Strong YoY growth masks sequential PAT decline; margin compression QoQ

₹221.5 Cr, +19.6% YoY; ₹650 Cr order book intact but unchanged from last quarter

OPM 11.4% delivered; compressed from Q4 FY26 ~11.9%; EBITDA 11.88% not directly comparable to OPM

Confirmed in Q&A; no customer price reductions demanded; margins stable YoY at ~11–12%

Management acknowledged growth now matches Maruti pace (was higher before); expects 'slight uptick' from South/Safety/SBR/Latch ramping

Quantified in call; South SOP Q2 FY27; Hayashi losses to continue several quarters

Order book ₹650 Cr maintained from last quarter; no new wins announced. Management said 'bidding for a lot more' but no confirmations. Prior expectation of order book growth not materializing.

Management conceded Q1 topline growth 'largely in line with production growth at Maruti.' Prior quarters saw outperformance. Signals slowdown in new OEM wins vs prior trajectory.

Hayashi JV: ₹58 lakh loss Q1; management now says losses continue 'some quarters' until break-even at ₹100–150 Cr revenue. Prior call may have signaled faster inflection.

Management stated margins 'should be 11–12%' going forward; delivered 11.4% in Q1. QoQ compression from ~11.9% not acknowledged. Tone shifted to 'commodity indexed; should maintain' vs prior confidence.

Management clarified new products (ambient, SBR, latch) have similar/slightly lower ROCEs than seating. No margin expansion from diversification; only volume upside.

Mostly seat frames and covers; new ambient lighting smaller part. Order book can be added to existing revenue to see booked business.

Couple of new models for Maruti Suzuki; size small; starting 2028.

Order book at similar level; bidding for lot more business; will share confirmations quarterly.

New projects starting (South Q2, Safety/SBR/Latch early FY28) should have uptick.

Yes, continue 100% of the model.

Marketing expenses for new customers; R&D for prototypes; will continue as we grow aggressively.

Should have slight uptick going ahead.

Exceeded expectations; growth seems sustainable as market doing quite well.

Bharat Seats target should be ₹3,500 Cr by 2030; NDR component still tracking ₹3,000 Cr.

Most backward-integrated seat player; scale (1M+ seats) helps. Cost advantage from integration.

Approximately ₹40–50 Cr annually.

Bidding for Toyota and Kia; working with other two OEMs. Should see ramp in 2–3 years.

Seating will be largest part; non-seating smaller given content per vehicle. No numbers to share now.

Losses will continue several quarters until break-even at sales level. Whole team in place; acquiring new business.

Have land; still acquiring business from Toyota. Will set up once business acquired. Toyota now saying CY29 plant start.

Should be ₹100–150 Cr to break-even. Hoping Toyota project comes earlier to help, but also delayed.

Target ₹200–300 Cr over course of 5–6 years.

Only given topline guidance; not giving EBITDA margin guidance.

Growth tied to Maruti production; new projects (South, Safety/SBR/Latch) should drive 'slight uptick' but not aggressive. FY27 full-year likely ≤15% if Q2–Q4 softer.

Comprises ₹2,000 Cr organic + ₹1,000 Cr inorganic. Organic visible (order book + new facilities); inorganic uncertain. No acquisition pipeline named.

Q1 delivered 11.88% EBITDA; all commodities indexed. Management confident on cost recovery. New products to have similar margins (no expansion).

QoQ compression not addressed; ramp costs (South/Hayashi startup) likely cause. Expect margin recovery as facilities ramp.

South (₹23 Cr), Hayashi (JV), Aurangabad (pending Toyota orders). Asset turnover expected ~4×.

Maruti is core OEM; Q1 revenue growth explicitly tied to Maruti production. New OEM wins (Toyota, Kia) in early stage; no timeline confirmed for material ramp.

Hayashi JV booked ₹58 lakh loss Q1; will continue 'some quarters' until ₹100–150 Cr revenue break-even. NDR South startup will also incur ramp costs Q2 onwards.

Order book ₹650 Cr unchanged from last quarter despite active bidding for Toyota, Kia, and others. No new wins announced. Suggests competitive wins difficult.

OPM 11.4% compressed 50 bps QoQ from ~11.9%; PAT down 11% QoQ. Management hedged on 'should be 11–12%' rather than confident reaffirmation. Ramp costs may persist.

Toyota India plant start pushed to CY29 (was earlier). Aurangabad land idle; capex deferred. Management conceded 'difficult to get much business' given delay.