FY26 revenue growth of 8-12%
Management expects full-year revenue growth in the range of 8-12% YoY, driven by domestic demand, telehandler ramp-up, and engineering services.
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EBITDA margin improvement of 100bps per year for 2-3 years
Target to add 100 basis points to EBITDA margin annually over the next 2-3 years through localization and cost efficiency.
Localization target of 86-88% over 3 years
Aiming to increase localization levels to 86-88% over the next three years to improve margins.
Revenue target of €315 million by 2029
Medium-term target to reach approximately €315 million (₹3,300-3,400 crore) in revenue by 2029, backed by visible project pipeline.
FY26 revenue guidance raised to exceed €220 million
Management now expects full-year revenue to surpass the earlier guidance of €215-220 million, driven by strong export ramp-up and domestic demand.
FY26 EBITDA margin guidance trimmed to ~10.9%
Due to product mix headwinds from higher 4WD axle sales, EBITDA margin for FY26 is expected around 10.9% (down from earlier 12% guidance).
Medium-term EBITDA margin target of 12% remains
Management reiterated confidence in achieving 12% EBITDA margin in the medium term, supported by localization and cost efficiencies.
Capex to be phased; significant expansion from FY27
Capex in H1 was ₹21.1 crore (maintenance). Larger expansion capex for Plant 3 will be staggered over 30 months starting next year, targeting €350 million revenue.
FY26 revenue guidance upgraded to ~₹3,500 crore
Management raised full-year revenue guidance from ₹3,200 crore to approximately ₹3,500 crore, driven by strong demand and execution.
EBITDA margin improvement of ~100 bps per annum
Management reiterated target of ~100 bps annual EBITDA margin improvement, with possible variation of 10-15%.
Capex of ₹130-140 crore in FY27
Total capex for next fiscal year expected to be significantly higher than the ₹60 crore expansion capex, estimated at ₹130-140 crore.
Raw material localization target 86-88% in 2-3 years
Current localization at 78%, targeting 86-88% over the next 2-3 years to improve margins and supply chain resilience.
FY30 revenue target of ₹3,500-4,000 crore
Management guided for revenue of ₹3,500-4,000 crore by FY30, exceeding earlier FY27 target, supported by 4WD shift and export growth.
FY27 revenue growth of 8-12% (normal conditions)
Under normal conditions, management expects 8-12% revenue growth in FY27, but near-term volatility could reduce it to 4-8%.
EBITDA margin improvement in FY27
Management targets gradual EBITDA margin expansion in FY27, supported by localization, operating efficiencies, and cost management, but refrained from giving a specific number due to uncertainty.
Capex of ~₹130-140 crore for FY27
Capex for FY27 is planned in the range of ₹130-140 crore, primarily for capacity expansion and new programs.