The call ran from 3:47 PM to 4:49 PM IST (1 h 2 min).

Key takeaways

Consolidated revenue rose 28.2% and EBITA 23.2%, with margins slightly squeezed by aluminium and INR-EUR. PAT grew 18.5%, helped by a ₹130 Cr exceptional credit. Management guides a modest H2.

Highlights
Revenue growth	Consolidated revenue +28.2% YoY; standalone +28.6%; RBIC consolidated first time.
Margins	Consolidated EBITA margin ~13.5%, ~55bps lower YoY; RBIC ~15.6% vs FY26 18%+.
Order book	RBIC 'overbooked' on capacity; no order book figures disclosed.
Demand visibility	H2 seen modest; Q3 flat-to-modest vs high base; tractors weak.
Management confidence	Balanced: confident on margins, hedged on pass-through and H2 outlook.

Growth

Consolidated revenue +28.2% includes RBIC for the first time. Standalone +28.6% is the cleaner read. Festive demand and a low base helped.

Outlook

Q3 FY27 flat to modest growth against a high base. H2 described as modest. No quantified FY27 guidance.

Risks

Cost pass-through is not assured at 100%. Aluminium and INR-EUR headwinds persist. H2 is guided modest, and the ₹130 Cr exceptional credit flatters PAT.

Last quarter's promises, checked

Delivered

Guided Chassis consolidated results from next qtr → RBIC consolidated first time (= BEAT; RBIC-Chassis link assumed)

Partly delivered

Guided sustained ~14% EBITDA margin (₹8,180 Mn on ₹58,419 Mn) → consolidated EBITA ~13.5%, ~55bps lower YoY (= PARTIAL; metrics differ)

Missed

Guided JV order-book update in one qtr → no order-book figures disclosed (= MISS)
Guided positive trend into next qtr → H2 guided modest (= MISS)
Guided EV revenue to be updated 'as quarters go by' → EV revenue deflected, no figure (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 7:18 PM IST. Open it on ALFA Filings ›