India · Delayed Price · Currency is INR M M Forgings Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY 2026 saw 11.3% YoY sales growth, margin improvement, and strong export recovery, especially in the U.S. and Europe. FY 2027 guidance is for 15-20% revenue growth, margin expansion, and cost savings, with new capacity and product launches supporting the outlook.
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Sales declined year-over-year due to export weakness, but H2 is expected to improve as U.S. demand rebounds. Major CapEx projects, including a new 16,500-ton press, are set to boost capacity and margins, while debt levels remain high but stable.
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Q1 FY26 saw a 6% year-over-year revenue decline and margin compression due to higher costs and product mix changes. Export headwinds from US tariffs and domestic competition present risks, but new capacities and product launches are expected to support future growth.
Fiscal Year 2025
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Turnover for FY25 was INR 1,547 crores with EBITDA margin nearing 20%. Export sales are expected to decline 10%-20% due to US and EU market headwinds, while domestic CV demand remains strong. CapEx focus is on machining and heavy forging, with asset turnover for new investments at 1x.