Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Pranav Relan — Wholetime Director
Analysts:
Unidentified Participant
Rishab Barar — Analyst
Jatin Chawla — Analyst
Vijay — Analyst
Sahil Sharma — Analyst
Manish Gupta — Analyst
Jatin Chawla — Analyst
Anubhav — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to ndr Auto Components Q3 and 9M F526 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star. Ladies and gentlemen, good day and welcome to ndr Auto Components Q3 and 9M F526 earnings conference call. As a reminder, all participant lines should be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone four. Please note that this conference is being recorded. I now hand the conference over to Mr. Rishabh Bharar, CDR India. Thank you. And over to you, Mr. Bharar.
Rishab Barar — Analyst
Good day everyone and a warm welcome to all of you participating in the Q3 and 9 months FY26 earnings conference call of NDR Auto Components Limited. We have with us today on the call Mr. Pranav Rilan, Whole Time Director, Mr. Vikram Krishan Rathi, CFO and Vice President. Mr. Rakesh Rustagi, GM Finance and Accounts and Mr. Rajat Bhandari, Executive Director and Company Secretary along with other members of the senior management team. Before we begin, I would like to mention that some statements made in today’s discussion may be forward looking in nature and are subject to risks and uncertainties.
A statement in this regard is available in the Q3 and 9 months FY26 earnings presentation shared with you earlier. We will start this call with opening remarks from the management following which we will have an interactive question and answer session. I now request Mr. Pranav Relan to share some perspectives with you with regard to the operations and outlook for the business. Over to you, sir.
Pranav Relan — Wholetime Director
Good day everyone and a warm welcome to our Q3FY26 earnings conference call. Thank you for joining us today. Let me begin by briefly touching upon our financial performance for the quarter under review. For Q3FY26, our total income stood at rupees 208.99 crores registering a growth of 19% year on year. EBITDA for the quarter was 23.37 crores with EBITDA margins at 11.18% and PAT stood at rupees 15.19 crores. For the nine months ended December 2025, total income stood at 595.56 crores. A growth of 14%. EBITDA was at rupees 66.41 crore with margins of 11.15% and FY26 stood at rupees 43.64 crores.
Our pads for the period under review are impacted by 0.65 crores due to the new labour codes. We continue to make strong progress with all our OEMs with both higher volumes as well as increasing the number of models we work with. Our order book as of 12-31-2025 stood at rupees 450 crores providing strong medium term revenue visibility and underlining the confidence OEM continues to place in our capabilities. Our CAPEX plan towards the establishment of backend infrastructure for our new product offerings, namely seat insert, seat trims and frames, ambient lighting, sunshades, seat latches and seat belt reminder remains on track.
Our emphasis continues to be on expanding the content per vehicle we offer and continue to bring to the market disruptive and value added offerings. The reduction in GST on cars has played a significant role in improving affordability. It has translated to an increase in volumes for OEMs which in turn is a positive for the auto component sector too. On our part, we are well prepared to leverage the significant opportunities we foresee. We have adequate land available for expansion, 26 acres at Aurangabad and 9 acres at Kharkoda which would help reduce our costs towards setting up or expanding capacities.
We remain confident in continuing to deliver strong profitable growth and creating value for our stakeholders. We will now be happy to take your questions.
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Jatin Chawla with RTL Investments. Please go ahead.
Jatin Chawla — Analyst
Yeah, hi, good afternoon and thanks for the opportunity. My first question is on your order book you said you know it’s 450 corrodes. I think on the call last time also you’d given a similar number. So are there no order wins this quarter or have you won some orders and some orders have gone into production which have been kind of taken out.
Pranav Relan — Wholetime Director
So we are currently quoting for a lot of business. There have been no new orders in the last quarter. We should update this by some next quarter. Also.
Jatin Chawla — Analyst
When I look at Maruti’s production Their numbers from September to December quarter are up by 13%. Quarter on quarter. Even for Bharat seats on a quarter on quarter basis, the revenue increases 7%. Why is India revenue growth kind of lagging on a quarter on quarter basis this quarter? Any specific reason?
Pranav Relan — Wholetime Director
So we don’t want to talk about specific models. But there’s a new model that Maruti has launched which has resulted in a second model not growing as much.
Jatin Chawla — Analyst
Got it, Got it. And on your PPT you said there. Is a kind of progression in key offtake. So this is with respect to Keras or the serious. How are you seeing things it in.
Pranav Relan — Wholetime Director
In the newer model that there should be some progress in the offtake.
