TALBROAUTO Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹214 Cr
verified against source
Revenue YoY
7.8%
reported change
EBITDA
₹39.88 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Talbros Automotive delivered solid Q3 FY26 with consolidated revenue of 220 crore (up 8% YoY) driven by strong domestic demand offsetting export softness in forging. EBITDA came in at 39.88 crore with 18% margin, expanding 60bps YoY—among the highest in the industry—supported by operational efficiencies and favorable product mix. PAT grew 12.5% to 27 crore. Divisionally, gasket business posted 12% growth (153 crore) while the Maruti Chassis JV delivered outstanding 25% QoQ growth (90 crore); forging was flat at 68 crore due to JLR supply disruptions now resolved. Management guided Q4 will be stronger than Q3, with FY27 expecting double-digit revenue growth and EBITDA margins of 16.8-17.5%. Capex of 155 crore for FY27 will fund new order execution including a 500 crore European forging order and a new Gujarat facility. The company secured 1,000 crore in new orders (700 crore exports, 100 crore EV) to be commercialized from 2027, providing clear revenue visibility toward 2,000 crore long-term target. Key risk remains export dependency (56% in forging) and potential order execution delays on large EV/overseas commitments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth for FY27 driven by Q4 recovery and normalized export demand, though exact numbers to be provided in May 2026 post annual results.
- Q4 expected growth: Gaskets +15% YoY, Chassis JV +20% YoY, Margo JV +20%+ YoY; Forging +5% YoY as JLR disruption resolves and new European orders activate.
- Management guides FY27 EBITDA margin in 16.8-17.5% range (vs 18% in Q3 which includes one-time benefits), with potential for ~200bps expansion over 3-5 years toward 20% target.
- FY27 capex of 155 crore includes 115 crore for forging (new European order), 53 crore for Maruti Chassis capacity enhancement, and Gujarat greenfield facility (end-2027/early-2028).
Risks flagged
- Forging division is 85-90% export-oriented with direct exposure to European OEMs (BMW, JLR, Dana) making it vulnerable to geopolitical demand shifts and currency volatility.
- ICE engine penetration declining in passenger vehicles over next decade; gasket division's engine-related products face structural headwinds though heavy CV segment remains robust.
- 1,000 crore new orders have phased commercialization starting mid-2026 with full force in FY28; delays in OEM testing approvals or customer demand shifts could impact revenue ramp.
- Company imports significant materials; steel and foreign exchange fluctuations impact margins. Management stated price corrections are passed through but with 6-9 month lags.
Key quotes
- We have recently received an order of 500 crore in the forging division from Europe. The commercial production will start in the last quarter of the calendar year. So this is a big number.
- Going forward for next one year I will say it should be between 17 to 17.5 somewhere. In one quarter if it comes down to 16.8 please don't worry, it will come back again because some price increases happen like currency has gone haywire.
- We are going to do this capex in FY27 and we have already added around 70 crores of capex in FY27. For the forging and standalone business required a capex of around 115 crores.
Research modules