Talbros Automotive Components Ltd (NSE: TALBROAUTO) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Anuj Talwar — Joint Managing Director
Navin Juneja — Director and Group Chief Financial Officer
Analysts:
Unidentified Participant
Shikha Mehta — Analyst
Presentation:
operator
Sam it. Sam it. Sam. It. Sa. Sam. Sa. Foreign. Ladies and gentlemen, please stay connected. The conference call will begin in next few minutes. Thank you. Ladies and gentlemen, you’re connected for the Talbros Automotive Components Limited conference call. Please stay connected. The call will begin in next few minutes. Sa. Ladies and gentlemen, good day and welcome to Talpros Automotive Components Limited Q3 and 9 months FY26 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 then zero on your Touchstone phone. Please note that this conference is being recorded. This conference call may contain forward looking statements about the company which are based on the belief, opinions and expectations of the company as on date of this call.
These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Anush Talwar, managing Director. Thank you. And over to you sir.
Anuj Talwar — Joint Managing Director
Yeah. Thank you so much. A very good afternoon everybody. A very warm welcome to our quarterly earning call. On the call I am joined by Mr. Naveen Dinesha, our director, our group CFO as well as SGA, our investor relations advisors for Mumbai. The result and the presentation are uploaded on the stock exchange and the company website. I hope everyone has a chance to look at it. Coming to the industry Overview India’s automobile industry delivered a strong performance in Q3 FY26 with a total sales value to 9.2 million units reflecting a growth of about 19%. The expansion was broad based across all major vehicle segments and is characterized by consumption led recovery driven by customer demand, favorable macroeconomic conditions and supportive policy measures including GST rate cut and improved affordability and entry level transmission vehicles, two wheelers etc.
The commercial vehicle segment registered a robust 21% growth year over year driven by economic improved economic activity and stronger goods. Movement demand remained healthy across categories with particularly strong growth in medium commercial vehicles while light commercial native in any commercial vehicles also reported steady sanctions. The two wheeler segment recorded sales of 7.1 million units growing at 18.2%. Y o y the quarter saw a strong and a sustained revival in the volume of two wheelers. The revival was driven by improving rural sentiment, stable fuel prices and great festive demand. Along with GST reforms Act, the passenger vehicle segment also delivered a strong performance with total sales reaching 1.5 million units up 19.2% growth year over year growth was led by sustained demand for utility vehicles and SUDs supported by changing consumer preference and premiumization trends.
The quarter only saw a revival in the entry level. Small car demand aided by improved affordability and rate cuts in the GST EV in India showed a robust growth in quarter three FY26 with a growth of 20% with a year on year increase in volumes across electric cars in two wheelers charging infrastructure expansion, favorable policy support, low pressure initiatives have led to growth in this segment. Now coming to the company’s performance, I am pleased to share that Talbot Automotive Conference Limited has delivered another quarter of strong performance in Q3FY26. Our consolidated revenue grew by 8% to 220 crores driven by improved demand momentum following the recent GCP reforms that have strengthened the consumer sentiment.
We are seeing this momentum to be even stronger in quarter four and expect a higher growth in quarter four. I’d also like to add that we must see our divisions in different divisions. Some divisions are export oriented which had a low growth, some are purely towards passenger vehicles which have growth as high as 25% and some businesses that relates to engine business at 12%. So that’s something else we will clarify in the call going forward in the Q and A. So you do see a growth of only 8% for the quarter, but division wise with the summer joint ventures there is a higher growth.
However our EBITDA stood at 39.8 crores translating into a margin of 18%. One of our better performances till date which is also one of the high numbers in the industry. The largest franchise is due to our operational efficiencies, disciplined cost management and a sharp product mixed strategy across all our businesses the performance was encouraging. The gasket in each individual which remains our largest contributor delivered a double digit growth as one ventures mainly Dalgos Chassis Systems Limited and Dalgos Maru Group reported numbers growing at 25% quarter over quarter again led by deeper OEM penetration for our products.