Jatin Chawla — Analyst
Okay, Got it. Got it. Thanks a lot. I’ll go back to the key.
operator
Thank you. Next question comes to the line of Vijay with Nuama. Please go ahead.
Vijay — Analyst
Thank you for taking my question. Couple of questions. So this Maruti Suzuki new model, are you referring to the victorious models for which we are not present?
Pranav Relan — Wholetime Director
Yes, that’s correct.
Vijay — Analyst
Okay. Okay. That will be helpful. In terms of the new upcoming project expansion, can you please highlight what is our expectation from that? What is the potential revenue opportunity from each of those five project expansion?
Pranav Relan — Wholetime Director
So the order book is about 450 crores. And then there is some more business that we’re acquiring at the moment. Once we acquire new business then we’ll keep you updated.
Vijay — Analyst
I meant the slide which you have written on in the presentation. So they are five new projects on the implementations. Couple of them are going live. So one of them is going live at now April 2026 and rest of them are coming live next year. Just wanted to understand the revenue potential revenue opportunity from there.
Pranav Relan — Wholetime Director
So it’s about 450 crores that should come from there.
Pranav Relan — Wholetime Director
Okay. And so when. So this 450 crores will start converting into sales from next year onwards. Right?
Pranav Relan — Wholetime Director
So it’ll have. There’ll be some gradual ramp ups at the 450 crores will come gradually over the next two to two and a half three years.
Vijay — Analyst
Okay. So sir, will it just want to understand builder SOP or production start from the first half of FY27 or it’s mainly in the second half mostly towards.
Pranav Relan — Wholetime Director
The end of the year.
Vijay — Analyst
Okay. Okay. Okay. In terms of the visibility for 2030. So what type of our. What type of visibility we have to achieve the 3000 crore. Because our order book is still only 450 crores. Just want to understand how we expect to move from what 700 odd crores in last year currently we have done for the nine months, we have done around 600 crores. Again for this year it will go to around 800 crores. Keeping the run rate plus 450 crores, that comes at around 1300 crores. So how, what is the visibility for the 300 crores guidance?
Pranav Relan — Wholetime Director
Sure. Currently we’re acquiring a lot of new businesses. In addition to that, we’re focusing on customer product expansion. As and when it happens, we’ll keep on giving you updates. Okay?
Vijay — Analyst
Okay. Okay. Thank you.
operator
Thank you. Next question comes from the line of Vivant Mehta, which enterprises? Please go ahead.
Unidentified Participant
Yes, hi, good afternoon. I’m hoping. Audible. I just wanted to know in terms of what are our plans to sort. Of diversify our OEMs, do we want to make Ikea? And with the Toyota plant coming up. Do we see maybe by 2030 or later a point in time when Maruti isn’t as big a part of the. Business as it is today?
Pranav Relan — Wholetime Director
So we’re continuously working on expanding customers. We’ve got Maruti, we’ve got Toyota, we’ve got Kia, and we’re working on adding a few more.
Unidentified Participant
Great, thanks. That’s very reassuring. And just one more question which is. You know, slightly vague, but how closely are our margins or our business tied. To the OEM production volumes? As in when there are sort of down cycles in terms of production with OEMs, would that sort of really affect our OPMs and our margins very massively or what is the kind of pricing power essentially that we have as a.
Pranav Relan — Wholetime Director
Tier 2, tier 1 supplier? So there shouldn’t be a significant impact in our margins. It should not be more than half or 1% compared to the volume going up or down.
Unidentified Participant
Okay, great. Makes sense. Thanks a lot. Thanks.
operator
Thank you. Next question comes from the line of Sahil Sharma with Dalmas Capital Management. Please go ahead.
Sahil Sharma — Analyst
Hi, thank you for taking my question. So if you could give us the current capacity and the current capacity utilization.
Pranav Relan — Wholetime Director
So current capacity utilizations are about 80 to 85% across all our plants.
Sahil Sharma — Analyst
Okay. So I think this was the case last quarter as well. So would you capacity constraint be a factor limiting growth right now?
Pranav Relan — Wholetime Director
So as soon as we get new business, we’re open to expanding capacities.
Sahil Sharma — Analyst
So right now there’s no constraint as such.
Pranav Relan — Wholetime Director
No constraint, sure.
Sahil Sharma — Analyst
And just a question on the, you know this, the products that we supply to Maruti, so does all of it go through Marath Seats Limited or do we sell some products directly to Maruti as well?
Pranav Relan — Wholetime Director
So most of it, the seat Cover and the seat frame goes through Bharat seats. Apart from that, the shade and some of the BIW parts go directly.
