ASK Automotive Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript ASK Automotive Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ASK Automotive reported consolidated revenue growth of 52.1% year-on-year in Q1 FY27, with EBITDA of Rs. 164 crore and PAT of Rs. 85 crore, both at record quarterly levels. Management said the growth included a pass-through impact from higher alloy prices and attributed net revenue growth, excluding this and the wound-down wheel assembly business, at 25.3%. The company raised its full-year growth guidance to high-teens from mid-teens, citing new customer orders that require setting up an additional plant in South India.
Numbers mentioned
Consolidated revenue growth: 52.1% (Q1 FY27 YoY)
p. 4
“and recorded consolidated revenue growth of 52.1%.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Net revenue growth (excluding alloy pass-through and wheel assembly): 25.3% (Q1 FY27 YoY)
p. 4
“overall net revenue has grown by 25.3% on year-on-year basis.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EBITDA: Rs. 164 crore (Q1 FY27)
p. 4
“We achieved EBITDA of Rs. 164 crore with 32.7% year-on-year growth.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EBITDA margin: 12% (Q1 FY27)
p. 4
“EBITDA margin stood at 12%.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
PAT: Rs. 85 crore (Q1 FY27)
p. 4
“We achieved PAT of Rs. 85 crore with 28.8% year-on-year growth.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Earnings per share: Rs. 4.32 (Q1 FY27)
p. 4
“our earnings per share has increased to Rs. 4.32 per share against Rs. 3.35 per share in the last year same period.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Advanced braking system revenue growth: 48% (Q1 FY27 YoY)
p. 4
“Our advanced braking system revenue grew by 48% in Q1 on year-on-year basis.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Aluminum lightweighting precision solutions revenue growth: 75% (Q1 FY27 YoY)
p. 5
“The aluminum lightweighting precision solutions revenue grew by 75% in Q1 on year-on-year basis.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Safety control cable revenue growth: 20% (Q1 FY27 YoY)
p. 5
“The safety control cable revenue also recorded growth of 20% in Q1 year-on-year basis.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Export revenue: Rs. 39 crore (Q1 FY27)
p. 5
“Our revenue from exports were at Rs. 39 crore in Q1 FY27 against Rs. 33 crore last year.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Karoli plant monthly revenue: Rs. 110 crore (latest month)
p. 10
“from Rs. 60 crore monthly, we have touched Rs. 110 crore in the last month, which is an appreciable jump.”
Kuldip Singh Rathee, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Full year revenue growth — high-teens · FY27
stated firmly by Kuldip Singh Rathee
p. 5
“We are confident that we will continue to grow not only in mid-teens, but we will be now growing for the full year in high teens.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Capex for the year — Rs. 700 crore · FY27
stated conditionally by Kuldip Singh Rathee
p. 6
“We had given guidance about around Rs. 450 crore to Rs. 500 crore, but the way we are going and receiving the orders, as I today revised the guidance to high-teens, I think our capex may go to something like Rs. 700 crore this year.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Karoli plant capacity utilization — around 80% · Q4 FY27
stated conditionally by Kuldip Singh Rathee
p. 6
“we are confident that in the last Q4, we will be around 80% of the capacity utilization, because we see the visibility for the Q4.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Gross margin — 34% levels · next 2-3 quarters
stated conditionally by Kuldip Singh Rathee
p. 9
“Should come. Sir, its all depends on the geopolitical situation. If tomorrow Hormuz gets clear, then certainly it will come, but suppose there is no agreement and signing off and again they block it, I can't say anything on that.”
Kuldip Singh Rathee, page 9 of the filed PDF · View the filing
Export growth — 20% increase · FY27
stated firmly by Kuldip Singh Rathee
p. 11
“this time, we have given a guidance of 20% increase in the exports, and at the moment, we are still very confident we'll achieve it.”
Kuldip Singh Rathee, page 11 of the filed PDF · View the filing
Debt-equity ratio — not exceed 0.5
stated firmly by Kuldip Singh Rathee
p. 10
“We are still very confident that our debt equity will remain under control and it will be not exceed 0.5.”
Kuldip Singh Rathee, page 10 of the filed PDF · View the filing
Karoli plant turnover — Rs. 1,500 crore · next year
stated as an aspiration by Kuldip Singh Rathee
p. 10
“Next year, it should give us Rs. 1,500 crore turnover.”
Kuldip Singh Rathee, page 10 of the filed PDF · View the filing
New plant in South (Bangalore) operationalization — before March in this financial year
stated firmly by Kuldip Singh Rathee
p. 6
“We have to set up a new plant in South, that will be in Bangalore at a war footing, and we hope to operationalize it before March in this financial year.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Second captive solar plant commissioning — Q2FY27
stated firmly by Kuldip Singh Rathee
p. 4
“Our second captive solar plant of 11.55 megawatts at Bikaner, Rajasthan is ready and is expected to be commissioned in Q2FY27.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Sunroof cables business supplies — H2 this year, ramp-up next year
stated firmly by Prashant Rathee
p. 8
“Initial supplies will start from H2, but next year, you will see substantial growth there.”
