No New Order Wins This Quarter
Despite ₹450 crore order book, management confirmed no new orders added this quarter. They are currently quoting for new business with updates expected next quarter.
NDRAUTO / Q3-FY26 / risks
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Ndr Auto Components · Material risks, their source context, and severity in the latest available quarter.
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Revenue Growth Lagging Peers QoQ
Maruti production grew 13% QoQ and Bharat Seats grew 7% QoQ, but NDR's revenue growth lagged on sequential basis. Management attributed this to a Maruti model transition where they are not present (likely Baleno/Vitara Brezza new models), suggesting customer-specific concentration risk.
Q3 Margin Compression Due to Shutdowns
EBITDA margins compressed QoQ due to seasonal maintenance shutdowns in Q3. Management advised using Y-o-Y comparison as Q1 is the best margin indicator and Q3 always has higher expenses. This creates volatility in quarterly reporting.
Maruti EV Scale-up Timing Uncertainty
On previous call, management expected EV scale-up from Q3, but actual scale-up was limited in Q3 with larger scale-up pushed to Q4. This timing uncertainty on a key customer's EV program could impact revenue forecasting.