Sahil Sharma — Analyst
So what would be the proportion of this shades in BIW overall?
Pranav Relan — Wholetime Director
I don’t have that offhand, but I will share that with you.
Sahil Sharma — Analyst
Okay. And what would be the revenues from two wheelers in 3Q, FY26 and nine month FY26.
Pranav Relan — Wholetime Director
The two wheelers should be about 2550 crores in the nine months.
Sahil Sharma — Analyst
Okay. And are we adding new models or customers in two wheelers right now?
Pranav Relan — Wholetime Director
That is something we’re working towards. I think our focus would be passenger vehicles at first.
Sahil Sharma — Analyst
Okay, thank you so much for answering the questions.
operator
Thank you. Next question comes from the line of Manish Gupta with Econox Investment Advisors. Please go ahead.
Manish Gupta — Analyst
Yes, a good afternoon and thank you for the opportunity. In May 2025 Concol there was discussion about the prospects of Bharat seats wherein you had shared topline vision of 3000 crores in about 3 to 5 years. Now after Bharat Sid’s strong performance in recent quarters, has the aspiration been devised upwards? The estimation should be about three to three and a half thousand crores in the next four to five years. All right. And sir, what would be the reasons for Bharat seat’s growth in terms of is it passenger vehicle growth or is it coming from railway segment? Could you share something regarding that? It’s all coming from passenger vehicle segment from Maruti Suzuki.
All right. And finally sir, would it be possible for you to have a concord for Bharat as well
Pranav Relan — Wholetime Director
? Sure. We’ll look at into that.
Manish Gupta — Analyst
All right. Thank you sir.
operator
Thank you. Next question comes from the line of Anibal with Prescient Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Pranav Relan — Wholetime Director
Yes.
Unidentified Participant
Hi Pranav. So Pranav, I have a basic question that when you are like focusing on adding new OEMs like maybe a Mahindra and Mahindra and passenger Winter. So compared to somebody like a Lear Corporation, what is our like USP Visa vist that like we can pitch effectively to M and M. Is it that we are lower cost than them or do we have some technology advantage? If you can like throw some light on that, that will be useful.
Pranav Relan — Wholetime Director
So our scale in the country should be similar. So our cost competitive should be more. So we probably go after a cheaper, better, cheaper product.
Unidentified Participant
Okay, so cost competitiveness is like the main advantage.
Pranav Relan — Wholetime Director
Yes.
Unidentified Participant
And my second question is that this JV with Hayashi that you have and you are focusing on ambient lighting. So can you share some color on like what aspect will this JB be focusing on? Will it be actually like manufacturing LED lights? Or we’d be focusing on like how the light is mounted in the interior of the car. Like if you can like give some color on that.
Pranav Relan — Wholetime Director
So it will not focus on LED lights. It will focus on the assembly of the ambient lighting and the mounting of the car.
Unidentified Participant
Okay. Okay. And will that also involve some electronic capability or is it move around like just the interiors and mountains?
Pranav Relan — Wholetime Director
It will have some electronic capability.
Unidentified Participant
Okay. Okay. And my last question is this like. Like you are supplying sheet metal and BIW parts to Jimny. So are you looking at like bidding for some more models for sheet metal and BIW parts?
Pranav Relan — Wholetime Director
So we are currently bidding for sheet metal and DIW parts for Maruti and Toyota. So when there’s an update we’ll share with you.
Unidentified Participant
I’ll come back in the queue.
operator
Thank you. Next question comes from the line of Saket Kapoor with Kampur and company. Please go ahead.
Unidentified Participant
Hello.
Pranav Relan — Wholetime Director
Yes.
Unidentified Participant
Yeah, yeah. Namaste. Thank you firstly for the opportunity and thank you for a very crips and informative presentation and we hope that you follow the manage we can keep up with this format. Firstly, if you could just explain to us the reasons of why the profitability has remained flat. Q1 Q and in fact why have we seen the margins under compression quarter on Q that is the September quarter versus the December quarter. And how would the margin profile be likelihood in the coming quarter?
Pranav Relan — Wholetime Director
So Q1Q is not the best indicator for our margins. YNY is the best indicator as Q3 tends to be a quarter which has many shutdowns. So our expenses tend to be higher there.
Unidentified Participant
Okay so can you give a one off effect on the maintenance shutdown or the things that we have taken and how should things look up in app? In a normal quarter the normal quarter.
Pranav Relan — Wholetime Director
Would be slightly higher than without the shutdowns. That’s why we always look at why on Y.
