Financials
โขQ2: Rev โน787cr (+11%), GP โน195cr (+4%), EBITDA โน101cr (โ4%), PAT โน75cr.
โขH1: Rev โน1,544cr (+11%), EBITDA flat; PAT โน175cr (incl. โน22cr gain).
โขUtilisation ~80%.
Margins
โขLower % margins due to catalyst pass-through + weaker mix.
โขHigher opex from lightweighting + BD/M&A team expansion.
Lightweighting
โข~10% of revenue; acceleration from Q3/Q4.
โขDonghee TLA adds subframes & torsion beams; India-focused.
โขContent/vehicle: โน6kโ18k.
โขNew orders: USD 14m annual; SOP FY28.
Exports
โขNew order USD 4.8m; SOP Q4 FY27.
โขLarge NA program delayed by ~2 quarters.
โขStrong RFQs; SAM ~USD 2bn.
โขHigh WC needs offset higher margins.
Emissions
โขCore 88% revenue; adjacencies (heat shields, temp-controlled pipes) scaling.
โขCV JV profitable; Q2 delay one-off.
โขTREM5 likely delayed; BS7 future driver.
Strategy & Capex
โขFocus: lightweighting, exports, M&A in powertrain-agnostic parts.
โขCapex: โน70โ75cr + order-linked.
Demand
โขStrong across PV, LCV, 3W, 2W, tractor; festive/GST supportive.
Leave a Reply