Revenue +24%, margins compressed; Inovance approval pending

Delivered 23.8% YoY (excluding prior period income normalization used by mgmt)

Delivered ₹315.5 Cr with actual YoY growth 2.1% (margin compression offset volume)

Q1 delivered 10.3% OPM, 70 bps below 11% midpoint; below guidance

Lighting ₹450 Cr, seating ₹390 Cr, sunroof ₹130+₹40 Cr, global 4W OEM entry confirmed

Delivered ₹542 Cr (+78%), now 10% of revenues; profitability journey early-stage per mgmt

4-wheel passenger seating announced Q1; Board-approved Chhatrapati facility (Sambhajinagar), ops Q2 FY28, anchor customer secured. Highest kit-value in group. No prior commitment; new strategic pivot.

Prior guidance 11% ±50 bps maintained with 'bias to higher end.' Q1 delivered 10.3% (below), but mgmt reaffirms annual target unchanged despite commodity pressure and new low-margin business.

Press Note 3 approval received (INR) but China host-country approval required. Recent China regulatory tightening noted. Timeline shifted from prior explicit SOP timing to 'hopefully next quarter clarity.' Capex proceeding; business continuity assured.

Q1 FY26 ₹141 Cr → Q1 FY27 ₹228 Cr. New ₹390 Cr seating export orders (3 customers, 2-year cycle). Switches/labs also added. Mgmt now aspires to 2-3x absolute growth, up from prior vague commentary.

Highly competitive, cannot share vehicle details (launches confidential). Kit value ₹30-40K per car, growing. ₹320 Cr capex for new facility. Facility end FY27 ops, incremental growth H2 via multiple plant ramps (mix of new business and capex for existing).

No holdup currently. Plant construction on schedule. Both partners aligned on uninterrupted supplies. China regulatory review ongoing; partnership exploring localization path. Early days, clarity expected next quarter.

Carved out separately to show visibility. Some businesses above corporate profitability; some new (lower). Target: by third full production year, achieve target profitability. Individual business journey varies.

FY27 unchanged: ₹1,750 Cr. Total pipeline ₹3,800 Cr; ₹1,400 Cr spent to date; ₹2,400 Cr remaining over 18-24 months. Very comfortable cadence.

Q1 margin hit by 40 bps pass-through dilution (absolute cost basis, no markup). Wage hikes partially absorbed via efficiency/automation. Monthly price adjustments already started with some customers; quarterly adjustments with others. Commodity cycle resets per Q/H. Holding 11% ±50 guidance; recovery expected Q2+.

Q1 FY26 ₹141 Cr → Q1 FY27 ₹228 Cr (50-60% growth). New ₹400+ Cr business in switches/labs + seating ₹390 Cr. Aspire to 2-3x absolute, depends on domestic growth maintaining 20-30% for export share to rise.

No restrictions on e-Axle imports as of now. In discussion with partner and China stakeholders on localization path. Confident solutions will be found. Early days; clarity next quarter. Aurangabad capex proceeding. DHT also on track.

Mgmt states 'continue to expect healthy growth' but no specific FY27 revenue target or CAGR given. Q1 delivered 24% but H2 base higher.

Unchanged from prior. Q1 delivered 10.3% (70 bps miss). Mgmt expects commodity recovery, operational efficiency, and cost actions to bridge gap by FY27-end.

Maintained. ₹1,400 Cr spent to date; ₹2,400 Cr remaining over 18-24 months, comfortably paced per mgmt.

Press Note 3 (INR) approved but China host-country approval pending. Recent China regulatory tightening on technology partnerships noted. Delays could push e-Axle localization and product SOP timelines by quarters to years.

Q1 impacted by commodity/gas inflation, wage increases across states. Pass-through dilution ~40 bps (absolute cost basis, no markup). Monthly pricing from 1-2 customers started; quarterly adjustments with others. Recovery timing uncertain.

Seating: 4-wheel entry after 4-year JV effort with TACHI-S. Announced one anchor customer; targeting multi-customer scale (INR 30-40K kit value). Facility ₹320 Cr capex, ops Q2 FY28. Profitability unproven. Sunroof: facility end FY27, orders ₹500 Cr (two customers), ramp FY29. Execution risk on launch timing, cost control.

Seating export ₹390 Cr from 3 new customers (2-year cycle, realization FY29). Lighting ₹450 Cr from likely 1-2 OEMs. Sunroof ₹500 Cr order book from 2 new OEMs. New 4-wheel seating facility anchored by one customer. Large capex (₹320 Cr seating, ₹1,750 Cr FY27 total) gated on customer execution.