NDR Auto Components Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript NDR Auto Components Ltd filed with BSE on 18 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
NDR Auto Components reported Q4 FY26 total income of INR229.89 crore, up 19% year-on-year, with EBITDA margins at 11.90%, described by management as the highest ever for the company. Full year FY26 total income was INR825.45 crore, up 15%, with PAT growing 16% to INR61.94 crore. Management highlighted an order book of INR650 crore as of March 31, 2026, the highest in the company's history, driven largely by new orders from Maruti Suzuki.
Numbers mentioned
Total income: INR229.89 crore (Q4 FY26)
p. 2
“For Q4 FY26, our total income stood at INR229.89 crore, a growth of 19% Y-on-Y.”
Pranav Relan, page 2 of the filed PDF · View the filing
EBITDA: INR27.36 crore (Q4 FY26)
p. 2
“EBITDA for the quarter was INR27.36 crore, a growth of 25% year-on-year, with EBITDA margins at 11.90%.”
Pranav Relan, page 2 of the filed PDF · View the filing
PAT: INR18.45 crore (Q4 FY26)
p. 2
“PAT stood at INR18.45 crore.”
Pranav Relan, page 2 of the filed PDF · View the filing
Total income: INR825.45 crore (FY26)
p. 2
“For the full year, total income stood at INR825.45 crore, a growth of 15%.”
Pranav Relan, page 2 of the filed PDF · View the filing
EBITDA margin: 11.34% (FY26)
p. 2
“EBITDA was INR93.57 crore with margins of 11.34%.”
Pranav Relan, page 2 of the filed PDF · View the filing
PAT: INR61.94 crore (FY26)
p. 2
“PAT improved 16% to INR61.94 crore for the full year.”
Pranav Relan, page 2 of the filed PDF · View the filing
ROCE: 36.22% (as on March 31, 2026)
p. 2
“Our ROCE employed continues to be strong, standing at 36.22% as on March 31, 2026, not considering the ROU, surplus cash & land in Kharkhoda and Aurangabad, which we will utilize towards the expansion of our operations.”
Pranav Relan, page 2 of the filed PDF · View the filing
Order book: INR650 crore (as on 31st March 2026)
p. 3
“Our order book as on 31st March 2026 stood at INR650 crore, which also is the highest in the history of NDR Auto Components.”
Pranav Relan, page 3 of the filed PDF · View the filing
Operating cash flow: INR37.12 crore (FY26)
p. 5
“We do not have a negative operating cashflow. There is a positive operating cashflow of 37.12 cr.”
Pranav Relan, page 5 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.
Bharat Seats revenue target — INR3,500 crore · FY30
stated as an aspiration by Pranav Relan
p. 7
“Bharat Seats maybe you can take a INR3,500 crore guidance by FY30.”
Pranav Relan, page 7 of the filed PDF · View the filing
NDR Auto revenue target — INR3,000 crore · by 2030
stated firmly by Pranav Relan
p. 12
“Yes, that is for NDR.”
Pranav Relan, page 12 of the filed PDF · View the filing
Capex for the year — INR30 to INR40 crore · current financial year
stated firmly by Pranav Relan
p. 8
“So, this year we are going to do all the projects and apart from that, we should be doing another INR30 to INR40 crore of capex.”
Pranav Relan, page 8 of the filed PDF · View the filing
Ambient lighting revenue — INR10 to INR20 crore
stated firmly by Pranav Relan
p. 8
“The two ambient lighting orders that we have got are relatively small orders. The top line should be anything between INR10 and INR20 crore for both.”
Pranav Relan, page 8 of the filed PDF · View the filing
EBITDA margin — similar to current levels
stated firmly by Pranav Relan
p. 4
“So, gross margin should be similar and all our commodities tend to be indexed.”
Pranav Relan, page 4 of the filed PDF · View the filing
EBITDA margin sustainability — 11.50%
stated firmly by Pranav Relan
p. 4
“Yes, that is sustainable.”
Pranav Relan, page 4 of the filed PDF · View the filing
Additional capex for new order book — INR40 to INR50 crore
stated firmly by Pranav Relan
p. 8
“In addition to that, we are going to do another INR40 to INR50 crore to execute our new order book.”
Pranav Relan, page 8 of the filed PDF · View the filing
Revenue growth next year — FY27
stated as an aspiration by Pranav Relan
p. 12
“Yes, there should be some growth next year. We do not have exact numbers, we will have to share them.”
Pranav Relan, page 12 of the filed PDF · View the filing
Premiumization content increase — 40%-50% · next 5 years
stated as an aspiration by Pranav Relan
p. 6
“It goes model to model, but it should increase by about maybe 40% - 50% in the next 5 years.”
Pranav Relan, page 6 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.
