Strong debut, but EV battery pack single-customer risk

Wiring 44.6% + non-wiring 67.7% weighted to ~50%, but YoY baseline unverified

Delivered OPM 14.9%; EBITDA ~15% net of D&A aligns

27% × ₹1446.4 = ~₹390 Cr EV content, growth YoY unverified

Multilink acquired ₹435 Cr, starts scaling in Q2 post-integration

EV revenue reached 27% of sales (up from 24% prior year), grew 79% YoY. Management now targeting 30-32% by FY29-30.

₹435 Cr acquisition, non-wiring harness player, adds cross-sell and customer base. Expected to contribute 25-30% growth post-integration.

Joint venture with Israeli ADAS firm Ride Vision for 2-wheeler autonomous driving systems. In advanced discussion, customers (2-wheeler OEMs) already interested.

Copper inflation mostly passed on; we are in hard commodity cycle now. Recovery starts when raw materials soften. Recovery takes time but will come.

Multilink integration 3-4 months, will add Hero and 2 more products (fuel sensor, relays). Should see 25-30% growth. Margin in line with Dhoot. Cross-sell opportunities on existing customer base.

Supplying battery packs to Hero, one more customer started supplies in Q1 end (big customer, South-based). Battery packs going up, we adding EV charging business. Top 2 customers bullish on growth, will export too.

We are present across entire EV powertrain. In 2-3 years, should have EV revenue of 30-32% of total. Our top 2 customers don't look India-only, lots of EV exports planned from India.

Depends on features required. Can't comment now. CEO will share details separately if needed.

Very good localization drive. ~30% of components were imported, now bringing down to 20-25%. About 20-25% of imports remain after current effort.

About 20-23%. Approximately that ballpark.

New EV cord set business coming next year, almost 40-45% share expected in Indian market. Currently off-highway/tractor switches growing at industry rate.

IPO money for plant expansion at Jhajjar and Hosur, adding 15-20% capacity this year. Maintain 75% utilization year-round to support peak season (Diwali) at 100% efficiency.

Driven by organic (electrification, new customers), Multilink full-year contribution, and EV acceleration.

Supported by growing EV penetration (79% growth in Q1), customer base (Hero + second major player), and Ride Vision JV ADAS products launching CY26-27.

Q1 achieved 15%. Raw material headwinds passing through with 3-month lag; recovery in H2 if copper prices stabilize.

Two plants: Jhajjar and Hosur. Target: maintain 75% utilization year-round, scale to 100% during peak season.

Hero Motors is primary customer for EV battery pack business (~₹90-100 Cr run-rate estimated). Single customer NDA-bound. Supplies started Q1 end only. If Hero shifts supplier or reduces volume, EV battery pack revenue at risk.

Copper and brass 20-23% of BOM. Prices elevated but moderating. Cost pass-through to customers takes 3-month lag. If commodity prices fall faster or customer resistance rises, margin pressure.

₹435 Cr acquisition, non-wiring harness player. Full integration 3-4 months away. Margin synergies and cross-sell success not yet proven. Different product, customer base, operations.

ADAS (autonomous driving) systems for 2-wheelers, joint venture with Israeli firm Ride Vision. ADAS regulatory approval in India still pending. Product market adoption and pricing uncertain.

EV revenue guidance tied to 2-wheeler EV market growth (79% in Q1). If market growth slows (subsidy cuts, macro weakness, battery cost plateau), EV revenue expansion stalls.