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Revenue
₹375 Cr
verification pending
Revenue YoY
56%
reported change
EBITDA
₹92 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Divgi TorqTransfer Systems delivered its highest-ever revenue of ₹375 crore in FY26, up 56% YoY, driven by a sharp recovery in transfer cases (volumes up ~70% to 52,000 units) and a 124% surge in the component/export segment. EBITDA grew 58% to ₹92 crore with margins holding at 24.6%, while PAT nearly doubled to ₹46.9 crore. The company secured exclusive transfer case orders for Mahindra Scorpio and Tata Yoda pickup platforms in Indonesia, and a nomination from a leading Japanese OEM for a global pickup truck platform (SOP in CY28-29). Management guided for continued momentum, with export contribution targeting 20-25% of revenue and a potential revenue pipeline of ₹2,000+ crore over the medium term, anchored by automatic transmission localization. Key risks include delayed EV volume ramp-up (capacity utilization at 25-30%) and execution challenges in the US subsidiary setup.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated a medium-term target of 20-25% export contribution to total revenue, up from 18% in FY26.
- Newly secured component programs are expected to contribute annual revenues nearing ₹100 crore with volumes exceeding 1 million parts.
- With new platform launches (Nexon, Curvv), EV transmission volumes are expected to double starting July 2026.
- Management is in advanced discussions for a technology transfer agreement with a leading global OEM to localize automatic transmissions in India.
Risks flagged
- EV transmission volumes have been rangebound due to extended development cycles at Tata Motors; capacity utilization remains low at 25-30%.
- The company is setting up a US subsidiary with an initial investment of ~₹3 crore, but faces cultural adaptation and market penetration challenges.
- The EV transmission market is highly competitive with players like Mahindra's multinational tier-1 supplier and MG Motors; gaining market share may be challenging.
- A significant portion of revenue comes from Mahindra and Tata Motors; any slowdown in their production or shift in sourcing strategy could impact Divgi.
Key quotes
- We delivered the highest ever total revenue in our history crossing 375 crores, representing a robust growth of approximately 56% over FY25.
- Our engagement with the Japanese OEM ecosystem continues to progress positively and represents an important step in our own globalization journey.
- The Indonesian government wanted this executed before March 31st, 2027. The reality is that the Japanese and the Chinese were not ready for it. It's only the Indian companies that have come up and walked up to the line.
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