{"id":183338,"date":"2026-05-18T06:48:56","date_gmt":"2026-05-18T10:48:56","guid":{"rendered":"https:\/\/alphastreet.com\/india\/rane-holdings-ltd-raneholdin-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-18T06:52:07","modified_gmt":"2026-05-18T10:52:07","slug":"rane-holdings-ltd-raneholdin-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/rane-holdings-ltd-raneholdin-q4-2026-earnings-call-transcript\/","title":{"rendered":"Rane Holdings Ltd (RANEHOLDIN) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Rane Holdings Ltd (NSE: RANEHOLDIN) Q4 2026 Earnings Call dated May. 18, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Harish Lakshman<\/strong> \u2014 Chairman<\/em><\/p>\n

Analysts:<\/h2>\n

Diwakar Pingle<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajakumar Vaidyanathan<\/strong> \u2014 Analyst<\/em><\/p>\n

K. Mohan<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Pratik Kothari<\/strong> \u2014 Analyst<\/em><\/p>\n

Manish Goyal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to Rani Group Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the lesson 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 a Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Diwakar Pingle from ENY.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Diwakar Pingle<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you so much. Good afternoon everyone. Welcome to the Q4 and foliar FY26 news conference call of the Rani Group to discuss and answer your questions. Today we have a management team for Running Group represented by Harish Lakshman, Chairman Running Group P. Aphan, President Finance Group CFO Shiva Chandrasekaran, Senior Executive Vice President Secretary and Legal J. Anand, Executive Vice President Finance and CA for Rani holdings and AS Prasad, Associate Vice President, Corporate Planning Ronnie Holdings.<\/p>\n

Please note that the results and presentations have been made to you and you can also view it on the company’s website. In case anyone does not have a copy of the presentation or email marked in the mail, please do write to us and we’ll be happy to send the same. Before we start, I’d like to say that everything that is said in this call that reflects any outlook of future which can be construed as a forward looking statement must be viewed in conjunction with the risks and uncertainties that we face.<\/p>\n

These uncertainties and risks are included but not limited to what we mentioned with prospectus as subsequently manual reports which you can find on our website. With that said now I’ll now hand over the call to Harish Laxman. Over to Harish.<\/p>\n

Harish Lakshman<\/strong> \u2014 Chairman<\/em><\/p>\n

Good afternoon ladies and gentlemen. Thank you for dialing. I’d like to welcome you all for this teleconference. I’d like to start with a few comments on the industry. The entire industry delivered a very strong performance during Q4FY26 with all the major vehicle segments recording healthy year on year growth supported by the continued positive customer sentiment, supportive policy measures including the GST rate rationalization. The quarter marked the strongest performance of the year reflecting a broad based recovery across all the vehicle segments.<\/p>\n

The passenger car segment continued to witness healthy momentum during the quarter driven by sustained demand for utility vehicles and improving affordability. The commercial vehicle segment registered robust growth aimed by the higher infrastructure activity, improving freight movement and healthy fleet utilization levels. The segment witnessed also witnessed a broad based recovery with good fleet replacement cycle kicking in the two wheeler segment witnessed a strong recovery during this quarter supported by the policy incentives as well as the growth in the EV category.<\/p>\n

I think the farm sector also had a very good quarter driven by the favorable monsoon, improved farm income and increased mechanization trends in the rural market and recorded the highest ever sales for the industry overall. The industry remains resilient during the year supported by improving demand conditions and positive momentum across the key vehicle segments. However, the global geopolitical developments has led to significant commodity price volatility and supply chain uncertainties. Therefore these need to continue to be closely monitored on how it can impact demand coming to the company Performances Ranimidra the total revenue for the Q4 stood at 1051 crores 0.7 crores compared to 905 crores in Q4 which is an increase of 16.2%.<\/p>\n

During the quarter the company incurred a capex of 53 crores taking the full year FY26 capex to 191 crores. Investments were directed primarily towards capacity expansion across all the product lines, steering engine components as well as brake components. The net debt for Rani Madras stood at 705.8 crores at the end of the year compared to 779.2 crores reflecting a reduction of about 73.4 crores during last year. The aftermarket product business continued to strengthen its integrated and market focused approach during FY26.<\/p>\n

Improved retailer engagement, enhanced market visibility and portfolio expansion and increased adoption of digital tools supported better execution and market penetration and growth. During the Q4 the company secured new businesses with an annualized sale of 33 crores taking the full year FY26 order win to the highest ever that Rani Madras has done with a value of 712 crores of annualized sales across domestic OEM as well as international customers. So the entire new business booking has been a very good year for us.<\/p>\n

Apart from these, I’d like to mention that the JV companies of the group also secured new orders worth about 55 crores during this quarter from our domestic customers. As mentioned in some of the past calls, our key focus is for Rani Madras to improve the margins to continue to improve the margins through operational efficiency and cost reduction initiatives to further strengthen the balance sheet and reduce the debt to equity ratio. To continue to enhance our free cash flow generation and deliver on better return on capital employed, we remain focused on maintaining our financial discipline at the same time supporting long term growth and competitiveness.<\/p>\n

When I look at the coming year we remain optimistic but with caution on the overall demand environment, with domestic trends expected to remain stable so the demand continues to be there. Even April and May, to be frank, surprised us on the demand front, despite the various challenges that are going on geopolitically. At the same time, we continue to closely monitor factors that could influence the broader operating environment and especially the volatility in crude oil and commodity prices, as well as the exchange rate movement which could impact our operations.<\/p>\n

