The call has ended.

Key takeaways

Headline consolidated revenue rose 47.5% in Q2, but net revenue excluding alloy pass-through grew 29.5%; PAT ₹102 Cr, +27.3%. Management is upbeat and deflects margin dilution from aluminium prices to absolute EBITDA growth.

Highlights
Revenue growth	Net revenue +29.5% Q2 ex-alloy; headline consolidated +47.5%.
Margins	IBITDA margin 11.8% Q2 vs 11.9% H1; aluminium pass-through diluting percentage.
Order book	Japanese alloy wheel orders ₹240 Cr next year; Indian OEM pending testing.
Demand visibility	Management expects festive-season support; analysts flag H2 slowdown on GST base.
Management confidence	Over-optimistic; defends margins, deflects to absolute EBITDA growth.

Growth

Net revenue +29.5% ex-alloy pass-through; IBITDA ₹185 Cr, +30%; exports ₹70 Cr vs ₹30 Cr. Partly price-led by aluminium.

Outlook

Alloy wheel orders ₹80 Cr FY27, ₹240 Cr FY28; capex ₹700 Cr FY27, ₹500 Cr FY28; exports target ₹180 Cr.

Risks

Aluminium volatility dilutes margins; Honda ~35% of revenue; Ola weakness; H2 slowdown on post-GST base; Haryana wage hikes.

Last quarter's promises, checked

Delivered

High-teens growth → Q2 net rev ex-alloy +29.5% (= BEAT)
Exports +20% → Q2 ₹70 Cr vs ₹30 Cr (= BEAT)
Plant live before March → 20th plant ~Jan (= BEAT)

Partly delivered

FY28 alloy orders ₹250 Cr → ₹240 Cr (= PARTIAL)
Capex ₹450–500 Cr → ₹700 Cr, spend unreported (= PARTIAL)
D/E ≤0.5 → ~0.5, absolute debt undisclosed (= PARTIAL)

Missed

IBITDA margin 13.5–14% → 11.8% (= MISS)
Margin up as aluminium eases → 11.8% vs 12.0% Q1 (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 11:06 PM IST. Open it on ALFA Filings ›