Sharda Motor Industries (535602) Q3 24/25 earnings summary

Executive summary

• Q3 consolidated operating revenue was ₹68,999.47 lakh vs ₹68,911.64 lakh YoY; net profit was ₹7,543.50 lakh vs ₹7,597.17 lakh. 9M net profit rose 9% to ₹23,097.66 lakh.

• 9M EBITDA margin expanded to 14.2% from 12.4%, supported by 14% gross profit growth despite slightly lower revenue.

• Growth priorities include exports, lightweighting, emissions adjacencies and powertrain-agnostic products, with selective M&A and partnerships.

Financial highlights

• Q3 gross profit was ₹181.0 crore, up 5% YoY; EBITDA was ₹94.5 crore, flat YoY.

• 9M EBITDA rose 13% to ₹295.6 crore; EBIT increased 10% to ₹309.8 crore and PBT increased 10% to ₹309.3 crore.

• 9M PAT was ₹231.0 crore, up 9% YoY; total comprehensive income increased 9% to ₹230.8 crore.

• Consolidated Q3 EPS was ₹25.63 vs ₹25.55 YoY; 9M EPS was ₹78.92 vs ₹71.07.

Outlook and guidance

• FY26 additions include temperature-control pipes from mid-Q2, Pune suspension control arms, new-program revenue from Q3, and export CV components from Jan 2026.

• TREM V is notified for Apr 1, 2026, subject to government timing changes; most business has been awarded and LOIs are in hand.

• New programs are expected to support growth ahead of the industry; firm segment growth targets and timing remain difficult to forecast.

• Gross CapEx is expected at ₹50–60 crore annually, potentially higher this year and early next year for the new plant; major wins or inorganic opportunities could add to this.