{"id":173433,"date":"2026-01-22T09:58:59","date_gmt":"2026-01-22T14:58:59","guid":{"rendered":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T09:58:59","modified_gmt":"2026-01-22T14:58:59","slug":"ndr-auto-components-ltd-ndrauto-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q3-2025-earnings-call-transcript\/","title":{"rendered":"Ndr Auto Components Ltd (NDRAUTO) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 2025 Earnings Call dated Feb. 12, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rishab Barar<\/strong> \u2014 Investor Relations, CDR India<\/em><\/p>\n

Pranav Relan<\/strong> \u2014 Whole Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Jatin Chawla<\/strong> \u2014 Analyst<\/em><\/p>\n

Saket Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Hitesh Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Raunaq Sabharwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to Ndr Auto Q3 and Nine Months FY ’25 Earnings Conference Call.<\/p>\n

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 call is being recorded.<\/p>\n

I now hand the conference over to Mr. Rishab Barar from CDR India. Thank you, and over to you.<\/p>\n

Rishab Barar<\/strong> \u2014 Investor Relations, CDR India<\/em><\/p>\n

Good day, everyone, and a warm welcome to all of you participating in the Q3 and nine months FY ’25 earnings conference call of Ndr Auto Components Limited. We have with us today on the call, Mr. Pranav Relan, Whole-Time Director; Mr. Vikram Krishan Rathi, Vice-President, Finance; 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.<\/p>\n

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 nine months FY ’25 earnings presentation shared with you earlier.<\/p>\n

We will start this call with opening remarks from the management, following which we will have an interactive question-and-answer session.<\/p>\n

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.<\/p>\n

Pranav Relan<\/strong> \u2014 Whole Time Director<\/em><\/p>\n

Good day, everyone, and a warm welcome to our Q3 and nine months FY ’25 conference call.<\/p>\n

Let me start by quickly going through our financial performance for the quarter under review. Q3 FY ’25 total income stood at INR176.22 crores, a growth of 25%, EBITDA at INR19.61 crores, growth of 43%, EBITDA margins at 11.13% and PAT for Q3 FY ’25 at INR13.39 crores, which is higher by 57% as compared to the corresponding quarter last year. Nine-Month FY ’25 total income stood at INR523.87 crores, a growth of 22%. EBITDA at INR55.79 crores, growth of 31%. EBITDA margins at 10.65% and PAT for nine months FY25 side at INR36.87 crores, which is higher by 36% as compared to the corresponding nine months FY ’24 last year.<\/p>\n

Our EBITDA margins and return ratios are the highest in the company’s history. Margins stand at 11.13% in Q3 FY ’25 and ROE and ROCE for the nine months under review stood at 21.13% and 26.93% respectively. Our results are driven by a combination of increasing proportion of innovation and value addition in our offering and a continued emphasis on operating efficiencies. The performance of our OEM partners to, as you would know is also strong, translating to healthy order flow.<\/p>\n

Sales of seating solutions to Kia have commenced in December 2024. I am happy to announce that we have entered into a collaboration with Tayota India and Toyo company for the manufacture of seat and search fabrics with technical assistance from Toyota to Show India. This collaboration is in-line with MDR Auto’s strategy of being at the forefront of technology changes and innovation in the auto component space. With Indian companies increasingly exploring localized options that can commit to quality, timely and cost-effective solutions, we are excited about the prospects for the seed fabric.<\/p>\n

Going-forward, there will be six airbags implemented across all cars, of which two will be implemented in seats and this is where the applicability of seat inserts come into picture. Seat inserts provide strength to PV so that proper deployment of the airbag can be done. The function of the product is when the accident takes place, seat insert has deployment of the airbag without distortion of the PUs. PVC has a global patent for the manufacture of seat inserts fabric, which is used in the manufacturers of PU part for the front seat of the airbag variants of the vehicles.<\/p>\n

In India, the product is presently imported entirely by Toyota Shop. With regulatory changes making all airbags where mandatory, there is a keenness amongst Japanese OEMs to have a local supplier to ensure supply, continuity and lower costs. We plan to invest INR21.89 crores over the next two years and target to commence commercial production in July 2026. The payback period for the project is estimated to be 2.4 years. The revenue for FY28 is expected to touches INR100 crores.<\/p>\n

I’ll end by saying that we are happy with our performance and look-forward to maintaining this momentum. There are a number of opportunities in the auto component space and we believe our capabilities and to track offer us good value for growth.<\/p>\n

We will now be happy to discuss any thoughts or questions you may have.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press R&1 on the touchdone telephone. If you wish to remove yourself from the question queue, you may press R&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.<\/p>\n

