Sazgar Engineering Works (SAZEW) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 and 9M results accelerated sharply: 9M net sales reached Rs 81.43bn, net profit Rs 12.85bn and EPS Rs 212.67.

• 9M four-wheeler sales were Rs 73.39bn, three-wheelers Rs 7.47bn and tractor wheel rims Rs 0.57bn.

Financial highlights

• Q3 net sales Rs 36.74bn vs Rs 20.05bn YoY; gross profit Rs 11.97bn vs Rs 5.81bn; pre-tax profit Rs 10.20bn vs Rs 4.99bn.

• Q3 net profit Rs 6.23bn vs Rs 3.03bn YoY; EPS Rs 103.06 vs Rs 50.20.

• 9M net sales Rs 81.43bn vs Rs 34.58bn; gross profit Rs 24.80bn vs Rs 8.93bn; pre-tax profit Rs 21.04bn vs Rs 7.34bn.

• 9M net profit Rs 12.85bn vs Rs 4.45bn YoY; EPS Rs 212.67 vs Rs 73.59.

Outlook and guidance

• First CKD NEV model rollout is now targeted before March 31, 2026, delayed from the prior December 31, 2025 target.

• Lower interest rates, reduced inflation and expected IMF facility disbursements are viewed as supportive of vehicle demand, industrial activity and currency stability.

• Continued growth in sales is expected alongside rising customer confidence and vehicle demand; no quantified earnings guidance was stated.