What was Rane's revenue in Q3 FY26?

Rane reported revenue of ₹1,535 Cr in Q3 FY26, a +21.3% change year-over-year.

Did Rane management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Rane Q3 FY26 Research Workspace: Revenue ₹1,535 Cr (+21.3%)

Q: What guidance did Rane management give?

Double-digit EBITDA margin for RML by FY27: Management targets 11-12% EBITDA margin for Rane Madras by March 2027, driven by cost synergies and operating leverage.

Revenue ₹1,535 Cr +21.3%

EBITDA —

PAT ₹-40 Cr

EBITDA Margin 3% +106bps

Duration 67 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

Rane Madras reported a strong Q3 with revenue of ₹1,019.1 crore, up 21.3% YoY, driven by broad-based auto demand recovery and festive tailwinds. EBITDA margin improved 106 bps to 9.3%, aided by cost initiatives and operating leverage. New order wins of ₹130 crore in the quarter and ₹650 crore YTD bolster the medium-term growth pipeline. However, a one-off warranty provision of ₹230 crore at associate ZF Rane Automotive (net ₹172 crore) for a seat belt buckle issue in North America weighs on sentiment. Management targets double-digit EBITDA margins for RML by FY27, with debt reduction of ₹150-200 crore over 12-18 months via land sale proceeds. Key risk: further warranty provisions or customer impact from the ZF Rane recall.

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Focused Modules

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Risk Intelligence

ZF Rane warranty provision may increase

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Quarter Snapshot

New order wins (Q3) ₹130 Cr

+130% QoQ

New business won across product categories in Q3 FY26.

New order wins (YTD) ₹650 Cr

+160% YoY

Cumulative new orders for Rane Madras in first three quarters.

ZF Rane revenue split - Safety 63%

N/A

Occupant safety division contributed 63% of ZF Rane revenue in Q3.

RSSL capacity utilization 80-85%

N/A

Current capacity utilization at Rane Steering Systems.

Fast read

Guidance and risk preview

Top guidance Double-digit EBITDA margin for RML by FY27

Management targets 11-12% EBITDA margin for Rane Madras by March 2027, driven by cost synergies and operating leverage.

Top risk ZF Rane warranty provision may increase

The ₹230 crore provision for seat belt buckle recall may be inadequate; management will review by April-May 2026 and could require additional provi...