So in this environment, our focus will remain on strengthening our operational efficiency, driving cost optimization initiatives, and improving our overall competitiveness to mitigate external headwinds and support further margin improvement. During this year, we also expect to benefit from new business ramp ups, our diversified product portfolio, and the continued focus on manufacturing excellence across the plants. Thank you. With these words, I’d like to now open the call for any questions. Thanks.<\/p>\n

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

Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press Star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of Lakshmi Narayan from Tunga Investments. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

A few questions. In one page you mentioned joint venture financial performance. You have mentioned it because the company is split into two. That set up entity or why? Just want to understand that part.<\/p>\n

K. Mohan<\/strong><\/p>\n

Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Is it? Is it the company has been split into two? Yes, that happened.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

That happened in Q4, in February the split we got the NCLT approval and the companies have been demerged. Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Okay. Now that the company is demerged, will there be some kind of operating dealer rate? Because you have to have fixed cost in both entities.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So there will be very marginal increase in cost as a result of this. As you’re aware of, you know ZF globally did the demerger so we had to follow because historically the two businesses have always been run separately. So there were very few people involved across both the businesses. So therefore you know there’s not going to be any significant or material cost increase as a result of this.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. And another request, if you can give the complete PNL of these joint venture and the rfk. Because I would like to understand what is the gross margin and what is the debt that is actually carried in the businesses. And just to want to understand what is the debt in Ranesharing Sisters Private Limited and what is the debt cross debt or net debt of the joint Venture which is the ZS entity. And also what is the debt carried in at the holding level?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

One second. Do you want to read the number? You can undo it. Red color light.<\/p>\n

K. Mohan<\/strong><\/p>\n

Hello, Are you able to hear? Yes. Yeah. See the net debt at R holding consolidated level is around 950 crores. And RSSL it is around 260 crore. Gender quantity joint venture it is around 700 crore.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Okay. And another question. I see that there is a preferential allotment which which has been proposed by the board. Just want to understand how did you think about it Visa the other capital raising options.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So I think the details have yet to come out right or it’s been. It will be going in the coming weeks. So. And you will see the detail. It was not. It is not a substantial amount. So therefore the board deliberated all options and felt that given the quantum this was the best at this point in time.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Okay. Because anyway you have debt at the company at a large level. So why would you take a 40 crore? This like seems to be too small. But why are you doing this at all this trying to understand that particular part.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, that’s what that is all was the requirement that is needed as far as for the other debt. You know, as you know there is already some transaction on real estate etc underway which will also get consummated during this financial year. So considering all of those we took this decision.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Got it. And last quarter you took a kind of a provision in the zf. Just want to understand is it that full and final or anything more because you said that as per your prudent assessment of last quarter. Is there any slippages from there or is it actually that amount or that is reducing or increasing. And also have you. Is there something some insurance that would actually cover that particular provisioning?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, I think as would have been communicated in the last quarter there is no change after that. So neither is it going to increase nor is it going to decrease. However, whether this is a final number, I think there is still multiple discussions going on between the customers, ZF and the jv. So it will take some more time to get the full picture. It could take another six months before we get full clarity if at all. Insurance? Yeah, we have initiated I think the insurance process as you know that’s a little bit more long drawn out and of course but we don’t have full cover.<\/p>\n

So even even if the once the as and when the insurance process happens it will not fully cover the the provisions we have made<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

In any quantum of the Insurance coverage you have, you like to mention here. Okay. Thank you Harish. I’ll come back.<\/p>\n

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

Thank you. Next question is from the line of Aditya Makaria from HDFC Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I would you know firstly like to congratulate the management management for issuing warrants. I think while the quantum is small it definitely sends a very positive signal out to the market. Having said that, so I had a question. You know Rani, NSK we did mention. Obviously NSK has you know lost its way somewhere in Japan and now in India. While we are going alone right now there are also talks of us wanting to enter into a JV with another foreign partner to ensure our technological, you know, prowess in steering.<\/p>\n

So any thoughts on that which you could share?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So I don’t know if there is some lack of communication from our side. No. See as far as the Ranik steering concerned everything is done. As you know we purchased the shares of nsk. The license technology for NSK continues for not only for current production, even for future production it is possible over and above that we have already also signed license agreements with ZF and they have also given us access to the electric steering technology. So Rani steering for even for future businesses will continue to have access to both NSK technology as well as ZF technology.<\/p>\n

So depending on what customers prefer, you know, running steering systems will be able to offer the solution. So in a way we are very well positioned to cover a whole range of customers and the different types of technologies going forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so that’s great to hear that ZREF is also cooperating on the technology part. Just one question here. Because Maruti is our largest customer, will this ZF technology also feed into Maruti products?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

It is possible in the future. We don’t know at this stage. But right now through ZF we have also already booked one order with another customer.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it. Thanks and wish you all the best.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Pratik Kothari from Unique vms. Please go ahead.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Yes sir. Good afternoon sir. A couple of questions on Running Madras. Specifically one on growth. So I mean we have called out a good growth in exports and. But at the same time the OEM domestic OEM growth is much below industries even highlight what is going well in exports and what is not in domestic ocean compared to the industry.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

One second. Yeah. I think we have put off the. In the investor presentation. I think slide number 13 of the slide. We have kind of explained why in some segments we have not grown in line with the industry actually if you see commercial vehicle, we have grown faster than the industry but in the case of passenger vehicle and farm tractor we are slightly lower and of course two wheeler, we are much lower. But our presence in two wheeler is very limited. So we have explained the reasons on that particular slide.<\/p>\n

It could broadly because of, you know, the customer mix, you know what, which models of model C or which models of Mahindra are doing well and which models are we on? I think it’s largely because of that and as far as farm tractor is concerned, I think it’s the power steering. Is it, is that because again it is due to the lower growth in the serve models. If you. There are, you know, different segments in the tractor below 25 horsepower, 25 to 45 horsepower. So we are in some models, we’re not in some.<\/p>\n