The sporting division definitely had a slow quarter which is again temporarily I repeat impacted by exported factors in the European market which has shown issuing signs of recovery and we’re hoping for a better quarter 4 in 4G. We’ll be happy to answer this separately in the Q and A. Exports continue to be a key driver of our growth Strategy. Over the nine month period contribution exports came at 25%. Our export portfolio is well diversified within UK and Europe accounting for nearly 80% of the exports. The recently signed India and the EU Free Trade Agreement opens up opportunities for the Autocom industry not with exports but Also technology, collaboration and investment network.
This position India as a trusted manufacturing and a sourcing partner for European OEMs at a time when global supply chains are undergoing realizing Talbot is well placed to capitalize on this shift. Leveraging of strong engineering capabilities, cost competitiveness proven introducing strength to deepen our growth in global automotive ecosystems. We are now moving from a phase of order acquisitions to execution where we’ll be having higher growth numbers in the near future. This means ensuring that every order we have secured whether in gasket forging, chassis or EV components is delivered on time, at scale and with the quality which benchmarks global standards.
At the same time we continue to secure new business opportunities expanding our footprint exports as well as EVs. We secured new orders worth thousand crores to be executed over the next five years. Of these, nearly 700 are export orders including large orders from very large OEMs and about 100 crore rupees orders are for electric vehicles. These wings provide strong visibility and align us with the industry transition towards electrification. Commercialization of these products should begin in the year 2027. Looking ahead, we are investing in capacity expansion to support this growth. With utilization levels already high across divisions approximately on 2020 5%.
We are looking to have a planned capex about 165 crores for the year 27 funded through internal approvals and follow ups. This will ensure that we are already ready to deliver our execute award. We at Talos continue to maintain our hedge strategy supplying to many many segments exports the Indian market easy non ed across all platforms. Now I request Naveen Juneja to update you on the financial performance.
Navin Juneja — Director and Group Chief Financial Officer
Thank you Anuj. Good afternoon and a warm welcome to all the participants. Let me begin with the financial overview. Total revenue from operations for Q3 of FY26 stood at 220 crores as against 204 crore in Q3 of FY25 and for 9 months of FY26 it stood at 648 crores as against 634 crores. In 9 months of FY25. EBITDA for Q3 of FY26 stood At 40 crores as against 36 crores. For 9 months 26 it stood at 110 crores as against 108 crores. EBITDA margin for Q3 of FY26 stood. 18% up by 60 basis point among the highest margins in the industry and for 9 months up FY26 it stood at 17%. BAT for Q3 of FY26 stood at 27 crores as well as 24 crores in Q3 of FY25 and for 9 months FY26 stood at 73 crores as compared to 68 crores in the same period last year. A growth of 7% now coming to the division by performance in the gasket division in Q3 of FY26 sales for the gasket division stood at 153 cores as against 137 cores in Q3 of FY25 which was up by 12% in the quarter.
And for nine months of FY26 our gasket sale saw a growth of 4% which stood at 431 crore as against 414 crore in nine months of FY25. EBITDA for Q3 of FY26 was at 28 crores which was up by 21% in the quarter and for nine months FY26 this segment saw a bit of 74 ports which are up by 6% on Yu Y basis. Now coming to the holding division, revenue in Q3 of FY26 was 68 crores as against 60 same flat growth in Q3 FY25 due to sluggish demand in exports. Specifically JLR which was not.
There were again no orders of JLR in the month of October until mid November that has affected our growth in this quarter and for 9 months FY26 revenue was 219 crores as against 221 crore in FY25 EBITDA stood at 12 crores in Q3 of FY26 as against 13 crore of FY25. EBITDA for 9 months of FY26 stood at 38 crores as compared to 39 crores for the same period last year. Now coming to Mereni Talbot Chassis Systems. Revenue for Q3 of FY26 stood at. 90 crore as against 72 crores a growth of 25% and for 9 months FY26 at 243 crores versus 209 crores registering a growth of 16% on yoy basis EBITDA for Q3 of FY26 stood At 16 crore a growth of 35% on a yoy basis and for 9 months FY26 is stood at 44 crores as again 32 crores a growth of 36% on one over basis. Now coming to the last joint venture of Telbos Margot Rubber Private Limited. Revenue for our this TMR business in Q3 of FY26 was 39 codes as against 32 crores a growth of 25% on by our basis and it stood at 105 crores in 9 months of FY26 as against 96 crores a growth of 9%.
