one-time interest income related to the Motocare entity sale amounting to INR 67 million (Net of tax). Excluding this one-off, Q2 FY27 PAT growth would be 20.4%.
H1 FY26 included a one-time interest income related to the Motocare entity sale amounting to INR 254 million (Net of tax). Excluding this one-off, H1 FY27 PAT growth would be 15.4%.
Margin compression was attributed to elevated inflationary pressures linked to geopolitical developments and incremental administrative costs associated with being a listed entity. These were partially offset by commercial recovery actions, productivity improvements, and disciplined cost control.
The company maintained a net debt-free balance sheet in H1 FY27.
Return on Capital Employed (ROCE) for FY26 was 28%.
Operational and Strategic Highlights
Volume Growth: Volumes grew 25.4% in Q2 and 20.7% in H1 FY27.
Market Leadership: The company maintains a 59% market share in the Clean Air - Commercial Trucks (CA-CT) segment and a 55% market share in the Advanced Ride Performance - Passenger Vehicle (ART-PV) segment, as per a Crisil report.
Order Book: The incremental lifetime order book stood at ~INR 165,000 million as of September 30, 2026. This provides revenue visibility exceeding 100% of the company's FY2030 target revenues and underpins a healthy double-digit CAGR trajectory. The export order book is ~INR 8,750 million, included in the total.
New Business Wins (ART):
A major conquest win with a leading Indo-Chinese JV for content on three new vehicle platforms.
Entry into the three-wheeler segment by winning suspension business for an Indo-Korean JV.
Successful Start of Production (SOP) of the 3 Door Thar suspension program at the Da Vinci facility.
Secured two next-generation models with an existing leading Japanese PV OEM and scaled up with a Vietnamese OEM on three new platforms.
Supplied India's first locally produced semi-active CVSAe system.
New Business Wins (CA & PT):
A new commercial vehicle exhaust (Hot End) program from a leading Indian CV OEM.
Strategic entry into the CNG market with a cold-end assembly program for a European OEM.
A new Spark Plug award from a European OEM.
Capacity Expansion: The company is investing INR 450 million in a new West India Clean Air manufacturing facility to support future growth.
Awards and Recognition
Won the best manufacturing brand award from ET Edge.
Won the National Green Future Leadership Award from the National CSR Leadership Congress.
Management Commentary
CEO (Arvind Chandrasekharan): Highlighted strong momentum driven by market growth, share gains, and disciplined execution. Emphasized the robust order book, technology footprint expansion, and strategic investments as foundations for sustaining above-market growth.
CFO (Mahender Chhabra): Attributed the strong financial performance to the P3 (People, Performance, Pride) operating framework, which enhanced execution and cost control. Expressed confidence in the business's resilience despite an uncertain external environment.