So it’s largely a mix issue.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

We have called out break as an issue but break itself is not a very large share of our business level. Yeah. So any other thing which is lacking in two wheelers,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

See two wheeler, we have only two product lines, engine valves and brakes and even brakes. You know, we participate only in those vehicles in those two wheelers that have abs. So if the vehicle doesn’t have an ABS system, we don’t participate. So it’s a very small market for us.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Correct. And margins, we did call out our aspiration going on for the last year or two since the merger. One, I mean despite the large growth in our numbers, we still don’t see double digit margins. We had an aspiration 12% 18 months was when the merger comes in. So one on that journey of efficiency and improvement, where are we and then anything that you can guide for double digit and then the eventual 1112, I mean are we still on track? Do you still see that happening?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, yeah, I think definitely we are definitely on track. As I said in my opening comments, the entire focus is to get to that double digit level and we are definitely on track and we hope that the market will continue to grow during this year and we can deliver on those numbers.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Is it still double digit or is it still at 1112 the margins?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, no, we will gradually get to a, you know, I mean double digit. We are at 9.5 right now. So I see double digit happening during next year and going to that 11 12%.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Fair enough. And lastly on debt, so I mean we have some money from the land sale which has come in. So now does our intention to sell more land parcels that we’ve taken some shareholders approval to stay intact and One what I mean we also now generating good cash flow. So what are plans in terms of debt? Remember payment over the next 12, 24 months.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So I think we will. You know I think the good thing is our debt to equity ratio. You know we are below one now and we are as the real estate transactions have. There is obviously the Velacheri one that is that will probably happen during the course of early part of this year. That will further improve the ratios. And as far as the other land that we took shareholder approval for obviously when we get the right price and the right type of buyer we do intend to sell there is nothing over and above what we already got shareholder approval for.<\/p>\n

So you’re right that you know the overall books are looking healthy and you know so. So I don’t see the debt that will only continue to come down. So<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Anything you want to quantify that? What would the debt levels look like in a year or two time from 700 odd crores. Right now<\/p>\n

Harish Lakshman<\/strong><\/p>\n

See I. That’s why I don’t want to give an absolute number. I would rather give a debt equity ratio because it also is a function of what we do in the business. You know in case there are some new investment initiatives, new M and a many things could happen. So very clearly our intent is to ensure that our debt equity ratio is you know at 0.5 level. You know that will be the goal.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

So for now our intention was to spend about 200 crores a year on Capex. That stays or have we materially changed that?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, it’ll hover around that. Depending on supply and demand it could be what are we looking at next year? Maybe another 20, 30 crores more.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Thank you and all the best. Thank you.<\/p>\n

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

Thank you. Next question is from the line of Manish Goyal from Think wise wealth managers llp. Please go.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Yeah. Thank you so much sir. I have a couple of questions sir first on VLF Rane like what has been the experience in last three to four months on the warranty claims. Like how many vehicles have been recalled and where have been. Like just want to get a sense because what we read 34 months back that only 500 to 600 vehicles were probably faced the issue out of some 6 lakh 50,000 vehicles. So maybe if you can give us some more perspective on the warranty claim sir.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. No, to be frank Manij, we also still don’t have all the information. While in US they have made this announcement in actual changes of this recall happening on the ground. We are also not aware how Much because we are depending on the customer SKNP in the US So the information flow has not been great. And we are still discussing with the customer what is the amount of recall that they are going to do whether all, you know, I mean I am just saying one extreme is all the vehicles. Another extreme is they are going to do some sort of a test and then maybe only a smaller percentage of vehicles will be addressed.<\/p>\n

So all that is not decided. That is why it will take another I think three, four months for us to get a clarity on what is the process the customer is going to adopt and maybe six months to know the impact.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay, thank you so much. And like on the business prospects and the exports growth from India and probably sourcing by the parent, hopefully it has not affected much and we continue to get business on export front as well.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, absolutely. There’s no change in that. In fact as I said, even in Q4 we got 55 crores of new order.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay, okay, okay. And sir, on the, on Rane Madras and other businesses on particularly on the international business outlook. So in Rania Madras now Exports are nearly 27, 28% and it has grown quite well. So if you can give us outlook in context with disturbance happening on the geopolitical front, how do you see the growth order pipeline for Rani Madhas as well as for ZF Raniparticular?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

To be frank with you, there is no impact because of the geopolitical situation. We had a record year as I said in terms of new order bookings of 712crores in Rani Madras last year and whatever programs that we started shipping in the last few quarters, there is no negative impact on volumes both in US and in Europe. So therefore we continue to remain optimistic. I think the challenge is the cost escalation both due to oil related and the commodity. So those are the things that we need to carefully manage and obviously try and recover that from customers etc.<\/p>\n

Which with large OEMs is always a challenge. But so that has been the focus. So there are no major concerns from a volume standpoint as of today?<\/p>\n

Manish Goyal<\/strong><\/p>\n

Sure, sir, probably jump back to ZF Rane. One question on the margins which we have probably seen quite strong margins of nearly 14% for this quarter. So how should we look at it going forward? Can we sustain this level of margins at ZF Ranet? Because I think most of our new plants would have started and contributed.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So as you know Manish, we have to look at the two business separately. The steering commercial, steering business that has got a strong Double digit margin. And as long as the commercial vehicle market continues to remain strong. I see that kind of margins getting sustained. As far as the seat belt and airbag business is concerned. That’s a high single digit margin. And that also will continue to remain at that level. And the growth higher. That business continues to be strong.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay. And maybe if you can give us a revenue breakup between steering business and occupant safety business. And also the export spin.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Q4.<\/p>\n

