CIE Automotive India (532756) Q3 2026 earnings summary

Executive summary

• Q3 performance reflected strong Indian growth and European margin recovery, offset by weaker European sales.

• 9M CY2026 consolidated Sales rose 12% YoY to INR 76,427M; PAT grew 17% to INR 7,287M.

Financial highlights

• Q3 consolidated Sales were INR 25,585M, up 11% YoY; EBITDA rose 11% to INR 4,178M and EBIT rose 14% to INR 3,249M.

• Q3 consolidated revenue from operations was INR 26,331.80M versus INR 23,718.44M YoY; profit for the period was INR 2,436.86M versus INR 2,139.38M.

• 9M consolidated EBITDA rose 15% to INR 12,664M, EBIT rose 17% to INR 9,820M and EBT rose 16% to INR 9,614M.

• 9M consolidated revenue from operations was INR 78,656.83M versus INR 70,134.76M; profit for the period was INR 7,286.67M versus INR 6,238.67M.

• Standalone 9M revenue was INR 40,626.87M and PAT was INR 5,359.14M, versus INR 36,220.75M and INR 4,833.52M YoY.

Outlook and guidance

• India Q4 market estimates: Light Vehicles -0.5%, Two Wheelers +5–7%, Tractors -3% to -7%; MHCV volumes expected below earlier estimates.

• Europe market estimates: Light Vehicles -2.2% in Q4 and -3.9% in Q1 CY2027; MHCVs +0.5% in Q4 and +6.8% in Q1 CY2027.

• India growth is expected to moderate as the GST-cut boost fades; other segments should remain reasonably healthy, with tractors weaker.

• The delayed Ford foundry program began deliveries in October; the Urse plant is expected to be fully booked after ramp-up by mid-2027.

• Europe is expected to remain flat in the near term; non-raw-material cost pass-through agreements were expected across customers by year-end.