News: On standalone basis, for Q1FY25, Net sales came in at ₹1,025 crore (down 2% YoY). EBITDA for the quarter stood at ₹114 crore with corresponding margins at 11.1% (up 70 bps QoQ). PAT for Q1FY25 came in at ₹46.2 crore (down 3% YoY).
Views: The company’s performance on the topline front falls short of our expectations. PAT declined on YoY basis for the quarter despite improvement in margins is primarily due to higher interest and depreciation charge post recent acquisition and brownfield expansion. We await management commentary on growth journey going forward. At the CMP, as of FY26 numbers, the stock trades inexpensive at ~13x P/E with ~15% Return ratios profile and EV agnostic product profile (amid increasing share of alloy wheel business).
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