K. Mohan<\/strong><\/p>\n

See for the quarter Q4 Total revenue is down 65 crore. Steering is 300 and occupant safety is 465 crore is the broad write up in terms of domestic and export. Export constitutes 150crore. And the remaining 610crores from domestic.<\/p>\n

Manish Goyal<\/strong><\/p>\n

And can you give us for the full year please?<\/p>\n

K. Mohan<\/strong><\/p>\n

Okay. For full year FY26. Overall revenue is 2006. Ad sharing is thousand crore and occupant 30,680. And here domestic is close to 2072. And balance is export 609.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Sorry, exports. How much<\/p>\n

K. Mohan<\/strong><\/p>\n

Export 609. 609.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay, sir. And sir, I have a question. Sorry to interrupt. Mr. Goyal,<\/p>\n

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

Maybe please request you to rejoin the Q sir for the follow up question. Okay. Thank you. Sure. Next question is from the line of Viraj Mehta from Enigma. Please go ahead. Your line is unmuted. Please go ahead with your question.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah. Hello sir. Sir, congratulations for good set of numbers. Sir, my first question is on the margins for Ranay Madraj. In an environment where we are seeing steel prices hardening and where they are today. And not only steel but other commodities as well. Do you think your aspiration of doing double digit margin this year. You said FY27. By what quarter do you think we can reach there?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

It will be very difficult for me to give the exact quarter. Etc. It’s a function of multiple things. Especially as you said all the commodity increases were unanticipated. Because but for the war I don’t think we’d be dealing with that kind of a situation. It’s also good going to be a function of how we can recover from the customer. But having said that our confidence of you know getting to the double digit margin continues to be strong.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And that is for this year FY27.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Right. And sir, if I. And I’m just clarifying this. The answer to earlier participants question was that you said in zf, in both the divisions occupant safety and steering both margins look strong. One is single digit, one is double digit. But both look strong and can only improve from here with scale. Is that a fair understanding?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And what kind of volume growth do you see in zf?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Sorry? What kind of<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Volume growth do you see in zf? Both in occupant safety and in steering business.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes. So we are looking at a strong 9, 10% growth during this year.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

But sir, that would be even lower than the market. Right? Like 9, 10%. I don’t understand. How is it strong?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, no, no. The commercial vehicle market forecast for next year is only about 7%<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Volume growth, 9, 10%. But obviously there’ll be pricing because all the commodities have gone up. So revenue growth could be higher.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, possible. I mean, I’m looking at volume growth. Yes. Yeah,<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Got it. Got it. And sir, as far as. Thank you, you have been very generous with the dividend payout. Is it fair to assume that with the. With the money that will keep coming at the holding company level that will be distributed in the same way going forward as we have done in the past?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes, that is the answer. As we always do. Historically, our dividend declaration in Ranim Madras is in the 40% range. Whereas the holding company has traditionally been 50, 60, 70%. So I expect that to continue for both the companies.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And sir, what will be this year’s number for the trademark and technology transfer and subsidy that the Rane holdings standalone gets from all the subsidiary this year? Last year it was in the range of some 45, 50 crores. What will be the number for this year?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

1 second. Full ytd.<\/p>\n

K. Mohan<\/strong><\/p>\n

Around 40. Yeah,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Around the same. Around 40, 43 crores for trademark, right? You’re asking. Yeah. Last year was 38. Last year was 38 and this year is 43.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So like, is it like do we get half a percent as a revenue of revenue, Right?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. By and large, yes. There could be some differences in certain parts of the business. But most of it is half a percent.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Right. And sir, as far as volume growth for Rane Madras is concerned, is it fair to assume that we will grow our volumes in Madras in line with the PV market in general? So let’s say if, and nobody knows how much it will grow. But let’s say if TV grows 12% volume this year. We grow 12% in volumes or we grow lower or higher?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, I think we will grow in that range. In fact, if at all, anything, it can be slightly better because of the export market growth.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay, thank you. Thank you so much, sir. And best of luck.<\/p>\n

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

Thank you. Next question is from the line of Vedant Rani from Unified Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Good afternoon sir. Thank you for the opportunity. You know I just like I just want to get an update on the land deal. Like how is the land deal shaping up? Any payment we have received other than the advance which we received earlier and when are we supposed to get the full payment of this?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So yeah, we continue to get the advanced payment. I think as of today 145 crores we have already received and the remaining will happen during 26, 27 financial year. It is again difficult to predict when exactly the transaction will happen because it is a function of government approvals for both the residential project that Prestige and Arihant are planning to do as well as for our corporate office that we are planning to build. So it’s linked to the approvals we get from the government. As you know recently there’s been an election and therefore there was a pause in government approvals for almost two months in Tamil Nadu.<\/p>\n

But we hope that those approvals will start coming in in the coming months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, got it, got it. And another question. So in terms of growth in. I’m talking about Rani Madras. In terms of growth, which segment you know would like to focus or which segment could be key growth driver for Rani Madras?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, I mean across all segments. I mean pv obviously PV is the largest segment for Rani Madras and export also is a big contributor. So both of those are you know would be the focus areas. But commercial vehicle is equally important. This is only Rani Mitra.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I meant product wise like engine valves or brakes or steerings which would be your group driver.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Both steering and brake will see good growth this year. So I mean engine valve is not too far off.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much and all the best.<\/p>\n

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

Thank you. Next question is from the line of Munzal Shah from nsfo. Please go ahead. Hello.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah,<\/p>\n

