ASK Automotive (ASKAUTOLTD) Q2 26/27 earnings summary

Executive summary

• Q2 was the 12th consecutive quarter of robust performance, with record quarterly revenue, EBITDA and PAT; H1 also delivered strong growth.

• Q2 consolidated revenue was ₹1,555.16 crore, up 49.8%; net revenue grew 29.5% excluding alloy-price pass-through and Wheel Assembly reduction.

• H1 consolidated revenue was ₹2,913.27 crore, up 49.8%; net revenue grew 27.6% excluding alloy-price pass-through and Wheel Assembly reduction.

Financial highlights

• Q2 EBITDA was ₹184.6 crore, up 30.0%, and PAT was ₹101.56 crore, up 27.3%; EPS was ₹5.15 versus ₹4.05.

• H1 EBITDA was ₹348.2 crore, up 31.3%, and PAT was ₹186.68 crore, up 28.0%; EPS was ₹9.47 versus ₹7.40.

• Standalone Q2 revenue and PAT were ₹1,084.03 crore and ₹63.07 crore; H1 revenue and PAT were ₹2,070.58 crore and ₹124.53 crore.

• EBITDA growth was supported by higher volumes, scale benefits and capacity utilization at Karoli and the new Bengaluru facility.

Outlook and guidance

• FY 2027 net revenue growth is expected in the high teens; full-year commitments remain on track despite a higher post-GST 2.0 comparison base in Q3-Q4.

• Export revenue is expected to exceed the INR 180 prior guidance, with exports projected to grow more than 25% YoY on average; geopolitical uncertainty tempers confidence.

• HPDC alloy-wheel sales to the Japanese customer are expected at INR 80 this year and INR 240 next year; another Indian OEM opportunity is in final safety testing.

• FY 2027 CapEx budget is INR 700, with INR 500 planned next year; priorities include EV exposure, product diversification, exports, R&D and aftermarket expansion.