Strong revenue beat masked by profit slowdown; diversification on track

Delivered 53.1% YoY revenue growth (₹1474.4 Cr vs prior year base)

Stated in call but not independently verified against ₹ figure; EBITDA margin pressure evident

Delivered 9.5% YoY PAT growth (₹147.7 Cr); within claim

Delivered 53% revenue YoY; standalone legacy 16% organic (management adjusted), vs 12-14% manufacturing growth. Far exceeds prior 12% guide.

Management stated 'early mid-teens' (12-14% range inferred) but delivered standalone OPM 17.5%. Antolin still below consolidation, margin gap remains.

Legacy standalone grew 12%, below industry 20%. Management attributed to mix shift to smaller vehicles. Diversified (35% of income) is strong.

Gross margins flat/+60 bps but EBITDA down 200 bps Q4-Q1. Recovery dependent on commodity price stabilization and customer contract terms.

Gross margins flat (+60 bps) but EBITDA down 200 bps Q4→Q1. Commodity lag + wage inflation outpaced price realization. Prior call implied 'record performance'; Q1 shows structural cost pressure.

Prior guidance: outgrow market 12%+. Delivered: 53% topline but only 9.5% PAT growth—worst leverage in recent years. Suggests pricing/mix has deteriorated or cost structure heavier.

Doubled sales last year; commissioned capacity end-Dec; Q1 'very significant growth'. Long-term thesis intact, but no profit margin disclosed—risk remains early-stage.

Improved from 7-8% to 'early mid-teens' margins; teams integrated well per management. On plan but not ahead; synergies slow to materialize at scale.

Yes, all global technologies available via long-term TLA. Working on programs with customers for HMI, headliners, Imersa tech. Customer approvals underway; specific wins not yet disclosed.

Eaton mostly engine valves, not pistons. Dana acquired Eaton mobility; unclear strategy. India piston business well-entrenched with good market share.

Sizeable, good margin, continuous growth (~15-20% per year). Exact % not disclosed; 'not sold in millions like auto.'

Already working with customers. Invested ahead of time; new coating/ring tech required. Higher realization and cost per unit.

Detailed M&A evaluation. Not only EBITDA multiples; comprehensive 5-10 year forecasting. Right price and right time ensured.

Don't provide quarterly breakups. Trend from year-end maintained. All-round growth due to GST 2.0.

Yes, Antolin crossed double-digit and now in early mid-teens via synergies and cost actions.

Manufacturing base grew 12-14%, our standalone 16% organic. Outgrew market. Mix shift post-GST to smaller vehicles reduced per-unit realization.

Back-to-back customer arrangement with 1-quarter lag. This year's commodity increase recovered next quarter. All segments have this arrangement.

Motor controller doubled last year; expecting continuation. Won't provide specific guidance.

Improved from 7-8% to early mid-teens. Multiple actions underway to drive further progress.

Mix plus volumes plus business portfolio mix. Aftermarket business lag. First quarter always has lag. Wage increase impact.

Normal wage increases happen April 1st. Team retention excellent. Well within targets. Synergies expected to improve run-rate.

Over 16% organic growth.

Ready up to E85. Different plating required; current capacity sufficient for volume growth without major capex.

Mix and commodity impact. Normal gap in recovery with customers. Will recover; margins not being lost.

Net debt ₹550 Cr as of June; will be even better by now.

End markets will recover when geopolitical improves. Capacity vacating (e.g. Eaton closure) creates opportunity. Delivered 2-3% better results in exports last year even under tough conditions.

Sales mix situation. Always see drop in April mould sales. Not a pricing issue.

Doubled sales last year (partial year benefit). This year full benefit. Progressing very well. Monthly new customer additions.

Many actions: shop floor improvements, supply chain, insourcing, operations improvements. Time-period-based progression; further improvements coming.

Capacity is dynamic, continuously investing. Cannot give a number as it keeps changing. Investments ongoing across all segments.

Maintained market shares. Customers know we will invest. Fairly good confidence on our part and their part. Won't give exact figures; will see at year-end.

Hope so. Pushing teams. Multiple actions lined up, all working. No reason it shouldn't improve further.

Money fungible. Plans for both investments and debt repayment. Mix of everything. Put to good use in growth areas.

No threshold. Each stands on own legs. Could be ₹300Cr or ₹1500Cr. Good appetite now and means to manage M&A well.

Very clear internal parameters. Currently 0.2x net debt to equity. Won't cross 1x. Maybe stay even lower.

Maintain high teens at consolidated level. Excellent possibility. Gives opportunity within group for capex and future M&As.

Traction motors, PMSM, non-PMSM, synchronous ferrite motors. Two-wheeler, car, truck/bus. Very sizeable player now. Doubled turnover last year; very fast growth. Won't give market share or capacity ceiling.

Tech partner: EMFi International (Singapore). Tie-ups with Lingbo for controllers. Can cater to all Indian market requirements.

Takahata Phase 4 started; building adjacent to existing plant. TGPEL has two plants (Noida + second with capacity available). Expecting Takahata revenue next year early. TGPEL already in process.

Going quite well. Takes time for approvals, tools, customer okays. Integration within overall SPR management extremely good; showing in results. Synergies started.

4-5 clear parameters. Teams integrated; collaboration strong; culture developing; people aligned. Once people aligned, businesses thrive. Professional management helps growth.

Delivered 53.1% YoY (far exceeds 12% guide). GST 2.0 tailwind expected to persist through FY27 across 2W, passenger car, CV, tractor segments.

Management reaffirmed broad momentum but declined to give updated FY27 number. Suggests caution given Q1 margin underperformance vs topline.

1-quarter lag on customer pass-through; ₹300M EBITDA commodity impact expected recovery. Contingent on commodity price stabilization & customer contract execution.

Stated as 'excellent possibility' without timeline. Gap to standalone 17.5% suggests Antolin/diversified must catch up. No FY27 specific target.

Currently in 'early mid-teens' per management; path to standalone 17.5% unclear. Synergies soft to quantify; timeline open-ended.

Takahata Phase 4 underway; Sunbeam acquisition completed; TGPEL second plant filling. Exact capex ₹ amount not disclosed; management refuses capacity ceiling guidance.

Management stated each winding machine adds 15%+ capacity to EMFI; capital discipline but growth-focused. Exact capex budget/timeline not provided.

₹300M EBITDA commodity impact Q1. Management claims back-to-back pass-through next quarter. Risk: if commodity prices don't stabilize or customer contracts delay payment, margin recovery pushed 2+ quarters.

US, Europe, Middle East, Egypt exports 'badly affected' and 'quite slow' per management. Geopolitical tensions persist. Delivered 2-3% better results in exports even under tough conditions, but Q1 likely still impacted.

Antolin improved 7-8% → 'early mid-teens' (est. 12-14%) but still 3-5 bps below standalone 17.5%. Synergies 'taking time' with approvals, tools, customer okays. If integration delays extend, consolidated margin accretion will lag.

Revenue +53.1% YoY but PAT only +9.5%; QoQ PAT -7.2% despite revenue +1.3%. Implies operational leverage negative. Root causes: commodity lag, wage inflation, mix shift to smaller vehicles, capex cycle. If trend continues, near-term returns disappointing.

Management refused to name OEMs or disclose customer % shares despite analyst requests. Mix shift post-GST toward smaller vehicles suggests margin pressure on Maruti/low-cost OEMs. Undisclosed concentration risk; potential hidden leverage to any customer loss.