• Financial performance: Q4 revenue rose 33% year-on-year to a record ₹3,335 crore, while annual turnover grew 23% from ₹9,320 crore to ₹11,478 crore. Outperformance was driven by volume growth, increased wiring harness content in top SUV models, commodity price movements, and new business wins.
• Copper price pass-through: Rising sequential copper prices pressured Q4 profitability due to a lag in customer pass-through. Management expects these costs to be recovered over the next three to six months, leading to margin normalization if commodity prices stabilize.
• Demand and volume: Volume momentum from Q4 has carried into Q1 with no signs of an OEM slowdown or order deferments. Previously delayed OEM model launches are actively ramping up and are expected to reach full scale within one to two quarters.
• Plant utilization outlook: Greenfield facilities are expected to stabilize over the next one to two quarters, bringing their profitability in line with established plants. Management reiterated that its primary operational focus remains on maintaining a healthy ROCE rather than being purely margin-driven.