EBITDA of this division stood at 5.6 crores in Q3 of FY46 which was up by 48% on by over basis. And for 9 months up FY26 it was at 13 crore which is up by 9% on YUI basis. Now this is all from our side and I would now like to open the floor to the question and answer. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Shika Mehta from Thai Time and Tide Advisors. Please go ahead.
Shikha Mehta
Okay, sir, congratulations on a decent set of numbers. I just had a few questions. I wanted to understand the numbers better. So can you help me understand in the gaskets division how much comes from exports and same for forgings.
Navin Juneja
Okay, I will just give you a numbers. In the gasket 15 come from export.
Shikha Mehta
Okay.
Navin Juneja
Yes. In the 15% and the forging my export percentage is just 55% is export.
Shikha Mehta
Got it. So is it the right way to understand that because a large portion comes from exports and forging. That’s why we’ve seen a slightly damper quarter for Q3 and you know, maybe going forward for the next quarter and Q1 of FY27 we might see much better performance as exports start easing out.
Navin Juneja
Yeah, I’ll just give you more clarity on the 14. 14 is 40, 56% and this is a direct export and we have indirect export of BMW and other European car manufacturers which is extent of 30%. So 85 to 90% is export this.
Shikha Mehta
Business directly and directly.
Navin Juneja
So what happened? Little bit. There is a tapering of demand in the BMW business in this year. Plus JLR which are directly exporting from here got embedded to the that problem of that they have a problem. So it got impacted and for three months they were. For approximately more than two and a half months there were no sale for our products. Now that problem has been resolved. Now it is back online. Plus the business of other business, OEM business like GT and Dana which was also lying little low. Dana was researching was happening in that front.
The company was sold to someone. So that has all been over. Now we are back in drag so. That you in this, in this last quarter then took March quarter you can see a better, better number as compared to this quarter and from next year the growth should be decent one Definitely.
Shikha Mehta
Got it sir. So another thing I wanted to understand is of course the the auto market currently on the CV side, two wheeler side and on the PV side has been firing with growth of 18 to 20% in each segment. Of course we have been hit because of the reasons mentioned above. But do you think for say the next year we could grow at the industry rate or slightly better than the industry or is that something that might not happen for us?
Anuj Talwar
I just want to answer your question which I did in my opening speech also. If you look at the domestic passenger car segment which grew on very handily, our two joint ventures Manali Talros and Talos Barugu which are only playing today predominantly in the Indian car segment have grown by 25%. So we already brought the growth there. You did not like those installing because we are export oriented and in gaskets and each is a little bit muted because that’s more towards heavy duty, more towards light commercial vehicles also export to Jaguar Land Rover. So we are growing as per industry but we being not 100% domestic business.
You don’t see that number till you don’t decipher it division wise.
Shikha Mehta
Right sir. So I was just trying to understand that going forward, you know with the FDA and of course the tariff reduction from USA maybe if you know our exports also are slightly more normalized then can we see industry level growth overall in our numbers?
Navin Juneja
I think you are absolutely right. We have got very good interaction happening with European customers. And in fact we have recently received the order of 500 crore in the 14th division from Europe. So it’s a big number. We are doing capacities for that and the commercial will start start in the last quarter of the calendar year. So this is a big number. We are doing that plus the other business of Meli which was scientist business which was delayed because of the various. Issues of design, testing etc, the production. Of which also will start from April onward. It’s more than 120 crore, under 30 crore per annum business. So we are seeing big numbers here.
Shikha Mehta
Okay sir. And lastly could you also explain a bit on the EBITDA margin. We saw very decent expansion in our margins A what was that due to? And B I think we’ve maintained 17 to 18% guidance going forward. So you know maybe slightly on a longer term basis could this improve further by say 200bps over the next three to five years or. No, this is.