Unidentified Participant
Okay. So when, when we. When we will be coming up with our fourth quarter that would that comparable would be with the last year fourth quarter that that would suffice. We are in a position.
Pranav Relan — Wholetime Director
Yeah. With respect to the order closing order book position. We are in a. We are in a position to. To glide to the path of profitable growth which we have been exhibiting for the nine months. So this, this would be the common.
Unidentified Participant
Substance going ahead also.
Pranav Relan — Wholetime Director
Yes, that’s correct. Okay.
Unidentified Participant
In the presentation we have also alluded to this fact of in the month for we are expected by April 26 to to do uh to commensurate our capex of 80.49 crore in the ambient light and the sunset part that is a NDR hierarchy Automotive I think. So you were speaking about it. So where are these are in terms of achieving the timelines and what would be the incremental revenue going forward with the ramp up ahead?
Pranav Relan — Wholetime Director
So that’s the capex that we’ve approved for the jv. We are currently acquiring a lot of businesses for the jv. We’ll share the timelines from slightly later towards the end of the year.
Unidentified Participant
Okay. But at at an optimum level what should be the asset turnover with the type of investment we are making at 80 crores at the peak capacity and and the product profile that we have worked out what should be the peak revenue?
Pranav Relan — Wholetime Director
So it the asset turnover should be about 3 to 4.
Unidentified Participant
And the margin profile would be in the same bar vicinity the one which we are exhibiting in our current portfolio or it will be slightly higher.
Pranav Relan — Wholetime Director
Yes, it should be similar to our current portfolio. Okay, correct.
Unidentified Participant
Yes, these answers the question and we hope for the continuity of these factors going ahead. Also looking forward for further discussion and also if plant visits can be arranged for interested shareholders or analyst community that would give us more more insight into the business.
Pranav Relan — Wholetime Director
So definitely, definitely.
Unidentified Participant
Thank you sir once again and all the best.
Pranav Relan — Wholetime Director
Thank you.
operator
Thank you. Next question comes on the line of Talentia with Alchemy. Please go ahead.
Unidentified Participant
No. Hello.
Pranav Relan — Wholetime Director
Yeah, we can hear you.
Unidentified Participant
Hi. Congratulations on a very very good set of results. I just wanted to ask you regarding your rocs and roes, do we see. That sustainable going out from here?
Pranav Relan — Wholetime Director
Yes, that’s sustainable. Okay.
Unidentified Participant
And just to understand more regarding that we even with our capex and our next projects we see similar capital discipline and allocation as we’ve done consistently in the past.
Pranav Relan — Wholetime Director
Yes, that’s correct.
Unidentified Participant
Okay, fantastic. And lastly higher than peers are we gaining market share or how should one look at this?
Pranav Relan — Wholetime Director
So we’ve gained market share in the past, we’ve acquired a lot new business and we should continue gaining markets.
Unidentified Participant
Okay, fantastic. Very good work to you all. Thank you.
operator
Thank you. The next question comes from the line of Vijay, please come back.
Unidentified Participant
Hi sir. Thank you for allowing the follow up question. I wanted to understand the business dynamics between India author Bharatis and. If you. Can please help me with that mosque. Looking at the company newly I started looking at the company. So it’s been around two, three weeks.
Pranav Relan — Wholetime Director
Hello, can you repeat that?
Unidentified Participant
I wanted to understand the business dynamics between NDR Auto, Maruti, Suski. How. So what are the products we Supply to Bharatis and what are the products made by Bharatis and supply to Maruti.
Pranav Relan — Wholetime Director
So NDR Auto does the seat frame and the seat cover. Bharat Seats does the seat foaming and the seat assembly and that is then supplied to Maruti Suit. And do we get any benefit by keeping it separate like why we are. So I think that is the seating model. That is how the market in Asia works where the final assembler tends to keep PU foam and tends to also outsource the seat cover and the seat frame.
Unidentified Participant
Okay, okay. Okay. If we cannot have any planned visit or any interest from the bio seats as well, that will be pretty helpful going forward. Thank you.
Pranav Relan — Wholetime Director
Sure. We can plan that.
Unidentified Participant
Thank you.
operator
Thank you. Next question comes from the line of Jatin Chawla with RTL Investments. Please go ahead.
Jatin Chawla — Analyst
Yes, thanks for allowing the follow up. So when I look at quarter on quarter, your gross margins are down by 100 basis point. Is there any impact of commodities which will be kind of passed on with a lag or this is just normal kind of business mix things.
