Earning Call Transcript for Q4 and financial year ended 31st March 2025.
Awaiting price reaction for this filing.
Sona Comstar reported Q4 FY25 revenue of ₹868 crore, down 2% YoY due to a model transition at a large EV customer, though PAT rose 10% to ₹170 crore (highest ever) supported by interest income from QIP proceeds. Full-year FY25 revenue grew 12% to ₹3,555 crore, EBITDA crossed ₹1,000 crore for the first time (up 9%), and PAT grew 19% to ₹636 crore. BEV revenue surged 38% to ₹1,224 crore (36% of revenue, up from 29%), with 77% of the ₹24,200 crore ($2.8B) record order book from EVs. Management won a large US EV order in March 2025 even after tariff announcements, and sees US tariffs impacting only ~3% of revenue over 12-18 months. The company is entering humanoid robot components, commercializing steering bevel boxes, and adding the railway business from EKL from June 1, 2025.
Short-term margin pressure expected from railway business dilution (18% EBITDA vs 27% existing), pulling blended margins toward 24-25%, though management sees reversion to the 25-27% range as product mix normalizes. Strong order book visibility, robust cash position (₹2,673 crore), and diversification into humanoids/railways position the company for medium-term growth despite tariff and supply chain headwinds.