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...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
59%Questions answered2Evaded / deflected11Questions audited
Partial answer
High priority
Details on deferred new orders in India and restructuring costs in Europe.
Asked by Nisha Jalad, Access Capital Limited
Management gave qualitative color but avoided quantifying order size or exact ramp-up timeline.
no specific order size givendeferred to future quarters for ramp-up details
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Question
around India, can you talk about a little bit about the new order events which you have talked about that some of it got deferred... how big those orders were, what led to the delays... my second question is on in Europe... are there more cost that we will need to incur over the next one to two years to restructure European business?
Ander (CEO) and management
CI hosour plant delayed but now reaching full capacity... new order wins in low pressure fabricated fuel rails, inner races, aluminium... In Europe, restructuring in Metacastello is finished, no additional restructuring expected. In Legasp, depends on EV market evolution.
Answered
Medium priority
Follow-up on aluminium casting business growth and customer addition.
Asked by Nisha Jalad, Access Capital Limited
Management confirmed growth expectations, customer additions, and provided a timeline for production start.
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Question
aluminium casting as an industry seems to be doing well. Have we been successful in adding newer customers or getting more orders? So should we expect growth to revive in this vertical?
Ander (CEO) and management
Yes, we expect to grow. We are adding additional customers and entering higher tonnage components. Production start in Q3/Q4 calendar year 26. We are working on new products and may launch a new factory.
Answered
Low priority
Clarification on net loans of 2.3 billion given during the quarter.
Asked by Kapura Desai, Korak Securities
Management explained the source and purpose of the loans clearly.
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Question
in your balance sheet... there was this net loans given during the quarter to the tune of 2.3 billion. Could you shed a bit more light on that?
Management (unidentified)
We have good cash generation in Europe and we invested within the group at a good market rate. We reduced debt and deployed surplus in loans within the group.
Evasive
High priority
Quantitative sense of new orders ramp-up and impact of aluminium reporting change.
Asked by Ganeshum, Unifi Capital
Management acknowledged material impact but declined to provide specific figures.
no specific numbers givenrefused to quantify impact
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Question
if you could just give us a quantitative sense of these new orders that have been slow that you expect to ramp up... what was the extent of the impact because of the change in aluminium reporting?
Management (unidentified)
The gap in Q4 was largely due to CNG bike sales and change in reporting. We add 8-10 billion of new orders every year. Let's not assign actual numbers, but it was very material.
Partial answer
Medium priority
Areas of degrowth or weakness and forex volatility mitigation.
Asked by Ganeshum, Unifi Capital
Addressed weakness areas but ignored the forex question entirely.
no forex mitigation strategy mentioned
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Question
incrementally are there any areas where you're seeing a degrowth or weakness... how do you mitigate the foreign exchange volatility?
Management (unidentified)
Weakness in magnetics (small business, less than 200 crores) and aluminium (restructuring done, now confident). On forex, no specific answer given.
Answered
High priority
Manufacturing capacity split between Europe and India and strategy to shift capacity.
Asked by Kosh Nahar, Electrum PMS
Management provided clear details on capacity shift and timeline.
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Question
if you could tell us how much is your manufacturing capacity that we have in Europe versus India... do we see some capacity being shifted to India?
Ander (CEO) and management
Europe is largely forgings (80%) and gears (20%). We are moving certain capacity from Europe to India. By April we will start moving presses and gear production cells to India.
Answered
Medium priority
Impact of EU-India FTA on wallet share and customer onboarding.
Asked by Kosh Nahar, Electrum PMS
Management confirmed the strategy and expressed confidence.
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Question
since this EU India FTA has happened... once we shifted do we see that our wallet share with our existing customers and onboarding new customers have become easier?
Ander (CEO)
Yes, customers are approaching us in India. We negotiate to get advantage of Indian cost and reliability from Europe. Our proposal is win-win and we will take advantage.
Partial answer
High priority
Aluminium recognition change timing and tractor business degrowth.
Asked by Pratik Kotari, Unique PMS
Management gave directional answer but avoided quantifying the impact.
no specific numbers for impactdisputed tractor degrowth without data
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Question
this aluminium recognition change happened in Q4 alone or was it for the full year? ... tractor contribution... we see a 20% degrowth... what explains that?
Management (unidentified)
Largely in Q4 but impact for full year. Tractor has not degrown; in Q4 tractor growth was higher than market. The gap is largely from CNG and aluminium recognition.
Evasive
High priority
Underperformance vs industry and EV growth in Europe.
Asked by Pratik Kotari, Unique PMS
Management admitted material gap but did not fully explain or quantify.
no definitive numbersacknowledged gap but deflected
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Question
the underperformance for now seems very very material... 21 in the average industry versus 12 for us... and on Europe, EV is doing well, but we are not seeing growth...
Management (unidentified)
The gap is largely from CNG and aluminium recognition, but not fully explained. Weighted average industry for us is 17-18. On EV, Chinese have their own supply chain; we don't have presence with Chinese OEMs.
Partial answer
Medium priority
Cost base comparison in Europe vs competition and India vs China.
Asked by Vira, SIMPL
Management gave qualitative comparison but no quantitative data.
no specific cost comparison numbers
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Question
if one has to understand the cost base for us and competition in Europe... how does the dynamic work between India and China?
Management (unidentified)
CIE is one of the most efficient producers in Europe. India vs China depends on efficiency; Indian plants must be efficient to take advantage of labor cost.
Partial answer
High priority
Capex figure for CY26 and margin outlook.
Asked by Rajes Jooshi, Chris Capital
Management gave directional guidance but no specific numbers.
no specific capex numberno margin target
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Question
what's the capex figure for CY26? ... on margins... where do we go from here?
Management (unidentified)
Too early for capex figure, but it will be higher than last year. Margins in India will improve; in Europe we are protecting current levels.
Answered
Medium priority
Strategy to break into non-anchor customers and non-auto opportunities.
Asked by Rajes Jooshi, Chris Capital
Management clearly stated strategy and ruled out non-auto diversification.
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Question
our strategy to break into non-anchor customers like TVS, Honda, Toyota... and opportunities outside auto like defense?
Management (unidentified)
Focus on growing among 10-15 customers like Hyundai, Kia, Tata Motors. Non-auto like defense not considered; we have our hands full in existing areas.