Earnings Call transcript for discussion on Audited Results March 31, 2026

Rolex Rings reported FY26 revenue of INR1,144 crores, broadly flat YoY, despite a 30% decline in U.S. exports due to tariff disruptions (peaked at 53%, now normalized at 25%). The company successfully navigated headwinds by growing Europe revenue by ~25% and domestic revenue by 50%. Gross margins expanded from 49.4% to 51.5%, driven by product mix shift toward higher-value machined auto components. EBITDA margins held above 20%. The company fully settled its Right of Recompense obligation (INR101 crores) in March 2026, becoming completely debt-free with no covenants. A buyback of 1 crore shares at INR180 per share (INR180 crores) was announced with promoters not participating. FY27 growth guidance is 15-17%, with recovery expected from U.S. orders as tariffs normalize.