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Revenue
₹2,226 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Craftsman Automation reported a mixed Q4 FY26. The powertrain segment saw margin improvement due to reduced repair maintenance and better product mix, but overall capacity utilization remains at 60-70%. The alloy wheel business exited March at an annualized run rate of 3 million wheels, with revenue of ~₹280 crore for FY26. The Sunbeam restructuring is ongoing, with management exiting unprofitable customers and products, expecting margin traction from Q2 FY27. Management guided for mid-teens revenue growth in FY27, driven by new projects across segments. The large engine powertrain business is on track to reach $100 million revenue by FY29-30. Key risks include inflationary manpower costs, inability to pass on commodity price increases, and potential import competition in alloy wheels.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth, specifically mid-teens, for FY27, assuming stable aluminium prices.
- Management targets net debt to EBITDA to fall below 2x in the current fiscal year, and further to 1.5x.
- Restructuring of Sunbeam (exiting unprofitable customers/products) is expected to show margin traction from Q2 FY27.
- The large engine powertrain business is on track to reach $100 million in revenue by FY29-30, with phase two expansion decision by September 2026.
Risks flagged
- Management highlighted that labor cost inflation (20% YoY) is a major concern, difficult to pass on to customers, and could pressure margins.
- Analyst raised concerns about alloy wheel imports and commodity price pass-through; management acknowledged the risk and is cautious on further capacity expansion.
- Sunbeam's margin improvement depends on successful exit of unprofitable business and customer renegotiations; capacity utilization may temporarily drop to 45-50%.
- Despite management's confidence, net debt of ~₹3,300 crore and ongoing capex (land acquisition, new plants) could delay deleveraging if growth slows.
Key quotes
- The exit rate of the alloy wheel approximately it is around 3 million alloy wheels is the exit rate for the month of March.
- We are lacking behind on the margin wise with the sing still at single digit for various reasons but we are on the right track.
- The cost of doing business or cost of expansion is disproportionately high on this matter.
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