Sazgar Engineering Works (SAZEW) Q1 2026 earnings summary

Executive summary

• Q1 FY26 net sales reached a period record of Rs 33,824.59M despite absorbing the NEV levy on HAVAL and BAIC models effective July 1, 2025.

• First HAVAL H6 PHEV launched in August 2025; market response was encouraging.

Financial highlights

• Net sales Rs 33,824.59M vs Rs 26,331.99M YoY; gross profit Rs 8,521.43M vs Rs 7,620.64M.

• Profit before taxation Rs 7,243.25M vs Rs 6,615.05M; net profit Rs 4,417.01M vs Rs 4,217.47M.

• Operating profit Rs 6,808.75M vs Rs 6,269.58M; other income Rs 513.72M and finance cost Rs 79.23M in Q1 FY26.

Outlook and guidance

• FY26 auto-sector demand is expected to remain stable and grow; potential headwinds include new taxes, used-car import relaxation, tariff changes and NEV policies.

• NEV focus, including the HAVAL H6 PHEV launch, is expected to support sustained growth and a stronger market position.

• Three-wheelers hold category market leadership and are expected to contribute to future sales and profitability.