New models won from Maruti Suzuki drove the increase, while eVitara was removed from the order book as it started production.
Answered by Pranav Relan
Asked by Anubhav Mukherjee: What led to the sequential increase in order book from INR450 crore to INR650 crore?
p. 3
“So, we have got new models from Maruti Suzuki which has led to an increase in our order book.”
Pranav Relan, page 3 of the filed PDF · View the filing
Operational issues caused a two month delay.
Answered by Pranav Relan
Asked by Anubhav Mukherjee: Why was the Hayashi JV production start delayed from April to June?
p. 3
“It is basically because of some operational issues that we have delayed it by two months.”
Pranav Relan, page 3 of the filed PDF · View the filing
Management said margins should hold as commodities are indexed and gross margin is not expected to be significantly impacted.
Answered by Pranav Relan
Asked by Jatin Chawla: Is the current gross margin sustainable given rising commodity prices?
p. 4
“So, gross margin should be similar and all our commodities tend to be indexed. So, there should not be too much difference in our gross margin.”
Pranav Relan, page 4 of the filed PDF · View the filing
Yes, the entire increase came from Maruti Suzuki.
Answered by Pranav Relan
Asked by Jatin Chawla: Is the INR200 crore order book increase entirely from Maruti?
p. 4
“So, the entire INR200 crore is from Maruti Suzuki.”
Pranav Relan, page 4 of the filed PDF · View the filing
Management clarified there was actually a positive operating cash flow, and cash outflows for the Delhi office and subsidiaries should normalize.
Answered by Pranav Relan
Asked by Romil: Was there a negative operating cash flow, and will it normalize?
p. 5
“We do not have a negative operating cashflow. There is a positive operating cashflow of 37.12 cr.”
Pranav Relan, page 5 of the filed PDF · View the filing
Management said the seat industry is going through a premiumization phase with more artificial leather, power seats and ventilated seats, leading to significant premiumization.
Answered by Pranav Relan
Asked by Manish Gupta: Does premiumization in the industry increase content per vehicle for NDR?
p. 6
“So seat is going through premiumization phase. If you can see the difference, there is a lot of artificial leather that is coming in, power seats are coming in, ventilated seats are coming in.”
Pranav Relan, page 6 of the filed PDF · View the filing
Management said current revenue is about INR830-850 crore, the order book will add INR650 crore more, with programs lasting 7 to 8 years.
Answered by Pranav Relan
Asked by Saket Kapoor: What does the INR650 crore order book represent in terms of revenue execution timeline?
p. 8
“Our current revenue is about INR830 crore, INR850 crore. This order book will add another INR650 crore to our revenue and then those programs will last for another 7 to 8 years.”
Pranav Relan, page 8 of the filed PDF · View the filing
The transferred shade business was about INR20 crore in revenue, and the JV shareholding is 50-50.
Answered by Pranav Relan
Asked by Kush Nahar: How much revenue was generated from the sunshade business transferred to the JV, and what is the JV stake?
p. 9
“The shade business that we transferred to the JV is about INR20 crore and the shareholding of the joint venture is 50-50.”
Pranav Relan, page 9 of the filed PDF · View the filing
Management confirmed the company is gaining market share within Maruti due to performance on cost, quality and delivery, with another vendor losing share.
Answered by Pranav Relan
Asked by Anubhav: Is the INR200 crore Maruti order book increase due to market share gains?
p. 11
“Our performance, cost, quality, and delivery has been good and yes, there is someone else who has been losing some share.”
Pranav Relan, page 11 of the filed PDF · View the filing
Management said they do not give annual guidance, only a longer-term plan.
Answered by Pranav Relan
Asked by Deeya: Is there revenue and EBITDA margin guidance for FY27?
p. 11
“We do not give annual guidance. We have given a four-year, five-year long-term plan guidance.”
Pranav Relan, page 11 of the filed PDF · View the filing
Risks flagged
Operational issues delayed the Hayashi JV production start by two months
p. 3
“It is basically because of some operational issues that we have delayed it by two months.”
Pranav Relan, page 3 of the filed PDF · View the filing
New product lines will carry startup costs that could affect margins
p. 5
“So, let us stick to the current margin for the moment because there will be some startup costs that is going to come in.”
Pranav Relan, page 5 of the filed PDF · View the filing
Program delays and ramp-up uncertainty prevent giving next year's revenue guidance
p. 12
“Yes, so for next year we do not want to share a current guidance because some programs get delayed and how ramp-ups happen.”
Pranav Relan, page 12 of the filed PDF · View the filing
Increase in MSME vendor payables and cash outflows reduced free cash flow
p. 5
“Also, we have paid about INR12 crore for our Delhi office. We have also paid INR6 crore to support our subsidiaries. And then we have also had an increase in MSME vendor.”
Pranav Relan, page 5 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.