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

Your line is unmuted. Please go ahead with your question. As there is no response from the current questioner. We’ll move to the next question. Question from the line of Kirandi from Table Tree Capital. Please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Thank you for the opportunity. Sir, a couple of quick questions. So around the ZF jv, what are the issues happened and you said it will take around six months for us to know the impact. So we, we kind of provision about 230 crore. This 230 crore. Does it cons, does it consider all vehicles or does it consider only a portion of vehicles? I mean what percentage of vehicles? If you could just give a broad, broad story picture around that, that would be very helpful.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

It definitely does not cover all Vehicles. It covers only some percentage of the vehicles. I don’t know the exact working. It is a. You know there is, it’s based on some testing that will be done at the dealership end. So that is why the number has not been finally frozen. It will all get decided based on the discussions between the customer, ZF and ourselves. So I expect we’ll have better picture in three months from now.<\/p>\n

K. Mohan<\/strong><\/p>\n

Got it, got it, got it, got it.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

On Rane’s steering and Rane Madras, Rane Midrash, are we seeing from an extra export perspective? I mean traditionally we’ve been with Maruti and we’ve been in the less than 10 lakh kind of price points. So in terms of the business that we are winning in exports and as well as domestic, are we winning certain programs where the value is higher, value of the car is higher or are we still in the value to mid segment business that we’re winning? Business no more business.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Good question. No, I mean it is slightly more than the domestic market for sure. But it is definitely the kind of businesses we are winning especially on the steering side. In Rane Madras export they are also meant for some of the smaller cars in Europe. So while the while definitely the price of the product is more than what it is in, in India, it’s not significantly more. It’s not like you know, BMW 5 series, 7 series type of vehicles. It’s all the smaller European cars.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Got it. So should we understand that you know at least general DNA? Of course the aspiration might be to get into higher price SUV and much more the higher brand. Our general DNA as of now, the business segment as of now is small cars and you know the 15, 20 lakh or even an exports equivalent or higher in value cash. Is that a general.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, I don’t. I think it will be very difficult to generalize because it depends on the product. Because if you see within the steering world of Rani Madras, we export rack and pinion, we export ball joints and we export castings. Now the statement that I made for small car is for the rack and pinion. Now whereas a ball joint or a steering housing, those could be even for a BMW or a, you know, more expensive vehicle. But then it is not the full steering, it is a sub component. So it will be very difficult to generalize.<\/p>\n

So we are winning across all three. Last year the, I mean what we went into production happened to be for the ratio for some of the small cars.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Got it sir. Understood. Understood, Understood. The last question on Ramya steering we did about 2000 crores of business. Do you see this growing by in double digits? And in terms of the path of EBITDA margins to double digit, how when do you see it? If you could just give a picture on the Ranik steering business that we.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

The growth will be very good. The business is closely linked to Maruti’s growth as well as we are also breaking into some new customers. So the top line growth will be quite good. However, as far as the margin is concerned, I’ve explained in the past calls we are at a low single digit and we expect to get to a mid to high single digit the next couple of years. But double digit is not going to be possible for some time in that business. But however, having said roce for that business, I expect within two years to start exceeding 20%.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Got it sir. Got it. Very helpful, sir. Thank you so much.<\/p>\n

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

Thank you. Next question is from the line of Raja Kumar Vaidyanathan from RK Invest. Please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Hello.<\/p>\n

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

Yes, please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah, good afternoon. Thanks for the opportunity. Sir, you kind of mentioned that you’re looking at double digit EBITDA in FY26 25. Is that correct?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Not to move it on.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay, got it. Okay. Sorry. I heard it as overall. Okay, sir, the, the reason for this question is I think at the overall level you have done only about 8%. So, so what would be your overall RHL consolidated EBITDA? Can we expect that to move from 8 to. To work? Yeah,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Definitely. It will improve, you know, for sure it will, you know, obviously be nine plus. You know, it’s not clear exactly where we will end.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Okay. And even in rhl, I think in standalone, I. I see there is a big spike in revenue. So what is contributing to that revenue in standalone?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Standalone.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah, standalone revenues 36 crores this quarter Visa vis 24 crores in the previous year and 28 crores in December quarter<\/p>\n

Harish Lakshman<\/strong><\/p>\n

For the quarter. Is it?<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yes.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Okay. That would have been just some additional initiatives that would have, you know, we would have done through Rane Holdings. See Rani holdings, the service income is only from the group companies. Right. So sometimes there are some special initiatives that we take<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Where we<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Invoice the operating companies and there will be a corresponding expense. So. Yeah. And there could be some timing effect. This, you know, something in Q4 will be recovered in Q1 of this year, etc.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay, got it. The second question is under the intangible assets in the development, I see 22 crores. Does it become. Become 36 crores. So I don’t see that in RML Consolidated and RHL standalone. So then I think it should be sitting in your RP Assist. Right? Is that correct?<\/p>\n

K. Mohan<\/strong><\/p>\n

This is basically systems where this table explained the new technology which is exponented towards setup technology that RSSL has under a process of developing. So that is quarter end intel versus and development which comes in RHL Consolidated.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So is there. What is the revenue opportunity here?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Okay. For the RSSL things? Yeah. Yeah. I think I’m. I am trying to recollect. It is about 150 plus crores per annum.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. That is the intangible. It is under development. That is the potential revenue potential for this.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Correct? Correct. Correct. Yeah. Annualized. 150 to 200 crores. Annualized.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Got it. So the last question is this. You are done with consolidation at RML level. So last year. Last year you said you will wait for a one more year before you look at rolling it up all the way up to Rhodes. Any thoughts on that?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Sorry, I’m not clear.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

