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 lower exports, especially to the U.S., but domestic sales remained stable. EBITDA margins fell, though new capacity and product launches are expected to drive a rebound in H2 and FY 2027, with debt levels peaking and interest cost reduction initiatives underway.
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Q1 FY26 saw a 6% revenue decline and lower margins due to product mix and higher costs. US tariffs and global volatility cloud the outlook, but new capacity and cost controls are expected to support future growth. CapEx is being trimmed and debt levels are stable.
Fiscal Year 2025
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FY25 saw a 3% drop in sales but improved EBITDA margins near 20%. Export markets face headwinds from US tariffs, while domestic CV demand is strong. CapEx remains focused on machining and heavy forging, with new capacity and customer acquisitions targeted for future growth.