We’ll take our first question from the line of Jatin Chawla from RTL Investments. Please go-ahead.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Yeah, hi, good afternoon and congratulations on another fantastic quarter. The first question is on this new JV. So what’s the structure? Is this a JV, it’s a collaboration, what’s the stake that NDR will have in this entity?<\/p>\n

Pranav Relan<\/strong><\/p>\n

It’s a technical assistance agreement. So it’s a 100% stake.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

So okay, 100% subsidiary that you are forming for this?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Right. So and you will be paying some royalty to them for a technical assistance?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Got it. This product, you said in terms of it will be, you know, wherever there are airbags. Is it even if there are two airbags, will this product be used or it’s only when there are six airbags and passengers at the back also have an airbag is when this product will be used.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So six airbags is in the vehicle, two are in the front seat. So this will be used for the two and the front seat.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Yeah. No, no, my question was if there are only two airbags in the vehicle, then will this product be needed? I’m just trying to understand what is the potential market size for this.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So six airbags is in the complete vehicle, not — so this is only for seats where there’s airbag put. So there are only two airbags that are put in seats.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

But in a vehicle which has only two airbags because that is what is mandatory, this will not be needed, right?<\/p>\n

Pranav Relan<\/strong><\/p>\n

This will not be needed for that. But all the OEMs are adding this as a feature — as a safety feature in all the vehicles.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay, okay. And typically in on a per vehicle basis, what sort of content would this have?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So this should be approximately INR350 to INR400.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay. INR100 of content. Got it. And when you say INR100 crore revenue potential, will you need to invest further or this INR22 crore of broadly investment that you are doing can itself yield INR100 crore of revenues?<\/p>\n

Pranav Relan<\/strong><\/p>\n

The INR22 is good enough to use INR100 crores.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay, good. So the asset turns are like almost like 5x.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, in terms of turnover.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Got it, got it. And this product will be a bought-out company. So NDR when it is providing a seating solution to the OEM will be buying it from this entity, right?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, that’s correct. So this will go to us, it will go to all other suppliers and to all the Tayota suppliers also.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay, got it, got it. Understood. And in terms of — when I look at your margins for this quarter, there is a very strong 150 bps margin improvement on a Y-o-Y basis. So what are the main drivers for this? And if you could quantify between premiumization and operating leverage, what is playing a larger role here?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So there has been a continuous focus on cost-reduction and operating leverage. Majority of it has come through cost-reduction initiatives.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay, okay. And when I think last quarter you said you can go to close to 12% margin. And that can happen from, you know the existing initiatives itself like premiumization, operating leverage and cost-reduction or there is an element of backward integration as well that would be needed for the same.<\/p>\n

Pranav Relan<\/strong><\/p>\n

No, so this is the call for existing initiatives, cost-reduction, operating leverage and premiumization.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Got it, got it. Thanks a lot. I’ll just go back to the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, we’d like to remind participants to press RN1 to ask a question. The next question is from the line of Saket Kapoor from Kapoor Company. Please go-ahead.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Yeah., sir, and thank you for the opportunity. Sir, firstly with this kind of tie-up with, which we are pursuing currently, do they have any kind of this kind of arrangement with other players or is it be an exclusive one for Indian — Indian manufacturers.<\/p>\n

Pranav Relan<\/strong><\/p>\n

We are the exclusive ones for the Indian manufacturers.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And globally they have — they have these kind of tie-ups or what is the feedback if you could just give some understanding how successful holding they have been able to implement or execute it. And also, sir, the component of the airbag, how much will it contribute towards — I believe the numbers.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So globally, they have a 100% company in in China that they currently import from to India. So we are localizing it for them and going-forward, it will just be — Askar is going to be 100% the content should be approximately 3, 50 to 400 rupees.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

350 to 400 rupees. Sir, but can you just make me understand, what does this 350 to 400 INR400 per — that is the value proposition that we are seeing or the contribution margin of what does this INR300 INR400 should be in the…<\/p>\n

