Strong order wins overshadowed by flat margin, Q4-heavy ramps ahead

Delivered 12.6% revenue YoY, 8.9% PAT YoY; manufacturing revenue 20% YoY

Q1 EBITDA margin flat at 11.5% despite 13% revenue growth; EBITDA only +5% YoY. Staff costs up from wage hike and facility pre-hiring.

Q1 margin flat vs year-ago; no evidence of pass-through benefiting margins yet. Management unable to quantify RM impact.

2-3W segment grew 18% YoY vs industry 20-25%; OEM concentration risk visible. Management acknowledged customer mix drag.

Orders confirmed but 4 of 7 start Q4 or later; no Q1 revenue impact. Future revenue dependent on ramp-up execution.

Fast-growing 2-3W OEM moved from limited to ₹2B run rate (fuel tank, exhaust, chassis, suspension, braking). Renewable energy ₹1.5B entry. New capabilities (H-One 1470 MPa, tooling/automation).

Prior: expect mid-teens growth with margin expansion. Current: stable margins = flat 11.5% confirmed, but expansion deferred to H2 pending cost pass-through. Q1 EBITDA +5% vs revenue +13% shows near-term headwind.

No new quantification. Hyva acquisition (commercial vehicle) and aerospace M&A pipeline ongoing. Timing remains 'short to medium term' (vague).

19% decline attributed to Middle East crisis (logistics, demand). Guidance: 'worst behind us,' business to grow but slower than manufacturing. No specific FY27 target.

Approximately ₹1,550M cumulative (₹900M last quarter + ₹650M this quarter) plus suspension and braking wins on top. Total run rate now ~₹2,000M with this single OEM.

Recurring annual revenue at peak volumes. Initial entry 2.5 GW with room to expand. Production starts Q4 FY27, scales thereafter. Customer is market leader in solar trackers.

Commodity pass-through in next quarters from Q1 pressure. Staff cost peak post-hiring for 4 new facilities. Energy normalized. Expect margins to rise H2 to maintain FY26 annual level.

Mix effect: faster OEMs not historically in customer base. New penetration (₹2B run rate) and order ramps Q3-Q4 will close the gap.

Middle East crisis pressured volumes Apr-Jun. Worst behind us; business will grow but slower than manufacturing. No specific guidance.

All sheet metal parts in 4-wheelers. EV OEM localization win (59 assemblies) uses H-One. Light-weighting and crash safety drivers. TAM under OEM discussion; no specific revenue guidance.

Currently supplying parts to Plasan, exporting to Israel. Geopolitical challenges slow progress. Hyva acquisition synergistic for future but timing dependent on global stability. No orderbook disclosed.

Unable to comment on specific facility details. Guidance on overall numbers shared.

Q1 delivered 12.6% YoY (lower end of mid-teens). Dependent on H2 ramps (4 major orders start Q4+). Manufacturing growth strong (20%) but trading drag (-19%) persists.

Q1 margin 11.5% flat vs year-ago. Cost pass-through to materialize in H2; staff costs have peaked post-hiring. Expansion not guided, only stability.

Maintained from prior guidance. ₹17 Cr QIP deployed toward M&A (Hyva, aerospace acquisitions) and select organic initiatives.

4 of 7 orders (₹2.65B+ cumulative run rate) start Q4 FY27 or later. Delayed ramps or production issues could miss FY27 guidance.

Input costs (steel, polymer) elevated; staff costs up (wage hike, pre-hiring). Q1 EBITDA growth (5%) lagged revenue (13%), signaling incomplete cost pass-through.

Trading revenue -19% YoY due to Middle East crisis, logistics, and demand disruption. Represents ~14% of total revenue; dragged consolidated growth from 13% to 12.6%.

One fast-growing 2-3W OEM now represents ₹2 Cr run rate (~8% of manufacturing revenue). Historical limited presence; rapid ramp creates single-customer concentration risk.

Plasan Sasa (Israeli armor, anti-ballistic) currently supplies via Belrise parts exports. Israel geopolitical tensions slow progress. Hyva fabrication synergy conditional on conflict de-escalation.