CIE Automotive India Ltd — Q3 FY26

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.