1. GCM restructuring payoff - GCM (global cables) grew revenue 27.6% YoY to ₹6,025 mn in Q1 FY27 with EBITDA up 174.6% to ₹758 mn, margin at 12.6% vs 5.8% after the March-2026 restructuring completion. Management guides 10-12% operational margins for FY27, and the division is already at the top of that range with no one-offs in the quarter.
2. GCM new business wins - In May 2026 alone, GCM secured contracts worth \~USD 12 million/year with \~USD 75 million lifetime value, including the largest-ever EV cable contract from a North American auto major (USD 5.25 million/year) for the Matamoros plant. These orders, won 12-18 months ago, are now entering production at current prices, which is what is driving the margin improvement.
3. Chinese EV OEM ramp-up - GCM has won nearly two dozen cable programs with a leading Chinese EV maker; three-four are commercialized, with the rest launching over the next 12 months, and management aspires to \~20% of that customer's China business in 2-3 years. The supply ramp has begun, and the customer has issued additional RFQs.
4. ICM braking systems - CBS (combined braking system) revenue grew over 110% and brake shoes/pads over 80% in Q1 FY27, with hydraulic brakes and ABS under testing at multiple OEMs for commercialization in the coming year. Management is building a complete braking stack - lever to friction material to ABS - positioning as a systems supplier displacing multiple current vendors.
5. SED capacity expansion - SED revenue grew 48% YoY to ₹450 mn in Q1 FY27 with EBITDA up 100%, driven by digital clusters and electronic throttle grips, and the division is expanding capacity on a "war footing". Six product launches are happening in the current/next month, and July clocked the highest sales ever for the Electronics division.
6. US retailer ramp-up (PLE) - PLE has started ramping deliveries to the USA's largest retailer, which has awarded significant additional business; store count could triple or quadruple next year. This becomes a meaningful new channel for the lighting division, which otherwise grew only 5.4% in Q1 FY27.
7. Tariff recovery - A $6 million Section 301 tariff case against the US Federal Government is in final court resolution, expected within 3-6 months; if received, it is a complete positive not included in margin guidance. Customers have already agreed to pay tariffs, and the US Supreme Court judgment requires the government to pay duties back.
8. ABS with Blubrake - Suprajit completed a €1 million investment in Blubrake Italy alongside the licensing agreement, with the India-ready ABS product already under internal validation. India's draft ABS mandate for two-wheelers aligns product strategy with regulation, and the product is fully localized with no import restrictions - unlike current ABS offerings.
9. Chuhatsu JV - The 50:50 JV with Chuo Spring (Toyota Group) for Japanese transmission cables has received multiple RFQs from key Japanese OEMs in India plus export RFQs, with Chuo asking Suprajit to quote for its global requirements. Revenue is expected to be small next year, but it opens the Japanese passenger vehicle segment.
10. FY27 capex plan - FY27 capex of \~₹200 crore funds the STC building completion, SAL Chennai Plant-2, SCD capacity expansion, and AURIC Maharashtra land purchase. The Chennai plant addresses running out of physical infrastructure, while the AURIC land responds to customers requesting future presence.