Navin Juneja
I can’t give. I wish it should be 20% but we need to correct there lot of stuff. We are controlling product Ms. That is. A part of operation. It will keep on doing that. But going forward for next one year I will say it should be between 17 to 17.5 somewhere it can be in one quarter. If it comes down to 16.8 please don’t worry it will come back again. Because some prices increases have come like currency has gone. Hey Maya, we import lot of stuff. So the price correction will happen in future quarter. And some similarly if metal prices came down in 14 division we didn’t pass that prices. But in the last quarter we have to pass on. We hold it for one quarter.
We can’t hold it. Plus the export of Europe, export, Euro etc. Was reset again. So it keeps on going up and down. So but in the longer next year we can say it’s approximately 16.8 to 17.5 is my number.
Shikha Mehta
Got it sir. And so a few other OEMs and auto and surveys like us have been talking about localization of parts. Are we seeing that trend too? And are there certain products that we are looking to launch that are new or that you know are import substitutions going forward?
Navin Juneja
We are working on that. In fact we are given to the OEM some of the products which are at a lower import substitution at a cheaper cost. They are in the purpose of testing but they are also in the that is friendly. My boat happens only gaskets and nowhere else. So they are little bit because testing is a long process. There again Indian testing, etc. We have given to our two to three customers the product then the portions of testing. Whenever they approve we’ll get. We will give them the alternative local material. But anyway we are not bothered about that.
Because whenever there is a price increase or the exchange increase, they compensate us. But it’s a matter of time. Sometimes in six months, sometimes nine months. That is all full compensation we get.
Shikha Mehta
Okay sir. And so lastly are we doing any. We are looking to enter in the non auto segment. I know we’ve spoken about something a few years ago. Are we seeing you know anything on the non auto segment currently.
Navin Juneja
Entered in with the recycling business. As you know that. Exactly linked with auto. But the consumption is where in both basically tire companies, remote manufacturing, compound companies etc wherever it is. In all, on all segments, be it. Industrial, be it this home, consumer like. Everywhere data word is being used. So we have entered that and at. Present we are focusing on this sector only.
Shikha Mehta
Got it. And so my last question for today we spoke about capex that we need to do, you know to be ready for the next cycle of growth. I think we said that it will be around 155 crores FY27. So a when would these lines come up by and are we currently prepared to you know deliver to the robust demand that is currently present across the auto domestic sector?
Navin Juneja
Yes, of course. We are already ready for that. The process has been started because this capex will happen from the 1st of January till the 31st of March of 27. There’s a 15 months capex. In fact the major capex is in the coating business. We need to get ready for our new order. And this is a fast first one which will happen very very fast. And second is merely capacity 3 crores. We are this is primarily for the. Enhances and capacity of the existing plants. Plus we are planning to set up a new facility in Gujarat for this company to cater. Because we are getting orders new order we are getting from the customers who are based in Gujarat. So this facility we are planning to. Set up by the year end, next. Year end or maybe three months later. Than that 27, 28. So we are planning for that. This is a physical capacity for that.
Shikha Mehta
All right. Thank you so much. I’ll come back in the time.
operator
Thank you. We’ll take our next question from the line of Preet from Incred amc. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. Sir, a couple of questions. First would be on the line of gasket business we have guided around. We would be doing by FY27 700 crores of business. We have around. In first nine months we have done around 480430 crores of business from this division. So we are expecting 3, 370, 270 crores of more business in next 15 months. How would we be able to achieve this? And also apart from this we have received some more order of 100 crores in gasket business. When that will be flowing in our financials.
If you could give some brief.
Navin Juneja
We have done in the 9 months. Business of 430 crores. Okay. If we add another 166 it should be around 590 to 6 and between 590 to 600 for the year end. And next year it can be 700. We can achieve this number because there are new businesses of Kia Hair shield will start from this month. Next full year is there with us. Plus new businesses. We have entered export businesses which will. Be converted to commercialization next year. And we are very hopeful to achieve that 700 number.
Unidentified Participant
And the 100 crores of business which we have got from the thousand we have mentioned. We have got thousand crores of order in which we have 100 crores of order for this gasket business. 250 crores of ordering this gasket business. When. When are we. When will this flow in the financials?
