India · Delayed Price · Currency is INR CIE Automotive India Earnings Call Transcripts
Fiscal Year 2026
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Q2 consolidated sales grew 11% YoY and EBITDA 17%, while India margins eased under inflation and Europe benefited from restructuring. H1 PAT rose 18%; growth projects and order wins support expansion, but management expects slower markets.
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Q1 CY 2026 saw record consolidated sales and EBITDA, with India and Europe both delivering strong year-over-year growth. Margins in India were pressured by higher input costs, while Europe benefited from restructuring. Management expects continued growth, robust CapEx, and export recovery as new orders ramp up.
Fiscal Year 2025
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Q4 CY 2025 saw 15% consolidated sales growth, led by strong Indian performance and capacity expansion, while Europe faced margin pressures from restructuring and weak demand. Full-year results were stable, with robust cash flows and a positive outlook for India, but cautious sentiment in Europe.
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Q3 saw record India sales and strong consolidated growth, though margins were pressured by higher energy costs and European market stagnation. GST reforms and efficiency gains in aluminum support a positive Indian outlook, while Europe remains flat amid industry headwinds.
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Q2 saw 7% India sales growth and a 1% decline in Europe, with consolidated sales up 4% year-on-year. H2 in India is expected to be stronger due to seasonal factors and order book ramp-up, while Europe remains weak but stable post-restructuring. Margins are expected to improve in India and stabilize in Europe.
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Q1 CY 2025 saw Indian sales grow 3% with improved margins, while European sales dropped 19% due to market weakness and restructuring costs. Consolidated EBITDA margin held steady at 16.7% (ex-one-offs). Management is focused on operational efficiency, anchor customers, and new orders in India, while restructuring continues in Europe.
Fiscal Year 2024
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Q4 and full-year results show resilient performance despite a 2% sales decline, with strong growth and margins in India offsetting significant drops in Europe. Management is optimistic about India's outlook, focusing on capacity expansion and efficiency, while maintaining a robust order book and healthy cash flows.
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Consolidated Q3 sales declined 5% year-on-year, but EBITDA margin improved to 17.2% as cost controls offset weak European and export markets. Indian operations outperformed with margin gains and strong two-wheeler growth, while Europe faces ongoing uncertainty from EV adoption and Chinese imports.
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India operations delivered strong growth and margin expansion, offsetting European market weakness and Metalcastello's decline. H2 in India is expected to outperform H1, while Europe remains challenged with stabilization expected in 2025.