ASK Automotive Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript ASK Automotive Ltd filed with BSE on 25 May 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 Q4 FY26 consolidated revenue growth of 35.3% and EBITDA of Rs. 140 Cr, up 31.1% year-on-year, with EBITDA margin at 12.1%, which management said was impacted by pass-through aluminium prices. For FY26, the company reported consolidated revenue growth of 16.2%, EBITDA of Rs. 551 Cr up 24.1%, and PAT of Rs. 72 Cr in Q4 up 24.2% year-on-year. Management also discussed capacity utilization at its Bangalore and Karoli plants, export revenue decline due to trade disruptions, and progress on new alloy wheel, sunroof and cable joint ventures.
Numbers mentioned
Consolidated revenue growth: 35.3% (Q4 FY26)
p. 4
“We delivered strong performance in Q4 FY26 in business and recorded consolidated revenue growth of 35.3%.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Net revenue growth: 30% (Q4 FY26)
p. 4
“overall, our net revenue has grown by 30% on year-on-year basis”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EBITDA: Rs. 140 Cr (Q4 FY26)
p. 4
“We achieved EBITDA of Rs. 140 Cr with 31.1% year-on-year growth.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EBITDA margin: 12.1% (Q4 FY26)
p. 4
“EBITDA margin at 12.1%, however, this EBITDA percentage was impacted due to pass-through alloy prices as mentioned earlier.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
PAT: Rs. 72 Cr (Q4 FY26)
p. 4
“We achieved PAT of Rs. 72 Cr with 24.2% year-on-year growth.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EPS: Rs. 3.63 (Q4 FY26)
p. 4
“EPS has increased to Rs. 3.63 against Rs. 2.92 in last year in the same period, up 24.2% year-on-year.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Consolidated revenue growth: 16.2% (FY26)
p. 4
“As regards our annual results for FY26, we delivered consolidated revenue growth of 16.2%.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
Net revenue growth: 20.1% (FY26)
p. 5
“overall net revenue has grown by 20.1% on year-on-year basis”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
EBITDA: Rs. 551 Cr (FY26)
p. 5
“We achieved EBITDA of Rs. 551 Cr with 24.1% year-on-year growth.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
EBITDA margin: 13.1% (FY26)
p. 5
“EBITDA margin at 13.1%, however, EBITDA percentage was impacted due to pass-through alloy prices.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
EPS: Rs. 15.08 (FY26)
p. 5
“our EPS has increased to Rs. 15.08 per share against Rs. 12.56 per share in the last year same period”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Advanced braking system revenue growth: 32% (Q4 FY26)
p. 5
“Our advanced braking system revenue grew by 32% in Q4 FY26 and 17% in FY26 on year-on-year basis.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Aluminium light-weighting precision solutions revenue growth: 47% (Q4 FY26)
p. 5
“The aluminium light-weighting precision solutions revenue grew by 47% in Q4 FY26 and 30% in FY26 on year-on-year basis.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Safety control cable revenue growth: 26% (Q4 FY26)
p. 5
“The safety control cable revenue also recorded growth of 26% in Q4 FY26 and 14% in FY26 on year-on-year basis.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Export revenue: Rs. 141 Cr (FY26)
p. 5
“Our revenue from exports were at Rs. 141 Cr in FY26 against Rs. 147 Cr last year because of the trade disruptions due to higher tariff rates, geopolitical tensions, supply chain issues, logistic costs and other bottlenecks.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
ROACE: 26.9% (FY26)
p. 5
“We have delivered strong returns in FY26 with ROACE at 26.9% and ROE at 25.3%.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Dividend: Rs. 1.85 per equity share (FY26)
p. 5
“The board has recommended a dividend of 92.5%, that is Rs. 1.85 per equity share of face value of Rs. 2 each.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Two-wheeler industry production growth: 11.8% (FY26)
p. 3
“The Indian automobile sector witnessed healthy momentum in FY26 with overall vehicle production across all segments registering a robust year-on-year growth of 11.8%.”
