• Revenue growth drivers: Fourth-quarter revenue rose approximately 33% year-on-year to a record ₹3,335 crore against market growth of around 11%, bringing full-year sales to ₹11,478 crore (up ~23%), driven by double-digit volume growth, higher vehicle content, commodity price adjustments, and new OEM model wins.
• Copper price pass-through: Higher copper costs are contracted to pass through to customers with a one-quarter to six-month lag, with management expecting fourth-quarter cost impacts to be largely absorbed and compensated in the first quarter.
• Demand and order visibility: Management reported no current signs of an OEM slowdown, with initial first-quarter volume trends tracking in line with the fourth quarter and customer expansion announcements supporting ongoing volume momentum.
• Plant ramp-up and margins: Greenfield facility startup costs have temporarily impacted profitability, but margins are expected to normalize at healthy levels as newer plants ramp up over the next one to two quarters, keeping the company confident in sustaining its 40% plus RoCE target.