Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
CIE Automotive India reported consolidated Q4 CY25 revenue of INR 23.3 billion, up 15% YoY, driven by strong India operations (INR 15.44 billion, +12% YoY) and Europe (INR 7.88 billion, +21% YoY, but only +4% in euro terms).
Read CIE Automotive India analysis →Vibhor Steel Tubes reported Q3 FY26 revenue of ₹301.1 crore, up 21% YoY, driven by the ramp-up of the Jajpur (Odisha) plant which reached 21% capacity utilization in December.
Read Vibhor Steel Tubes analysis →
CIE Automotive India reported consolidated Q4 CY25 revenue of INR 23.3 billion, up 15% YoY, driven by strong India operations (INR 15.44 billion, +12% YoY) and Europe (INR 7.88 billion, +21% YoY, but only +4% in euro terms). India EBITDA margin was 16.8%, impacted by one-off gratuity costs and energy tariff hikes; adjusted margin stood at 17.9%. Europe EBITDA margin fell to 12.7% due to restructuring costs, but adjusted above 15%. Management highlighted a steady improvement in India growth trajectory (7%, 9%, 12% in last three quarters) and expects this to continue, supported by new order wins of INR 8.7 billion per year in India and capacity expansions across verticals. Key risks include European market weakness, Chinese competition, and slower-than-expected EV adoption. The company is transferring some European capacity to India to leverage cost advantages and trade deals.
Vibhor Steel Tubes reported Q3 FY26 revenue of ₹301.1 crore, up 21% YoY, driven by the ramp-up of the Jajpur (Odisha) plant which reached 21% capacity utilization in December. The company's legacy Maharashtra and Telangana plants continue to operate at 70-72% capacity. Management highlighted that the metal crash barrier division is running at full capacity (1,000 tons/month at each plant), prompting expansion with new machines and a second galvanizing line in Jajpur. New products like transmission line towers, monopoles, and poles are gaining traction, with EBITDA margins expected to be higher (5-10%) than pipes (3.5-3.8%). Capex of ~₹10 crore is planned for FY26. Key risk: high dependence on Jindal (80% of revenue) and execution delays in certification for new products.
New business won in CY25 for India operations, per year.
New business won in CY25 for European operations, per year.
Q4 CY25 India sales growth; prior quarters: 7%, 9%.
10% of new India orders in CY25 were for EVs, 90% ICE.
Jajpur plant reached 21% of installed capacity in December, up from near zero in Q2.
Both Hyderabad and Jajpur plants are at full capacity of 1,000 tons/month each.
Management expects new products (crash barrier, poles, towers) to contribute 20% of revenue soon.
Inquiries exceed current capacity by 2,000 tons, driving expansion plans.
Management expects the quarterly growth trend (7%, 9%, 12%) to sustain, with arithmetic progression likely.
Management guidance growthExpansions underway in composites, stampings, aluminum, and iron foundry; new export program SOP in June 2026.
Management guidance expansionMoving fully automated presses and gear production cells from Europe to India starting April 2026.
Management guidance expansionCapex in CY26 will exceed CY25 levels, driven by India growth projects.
Management guidance capexManagement expects the Jajpur plant to achieve 30-40% capacity utilization in the next fiscal year, up from 21% in December.
Management guidance growthThe company plans to invest approximately ₹10 crore in FY26 for new machines and galvanizing lines.
Management guidance capexManagement expects non-pipe products (crash barrier, poles, towers) to account for 20% of revenue in the near term.
Management guidance revenue
European light vehicle production stagnant; Chinese OEMs gaining share, posing risk to CIE's European business.
high · management_commentaryLegasp plant bet on EV components; if EV growth delays further, additional restructuring may be needed.
medium · management_commentaryThese verticals underperformed due to customer concentration and CNG bike drop; recovery expected only by H2 CY26.
medium · analyst_questionIndia Q4 growth of 12% lagged industry; management attributes to CNG and aluminium recognition changes, but gap remains material.
medium · data_observationApproximately 80% of revenue comes from Jindal, posing a risk if the relationship sours or demand drops.
high · analyst_questionNew products like transmission towers and poles require state-level certifications, which may delay revenue recognition.
medium · management_commentaryThe company is adding new machines and galvanizing lines; any delay could impact growth targets.
medium · data_observation
We are moving and we are planning to move certain capacity from our European sites to India. We are executing this plan.
Probably is the best time and I think that everybody knows that the automotive industry in India now is having a boom.
Our galvanizing tank is full, that is a clear signal that the products have a lot of demand and it is urging us to increase our installed capacities.
We have captured so much of the market that unfortunately some of the orders we have to outrightly regret because our capacity is full at the moment.
