SUPRAJIT Q2 FY26 earnings call.
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Revenue
₹941 Cr
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Revenue YoY
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EBITDA
Pending
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Suprajit Engineering delivered a mixed Q2 FY26 with strong operational performance offset by Phoenix Lamps weakness. SCD (Suprajit Controls Division) emerged as the hero with 7% YoY revenue growth and 50% EBITDA growth achieving double-digit 11.6% margins—driven by PCBA insourcing, labor productivity gains, and tariff pass-through. SED (Electronics) posted stellar 36% revenue growth with EBITDA margins expanding 830bps to 13.5% from 5.2%. SCS acquisition posted ₹109 crore revenue with EBITDA loss of ₹6.7 crore—first full quarter with all assets integrated; restructuring remains on track for December completion. Phoenix Lamps disappointed with revenue decline due to steep Middle East export reduction, though competitor bankruptcy is generating new inquiries. The company guides 5-10% growth ahead of global automotive industry and targets 12-14% EBITDA margin (ex-SCS) with H2 expected to outperform H1. Key risks: PL sustained weakness, EV demand slowdown impacting new launches, and ABS regulation uncertainty with OEMs seeking timeline extensions.
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Guidance to track
- Company targets 12-14% EBITDA margin for consolidated operations excluding SCS, with 14% already achieved in Q2, representing the higher end of guidance.
- SCS operations expected to turn EBITDA positive by Q4 FY26 as restructuring completes, Poland plant closed, all European production moved to Morocco by December 2025.
- Second half expected to be stronger than first half driven by festival season demand, aftermarket traction, and new braking system project ramp-ups.
- Company maintains guidance of growing 5-10% ahead of global automotive industry, with India operations expected to continue outperforming market.
Risks flagged
- PL division reported revenue decline and margin contraction to ~13% from higher levels due to steep reduction in Middle East exports. While competitor bankruptcy may help, headwinds are expected to continue in Europe.
- OEMs are stretching and postponing new product launches due to cost uncertainty in the tariff environment. While not cancelled, timing delays reduce near-term revenue visibility.
- Industry-wide representation to government has requested timeline extension as supply chain is not ready and product needs full vehicle homologation. OEMs view January 2026 deadline as impossible to meet.
- Working capital increased by ~₹70 crore in H1, primarily due to SCS Canada and China inventory and receivables being added to the system post-acquisition.
Key quotes
- The hero of the day is our SCD or the Suprajit Controls Division... operational EBITDA grew strongly, almost by 50%, and we have achieved a double-digit EBITDA of 11.6%
- There is a consolidation of the business and consolidation of vendors and the strongest last man standing will gain with this. I think that's what we are seeing now
- Suprajit is no longer just looked at as a cable provider. We are being looked at as a technology provider. That pivot has happened in their mind
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