Pranav Relan<\/strong><\/p>\n

That’s the content per vehicle and into 3 million vehicles gives us approximately INR100 crore revenue.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, sir. Sir, when we look at the — if you could just speak closer to the mic, I can say your voice is just muffled or maybe my line is just kindly be closer to the mic. So when we look at the RM composition, if you could give us some more understanding, I think so the prices for RM has been benign. So in that trend, that is going to be the way forward also, sir?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, that’s going to be the way forward.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And sir, if you could just further elaborate our — our journey in terms of this increase in the EBITDA margin percentage going ahead. So what should we be looking for FY ’26 and ’27 in terms of the EBITDA percentage going up from, I think so nine months, we did around 10.7, if I’m not wrong. There should be hedge and I think so Q4 last year was also a reasonably good quarter. So the trend which we have for the nine months are — how confident are you that we will be replicating or improving on the same for the year ending also for the last quarter of this financial year?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So we’re quite confident to achieve our margins. For FY ’26, I think we should hit the 11% bar and sir, FY ’27, we’re targeting the 12% EBITDA margin.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. And sir, lastly, sir, for the product introduction part means for the next year, what will be the new variant? I think the Kia part of the story will start to play-out next year or if you could just explain to us what would be the value — volume addition we will expect for the next financial year and the product addition also.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So Kia will start — has already started in December. January, I think will come completely into swings. For next year, there’s a shade business that is starting and there’s a new vehicle that is starting and we have some BIW business that is starting. So we should probably add INR250 crore INR300 crores of revenue next year.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. So on a — on an annual turnover INR250 crores to INR300 crores should be the additional turnover that we are anticipating for the next year.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes. Yes. From what we close at this current year, you can add INR250 crore INR300 crores to that.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Come again sir.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Whatever number we close at this year, you can add INR250 crore INR300 crores to that.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, right, sir. And sir, when we look at our share of profit from associates, do we participate in their — in their expansion initiatives also or in terms of contribution or are they only the equity part of the story and only we are just — it’s a line-item for us in terms of the compliances in consolidation.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So we participate in both. Our management is active. For NDI, we have a separate management. For BSL, we have a separate management, but we participate in both.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. Can you elaborate more on how our JV partners or the associates are also going to transcend the growth journey. I think so for the joint-ventures are the one which we are at nascent stages. But associates, I think so have a matured story. So what should we look-forward there, how are their contribution likely to shape up for the coming fiscal year.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So seat getting premiumization will definitely come over there. In addition, we’re also focusing on margin expansion over there and we are also working on expanding our market-share in. So all three.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

And sir, the consent — although we are dealing with the market-leader, but then also for the client concentration rates, and what — what are the things in the anvil in terms of other player — other OEMs like Tata and Mahindra, do we have that leeway of entering into their domain also or we are only — we are mainly concentrated towards this Maruti, Toyota and now the Kia part of the story going ahead.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So Maruti, Toyota, Kia is something we’re definitely focusing on. We have something in-place for Tata and other OEMs, but it’s too little to talk about that.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay. So we are looking-forward. And I mean, we are working on the same as and when the things mature or take shape, then we will be updating on that. And lastly, sir, if you could give some color on the cash balance what we have as on 31st December and our cash conversion cycle also that the receivable days.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Cash balance should be the same similar last quarter, I think will be INR50 crore to INR40 crores. Cash conversion cycle, I’ll get back to you.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, sir. Thank you, sir, I joined…<\/p>\n

Pranav Relan<\/strong><\/p>\n

Last quarter. Sorry, there is no change — there’s not much change from last quarter.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, sir. I’ll join –. Sir, you have also spoken about this appointment of Mr. Rathi. This is only for the chief — the CFO that got vacant and he is yeah, he has also served for the Limited also earlier, so he will be only in the finance domain or also in the operational part of is of the business also because of his expertise. I didn’t get you, sir.<\/p>\n

Pranav Relan<\/strong><\/p>\n

He’ll be CFO. He’ll be in the finance government.<\/p>\n

Saket Kapoor<\/strong><\/p>\n

Okay, great sir. Yeah. Thank you, sir. I join the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, to ask a question, please press Rn1 on your phone. We’ll take a follow-up question from the line of Jatin Chawla from RTL Investments. Please go-ahead.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Yeah. Just a follow-up on the Kia order which has started. I think it must be for the, which has just got recently launched. So how are you seeing in terms of production volumes for that vehicle? Are they in-line with what you had expected when the order was given?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, they seem to be — the ramp-up seems to be quite aggressive at the moment.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Got it. Got it. And EV, is this the E-VITARA which has kind of started — just started hitting dealerships.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, that’s the one that we’re all involved.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Right. And for that also production would have started in Jan, right? So we should see a full-quarter in March.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yeah, it starts this quarter. I think they have a slower ramp-up. That’s the only reason.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay. Okay. And, when is that starting?<\/p>\n

