Sona Comstar Q2 FY27 Earnings Call Transcript Released
Sona Comstar reported highest ever revenue, EBITDA, and PAT in Q2 FY27, with revenue up 35% YoY to ₹1,546 crore. EV business grew 129% YoY, contributing over 50% of automotive revenue. The company secured significant new orders and commercialized 3 new products. JV1 with Denso targeted for closure by December 2026, JV2 by H1 CY27.
The announcement details record financial results, substantial growth in a key segment (EVs), and strategic advancements like new product launches and JV progress, which are material to investors.
The company reported record financial performance, strong growth in its EV segment, significant new order wins, and successful commercialization of new products, indicating a positive business outlook.
Sona BLW Precision Forgings Limited (Sona Comstar) has released the transcript of its earnings call held on October 26, 2026, pertaining to the financial results for the quarter and half-year ended September 30, 2026. The transcript is available on the company's website.
During the call, the management highlighted that Q2 FY27 was a strong quarter, with the company achieving its highest ever revenue, EBITDA, and PAT. The Electric Vehicle (EV) business also reached an all-time high, contributing over half of the automotive revenue for the first time. Sona Comstar commercialized three new products, the highest in a single quarter, and recorded its third-highest order additions. The company reiterated its ambition to grow 10x over 10 years under its Sona Comstar 2.0 vision.
Challenges mentioned included margin pressure due to a change in product mix, with traction motor demand significantly exceeding expectations, and continued inflation impacting raw material and freight costs. However, strong growth and operating leverage helped absorb these pressures.
The company reported a 35% year-on-year revenue growth to ₹1,546 crore for the quarter, with EBITDA increasing by 23% to ₹356 crore and Profit After Tax (PAT) growing by 29% to ₹223 crore. For the first half of FY27, revenue grew by 43% to ₹2,857 crore, EBITDA by 34% to ₹659 crore, and PAT by 36% to ₹404 crore. Free cash flow from operations for H1 FY27 was ₹594 crore, with ₹446 crore in free cash flows after capex.
Strategic priorities are being broadened from electrification to EPIC mobility (Electric, Personalized, Intelligent, and Connected solutions). The company secured significant order wins across various product categories, including a new helical limited slip differential, a rear radar sensor for two-wheelers, and an integrated motor controller. The company also won new ICE programs, including entry into differential assembly for ICE passenger cars.
Eastern markets now contribute approximately two-thirds of Sona Comstar's revenue, a significant shift from one-third two years ago. The EV driveline business grew by 129% year-on-year, with BEVs contributing 51% of automotive product sales in Q2 FY27. The company is also progressing with Joint Ventures (JVs) with Denso, targeting closure of JV1 by end of December 2026 and JV2 in the first half of calendar year 2027.
Management expressed confidence in maintaining EBITDA margins in the 23-25% range, despite current inflationary pressures and product mix changes, citing strong engineering capabilities and a focus on acquiring capabilities rather than just capacity through M&A.
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