Kuldip Singh Rathee, page 3 of the filed PDF · View the filing
Bangalore plant capacity utilization: 90%
p. 6
“Very, very happy to share that Bangalore we have reached 90% capacity utilization that we set up last year, our 18th plant and the third plant in Bengaluru.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Karoli plant capacity utilization: 65%
p. 6
“In the Karoli plant, the capacities utilization is still 65%, that is the reason that we have made investment for the alloy wheels.”
Kuldip Singh Rathee, page 6 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.
Revenue growth — mid-teens · FY27
stated firmly by Kuldip Singh Rathee
p. 5
“We are confident that will continue to grow around mid-teens in FY27.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Export revenue growth — 20% · FY27
stated conditionally by Kuldip Singh Rathee
p. 7
“This year we are very confident of growing at 20%, provided the geopolitical situation remains reasonable, which we are as an optimist, which we feel that it shall be sorted out soon rather than later.”
Kuldip Singh Rathee, page 7 of the filed PDF · View the filing
Capex — Rs. 400 Cr · FY27
stated firmly by Kuldip Singh Rathee
p. 8
“For next year growth of mid-teens, we need to invest around RS.400 Cr which we shall be investing in this year also.”
Kuldip Singh Rathee, page 8 of the filed PDF · View the filing
Alloy wheels revenue — Rs. 90 - Rs. 100 Cr · FY27
stated firmly by Kuldip Singh Rathee
p. 8
“FY27 we are expecting revenue of around Rs. 90 - Rs. 100 Cr and FY28 will be about Rs. 220 Cr.”
Kuldip Singh Rathee, page 8 of the filed PDF · View the filing
EBITDA margin — 13.1% · FY27
stated conditionally by Kuldip Singh Rathee
p. 7
“Overall we achieved EBITDA margin of 13.1% and except for the denominator factor. We will be able to maintain that EBITDA margin.”
Kuldip Singh Rathee, page 7 of the filed PDF · View the filing
Bikaner solar plant commissioning — 11.55 megawatt plant commissioned · Q2 FY27
stated firmly by Kuldip Singh Rathee
p. 4
“Our second captive solar plant of 11.55 megawatt in Bikaner, Rajasthan is progressing well and is expected to be commissioned in Q2 FY27, this reflects ASK's special focus on green energy.”
Kuldip Singh Rathee, page 4 of the filed PDF · View the filing
EBITDA margin improvement — subsequent quarters
stated as an aspiration by Kuldip Singh Rathee
p. 5
“Our aim is to sustain current level of EBITDA margins and continue our efforts to improve gradually in the subsequent quarters, depending upon the growth of the two-wheeler industry and geopolitical environment.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Cable JV (GTD) supplies — supplies restart · H2
stated firmly by Kuldip Singh Rathee
p. 10
“GTD cable holding, the production has come out and to the system suppliers have audited the plant and the supplies again will start in H2.”
Kuldip Singh Rathee, page 10 of the filed PDF · View the filing
Sunroof supplies — supplies start · H2
stated firmly by Kuldip Singh Rathee
p. 11
“Yes, very much on track. The plant has been audited by the sunroof system suppliers and I think again the same time H2, all the previous ventures shall bring fruit, and the supplies will start.”
Kuldip Singh Rathee, page 11 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.
Management said aluminium prices rose sharply in March, causing a conscious loss of Rs 5 Cr that could not be passed on immediately, but this was corrected from April onwards.
Answered by Kuldip Singh Rathee
Asked by Ankit: Was there any margin deficiency beyond the 80 bps alloy price pass-through impact in Q4 FY26?
p. 6
“There was a conscious loss by us of Rs. 5 Cr because every day we cannot increase the prices and the prices were rising actually every day.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Bangalore reached 90% capacity utilization while Karoli was at 65%, expected to rise with alloy wheel supplies to a Japanese customer starting in H2.
Answered by Kuldip Singh Rathee
Asked by Ankit: What was the utilization at the Bangalore and Karoli plants?
p. 6
“The alloy wheel supplies to the Japanese customer in the beginning of the H2, so this current year you'll see much higher capacity utilization in the Karoli plant also.”
