Revenue momentum strong, margin quality soft amid commodity inflation

₹186.6 Cr in Q1; annualized ~₹747 Cr, beats target

Q1 OPM 6.5%, EBITDA margin 6.7%; compressed YoY despite 38.5% revenue growth

EV 103% YoY, TPMS 75–80% YoY; verified across all customer platforms

Degrowth to ₹3.89 Cr from ₹4.5 Cr; waiting 2–3 quarters for MIP/QCO; no recovery visible yet

85–90% in TPMS/tubeless/EV, 65–70% in metals; CapEx ₹15 Cr needed to avoid bottlenecks

OPM fell 181 bps YoY to 6.5% despite 38.5% revenue growth; management attributes to commodity price lag but targeting 10%+ is now seen as multi-quarter push, not imminent

Fell from ₹4.5 Cr to ₹3.89 Cr; Chinese dumping ongoing; no orders materializing; recovery now pushed to Q3 FY27 at best, contingent on government intervention

EV 103% YoY, TPMS 75–80% YoY; new global customer LOIs (AUMOVIO, SENSATA); targeting ₹100 Cr EV revenue within quarters; strongest growth pillar intact

TPMS/tubeless/EV at 85–90% utilization; CapEx acceleration (₹15 Cr in FY27) now critical to avoid losing orders; indicates growth outpacing supply faster than expected

No formal uplift; management just said 'higher than prior year' but annualized Q1 (₹750 Cr) already beats ₹550 Cr prior target; suggests conservative public posture vs internal confidence

Broadly 20% volume growth, rest is value/price growth. Driven by automotive and metals; climate control weak.

₹15 Cr total: ₹10 Cr automotive (TPMS, EV, tubeless capacity), ₹5 Cr metals (special alloys, value-add). TPMS/EV seeing 75–100%+ growth.

TPMS/tubeless/EV at 85–90% utilized; need to invest now or will lose orders. Tube valves still have headroom.

Only when commodities stabilize. OPM currently 6.5% due to pass-through lag. Annualized EBITDA ₹50 Cr vs ₹40 Cr prior year. Will target 10%+ but it's a long game.

Circumspect. Chinese dumping ongoing; waiting for MIP/QCO from government. Q2 will be quiet. Expect traction in Oct–Dec (Q3). Targeting ₹100 Cr IF trade remediation enacted.

New programs (AUMOVIO, SENSATA, AC customers in US). EV two-wheeler growth will continue. Organic market growth moderating but new programs ramping.

Yes, metals likely 60%+ of group revenue over 2–3 years due to commodity prices. Naval brand alloys already in production; shipyards in touch; import substitution play.

Currently 16%+ on metals. Targeting 20%+ once special alloys scale. But customers will resist margin expansion due to their own copper cost pressure.

₹4.75 Cr already availed in Q1. Estimate ₹30–40 Lakhs more available, subject to income tax assessment. No tax outflow for 14–15 months.

Growing with all players—large and small. Deeply engaged with ecosystem. Simple Energy, Ather, TVS, River all onboarded. 10% of two-wheelers now EV; expects 20–25% in 1.5 years.

EV components 103% YoY; tubeless 25%; TPMS 75–80%; tube valves ~20% (excluding low-value motorcycle segment).

Don't have numbers ready but new products (EV, TPMS, exports) are the margin drivers. Will provide more detail in Q2 call.

FY27 target is to be higher than prior year. Don't want to forecast FY28 given unknowns. Internal projections kept confidential.

Yes. We have contingency plans (Plan B and Plan C). Climate control is optional; can hit ₹1000 Cr without it via automotive and metals expansion.

Current run-rate (₹747 Cr annualized) beats ₹550 Cr prior target; new guide vague but tracking strong

Currently small base; 103% YoY growth; needs CapEx to sustain but emerging

External dependency; government decision timeline unclear; capacity exists but no orders

Currently 6.7% in Q1; copper prices doubled YoY; management expects stabilization in 2–3 quarters

Currently 12.5% in Q1; targeting 13–14% in FY27, 15% by FY28 if 'bad things don't happen'

₹10 Cr automotive (TPMS/EV/tubeless), ₹5 Cr metals (special alloys). 50–60% to commercialize in FY27, rest in FY28

Climate control revenue collapsed to ₹3.89 Cr from ₹4.5 Cr YoY; Chinese dumping ongoing; no recovery visible. Segment now just 2% of group. Recovery contingent on government MIP/QCO enactment by Q3 FY27; no certainty.

Copper prices doubled YoY; company has pricing agreements with customers every 3 months but lag exists. OPM fell 181 bps YoY despite 38.5% revenue growth. Absolute EBITDA growing but % margin under pressure. Recovery tied to commodity price stabilization, not operational leverage.

TPMS, tubeless, EV at 85–90% utilization; tube valves still have headroom but new segments maxing out. If capex (₹15 Cr planned) is delayed or underutilized, risk of losing orders to competitors or needing price concessions to manage throughput.

Iran crisis in Q1 hit metals segment (slow start, Hormuz shipment undelivered). Trade wars, tariffs, shipping disruptions, semiconductor shortages all cited as emerging risks. Auto industry vulnerable to battery/chip ingredient shortages.

Q1 PAT of ₹9.8 Cr is inflated by ₹4.75 Cr merger tax benefit. Organic profit ₹5.25 Cr suggests NPM ~2.8% (not 5.2% reported). Going forward, no similar tax shield; earnings revert to lower base unless operational margin improves.