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Key Conference Call Highlights

Financial Performance & Europe Business:

* Q4FY26 consolidated performance remained strong with revenue increasing 37.3% YoY to INR 41.2 Bn, driven by robust growth across domestic operations and Europe, supported by the Stöferle acquisition and healthy demand across key product categories

* Consolidated EBITDA grew 30.8% YoY to INR 6.0 Bn, while EBITDA margin moderated to 14.5% due to aluminium inflation, elevated energy costs and initial costs associated with new capacity additions

* Consolidated PAT increased 12.8% YoY to INR 2.8 Bn, despite raw material inflation and higher conversion costs

* Europe business delivered another strong quarter with revenue increasing 56.3% YoY to INR 11.4 Bn. In Euro terms, revenue grew 33.6% YoY, significantly outperforming EU vehicle registration growth

* Europe EBITDA margin expanded to 20.4% from 18.4% in Q4FY25, aided by operating leverage, productivity initiatives and contribution from Stöferle

* The company completed acquisition of a 60% stake in Stöferle, which contributed EUR 82.1 Mn revenue and EUR 17.9 Mn EBITDA during FY26

EV, Electronics and New Growth Areas:

* The company continues to benefit from rising EV penetration, premiumisation and increasing content per vehicle across 2W, 3W and 4W segments

* Total cumulative EV business wins reached INR 17.2 Bn annually, including battery packs and Maxwell businesses. EV orders excluding battery packs stood at INR 13.7 Bn

* India business wins during FY26 stood at INR 16.0 Bn, with nearly 60% originating from 4W and non-auto segments, reflecting diversification beyond traditional 2W products

* Maxwell delivered strong growth with revenue increasing to INR 1.6 Bn in FY26 from INR 0.7 Bn in FY25. The company supplied 350,000 BMS units across scooters, tractors, e-bikes and construction equipment

* Maxwell secured new orders worth INR 560 Mn during FY26, taking annualised order book to INR 2.5 Bn, while RFQ pipeline exceeds INR 3.0 Bn

* The new battery-pack plant near Pune is expected to commence operations shortly. The first programme has annual revenue potential of INR 3.5–3.6 Bn, expected to scale towards INR 6.0 Bn by FY28E

* The company also secured solar actuator and damper orders worth INR 3.45 Bn, opening a new non-automotive growth avenue

Premiumisation, Capacity Expansion and Outlook:

* Premium motorcycle products remain key growth drivers, including inverted front forks, mono-shock suspension, alloy wheels, assisted slip clutches and ABS systems

* ABS capacity is being expanded from 0.64 Mn units by an additional 1.2 Mn units annually, while dual-channel ABS production for Bajaj Auto will commence from June 2026

* Inverted front fork capacity will increase from 60,000 units/month currently to 100,000 units/month by FY27-end to cater to rising premium motorcycle demand

* The Bidkin alloy wheel plant with installed capacity of 3.6 Mn wheels annually is fully booked and is expected to generate annual revenue run-rate of around INR 6.0 Bn by FY27-end

* Aluminium casting continues to witness strong traction with demand growing 34–40% annually at the Orix Chakan plant. New orders from Hyundai, Kia, Isuzu and a global EV OEM provide further growth visibility

* FY26 India capex stood at INR 8.3 Bn, while Europe capex was EUR 45 Mn. Key investments include alloy wheels, battery packs, braking systems, aluminium castings and forging facilities

* Management remains optimistic on medium-term growth, supported by premiumisation, EV adoption, localisation opportunities, China+1 sourcing benefits and strong order inflows across automotive and non-automotive businesses. New plants, technology-led products and improving product mix are expected to support future growth and profitability

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