Record growth, margin recovery awaited amid commodity normalization

Delivered ₹1358.1 Cr revenue, +52.4% YoY, confirmed as highest ever

Delivered PAT ₹85.1 Cr (+28.8% YoY), EPS growth math precise

OPM 11.8% (₹160 Cr) aligns; 100% customer pass-through confirmed, margin compression temporary

Calculation: 52.1% - 33.4% alloy - 6.6% wheel assembly ≈ 12.1% organic, closer to organic organic growth ~25% credible

Prior guidance was mid-teens for FY27; Q1 delivery of 52% growth and revised high-teens guidance are upgrade

Mid-teens → high-teens for FY27. Driven by new orders received (alloy ₹70-90 Cr FY27, Ford ₹40-45 Cr FY27, sunroof cables), not base assumption change.

₹450-500 Cr → ₹700 Cr for FY27. Due to urgent new South plant setup for unnamed customer orders (war footing, pre-March operationalization).

₹70-90 Cr FY27, ₹250 Cr FY28 from Kyushu Japan collaboration (1st high-pressure die-cast alloy wheel supply already started).

Management now expects 13.5-14% EBITDA margins achievable (vs prior 'sustain current' guidance). Recovery dependent on aluminum normalization and geopolitical clarity.

7000 → 9000+ employees (2000 added at Karoli & Bangalore); Karoli alone recruited 1500+. Will exceed 10,000 by next year per guidance.

If ABS up 48%, then alloy impact approximately 28%. Not calculated separately, will provide separately.

Alloy wheels ₹70-90 Cr FY27, ₹250 Cr FY28. Ford ₹40-45 Cr FY27, ₹60 Cr FY28. Unnamed new customer requires South plant setup urgently.

Bangalore near-optimum. Karoli at 75% (up from 60-65%), expect 80% Q4. Capex revised to ₹700 Cr from ₹450-500 Cr due to new orders and South plant war footing.

AISIN ramping up, expecting profitability by year-end but not significant (mainly trading). Detailed FY28 guidance at Q4 call.

No lag pending. Everything received. Esteemed customers have passed it on completely.

Math is right but opening inventory may be in revenue. 15% not sustainable in industry; margins 13.5-14% range normal.

Internal accruals sufficient for high mid-teen growth, but for cash management will take external financing (term loans for machines).

Broad-based ICE and EV. EV substantial, especially in ALPS segment where 75% growth achieved.

Under final testing. Confident will pass. One collaboration (Kyushu) fructified one quarter early vs H2 guidance.

Going as per plan. Received very good orders. Initial supplies H2, substantial growth FY28.

Cannot quantify exactly. Payback on investment estimated at 5-5.5 years (5 years if more sun, 6 if cloudy).

High-teens growth expected. Revised forecast; industry still growing at 6.7% GDP backdrop; GST 2.0, rate cuts, monsoon recovery support demand.

Yes, will come. Aluminum down from ₹365 by 10%+ already. Depends on geopolitical situation (Hormuz clarity critical).

2000 added at Karoli & Bangalore last 2 plants. Karoli alone over 1500 recruited. ₹750 Cr invested in 23-acre Karoli plant. 500 more to be recruited soon. Will exceed 10,000 next year.

Yes, will increase. Working capital impact from commodity price increase (aluminum ₹100 price rise impacts WC). Philosophy: plow back all internal accruals. Debt-equity to remain <0.5. Detailed in Q2 results.

Most prestigious, largest customer. Content per vehicle highest, will continue in new models.

Guidance of 20% export growth increase. Missed target last year but confident will achieve this time.

Negotiations with 2-3 players ongoing. Will announce when big export order materializes, not before.

Revenue guidance given today will remain same as stated today (no change).

Nothing finalized so far. Only remains a draft. Won't discuss draft things. Will discuss when final comes.

Growing with all top customers in EV. But one major EV customer not performing last some time, distorting percentage.

Q1 delivered 52% growth; confirmed order book (alloy ₹70-90 Cr, Ford ₹40-45 Cr, new customer South); 11 consecutive quarters delivered

Dependent on aluminum price normalization from ₹365 peak; already down 10%; 100% pass-through ensures upside

New South plant urgent setup pre-March; term loans for machines; internal accruals support; debt-equity <0.5 target

Aluminum prices peaked at ₹365, creating 33% revenue pass-through but 300 bps margin compression. Normalization critical for margin recovery to 13.5-14%.

₹700 Cr capex (revised from ₹450-500 Cr) to set up new South/Bangalore plant before March 2027 on war footing. Execution delays could derail H2/FY28 capacity additions.

Honda is largest, most prestigious customer with highest content per vehicle. One major EV customer underperforming, distorting segment growth %. AISIN JV (not named) still unprofitable.

Rising wages (8th Pay Commission expected to increase costs) and labor formalization pressuring margins. Managing through customer pass-through, but absolute cost inflation real.

Hormuz strait disruption could elevate energy/commodity costs. Monsoon/rural income sensitivity, base effect high in H2. Regulatory uncertainty on ABS mandate.