No. This merger of all the Rani entities. Last year we completed till Rani Madras.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Correct? Correct. No, we keep looking at what is the appropriate structure. So no decision has been taken. But we’ll keep evaluating it. And of course as and when we decide on something. Something we’ll share with all the investors.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. This is not something which will happen in the near term.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

I mean I’m not able to comment on it. So we haven’t taken any decision as yet.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. So the reason for laboring this question is how? Because we’re not leveraging on this tax losses in RTSs by keeping these quantities separate. So that is the reason I’m asking why we are doing business.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, there is no tax loss that they’re having. So which one ran a steering you mean?<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

As you recover. Recollect last year we had a one off income from NSK as part of the settlement of 175 crores. So all the tax losses that were available has been utilized fully.<\/p>\n

Diwakar Pingle<\/strong><\/p>\n

Okay. Got<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

It. Okay. Thank you so much.<\/p>\n

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

Thank you. Next question is from the line of K. Mohan, an individual investor. Please go ahead.<\/p>\n

K. Mohan<\/strong><\/p>\n

Hello,<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Can you hear me?<\/p>\n

K. Mohan<\/strong><\/p>\n

Yes.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah, we can hear you. Okay. Okay. Thank you very much. Two questions. One is with regard to the landfill. You said you got 145 crores. What is the total expense in the land sale?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

360, I think.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. 360 was the balance according to to your estimate should flow in sometime during the course of next 12 months.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, a bulk of it will. A large portion will come in next year and some of it will come in the subsequent years. See, as I said, as I said earlier, the transaction is a combination of land sale plus also a contract to build the corporate office for us.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Right.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Which is a three year process.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Oh, okay. Okay. And the other land for which you got shareholder approval, roughly that will be what, another 150 crores or will be more than that?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

We don’t know. Yeah, maybe in that way. In that region. Yeah, in that range. But obviously we are still exploring the market.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay, next question. With regard to the export tariff on in usa, I hear there are several doubts about the export tariffs, say 10%. But then for steel it separates, aluminum it separates. Do you have any clear idea of how much you are paying right now? Your customers are paying tariff for the export to usa?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

You know, so I. Yeah, you have a very good question. We are also very confused. Things keep changing all the time. But as the only good thing is in more than 90% of our exports, or 95, close to 95% of our exports, the customer is paying the tariffs. So we are not paying. So the good thing is it’s not impacting us directly. But we also don’t know how much they are paying.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

The danger of course is that is the steel tariff is going to be 50%. The customer will look at alternate resources of development. That is my worry.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Now that risk is definitely there. But you know, as you know, while India and US shook hands on the fta, the intent is that India will be one of the more favored countries to do business with. So even if, even if there is going to be a negative impact on the tariff, I am hoping that our government and the US government will somehow be able to sort it out subsequently.<\/p>\n

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

Thank you. Next question is from the line of Ashok Patel from Molecule Ventures, pms. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon sir. Thank you for the opportunity. My question is, sir, we are seeing this theme of European auto ancillary players even bigger, larger size auto ancillary players going bankrupt because of their financial issues and because of the energy crisis, because of manpower crisis, etc. So there is a clear demand shift. Speaking to other auto ancillary players, the business moving in away from Europe and in favor of countries like India. So do you see that happening in your case given that you already have European presence and do you expect any big orders on line of this?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

As I said, you know, the overall export order booking continues to look positive and it is obviously driven by multiple factors that are happening globally including the pressure on European suppliers. So I wouldn’t say that is the only reason but that is definitely one of the reasons. So. And as I said, we had our record booking for orders last year, 700 crore plus in Rani Madras alone. And therefore I expect our order booking for exports especially in Europe to continue to be strong.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Got it sir. Okay. That’s all from my side, sir. All the best.<\/p>\n

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

Thank you. Next follow up question is from the line of Manish Goyal from Think Wise Wealth Managers llp. Please go ahead.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Yeah, thank you so much. I have couple of more questions on Rane Madras. If you can provide us perspective on your Mexico plant progress. How is it going on and what is the current revenue base and outlook? Sir.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, so as I said, there was some delay in the launch of production for the program in Mexico. But the trial productions have started, some invoicing has also started, started and the revenue will start picking up during 26, 27 this financial year. But as I mentioned in the past, the level of investment is fairly limited and I don’t see us investing significantly more amounts. But it is more like a satellite plant that will continue to support our local customer. But having said that, we are confident of the orders that we have booked in delivering it through the Mexico plant.<\/p>\n

Now of course if you take a step back, see we have to see how the whole trade agreement between us and other countries including Mexico plays out. The US Mexico trade agreement is actually expiring next year month in June and between us, Mexico and Canada they are going to renegotiate. So from a long term perspective, you know, how much we invest in Mexico and what will be the sales potential is a function of that trade agreement. But whatever investments we have invested so far, I see that getting utilized in the next few years.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay, thank you so much. And sir, on the Ramesh trading probably mechanical steering column now probably based on last year’s annual report, it contributes now nearly 13% of the revenues. So like how do we see growth both on the, on the traditional product and the mechanical steering column product?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

You’re asking Rami Steering rssl.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Yeah, yeah. Rssl.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So that will continue. See most of the mechanical steering column is for the commercial vehicle. So. So that will be in line with the commercial vehicle segment.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay. Okay. And so last question on the capex plan for the group, if you can like outline what is the plan for FY27 for each company. Sir,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

As I said, you know. Yeah. So Rani Madras will be in the, you know, 240, 250 range. Rani steering will be in the 50 range and the ZF numbers is still not decided as yet. There are still some discussions going on with the, with the JV partners.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Okay. Okay, thank you so much.<\/p>\n

