Components

Q2FY26 revenue/EBITDA expanded 19%/21% YoY to INR15.3bn/1.8bn, above estimates due to strong performance across wiring harness, die-casting and clusters. Q2 order-wins were INR20bn.

Q2FY26 revenue surged 24% YoY to INR11.4bn (estimate: INR10.7bn) and EBITDA grew 13% to INR2.9bn (INR2.6bn), above estimates, on higher-than-expected automotive sales and lower opex. Factoring in a slowdown in the

Q2FY26 revenue grew 14% YoY to INR37.7bn, slightly above estimates while EBITDA surged 39% to INR5bn, beating estimates on lower-than-expected input costs. Camso integration is at an early stage, operating through a sale

We attended Minda's Vision 2030 meet. Highlights: i) 2030 revenue/ EBITDA target of INR175bn/21bn implies a CAGR of 28%/30% over FY25–30E. ii)  Incremental revenue over FY25–30E to be aided by growth in existing

We attended the Vision 2030 meet. Highlights: i) Management is targeting sales of USD108bn (CAGR of 33% till FY30), with RoCE/ dividend payout of 40%. ii) Notable portion (up to 75%) of incremental revenue is likely from

We attended the CEAT conference call on completion of the Camso buyout. Highlights: i) Revenue run rate is USD130–150mn, and utilisation 50%. ii) EBITDA margin is in low teens, but can increase to 20% over medium term.

Q1FY26 revenue grew 5% YoY to INR302.1bn, in line with estimates. EBITDA fell 11% to INR24.6bn, a 5% miss due to temporary issues such as delay in launches by customers in Europe, integration adjustments for recent

Minda’s Q1FY26 revenue/EBITDA grew 16%/19% YoY to INR13.9bn/1.56bn, 9%/11% above estimate due to strong growth in wiring harness and other segments (sensors, EV parts, starter motors, etc). Q1 order-wins stood at

Sona BLW (Sona) posted a YoY decline in Q1FY26 revenue/EBITDA to INR8.51bn/INR2.03bn, broadly in line with estimate. Factoring in the slowdown in the underlying industry and Sona’s adverse mix, we are reducing FY26E/27E

Q1FY26 revenue rose 11% YoY to INR35.3bn in line with estimates with EBITDA up only 1% YoY to INR3.9bn, a 2% miss due to weak exports. Camso acquisition will reflect in Q2 and near-term outlook is uncertain due to

We attended CEAT’s Analyst Day. Highlights: i) FY26 exports outlook is positive led by growth in Europe, Middle East, Asia and Latin America. ii) FY26 domestic replacement growth is likely to be in single digits. iii)

Q4FY25 revenue grew 9% YoY to INR293.2bn, in line with estimates. Adjusted PAT rose 15% to INR10.5bn, slightly below estimates. Management has announced Vision FY30, targeting USD108bn in gross revenue by FY30E, implying

Minda’s Q4FY25 revenue/EBITDA grew 9%/10% YoY to INR13.2bn/1.5bn, 2%/4% above estimate. Revenue growth was 11%/7% YoY for mechatronics/information & connected systems. Order-wins in FY25 aggregated INR80bn. Of this, 25%

CEAT’s Q4FY25 revenue increased 14% YoY to INR34.2bn (estimate: INR33.2bn) supported by double-digit growth in the replacement and OEM segments. EBITDA edged down 1% YoY to INR3.9bn, above estimate of INR3.4bn owing to

Reported Q4FY25 financials of Sona include PLI benefits for FY25. Factoring in PLI only for Q4, revenue fell 4% YoY to INR8.5bn, in-line, while EBITDA slid 13% to INR2.2bn, 4% below estimate.

Q3 EBITDA grew 16% YoY to INR26.9bn, in line with estimates. EBITDA margins expanded across wiring harness, integrated assemblies and emerging businesses. Considering the muted outlook for NA/Europe for FY26E, we are

Q3FY25 revenue/EBITDA grew 7%/11% YoY to INR12.5bn/INR1.4bn, in line with estimates. Order wins continued with new lifetime orders of INR13bn and EV share at 25%. We are increasing FY25E–27E EPS by up to 3%, factoring in

Q3FY25 revenue/EBITDA grew 12%/3% YoY to INR8.7bn/INR2.3bn, slightly below estimates. Factoring in a lower growth assumption for the underlying industry and order execution delays, we are tweaking down FY25–27E EBITDA by

CEAT’s Q3FY25 revenue grew 11% YoY to INR33bn (estimate: INR32.4bn) supported by double-digit growth in replacement and exports. However, EBITDA fell 18% YoY to INR3.4bn (estimate: INR3.6bn), a miss due to

Minda Corp has announced a minority stake purchase in Flash Electronics. Highlights: i) Minda shall acquire a 49% stake in Flash at INR13.7bn, which implies a valuation of 25x FY26E P/E. ii) Management estimates the