Sharda Motor Industries (535602) Q2 26/27 earnings summary

Executive summary

• Q2 and H1 FY27 unaudited standalone and consolidated results approved; auditors issued unmodified review conclusions.

• Consolidated Q2 FY27 revenue was ₹1,21,122.45 lakh, EBITDA ₹125.7 crore and net profit ₹9,944.40 lakh.

• P. Kaniappan appointed Additional Non-Executive Independent Director from Nov. 12, 2026, for three years, subject to shareholder approval.

• Operations span emission systems, lightweighting, global business and supply chain management, supported by 9 manufacturing facilities and 120+ R&D personnel.

Financial highlights

• Consolidated Q2 revenue was ₹1,21,122.45 lakh versus ₹78,720.92 lakh; H1 revenue was ₹2,22,229.13 lakh versus ₹1,77,519.44 lakh, up 54% and 44% YoY, respectively.

• Q2 EBITDA was ₹125.7 crore, up 24% YoY; H1 EBITDA was ₹229.0 crore, up 15% YoY.

• Consolidated Q2 net profit was ₹9,944.40 lakh versus ₹7,469.45 lakh; H1 net profit was ₹18,597.20 lakh versus ₹17,463.40 lakh. Standalone Q2 and H1 net profit was ₹9,764.27 lakh and ₹18,342.68 lakh, respectively.

• Q2 consolidated EPS was ₹17.32 versus ₹13.01; H1 EPS was ₹32.39 versus ₹30.42. Standalone EPS was ₹17.01 for Q2 and ₹31.95 for H1.

• Q2 gross margin was 19.2%, EBITDA margin 10.4% and EBIT margin 10.8%, versus 24.8%, 12.8% and 13.2%, respectively, in Q2 FY26.

Outlook and guidance

• Lightweighting targets increasing content per vehicle to ₹6,000–₹18,000 from ₹2,000–₹8,000, including subframes and torsion beams.

• Growth priorities include scaling lightweighting, exports to Europe and the US, domestic adjacencies, and powertrain-agnostic acquisitions or alliances.

• BS7 may increase content per engine, subject to final regulations and OEM requirements; opportunities also span CV, tractor and genset emissions.