Automobile Products of India Q2 FY27 results: net loss narrows to ₹0.47 crore, revenue flat

How did Automobile Products of India perform in Q2 FY27?

Automobile Products of India reported standalone revenue of ₹0.04 crore in Q2 FY27, unchanged from both Q2 FY26 and Q1 FY27. Total income was ₹0.18 crore, down ₹0.04 crore from each of those quarters. The figures are standalone; no consolidated quarter was provided in the stated facts.

EBITDA was ₹0.19 crore in Q2 FY27, compared with ₹0.21 crore in Q2 FY26 and ₹0.57 crore in Q1 FY27. The EBITDA margin improved to -457.9% from -487.5% year ago and -1339.1% in the previous quarter.

The company reported a net loss of ₹0.47 crore in Q2 FY27, against a net loss of ₹0.48 crore in Q2 FY26 and ₹0.80 crore in Q1 FY27. Basic EPS was -0.75, compared with -0.99 a year ago and -1.37 in the previous quarter.

What changed in Automobile Products of India's costs and profit?

Total expenses fell to ₹0.65 crore in Q2 FY27 from ₹0.68 crore in Q2 FY26, a reduction of ₹0.03 crore or 4.4%. Employee cost rose by ₹0.02 crore or 16.7% to ₹0.14 crore, while finance costs fell by ₹0.02 crore or 4.7% to ₹0.41 crore. Other expenses fell by ₹0.03 crore or 23.1% to ₹0.10 crore.

Other income fell by ₹0.04 crore or 22.2% to ₹0.14 crore from ₹0.18 crore in Q2 FY26, while total income declined by ₹0.04 crore or 18.2% to ₹0.18 crore. There was no exceptional item in either quarter. Tax was ₹0 crore, down ₹0.02 crore from Q2 FY26.

Against Q1 FY27, total expenses declined by ₹0.36 crore or 35.6%, led by other expenses, which fell by ₹0.39 crore or 79.6% to ₹0.10 crore. Other income was lower by ₹0.03 crore or 17.6%, employee cost was higher by ₹0.02 crore or 16.7%, and finance cost was higher by ₹0.01 crore or 2.5%. No exceptional item was reported.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue was ₹0.09 crore, unchanged from H1 FY26. Total income fell by ₹0.04 crore or 9.1% to ₹0.40 crore from ₹0.44 crore, while profit before tax declined by ₹0.36 crore to a loss of ₹1.26 crore.

The net loss widened by ₹0.34 crore to ₹1.26 crore in H1 FY27 from a net loss of ₹0.92 crore in H1 FY26. Basic EPS was -2.10, compared with -1.91 in the first half of the previous year. The company reported no exceptional item in either period.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹11.22 crore, compared with ₹10.89 crore at 31 March 2026. Total equity was negative ₹16.79 crore against negative ₹15.67 crore at the previous balance sheet date, while borrowings rose to ₹17.75 crore from ₹17.09 crore. Cash was ₹0.06 crore at both dates.

Trade receivables were ₹0.04 crore and trade payables were ₹0.06 crore at 30 September 2026, against ₹0.04 crore and ₹0.07 crore respectively at 31 March 2026. There were no inventories reported at either date. H1 FY27 operating cash flow was an outflow of ₹0.83 crore, compared with an inflow of ₹0.25 crore in H1 FY26.

Investing cash flow was ₹0.02 crore in both H1 FY27 and H1 FY26, while financing cash flow was ₹0.80 crore in H1 FY27 against an outflow of ₹0.29 crore a year earlier. No capital expenditure was reported for either period.

How has Automobile Products of India done over the last 8 quarters?

Revenue remained ₹0.04 crore in each quarter from Q3 FY25 through Q2 FY27. The net loss was highest at ₹0.80 crore in Q1 FY27 and lowest at ₹0.24 crore in Q4 FY26, before narrowing to ₹0.47 crore in Q2 FY27. The current direction was therefore lower than the previous quarter but higher than the recent low.

The EBITDA margin bottomed at -1339.1% in Q1 FY27 and improved to -457.9% in Q2 FY27. The latest margin was also higher than -487.5% in Q2 FY26 and -599.5% in Q4 FY26, although it remained negative.

What did the auditors point out?

The statutory auditor issued a limited review report with an unmodified opinion. The auditors said their review was performed under Standard on Review Engagement 2410 and did not constitute an audit; accordingly, they did not express an audit opinion. Nothing came to their attention indicating that the required disclosures were not made or that the statement contained a material misstatement.

The auditors drew attention to Note 3, which stated that the company’s net worth had been fully eroded as at 30 September 2026. The company had incurred losses and depended on continued financial support from its Holding Company and promoters to meet obligations and continue operations. The results were therefore prepared on a going-concern basis, and the auditors said a material uncertainty existed that could cast significant doubt on the company’s ability to continue as a going concern.

The company said in Note 3 that, in view of the complete erosion of net worth, its Holding Company and promoters had agreed to arrange the required financial support to maintain the company as a going concern. The filing also stated that a Rights Issue had allotted 13,99,415 equity shares of Rs. 1/- each on 28 April 2026, raising public shareholding from 15.29% to 34.36%.

How did other Auto Components & Equipments companies do?

A total of 46 other Auto Components & Equipments companies filed results for the quarter as of 4 November 2026. Their median revenue growth was 33.9%, compared with unchanged standalone revenue of ₹0.04 crore for Automobile Products of India.

Three peers grew revenue more slowly than the company, while 43 grew faster. Among the peers for which profit was compared, 37 reported higher profit. The peer figures cover 47 companies for profit and exclude Automobile Products of India from the peer set.