FY26 EBITDA margin guidance maintained at 11%±50bps
Management confirmed full-year margin guidance remains intact at 11%±50bps, with Q2 at 11.5% and Q1 at 10.8% (excluding exceptional income) bracketing the guidance range.
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margins
Margin expansion expected post project commissioning
Once the large part of ongoing 10 expansion projects (₹2,300 crore committed) achieves optimal utilization in 1-2 years, margins should move into an improved category.
Inovance JV Phase 1 commissioning targeted Q2 FY27
Greenfield facility for high-voltage EV powertrain components under JV with Inovance is progressing as scheduled; Phase 1 expected Q2 FY27. Initial supplies may begin via imports from venture partner ahead of plant commissioning.
50% renewable energy by 2030, carbon neutral by 2040
ESG commitment with 38 rooftop solar plants operational and 45MW wind power secured; targeting ~40% green power share in immediate term.
New LPDC Alloy Wheel Facility Approved
Board approved greenfield 4W alloy wheel plant with 1.8 million wheels/year capacity (1.1M LPDC + 0.7M GDC) at capex of 676 crore, to be deployed over 3-4 years in western India.
EV Power Train JV on Track
JV with Innovance for high-voltage EV power train components progressing as per schedule with phase one commissioning targeted in FY27.
Sunroof Business Development
Sunroof SOP on track for FY28 with anchor customer secured; management expects to build order book as operations commence and customer confidence grows.
EV Components Localization
Successfully developed alternatives to rare earth magnets using locally sourced injection molding magnets; commenced supply to customers for sensors and camera modules.
FY27 Capex: ₹1,750 crore
Comprising ₹650 crore sustaining capex and ₹1,100 crore growth capex, plus land acquisition at new locations (CSN, OSU, Gujarat) based on customer expansion plans.
FY27 EBITDA Margin: 11% ±50 bps
Management maintained full-year margin guidance despite expected near-term pressure from commodity inflation, labor cost increases (85% in Haryana), and startup costs from new plant commissioning.
Export Revenue Target: ₹1,500+ crore
Current physical exports from India at ₹600 crore, with management targeting to cross ₹1,500 crore in next few years driven by new wins in switches, seating, and lighting.
7 of 11 Projects Commencing/Ramping in FY27
FY27 expected to be a defining year for execution with seven ongoing projects either commencing production or undergoing ramp-up, including EV powertrain and sunroof commercial operations.