Kuldip Singh Rathee, page 6 of the filed PDF · View the filing
Management said OEM customers are continuing original production schedules and the company expects to maintain its EBITDA margin in absolute terms despite denominator effects from aluminium prices.
Answered by Kuldip Singh Rathee
Asked by Nitin Agarwal: What is the outlook for FY27 two-wheeler industry volume growth and margins given the denominator impact from aluminium prices?
p. 7
“Overall we achieved EBITDA margin of 13.1% and except for the denominator factor. We will be able to maintain that EBITDA margin.”
Kuldip Singh Rathee, page 7 of the filed PDF · View the filing
Management attributed the growth to the GST rate cut from 28% to 18%, allowing the company to capture share from grey market operators, and expects continued growth this year.
Answered by Kuldip Singh Rathee
Asked by Rahul Kumar: What drove the 25% growth in the independent aftermarket segment in FY26 and what is the outlook for FY27?
p. 7
“As soon as it was revised, our sales in the independent aftermarket shot up because we could snatch some share of the gray market operators and the duplicators from the in the aftermarket.”
Kuldip Singh Rathee, page 7 of the filed PDF · View the filing
Management said there had been no production disruption and customer orders remained robust.
Answered by Kuldip Singh Rathee
Asked by Mrunmayee Jogalekar: Have there been any production disruptions in Q1 so far?
p. 8
“No, we have not faced any disruption in the production side. Even the even the orders from the customers are also robust.”
Kuldip Singh Rathee, page 8 of the filed PDF · View the filing
The CFO attributed it to a sudden increase in aluminium prices in March that increased receivables before pricing could be passed through to customers.
Answered by Naresh Kumar
Asked by Yash Agarwal: Why was working capital negative in FY26?
p. 10
“This is due to sudden increase in aluminium prices in the month of March and the impact is on the balance sheet date.”
Naresh Kumar, page 10 of the filed PDF · View the filing
Management said the EV segment is growing in single digits for both the company and industry, with one major customer (Ola) growing less, offset by gains with other customers.
Answered by Kuldip Singh Rathee
Asked by Rishi Kapadia: How is the two-wheeler EV segment revenue trending versus industry EV volume growth?
p. 10
“Our one of the major customers has grown less in this last year, which is Ola, that was our quite a major customer.”
Kuldip Singh Rathee, page 10 of the filed PDF · View the filing
Management attributed outperformance to the company's long track record of outgrowing the industry.
Answered by Kuldip Singh Rathee
Asked by Sahil Sanghvi: What is driving the 35% growth this quarter beyond the aluminium price pass-through?
p. 11
“Mr. Sahil, that's with the God's grace, that's the track record of the company that for last 30 years we've been outperforming the industry.”
Kuldip Singh Rathee, page 11 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in West Asia disrupting supply chains and commodity prices
p. 3
“After 28th February, 2026, geopolitical conflict in West Asia has disrupted the global economy, posing an unprecedented challenge in supply chain, creating undue volatility in energy, commodity and currency across the globe and it has started affecting Indian economy as well.”
Kuldip Singh Rathee, page 3 of the filed PDF · View the filing
Sharp increase in aluminium alloy prices affecting margins
p. 3
“The phenomenal increase in aluminium alloy prices in particular have affected our industry.”
Kuldip Singh Rathee, page 3 of the filed PDF · View the filing
Export underperformance due to trade disruptions
p. 5
“Our revenue from exports were at Rs. 141 Cr in FY26 against Rs. 147 Cr last year because of the trade disruptions due to higher tariff rates, geopolitical tensions, supply chain issues, logistic costs and other bottlenecks.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Increase in minimum wages by state governments creating input cost pressure
p. 5
“Recent developments in geopolitical scenario and significant increase in minimum wages by some of the state governments has created an input cost pressure on the industry.”
Kuldip Singh Rathee, page 5 of the filed PDF · View the filing
Deficient monsoon could affect agriculture income and two-wheeler demand
p. 9
“This monsoon if it is deficient, it certainly affects the agriculture income, that everyone knows.”
Kuldip Singh Rathee, page 9 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.