Navin Juneja
First of all I tell you this. 254 in the gasket and heat shield business is for a period of 5 years. Okay. Suppose it means average 50 crore per annum business re business. It will not start from day one. The development process will start. Sample will go etc. And the process. Some business will start from July. Some will start from October. Some will start from January. And 20% will start from 27. So in the first year you can’t get hundred percent. Partly five months business, six months business, three months business. It will come into full force in 2728. So it is like that. This automatic execution of the order start operation sometime is 80%. I think 70%. Orders will be commercialized in next financial year. Commercialization will be in phases in it will not happen for months. Every thing will go up. It will go in phases. And some 30% auto will be commercialized in 2728.
Like that. And some order which has been commercialized in this year. Maybe for three months, four months, five months. It will be for full year next year. Year. It works like that.
Unidentified Participant
Got it. Got it. Thank you for the clarity. Sir. My next question you have mentioned. We have been guiding off around 1100 crores of revenue in 2027. And we are assuming around 2000 crores of order over the five years. And full order flow will be from 2728. So that. That means 200 crores of business would be adding 28. So is it safe reasonable to assume that by 2028 we would be. We would be doing around 1400 crores of top line.
Navin Juneja
1400 crore of top line in 200 and 28.
Unidentified Participant
Yeah.
Navin Juneja
For the only two companies handful.
Unidentified Participant
Or is it. Is it fair to assume we will be doing 2000. 2000 crores of top line at the company level?
Navin Juneja
Definitely. Yes. Yeah, yeah. Easily.
Unidentified Participant
And.
Navin Juneja
I just mentioned next. Next year margin will be 16.8 to. 17.5 in between somewhere.
Unidentified Participant
So are we facing any headwind due to commodity cost?
Navin Juneja
Commodity cost? We do not do any heading. We’re not doing anything. Prices are okay here. Steel, Steel is okay. We have major commodity steel C ASIC sheets etc. We are not using other. Other metals. Not much.
operator
Pr. Does that answer your question? You’re through.
Unidentified Participant
Yeah, yeah, I joined back in the. Thank you so much.
operator
Thank you. We’ll take our next question from the line of Neil from Equity Capital. Please go ahead.
Unidentified Participant
Am I audible, sir?
operator
Yes, Neil, please go ahead.
Unidentified Participant
Yeah. First of all, thank you for the opportunity. Sir, I had a few questions. First was other income has seen a meaningful increase in Q3 on a yoy basis. So I wanted to understand from you whether this level is sustainable going forward or largely non recurring in nature.
Navin Juneja
80% is fixed. It will come. Okay, balance is like 80% is sustainable. Definitely 80, 85% sustainable balance depends on the reinstatement of the foreign currency. Sometime it’s up, sometime it’s down. As per India, we need to reinstate our. Our exporter, export as import. So that is up and down. Balance is fixed.
Unidentified Participant
Okay. Okay. Secondly, sir, as you can see, ice engines penetration are gradually declining in passenger vehicles over the next decade. So when you understand if there’s any structural demand trajectory for cylinder head or exhaust gaskets.
Navin Juneja
Sorry, it’s not declining.
Anuj Talwar
There’s no decline in ice engines for trucks and heavy duty.
Navin Juneja
I agree.
Unidentified Participant
Okay. No sir, but then as the demand would be slowing down, do you see any change in strategy of the company in terms of gaskets or heat shields?
Navin Juneja
No, no. Heat shield is. We have growing like crazy in heat shield.
Anuj Talwar
If you look at it, we set up other companies like Fordlink chassis rubber. So where the gaskets are now about 52% of the turnover and let’s say five years is pretty obviously the growth will come from the chassis division or the Ford division and the rubber division. You know, automatically the engine business will come down to let’s say 40, 42%.
Navin Juneja
But it will grow.
Anuj Talwar
But it is going to grow still.
Navin Juneja
It’s still growing. In the last quarter it grows by 12%. This quarter again, it will grow.
