Revenue +34% but margins crushed; cost recovery conditional

YoY revenue +34.1% (strong), but QoQ -10.4%; PAT YoY +138.1% from 0.42 Cr base, but QoQ -98.1% to 0.9 Cr

Capacity utilization Q1 73%, below prior guidance target of 80-82%

Battery still unprofitable; MD stated 'focus on minimizing losses'; remains 'cause of concern'

4% raw material cost increase; only 2% passed to customers; 2% still under negotiation with settlement hoped by Q2-Q3

Lifetime orders ₹131 Cr vs ₹86.5 Cr prior year; EV orders ₹64 Cr (vs ₹11 Cr); visibility valid but dependent on execution

Partnership signed, new products in development, 'no number in mind yet'; clarity expected by year-end only

Prior guidance 80-82%, delivered 73% in Q1. Indicates demand softer than expected or internal efficiency gaps; margin leverage lower.

Raw material inflation unresolved. Only 2% of 4% increase recovered; settlement now dependent on Q2-Q3 customer negotiations, not assured.

Still unprofitable despite 4x revenue growth. Prior guidance expected 'full turnaround to 100% utilization'; actual status 'minimizing losses only.'

Technology partnership for advanced glass-run channel sealing systems; no revenue yet, clarity by year-end. Incremental upside if executes.

30% YoY growth delivered; now 6% of revenue, targeting 10%. Distribution network expanded to 155 distributors; 345 new SKUs added.

Developing new glass-run channel products with customers; no target number yet; clarity expected by year-end. Focus primarily on Indian market.

Internal targets exist but not disclosed. Raw material cost increase 4%, passed 2%, 50% of balance under Q2-Q3 negotiation.

₹8 Cr for taxes, 25% for working capital, balance for capex: EPDM capability, toolroom expansion, land near Sambhaji Nagar.

Focus on minimizing losses. Q1 contribution weak; hopeful Q2 onwards improves but remains cause of concern.

Grew 30% last year, expecting same this year. 3-4 year focus, distribution expanding to 155 distributors, adding warehouses in North and West.

Capex mainly EPDM: one line operational Q2, two more lines in FY27. Tooling business also receiving investment.

Q2 till date showing strong growth. Quarter-on-quarter sales increasing expected.

Products are engine-agnostic; similar sealing systems for ICE and EV. EV has slight premium for appearance requirements.

Margins improved from capex utilization but raw material increases offset. Margins improve as topline grows and cost negotiations settled by Q2-Q3.

Pre-COVID conditions different, markets more competitive now, need cost leadership. Sustainable OPM for OEM business 12-13%.

No client loss. Product-mix issue: didn't capture electrical segment (sensors, advanced features). Focus remains sealing and injection molding.

Target debt-free at net level within 3 years.

Q1 was 73%.

MD deferred guidance from prior FY26 calls. Q2 'till date showing strong growth'; QoQ sales increase expected but no numbers.

Honest industry benchmark but no FY27 interim target. Current 7.9% shows large gap; dependent on volume growth and cost recovery.

Only 2% of 4% increase recovered so far; 2% pending customer settlement. Conditional on successful negotiation.

From ₹92 Cr divestment proceeds (after tax), 25% for working capital, balance for strategic capex.

4% raw material cost increase; only 2% recovered from customers; 2% (approx ₹2-3 Cr) still negotiating. If settlement fails by Q3, PAT remains crushed.

Battery business still unprofitable despite 4x revenue growth from low base. Prior guidance expected 'full turnaround to 100% utilization'; actual status remains loss-making. Focus shifted to 'minimizing losses only.'

Capacity utilization Q1 73% vs prior guidance 80-82%. Indicates either external demand softer than anticipated or internal efficiency gaps. Lower utilization means fixed cost absorption weak, margins sensitive to volume.

Hutchinson technology partnership for glass-run channel products announced but no revenue target or timeline. Clarity expected only by year-end. Development and market adoption timelines unclear.

EBITDA 12.4 Cr but PAT only 0.9 Cr; 11.5 Cr gap suggests high interest/tax/other costs. Finance costs remain drag despite divestment of ₹100 Cr from PPAP Tokai. 3-year debt-free target may be optimistic.