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Revenue
₹1,084 Cr
verified against source
Revenue YoY
18.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Initial plan was ₹450 crore, but an additional ₹40 crore for solar plant raised it to ₹500 crore.
- Management intends to keep capex within ₹400 crore for FY27.
- Targeting ~13.7% EBITDA margin, but aluminium price inflation reduces it by ~30 bps to ~13.4%.
- Testing ongoing; supplies expected to begin in second half of FY27.
Risks flagged
- Rising aluminium prices reduce EBITDA margin by ~30 bps due to denominator effect, though absolute EBITDA remains stable.
- US and Mexico tariffs create uncertainty; exports in FY26 expected to be flat despite Ford order starting.
- Government has not notified the draft ABS regulation; management declined to speculate on impact.
- Customer has assured take-back by March end, but if delayed, the low-margin business may persist.
Key quotes
- We are very bullish even on this Q4 and as regards the next year we are very bullish on that because we feel that this tubular story will continue.
- The reduction of GST rate from 28% to 18% is helping us to outgrow in the Indian aftermarket and gain more market share from gray market operators and duplicators.
- We don't do many things just for the sake of money; we take pride in saying that this is an Atmanirbhar project and we'll be the first one to indigenize it in the country.
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