Unidentified Participant
Okay, sure, sir. To follow up on that. So over the next five years, if I can get an understanding among all the product categories, which vertical do you believe that it will structurally outgrow? The others?
Navin Juneja
I think chassis, rubber, forging, washing and heat shield.
Anuj Talwar
And heat shield from the gas division.
Unidentified Participant
Okay. Particular category you are quite hawkish on or are all four categories growing simultaneously?
Navin Juneja
It looks very Strong next few quarters. But the domestic car business is very very strong. So that the chassis business will do very well and exports will pick up a shore. As you just announced orders worth 700 crore from exports out of 1000 crores. So we are very strong in the export segment as well. So we’ve given a guidance that you want to start export of 25% achieved.
Unidentified Participant
Okay so one last question. Labor law change had an impact on a lot of companies this quarter and I. I guess you have mentioned in the results that the impact was quite negligible. However if you can provide us an account amount how much would that be?
Navin Juneja
Yeah it was. I think yeah we did a actual valuation for the employer of the company. Whatever the liability we are provided in the books. My liability is comes less than that even. We have a question in that also.
Unidentified Participant
Okay, but is there a ballpark figure you could share with us?
Navin Juneja
It was around provided 11/70 of 2 crores. It was 1 crore 60 lakhs.
Unidentified Participant
Okay. Okay thank you sir I’m getting.
operator
Thank you ladies and gentlemen to ask a question please press RN1 on your phone now we’ll take our next question from the line of breath from Incred amc. Please go ahead.
Unidentified Participant
Thank you for the follow back opportunity Sir Just wanted to understand qualitatively, qualitatively that for this thousand crores of capex we have mentioned that a thousand crores of order. We have. We have mentioned that we have to be doing around 155 crores of capex so just wanted to understand like already we have once it has happened with us regarding the cancellation of the order or postponement of the order so how are we secure from this? If we do this capex and orders do not flow through because of any other reasons.
Navin Juneja
Thousand crore means two 200 crore per annum. Okay Approximately so for that we are doing this capex. Yeah because what capex we are doing whatever the businesses we are looking next year in our. We need to start the production etc. Etc we are doing capex of this for that I just explained the major is 14 verbat. We got 100 crore per annum order. We are doing a capex which includes machine, plant and machinery Also little bit capex on building and for the balance infrastructure like power, power etc. We need to set up some stuff. We are doing capex for that out of 85 crore capex 50 crore is in the machine balances in other stuff and which will take care of our 100 crore order plus we have got the present capacity because they require Heavy presses for these parts which we are going to manufacture we are buying and another new price of 2500 for that plus VMC and CNC machines required plus allied CAPEX to that plus we have a capacity to our existing machines also which are from running from 700 to 2500.
We are capacity line some idle which we utilize for the other businesses in that for the margin. Capex second is major in marijuana Capex I just explained little bit capex we will do for new businesses we are getting. Plus major capex is when we again be there for setting up a facility in Gujarat because we are securing some water from the customers who are based in Gujarat and want us to be there just to provide them the support of just in time delivery. So we are. These are the major capacities which will take care for next year.
I am talking about this capacities for next 1 and a half to 2.
Unidentified Participant
Years place 155 crores over the period of 2 years.
Navin Juneja
No this capex which I could look up to take care of my sales for the next year. And for 252627 and partly for 262728.
Unidentified Participant
We are going to do this capex in the effort in the year FY27 or now.
Navin Juneja
No we start. We already started and it will be over by the. By the. By the December of this.
Unidentified Participant
And we have guided around 70 crores of capex in FY27 for the rest of business. So that 70 crore stays intact and it is different from this 150 crores. Right?
Navin Juneja
Right. No, this figure of 150 crore include everything.
Unidentified Participant
Okay. This includes everything.
Navin Juneja
This is a new number. Okay.
Unidentified Participant
And we are going to take a debt for this for the.
Navin Juneja
For. Because for the forging and the standalone business required a capex of around 115 crores. So we don’t have the cash flow with immediate cash flow for that little bit that will take to take care of the short term requirement.
Unidentified Participant
Okay. And what would 2530 crore only.