Pranav Relan<\/strong><\/p>\n

For the new Grand minor change. So I think that should be March of March.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay. Got it. And I think a couple of days back, there was an announcement on a creation of an ESOP pool of about 250,000 shares. So if you could just elaborate on what sort of employees are being given the plan and what’s the thought process on this?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So it’s going to be for the key employees or we’ll share that a little later.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay. Got it. Got it. So for next year, essentially, the key drivers would be this Kia and order than the Sunshad BIW and some regulatory changes also that are happening from the middle of the year, right?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yeah.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Okay. And with Kia, now that the orders have started, any further discussion in terms of any new orders going-forward?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So we’re in continuous discussions once something happens, then we will actually.<\/p>\n

Jatin Chawla<\/strong><\/p>\n

Got it. Thanks. Thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Hitesh Goel from Riddhish Advisors. Please go-ahead.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Thanks. Thanks,. Very good results. My first question is actually on this Maruti EV. What is your market-share on the first EV.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So we are 50% on the first EV and 100% on the second. The second EV is I think a year or two away.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Okay, okay. And this Toyta plant in Orangabad, which is going to come in, right, what is the kind of market-share do you have in that product in that…<\/p>\n

Pranav Relan<\/strong><\/p>\n

For Tayota Boshiku, we have about 2,000 250,000 cars that we supply to out-of-the 300 or 350,000 cars, so which is about 60% to 70% share. We are looking to replicate that hopefully in 2028.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

But that order has come to you already because already three years out now, right? So that order has been given to you in Rangabad or…<\/p>\n

Pranav Relan<\/strong><\/p>\n

No, no, no. So any new order will probably come end-of-the year.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

By end-of-the year and this plant is expected to come when?<\/p>\n

Pranav Relan<\/strong><\/p>\n

End of 2028.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

End of 2028. And this is for both…<\/p>\n

Pranav Relan<\/strong><\/p>\n

At the moment, we’ve just acquired the land and we are looking — we are under multiple discussions. So that’s the status for it at the moment.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

And you’re only setting up capacity for Toyeta there or you are also thinking of keeping some capacity additional so that you can supply to Mahindra and Tata if that fructifies from the plant?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So majority of the space is going to be for Toyota. So we already supply to Toyota, and we have a relationship with Hayashi that we’re looking to expand and then we’re discussing with some more Toyota Group companies.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Okay. But same Mahindra and Mahindra and is in Chakan, right, and Toeta is in Pune. So from that perspective, will they want in your business, will they want it closer to Pune and Chakan or can also be a place where you can supply from?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yeah. So Behindra Tata will definitely want the facility in Puna, but we can obviously use — send a lot of components from Aurangabad to Puna.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Okay. And in your value-add in the seed business, you think you have maximized in terms of value-add or what else can be done to increase content or this is the maximum — there’s no major addition in content which can happen in the future technologies are asking.<\/p>\n

Pranav Relan<\/strong><\/p>\n

See, premiumization has just started. Our content is somewhere between maybe INR15,000 rupees. The global average proceeds is anywhere close to maybe INR50,000 rupees. So now seats are coming with artificial leather, they’re coming with power units, they’re coming with ventilation systems, they’re coming with seat bed reminder systems that all will start coming into the seat in the next two, three years. So we have a long way to go in terms of the premiumization.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Okay. So that content will keep on increasing. And my last question on lighting, I think you had talked about a RFQ from Maruti, the IIC tie-up. So can you give us some sense on the lighting orders, if any?<\/p>\n

Pranav Relan<\/strong><\/p>\n

No. So we’re waiting on any new products. Once something happens, we let you know.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Great, great. All the best. All the best,.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Raunaq Sabharwal from PhillipCapital PCG. Please go-ahead.<\/p>\n

Raunaq Sabharwal<\/strong><\/p>\n

Thank you for the opportunity, sir. Sir, one question. What is our order book as of today?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So order book is INR400 crores to INR450 crores, plus you can access to show INR100 crores. So that should be INR500 crores to INR550 crores.<\/p>\n

Raunaq Sabharwal<\/strong><\/p>\n

So would this INR500 crores to INR550 crores be included in the orders or do we subtract that I think INR80 crores from Kia.<\/p>\n

Pranav Relan<\/strong><\/p>\n

That’s including the Kia order, but in the December quarter, the PR sales is probably just in INR1 or INR2 crores. So you can add it to the current run-rate, the INR500 crore INR550 crores.<\/p>\n

Raunaq Sabharwal<\/strong><\/p>\n

Understood, sir. So one question on the ESOP cost. So what will be the ESOP cost per annum going ahead? Even a rough number will work.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Sorry?<\/p>\n

Raunaq Sabharwal<\/strong><\/p>\n

The ESOP cost, what would be the ESOP cost going ahead because you implemented a new ESOP plan. So what would be the cost incurred on that employee cost.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So I will get back to you on that.<\/p>\n