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

Thank you. Next question is from the line of Viraj Mehta from Enigma. Please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah. Hi sir, this quick question on non Ranish steering you had mentioned that we will be looking at 5, 6% in two concourse batch. I mentioned we should be looking at 5 odd percent margins in Rana Madras. Sorry, ran a steering in 27. But now we are seeing that we will only see lower margins than that this year. Is that correct?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So I mean as I said we will get to about 5, 6% in the next two years. That is what we had indicated. And I think I’d also explained it is because of some of the new models that will start going to production which have the higher profitability. So we still come of years away from getting it to that, you know, mid to high single digit<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

At 5, 6% how will we do 20% plus ROC? I didn’t understand that part because at 5% for us to do 20% ROCE and with the working capital our asset turnover should be like six, six and a half times.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So just go back to the ROC chart. One second. Yeah, I think but definitely by 27, 28, 28, 29 we will to 20% plus even with this margin level. EBIT margin level ROC<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

5%. You are saying EBIT or EBITDA?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Ebitda. One second.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Right. But then ebitda is not roc. Right? Ebit is roc.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

One second. Go to key ratios of all the companies. Rssl. Just hold on one minute. Excel sheet, one second. We’ll pull up. Next three years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Sorry, just give us one minute. We are pulling out the number. Yeah. So the business you know will continue to have by 20. Yeah, I repeat what I said. We will get to 20% RoCE even at an EBIT level of about you know, 3.54% EBIT. So EBITDA could be 5 to 6%. So the RoCE will start hitting 20%.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So sir, we did 2000 crore of revenue in RSSL in FY26, 2018 crores.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

What<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Kind of growth you are assuming because that’s a very large jump I guess when you are assuming in earnings because the margin is not improving and we’re still going to that kind of number.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, so I mean the margin is improving. There is some improvement in margins as I said. See if you go from an EBITDA of let’s say 3% to 6% we are actually doubling our margin and that is coming through the growth that we are having in top line as well as software higher profitable products entering into going into production. So you know this 2000 crores has the potential to go to about 2700 to 2800 crores. And yes, therefore the asset productivity will go up, you know, six, seven times.<\/p>\n

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

Thank you. Next question is from the line of Lakshmi Narayan from Tunga Investments. Please go ahead. Lakshman, your line is unmuted. Please go ahead with your question.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah, my question is what is the gross margin we had in the joint venture company and their RFP steering with respect to last year and this year? What is the margin of these two entities?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

I don’t know what gross margin. We only track ebitda. So I don’t want to say something. The EBITDA margins are about, you know, close to 14, 14% or 13.9% last year. Q4 for the quarter full year, about 12 and a half. Yeah.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And what is the return ratios, the joint ventures and RFK structure?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

When you say return, what do you mean which return?<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Roe and ROC.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So ROC for last year was about 15 for the full year, maybe going to 20% in the coming year.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay, this is for which. Steering business or for the ZF number you are actually talking about?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Sorry, there was a mistake. We have already crossed 20%. We did 23% ROCE for this year. FY26, the year that just got over.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So this is for which entity? The joint venture.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Joint venture steering. No, consolidated. Consolidated.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And if I just look at, there’s another listed company in the steering business, their operating margins are in the range of around 8%. With respect to that, you know, we are, we are tracking a number and our aspiration is to even go up. Now can you just explain, you know, why they are around 8, 9% and while our aspiration is to get to 5% that too after two years. Is there a different way in which the different market you operate in?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So I think as I said in the past, it’s a lot of it is because of some new contracts that we had booked based on certain NSK decisions that are going that have gone into production today. That’s the.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

But that would actually kind of roll off the next two years or three years. Right? The entire new contract. Let’s say two years out or three years out, let’s say 28 or so. What would be the new contracts you’re getting?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So as I just to repeat, some of these decisions were taken in 2122 period. And those vehicles went into production in 23, 24, 25. And typically in Maruti a production goes on for six to seven years. So that is the problem with the contracts that were booked based on certain NSK decisions in that period between 21 and 23. As far as the new businesses that we have booked in the last 24 months, they will go into production some next year, from the year after. Those will be higher margins.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Like that would be what, 8, 9%? Yes.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And what is the mix of the business from this full year? What is the mix of business on the old contract and what is the mix of business in the new contract? Almost like 100.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, yeah. More than, more than 85. 90 is the those contracts.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. And that would continue even after two years?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yes,<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Even if even in spreader.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Correct.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Okay. Okay. Okay, thank you.<\/p>\n

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

Thank you. Next question is from the line of Pratik Kothari from Unique pms. Please go ahead.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

So one on LMC light metal casting. One operationally have we solved for it and how is the order book building out there and any. I mean we had some ramp up plans there too. So. Yeah, no, we’re still working,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

We’re still working through it, Pratik. I mean there is definitely some improvement, but we are still not fully where we need to be both in terms of the margins and the efficiencies in the factory as well as the order booking both. We are continuing to still have some challenges. The order book is looking slightly better for 26, 27 also because of the domestic market doing well. But we are still hopeful that during this year we will see further improvement. As you’re aware, we even took an impairment of during this, you know, at the end of this year.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

So second again on exports for Rani Madras. It’s been going really well for a while now. So just in terms of are these new customers, same customers, you’re wearing wallet. Is this new geography anything that you’d highlight what is driving this very, very strong growth?<\/p>\n

Harish Lakshman<\/strong><\/p>\n

You know, I think if you recollect two, three years ago, Ranimadra did a similar growth and then we were flat for two years and then now again we are on the uptick. See, it’s a combination of new businesses with existing customers as well as penetrating into new customers. And a lot of it is a function of which program goes into production, which year, etc. So, so but last two years order booking has been very good and that is going into production now. So it’s a combination of both existing and new Customers and we continue to remain optimistic that this rate will continue in the future.<\/p>\n

