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Revenue
₹495 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹46 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Alicon delivered a record quarterly revenue of ₹495 crore (+16% YoY), driven by strong domestic demand across PV, CV, and two-wheeler segments. However, EBITDA fell 3% YoY to ₹46 crore, with margins contracting ~180bps to 9.3% due to elevated aluminium prices, one-time costs (~₹15 crore), and adverse mix shift. PAT declined 11% YoY to ₹8 crore. Management guided for 8-10% revenue growth in FY27 (ex-aluminium pass-through) and expects EBITDA margin improvement of ~150bps to 12.5-13%, aided by operating leverage and cost initiatives. Capex of ₹130-150 crore is planned, including a new plant. The executable order book stands at ₹7,600 crore over 6 years. Key risks include sustained aluminium price volatility, labour cost inflation (35% hike at Bawal plant), and delayed ramp-up of global programs like JLR.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 8-10% revenue growth in FY27, excluding the impact of aluminium price pass-through.
- EBITDA margin expected to improve by ~1.5% to 12.5-13% in FY27, driven by operating leverage and cost initiatives.
- Capital expenditure planned at ₹130-150 crore, including a new plant, automation, and machining capacity.
- At least one new manufacturing site to be operational by end of FY27 to address capacity constraints.
Risks flagged
- Sharp increase in aluminium prices (30-35% QoQ) pressured gross margins; pass-through lags may persist.
- Minimum wage hike in Haryana effective April 2026 will increase labour cost by ~35% at the Bawal factory.
- JLR program delayed by 18 months; export volumes remain soft due to geopolitical issues and tariffs.
- New investments require complex machining and automation, limiting asset turnover to below 2x historically.
Key quotes
- This is the year for Alicon to refocus, reset and rebuild.
- We are not looking for any further write-offs in this year.
- Unless until we have the new plants, new capacities, we cannot increase our top line.
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