Prashant Rathee, page 8 of the filed PDF · View the filing
AISIN JV profitability — some profitability · end of this year
stated as an aspiration by Aman Rathee
p. 6
“We are also expecting that by the end of this year quarter, we'll see some profitability there. However, it will not be significant because it's mainly trading.”
Aman Rathee, page 6 of the filed PDF · View the filing
Confirmed alloy wheel orders next financial year — about Rs. 250 crore · FY28
stated firmly by Kuldip Singh Rathee
p. 5
“However, for next financial year, we have confirmed orders of about Rs. 250 crore.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Ford exports — about Rs. 60 crore · next year
stated firmly by Kuldip Singh Rathee
p. 5
“we will be doing exports of about Rs. 40 to Rs. 45 crore this year, and next year, it is likely to go up to Rs. 60 crore.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
CFO said it was not calculated that way; Chairman estimated roughly 28% impact if overall alloy increase was 48%.
Answered by Kuldip Singh Rathee
Asked by Raghunandhan: What is the alloy price inflation impact specifically for the braking systems division?
p. 5
“I will put it like that, that if it is increased approximately by 48%, then the alloy impact will be around 28% or something.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Management confirmed new orders with an existing customer requiring an urgent new plant in South India.
Answered by Kuldip Singh Rathee
Asked by Raghunandhan: What new orders are expected, including a plant expansion?
p. 6
“Yes, we are getting new orders in the existing with one of the customers, which I would not like to name, and then happy to share that, though it was not in our plans, but we'll have to set up a new plant immediately in South.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Management said there was no pending pass-through and customers had absorbed the full increase.
Answered by Kuldip Singh Rathee
Asked by Ronak Mehta: Is there any pending pass-through of alloy price increases with a lag?
p. 7
“No lag pending, we have received everything. Our customers are very, very esteemed customers and they have passed it on.”
Kuldip Singh Rathee, page 7 of the filed PDF · View the filing
Management said such a margin is not sustainable and that actual margins remain closer to 13.5-14%.
Answered by Naresh Sharma
Asked by Joseph George: Is a margin of about 15.7% after adjusting revenue for alloy pass-through sustainable?
p. 7
“Margin of 15% is not sustainable in our industry. Our margins remain in the same line.”
Naresh Sharma, page 7 of the filed PDF · View the filing
Management said internal accruals should largely suffice but some external borrowing, likely term loans, will be needed.
Answered by Naresh Sharma
Asked by Vinit Agarwal: How will the new capex be funded?
p. 8
“We are actually keeping in mind our high mid-teen growth, our internal accruals will be sufficient; but yes, for cash flow management, we will have to take some external financing.”
Naresh Sharma, page 8 of the filed PDF · View the filing
Management confirmed debt increased due to higher working capital needs from commodity price increases.
Answered by Naresh Kumar
Asked by Naveen Kumar Dubey: Has debt increased from Q4 FY26 to Q1 FY27?
p. 11
“Yes, it has increased, because due to sudden increase in working capital requirement due to commodity price increase, so there is an increase in debt.”
Naresh Kumar, page 11 of the filed PDF · View the filing
Management said one major EV customer has underperformed recently, distorting the segmental growth comparison.
Answered by Kuldip Singh Rathee
Asked by Yash Agarwal: Why is two-wheeler EV growth similar to ICE growth despite faster industry-wide EV penetration?
p. 12
“We also are growing in the EV with all the top customers, but one of the major customers, which we had a very large revenue, that is not performing for the last some time.”
Kuldip Singh Rathee, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in West Asia causing volatility in energy, commodity and currency markets and a sharp increase in aluminum alloy prices
p. 3
“the geopolitical conflict in West Asia had created undue volatility in energy, commodity, and currency markets, and had led to a sharp, phenomenal increase in aluminum alloy prices, which affected our industry.”
Kuldip Singh Rathee, page 3 of the filed PDF · View the filing
EBITDA margin percentage impacted by alloy price pass-through denominator effect
p. 4
“However, EBITDA percentage was impacted due to abrupt and phenomenal pass-through alloy price.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Gross margin recovery dependent on geopolitical situation around Strait of Hormuz
p. 9
“Should come. Sir, its all depends on the geopolitical situation. If tomorrow Hormuz gets clear, then certainly it will come, but suppose there is no agreement and signing off and again they block it, I can't say anything on that.”
Kuldip Singh Rathee, page 9 of the filed PDF · View the filing
Underperformance of a major EV customer distorting segmental growth
p. 12
“one of the major customers, which we had a very large revenue, that is not performing for the last some time.”
Kuldip Singh Rathee, page 12 of the filed PDF · View the filing
Monsoon deficit earlier in the season affecting rural income and two-wheeler demand outlook
p. 4
“The monsoon deficit witnessed earlier in the season has eased on the back of rainfall in late June and early July, supporting the outlook for rural income and two-wheeler demand in the run-up to the festive season.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.