Transcript of CIE Automotive India Limited Q2 & H1 CY2025 Post Result Conference Call.
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CIE Automotive India reported Q2 CY25 consolidated sales of INR23 billion, up 4% YoY, with EBITDA margin of 15.7%. India business grew 7% YoY to INR14.5 billion at 17.5% EBITDA margin, slightly lower due to product mix. European sales were INR8.3 billion (down 1% YoY in INR, but volume drop of 4% offset by 7% favorable FX). Europe EBITDA margin was 12.5%, which includes a one-time Metalcastello restructuring cost; underlying margin is closer to 14.5-15%. H1 CY25 consolidated sales were INR44.9 billion with 16.3% EBITDA margin. New order inflow of ~INR6 billion in H1, including a major US iron casting export order expected to ramp from Q1 CY26. Capex expected to be ~5% of revenue for the full year. Dividend of INR7/share paid in H1. Bill Forge Precision has been liquidated.
Management guided for H2 India to be better than H1 on festive demand and order book normalization, with India EBITDA margins steady at 17.5-18%. Europe expected to stabilize with recurrent margins of 14-15%, though H2 is seasonally weaker. New US casting order is a multi-quarter growth catalyst from CY26. Short-term stock impact is mixed — India showing steady improvement but Europe remains a drag on consolidated growth.