Sharda Motor Industries (535602) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue was ₹881.55 crore, up 28% YoY; EBITDA rose 13% to ₹106.4 crore, with a 12.1% margin.

• 9M FY26 revenue grew 16% to ₹2,425 crore; lightweighting, suspension and export wins build a multi-year pipeline as programs enter production.

Financial highlights

• Q3 gross profit was ₹202.3 crore, up 12% YoY; gross margin declined to 22.9% from 26.2%.

• Q3 consolidated profit for the period was ₹8,022.87 lakh; 9M consolidated profit was ₹25,598.41 lakh versus ₹23,097.66 lakh.

• 9M gross profit rose 7% to ₹586.7 crore; EBITDA grew 3% to ₹305.9 crore.

• 9M PBT was ₹339.1 crore, including a ₹22.4 crore gain on sale of land and building.

Outlook and guidance

• Management expects firm Q4 FY26 demand, supported by a healthy order pipeline, year-end sales activity and earlier rate cuts flowing through to lending rates.

• New lightweighting and global-business programs are expected to support growth above industry levels as SOPs begin across FY26–FY28; no quantified growth guidance was given.

• Suspension growth is expected to accelerate in FY27–FY28 as programs ramp; export RFQs are healthy, with further customer additions expected.

• Haridwar unit commercial production is expected by July 2026, subject to approvals; CEV temperature-control pipe volumes are expected to ramp from Q4 FY26.