Raunaq Sabharwal<\/strong><\/p>\n

Okay. So no further questions. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, to ask a question, press on your phone now thank you. All participants who wish to ask a question are requested to press R one on their phone now. We’ll take the next question from the line of Hitesh Goel from Riddhish Advisors. Please go-ahead.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

You’re talking about a 12% kind of margin in FY ’27, right? In terms of your order book accretion, like you said in ’26, you will add around INR250 crore conservatively revenue in ’26. What is the kind of revenue accretion we are seeing in ’27? Because except for the new Maruti EV, I think there is no major orders until the order comes through. Am I right?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes. There is no major order at the moment.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

So FY ’27 also…<\/p>\n

Pranav Relan<\/strong><\/p>\n

Maruti.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Your market — sorry, what did you say?<\/p>\n

Pranav Relan<\/strong><\/p>\n

Yes, at the moment, that’s the current status, but we’re working on building that.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

No, so my question is then if Maruti grows at 7%, 8% CAGR, sorry, rate, right, which is normal rate, you would like — you will end-up like growing at 11%, 12%, right, in FY ’27 in terms of revenue. So how is this 12% margin coming through until there is some cost-savings which you can talk to us about on raw materials, you know.<\/p>\n

Pranav Relan<\/strong><\/p>\n

We’re focusing on operational efficiency and cost-saving measures. That’s what we’re quite confident of achieving that.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Through cost-savings basically. And my last — another question is on that the regulation which is — had to come in March ’25, right, about the airbag regulation. Has that been pushed through?<\/p>\n

Pranav Relan<\/strong><\/p>\n

So there is no airbag regulation for six airbags, but most of the car OEMs are implementing it.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

No, in like Alto wagonr, right? I mean, we are talking about small cars. They don’t have six airbags, right? So that was the regulation which was about to come.<\/p>\n

Pranav Relan<\/strong><\/p>\n

So there’s no regulation, but all the OEMs are implementing fix airbags and all the cars.<\/p>\n

Hitesh Goel<\/strong><\/p>\n

Okay. Okay. Thank you, sir.<\/p>\n

Pranav Relan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, to ask a question, please press R&1 on your phone now. As there are no further questions, I now hand over the call to management for closing comments. Over to you, sir.<\/p>\n

Pranav Relan<\/strong><\/p>\n

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 our Investor Relations partner, CDR India. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Ndr Auto, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 2025 Earnings Call dated Feb. 12, 2025 Corporate Participants: Rishab Barar \u2014 Investor Relations, CDR India Pranav Relan \u2014 Whole Time Director Analysts: Jatin Chawla \u2014 Analyst Saket Kapoor \u2014 Analyst Hitesh Goel \u2014 Analyst Raunaq Sabharwal \u2014 Analyst Presentation: Operator Ladies and gentlemen, good day and welcome […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":173434,"url":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q2-2025-earnings-call-transcript\/","url_meta":{"origin":173433,"position":0},"title":"Ndr Auto Components Ltd (NDRAUTO) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ndr Auto Components Ltd (NSE: NDRAUTO) Q2 2025 Earnings Call dated Nov. 07, 2024 Corporate Participants: Pranav Relan \u2014 Whole Time Director Analysts: Rishab Barar \u2014 Analyst Jatin Chawla \u2014 Analyst Saket Kapoor \u2014 Analyst Unidentified Participant Presentation: Operator Ladies and gentlemen, good day, and welcome to NDR Auto Components\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180082,"url":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q3-2026-earnings-call-transcript\/","url_meta":{"origin":173433,"position":1},"title":"Ndr Auto Components Ltd (NDRAUTO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 9, 2026","format":false,"excerpt":"Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 2026 Earnings Call dated Feb. 05, 2026 Corporate Participants: Pranav Relan \u2014 Wholetime Director Analysts: Unidentified Participant Rishab Barar \u2014 Analyst Jatin Chawla \u2014 Analyst Vijay \u2014 Analyst Sahil Sharma \u2014 Analyst Manish Gupta \u2014 Analyst Jatin Chawla \u2014 Analyst Anubhav \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":151598,"url":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-q1fy24-103-rise-in-profits\/","url_meta":{"origin":173433,"position":2},"title":"NDR Auto Components Ltd Q1FY24; 103% rise in Profits","author":"Karan_Singh","date":"August 7, 2023","format":false,"excerpt":"NDR Auto Component operates in the auto components industry and manufactures seat frames and trims for four-wheelers and two-wheeler vehicles and other accessories relating to car seatsIt was incorporated and listed in 2019 as a part of Rohit Relan Group. 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