Pranav Relan — Wholetime Director
So it’s normal business model mix. It’s nothing to do, not with commodities.
Jatin Chawla — Analyst
Got it. And on the last call you had mentioned that Maruti EV production has started and you were expecting a scale up from 3Q. So has that scale up started or. It’s kind of been pushed out a little bit.
Pranav Relan — Wholetime Director
So Q3 had some scale up. Q4 should have a larger scale up.
Jatin Chawla — Analyst
And given that you have this model scaling up as well as, you know, very strong industry demand tailwinds, which, what sort of revenue are you looking for in FY27? I think this year we will end with somewhere like a 15% growth in next year. Will the growth be better than that. 15% or you know, how are you thinking about that?
Pranav Relan — Wholetime Director
So we’re not sharing any annual guidance at the moment. We’re happy to talk about a long term, five, four year, five year vision.
Jatin Chawla — Analyst
Got it, Got it. Thanks a lot.
operator
Thank you. Next question comes from the line of Rosita Fernandez with NIO Asset Management. Please go by.
Unidentified Participant
Hello. Thank you for the opportunity. I actually had the similar question. One of the analysts just took the top line guidance I was looking at. So any kind of number or color you could provide or the order book, you know, the pipeline of order book for, you know, the short term way, like FY27, FY28 basis.
Pranav Relan — Wholetime Director
So we don’t share that at the moment. So I think the five year target is what we’re getting towards.
Unidentified Participant
All right, sure. Thank you so much. And once again congratulations on a week.
Pranav Relan — Wholetime Director
Thank you.
operator
Thank you. Next question comes from the line of Anubhav with Pristine Capital. Please go ahead.
Anubhav — Analyst
Thanks for the follow up opportunities. Pranav, is there any other JV or possibly acquisitions that we are looking at? Can you share that?
Pranav Relan — Wholetime Director
So we are continuously looking at JVs and acquisitions. When it converts then we’ll share that with you.
Anubhav — Analyst
Thanks. And. This JB with Hayashi, what I understand is that Toyota was one of the anchor clients. So apart from Toyota, like have we won any new OEMs? If you can share some color on that.
Pranav Relan — Wholetime Director
So we’re working on approaching new customers. When it converts, then we’ll share that with you.
Anubhav — Analyst
Okay. And also there was like the possibility of new product introductions also under this jv. Is that also under consideration?
Pranav Relan — Wholetime Director
So we’ve started with the ambient lighting which was a new product for us. The JV has all the products of Hayashi and our scope. We continuously look to expand our product portfolio.
operator
Thanks. Thank you. Next question comes from the line of Manish Gupta with Equinox Investment Advisors. Please go ahead.
Manish Gupta — Analyst
Thank you for the follow up opportunity. So this is again regarding bat only. The growth that is coming in Bharat Search.Last time you had informed that there was some tire and wheel assembly business also being undertaken in balancing. So how is that progressing?
Pranav Relan — Wholetime Director
So we’ve got that has come last year. We’ve got a little bit more business for tire and wheel that should come sometime next year. And with the seat premiumization happening, do you foresee revenues increasing more than volumes for both NDR and Bharcis? Yes, definitely. In addition to that, we’re also expanding our market share. And so what do you think would be the margin trajectory due to the streamization push? Are the margins expected to rise in the long term, medium term to long term? So some margins are expected to be similar.
Manish Gupta — Analyst
Okay. Between 6 to 7%.
Pranav Relan — Wholetime Director
Yes.
Manish Gupta — Analyst
All right. And so do you expect any strong traction from Vande Bharat seat program or. That remains a minor part of the overall portfolio.
Pranav Relan — Wholetime Director
That remains a minor part of it and we’re currently not focusing too much on that.
Manish Gupta — Analyst
Okay. Okay. Okay. All right. Thank you very much.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Rosita Fernandez with New Asset Management. Please go ahead.
Unidentified Participant
Thank you. For the follow up question, is it possible to share any, you know, data on market share in your two wheeler and four wheeler for the segment they provide?
Pranav Relan — Wholetime Director
Sure, we can share that. Maybe next time.
Unidentified Participant
Okay? Thank you.
operator
Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Pranav Relan — Wholetime Director
Thank you for your time and participation. We continue to be optimistic about the opportunities before us and look forward to sharing these with you as we move forward. Should you need any input or clarification, please write in to US or investor relations partner, CDR India. Thank you.
operator
Thank you on behalf of NDR Auto Components. That concludes this conference. Thank you for joining us. You may now disconnect your lines.