Sharda Motor Industries (535602) Q4 24/25 earnings summary

Executive summary

• FY25 revenue rose 1%, gross profit increased 11%, EBITDA grew 9.7% and PAT increased 5%; gross profit growth outpaced a broadly flat blended industry backdrop.

• Growth priorities include lightweighting, exports, emission-control products and adjacent markets, with new orders and production starts planned during FY26.

Financial highlights

• Consolidated revenue was ₹749.85 crore in Q4 FY25, up 6.6% YoY, and ₹2,836.57 crore for FY25, up 1%.

• Gross profit was ₹191.18 crore in Q4 FY25, up over 4% YoY, and ₹740.32 crore for FY25, up 11%; FY25 gross margin was 26.1% versus 23.7%.

• EBITDA was ₹100.79 crore in Q4 FY25, up 1.4% YoY, and ₹396.37 crore for FY25, up 9.7%; FY25 PAT was ₹314.92 crore, up 5%.

• Consolidated PBT, including share of JV and associate profits, was ₹100.63 crore for Q4 FY25 and ₹419.97 crore for FY25; Q4 PAT was ₹83.94 crore.

• Consolidated assets were ₹1,756.9 crore at Mar-25 and cash and equivalents were ₹198.9 crore.

Outlook and guidance

• Four announced or emerging orders carry annual values of $3.5M–$7M and lifetime values of $17.5M–$40M, with production starts scheduled from Q3 to Q4 FY26.

• FY26 catalysts include lightweighting programs, Chakan Plant III, temperature-controlled tubes from Q3, exports from Q4 and a commercial-vehicle emissions export award entering production in Q4.

• TREM V remains scheduled for 1 April 2026; nearly all targeted orders have been received, though timing remains subject to government-industry discussions.

• BS7 is expected to increase content per engine and support consolidation; the quantum of content gains depends on Indian OEM adoption and remains too early to estimate.

• Priorities include growing control-arm and axle-assembly share, lightweighting content per vehicle, exports, technical alliances/JVs and acquisitions in powertrain-agnostic or adjacent markets.