CIE Automotive India (532756) Q4 2025 earnings summary

Executive summary

• Q4 CY 2025 consolidated sales rose 15% year-over-year to INR 23.3 billion, with India contributing 65% and Europe/Mexico 35%.

• Full-year CY 2025 consolidated sales grew 6% to INR 91.2 billion, with PAT stable at INR 8.3 billion despite exceptional costs.

• EBITDA for the year was INR 14,637 Mn, down 2% year-over-year, with margins impacted by one-off labor code and restructuring costs.

• Indian operations showed robust volume and margin stability, offsetting weaker European performance.

• Audited standalone and consolidated financial results for the year ended 31 December 2025 were approved with unmodified audit opinions.

Financial highlights

• Q4 CY2025 consolidated sales rose 15% year-over-year to INR 23,258 Mn; EBITDA margin at 15.4%.

• India Q4 sales up 12% year-over-year to INR 15.4 billion; EBITDA margin at 16.8% (adjusted 17.9% excluding one-offs).

• Europe Q4 sales up 21% year-over-year to INR 7.8 billion (real growth 4% in euros); EBITDA margin at 12.7% (adjusted >15% excluding restructuring).

• Full-year CY 2025 India sales up 8%, EBITDA up 4%, PAT up 6%; Europe sales up 2% (down 6% in euros), EBITDA down 14%, PAT down 13%.

• Consolidated revenue from operations for FY2025 was INR 94,064.74 million, up from INR 89,640.67 million year-over-year.

Outlook and guidance

• Management expects continued sales growth in India, supported by new order wins, capacity expansions, and positive industry momentum.

• CY26 expected to be strong across segments, with GST cuts and production growth forecasts for light vehicles (7.4%) and MHCVs (5.3%).

• European outlook remains cautious due to EV transition uncertainty and Chinese competition; focus is on margin protection and operational adaptation.

• The company continues to monitor regulatory changes, including new labour codes, and will adjust accounting as needed.