Divgi Torqtransfer Systems Limited — Q4 FY26
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) a...
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
78%Questions answered0Evaded / deflected9Questions audited
Answered
High priority
Volume numbers for transfer cases, gear driver components, and realization growth.
Asked by Karan Gupta, ACM IIL
Management provided specific volume numbers and explained the EV delay.
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Question
So my question is regarding the volume side. So if you can share the volume numbers of transfer case or other segments your gear driver components volumes if you can share that and what's the realization growth?
Management (unnamed)
From this year we have accomplished about 50,000-52,000 transfer cases, up from low 30s in FY25, about 70-80% increase. EV volumes more modest due to delayed product launch. Expect doubling of EV volumes by July.
Answered
High priority
Capacity utilization for EV E-drive segment.
Asked by Karan Gupta, ACM IIL
Management gave a specific utilization range and linked it to future efficiency.
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Question
And what's the capacity utilization for now for the EV E drive segment?
Management (unnamed)
We still around 25% capacity utilization. 25 to 30. So as you can see when the utilization improves given the current financials you can expect certainly much better financial efficiency.
Partial answer
Medium priority
Timeline for BCP (new product) revenue.
Asked by Karan Gupta, ACM IIL
Management gave a range but no firm commitment, dependent on program success.
no specific dateconditional language
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Question
And the timeline for the BCP the same as per 28.
Management (unnamed)
There are at least three projects we are working on. If our program management is successful, we could see the first revenue trickle happening maybe middle to second half of next year calendar and the big volume coming a year after that.
Answered
High priority
Indonesia order volume and timeline for FY27 completion.
Asked by Nirva, Equirius Securities
Management confirmed the timeline without hedging.
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Question
So that would roughly be around 70,000 kind of a volume. I think previously we had mentioned that this was supposed to be completed in FY27. So due to current situation are we seeing some kind of delay here or this is on track for an FY27 completion?
Management (unnamed)
It is on track for FY27.
Answered
High priority
Revenue sustainability after Indonesia order in FY28.
Asked by Nirva, Equirius Securities
Management listed specific growth drivers to replace Indonesia revenue.
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Question
So basically here in the next year we may see a very big jump in terms of revenues but post that how do we expect to continue that kind of revenue number as such going ahead in FY28? What other segments are we focusing which can offset that?
Management (unnamed)
We are quite conscious of this phenomenon. There are three or four developments powering the underlying foundation: new 4WD contract on Tata Sierra, uplift from US Ford application, Mahindra global pickup truck, EV business with four designs, three-wheeler prototypes, and a manual transmission opportunity.
Partial answer
Medium priority
US investment of Rs 3 crore: component or transfer case business?
Asked by Nirva, Equirius Securities
Management described the purpose but did not clarify which product lines the investment covers.
did not specify product scopevague on allocation
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Question
Also finally the last question is on we have indicated the US investments of around say 3 crore. So basically would this be only on to the component end of business or will it also include the transfer cases and other proprietary board which we are doing?
Management (unnamed)
The US presence is like the beach head. Two experienced people will go on the ground by July-August. The 3 crore is just initial setting up of offices, infrastructure, maybe a small warehouse. In the first year we will participate in expos and deepen engagement.
Answered
Low priority
Interest in inorganic opportunities for US business.
Asked by Nirva, Equirius Securities
Management clearly stated preference for organic growth.
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Question
Also just one follow up on this that within this period of developing the US business if we get anything in some sort of an inorganic opportunity would we be keen on that or we would organically grow this business.
Management (unnamed)
Right now our preference is to grow organically. Culturally, small medium-sized Indian companies can underestimate the energy needed for cultural adaptation. We don't want to fritter our energy into those sorts of things.
Answered
High priority
Status of Indonesia orders amid news of hold by Indonesian government.
Asked by J Praash, Common Capital
Management directly refuted the news and reaffirmed the order status.
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Question
This my question is regarding this Indonesian orders which Tata Motors and Mahindra received last quarter but I think there was a news that the Indonesian government is keeping them on hold. So if you can give a bit of color on that.
Management (unnamed)
There was a certain amount of media narrative that was being pushed, a little frivolous. Our companies bid fair and square and beat them comprehensively. The Indonesian government wanted this executed before March 31, 2027. The order has been split equally between the two Indian companies.
Partial answer
High priority
Challenges on EV side and target utilization for FY27.
Asked by Amit Damea, Centrum Broking
Management explained the delay but did not provide a specific utilization target for FY27.
no target utilization givendid not quantify FY27 volumes
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Question
So as for my understanding we were supposed to be onboarded across all platforms from S2 X5 to D6 onwards. So even right now we are currently at 25% utilization. So are there any challenges that we are facing on the EV side and what would be our target utilization for FY27?
Management (unnamed)
We are currently on Thiago, Tigor, and lower trim of Punch. The higher trim and other models had a new transmission design that took longer in validation testing. We have successfully finished all testing. In FY27 we will see volumes from these applications.
Partial answer
High priority
Which segment will drive additional Rs 500 crore revenue to reach Rs 2,000 crore target?
Asked by Kashish Sha, Sushi Finance
Management discussed potential but did not specify which segment contributes the Rs 500 crore or by when.
no specific timelinevague on segment split
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Question
So last quarter we saw something around 1500 plus crores of revenue we were saying and now we've revived it to say 2,000 plus crores. So I just wanted to know which segment do we see additional 500 crores of revenue and by when are we expecting this kind of revenues?
Management (unnamed)
The cornerstone of this strategy is really the automatic transmission. But we don't want to deflect attention on other segments. For example, a global 4WD business at 200,000 units would represent an opportunity of almost 800 crores. We have called out a potential of around 300 crores on the 4WD.