Navin Juneja
So that’s all.
Unidentified Participant
2530.
Navin Juneja
Yeah.
Unidentified Participant
Okay.
operator
Thank you. Thank you ladies and gentlemen. To ask a question please press star and one on your phone. Now we’ll take our next question from the line of Ravish Shah from DRS Capital. Please go ahead.
Unidentified Participant
Hi sir, am I audible?
operator
Yes, please go ahead.
Unidentified Participant
Yeah. So basically first of all congrats on a good set of numbers for the gasket business. My first question would be sir on the standalone business. So revenue growth there has been relatively muted compared to some of the peers in the industry. So what are the factors which are contributing to this flow sluggishness in the standalone business? Is it the environment or is it the customer concentration or is it the product mix? Just wanted some clarity there
Navin Juneja
regarding the standalone business. My gas. My gasly business primarily cater to to the heavy commercial vehicles lcv, MCB and agri offloader. Okay. So of course the sale of agri will be. We have gone up by 12% overall. If we break that my sale of agri commercial vehicle has gone much higher. And my two wheeler. We have to see where we are catering. I am catching two Cummins and that will Tata Motors and tell me the Volvo. These are three major players in the CV industry. I’m not catering to Azure layer. If you see the growth of these three we are in part in this segment and plus in agri we are John Deere we are there in a major way so and so and escorts. So my growth is also 15, 18%. In their segment but my growth is. Little flattish in the export segment. In this because of the.
We are primarily exporting aftermarket business through us that has little bit impacted to. Extent of 6, 7 crores in this quarter. But now the order we are back. On track and we can see a decrease in growth. Two is a segment please. I am only in Bajaj and Hero Motor. Bajaj I am 100% which is margining. Over 6, 7% and Hero motor I am 30%. I am not there in TVS and all field etc. Which they are grown much higher. So we have to see where we. Are and he should Mike, he should. Go in Maruti and Hyundai we have. Grown there the way they have grown. We are single source but if you. See the other joint ventures put they are in Maruti and Tata Motor. So they have grown the way they have grown.
Unidentified Participant
Understood sir. Thank you for such a detailed answer. This helps a lot sir. I’ll just move on to the next question. So how do you see the demand trends across gaskets, forgings and other division? So are we receiving more client interest like for the next 2, 3/4? How are you looking at this panning out?
Navin Juneja
No, no. Plus there was a lag inventory also at the. Sorry I want to add one more thing. Also lying at the customer which has now been depleted. Now we are getting in this quarter we can see better growth as compared to last quarter is here definitely better because one and a half months has gone. We know where we are.
Unidentified Participant
So this applies to gaskets forging the segment as well. How is the demand in the gaskets. And forging segment
Navin Juneja
this quarter I am expecting it whatever. I’m expecting a growth of around in this quarter. In gas business I am starting a growth of 15% as compared to last year in Q4 versus Q4 is the. Top board. In 14 business expecting growth of 5% because it starts moving now because let HR negative in Margo business I’m expecting again a 20% plus growth. In this business and in 20% of this business. This is the last quarter but I. Expect you strong demand.
Unidentified Participant
Strong. Okay, thank you so much. And so this will connect to my. Last question would be what will even our current order book size and the industry outlook. What are the revenue growth or guidance that are like targeting for FY26 and FYI.
Navin Juneja
Target double digit revenue growth definitely for next financial year but I can’t give you an exact number process of preparation, our sale, budget etc so in the main when we’ll come out with. The auded result we will give you guidance for that.
Unidentified Participant
Thank you so much sir. Thank you. All the best.
operator
Thank you. As there are no further questions from the participants I now hand over the call to management for closing comments. Over to you sir.
Anuj Talwar
Thank you all for participating in the call. As mentioned to you, India is looking good. Auto industry is looking even better and I think our Q4 will be stronger than Q3. Exports will also stick up in a big way. Thank you.
operator
Thank you members of the management team on behalf of Talpro’s Automotive Components Ltd. That concludes this conference. Thank you all for joining us and you may now disconnect your lines. It. Sam.