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Aluminium price inflation impacting margin percentage
View Risks →ASK Automotive Limited — Q3 FY26
ASK Automotive delivered a strong Q3 FY26 with revenue growth of 18.5% YoY (excluding wheel assembly, core revenue grew 28%), EBITDA up 26.8% YoY, and PAT up 21.3% YoY.
bullish
high
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ASK Automotive delivered a strong Q3 FY26 with revenue growth of 18.5% YoY (excluding wheel assembly, core revenue grew 28%), EBITDA up 26.8% YoY, and PAT up 21.3% YoY. EBITDA margin expanded 88 bps YoY to 13.4%, driven by better scale, higher capacity utilization at Karoli and Bangalore plants, and strategic reduction in low-margin wheel assembly business. The GST rate cut from 28% to 18% on tubular products is boosting aftermarket share gains from gray market operators. Management is bullish on Q4 and FY27, citing strong OEM projections and sustained demand. Key risks include aluminium price inflation (which depresses margin percentage by ~30 bps) and global tariff uncertainties impacting exports.
ASK Automotive ने वित्त वर्ष 2026 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई पिछले साल की तुलना में 18.5% बढ़ी। अगर पहिए वाली असेंबली को छोड़ दें, तो मुख्य कारोबार में 28% की बढ़ोतरी हुई। मुनाफा 21.3% बढ़ा। कंपनी का खर्च घटाने के बाद मार्जिन 13.4% हो गया, जो पिछले साल से 0.88% ज्यादा है। यह बेहतर उत्पादन और कम मुनाफे वाले कारोबार को कम करने से हुआ। ट्यूबलर उत्पादों पर जीएसटी 28% से घटाकर 18% करने से कंपनी को बाजार में फायदा मिल रहा है। प्रबंधन को आने वाली तिमाहियों में अच्छी मांग की उम्मीद है। मुख्य जोखिम एल्युमीनियम की बढ़ती कीमतें और वैश्विक टैरिफ हैं।
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Two-wheeler industry production growth (9M FY26)
8.8%
+8.8% YoY
Overall vehicle production grew 9.3% YoY; two-wheeler segment matched at 8.8%.
Tubular industry production (9M FY26)
19.6M units
+1.6M units YoY
Up from 18M units in 9M FY25; Q3 alone touched 6.8M units vs 5.9M last year.
Advanced braking system revenue growth (Q3)
22%
+22% YoY
Sustained market leadership; aluminium lightweighting grew 36%, safety cables grew 22%.
Capacity utilization - Bangalore plant
75-80%
N/A
Now almost fully operational; Rajasthan plant at 65%, awaiting new items in H2.
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Guidance and risk preview
Initial plan was ₹450 crore, but an additional ₹40 crore for solar plant raised it to ₹500 crore.
Rising aluminium prices reduce EBITDA margin by ~30 bps due to denominator effect, though absolute EBITDA remains stable.
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