• Growth outlook: Management said Q2 was in line with internal plans and momentum continued, citing 24.6% Q-on-Q growth and stronger growth in EBITDA, PBT and PAT. It declined to give a FY27 revenue figure but said double-digit growth should continue, potentially slightly above historical growth.
• Margin trajectory: Q1 EBITDA margin was 12.2%, versus 10.2% in the comparable quarter last year. Management expects margins to move higher and is working in the direction of 14–15%, but did not provide firm guidance.
• Powertrain mix: Powertrain solutions contributed 51% of total revenue in Q1 and are expected to exceed 51% by year-end. The segment has grown at a higher CAGR than alloy and metallics; the company is also pursuing more value-added work in alloy and metallics.
• EV business: EV revenue was 22% of overall revenue, up from 20% in the corresponding quarter last year; its share of powertrain solutions is higher. EV and non-EV transmission systems have similar margins, with EV margins slightly better.
• Interest costs: The planned ₹190 crore debt repayment from IPO proceeds has been completed. Management expects interest costs to be significantly lower than last year, with savings from the repayment and internal accruals.