Pratik Kothari<\/strong><\/p>\n

Great. Thank you sir. Thank you.<\/p>\n

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

Thank you. Next question is from the line of Munzal Shah from nsfo. Please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Hello, can you hear me?<\/p>\n

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

Yes, please go ahead.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

I’m sorry I couldn’t ask my questions earlier. Sir, if I go to the presentation of Rami Madras in slide 17 where you’ve given the businesses of various division, actually steering light, metal casting, engine and brake division, the only growth I see is coming from steering. Okay. So from a quarterly run rate of say 420 odd crores, it’s now at almost 500 crores where the other 3 division almost flat or single digit growth actually. Hello.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. Yes. Yeah,<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So suppose if we are targeting a good group going ahead. Okay, well how do you see this divisions giving growth going forward? Actually,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, So I mean I think just looking at Only 1\/4 q4 and it will not be correct because there were some new businesses that started kicking for Q4 in the steering business which is why that showed the growth. But generally if you see the order books, so the steering continues to be the strongest, as I said, followed by brakes and then the engine components. So those also will continue to show good growth in this coming year. But for sure the steering business has got the strongest growth portfolio.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

If I see like Q4 numbers, okay, the aftermarket is almost 19%. Okay. Which is perhaps one of the highest if you look at other auto ancillary business, other ancillary companies actually. And despite that, our EBITDA margins excluding other income is only 8.8% actually in Q4. Okay, I’m excluding other income. Okay. So despite such a healthy aftermarket sales and obviously aftermarket would have a much healthier margins. Okay, how do you explain for this 8.8 for overall business then if I exclude that 19%, then the rest of the business is.<\/p>\n

It’s very suboptimal EBITDA margins.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, so as the first of all the aftermarket, the 19% growth that you’re seeing,<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Not 19% growth. 19% of the overall business in Q4.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah. So then yeah, so it is one second. So, so yeah, so it is 19% of the total revenue. So your question is you said eight and a half per nine. 9.5% is the EBITDA, right? That<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Is, that is including other income. I guess if I exclude other income, it’s close to 9.19. Not 8.8. 9.1. Okay. And if you look at other answer, it completes. They are nowhere near 19.0% after market and aftermarket we all have this assumption that it’s a very high margin business.<\/p>\n

Manish Goyal<\/strong><\/p>\n

Right.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

So your balance 80% of the business which includes sharing etc. Okay. Because aftermarket bulk of it’s coming from brake business. Right. So if I just draw some basic calculation then that 80% is very suboptimal margin size actually.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Well, definitely the margins are lower when it comes to the OE business. That is for sure. But I’m not able to respond if there is some one off issue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, just hold on one second. Yeah, just one second.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

So we’ll double click on this point. We understand but we double click on this. We don’t have the breakup of the numbers. I don’t want to say something that’s not correct.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

No, no. Shows first. And lastly our capex is 250. 240. 250 crores for animal. This includes the corporate office expense.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

No, not yet. That, that has not been started. You know the, the government, you. This is for the new corporate office, right?<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

Yeah, yeah,<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, yeah. So that, that is not even started. We are waiting for the, for the approvals and things like that and just one second. Yeah, yeah. So that CAPEX is probably, you know maybe even 12 months away.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And so is it fair to assume that 228, the CAPEX number would be much higher than 240, 250 cross.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Correct. Because<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

That would have corporate office also.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Correct, correct. Yeah, yeah, exactly. We are talking only about the business related capex. Yeah.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And this is some growth capex or there is some, you know this 240, 250 crores growth capex or there’s some maintenance or any other.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Definitely. Generally you know about 15% of that amount is for maintenance and refurbishment and things like that. 15, 20%, about 50% would be new, new capex. Then there’ll be some in quality, some in R and D and things like that.<\/p>\n

Rajakumar Vaidyanathan<\/strong><\/p>\n

And last one question regards to the real estate money that we are supposed to receive. Now if we just assume that this transaction does not go through for any reason you will be able to retain that 145 crores that you have already received.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, yeah. I mean I don’t think there’s much risk in that. I mean there could be a delay, one or two months this way, that way. But in fact the transaction, the contract is very well worded in our favor. So the transaction will go through. I don’t see any challenges.<\/p>\n

Diwakar Pingle<\/strong><\/p>\n

Sure. Thanks a lot sir. Thank you very much.<\/p>\n

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

Thank you. Ladies and gentlemen. We will take this as the last question for the day. I now hand the conference over to the management for the closing comments.<\/p>\n

Harish Lakshman<\/strong><\/p>\n

Yeah, so thank you. Thank you everyone for your comments and as well as the questions. As I said, it’s been a reasonably good quarter for us, but the more important thing is we have to continue to build on this performance in the coming quarters. The market looks to be favorable, although some some of the global geopolitics is creating some concerns, mainly on cost front rather than demand. So hopefully we’ll be able to navigate it. So we’ll continue to be in touch. Thank you. Thanks everyone.<\/p>\n

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

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

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Rane Holdings Ltd (NSE: RANEHOLDIN) Q4 2026 Earnings Call dated May. 18, 2026 Corporate Participants: Harish Lakshman \u2014 Chairman Analysts: Diwakar Pingle \u2014 Analyst Rajakumar Vaidyanathan \u2014 Analyst K. Mohan \u2014 Analyst Unidentified Participant Pratik […]<\/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-183338","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":147127,"url":"https:\/\/alphastreet.com\/india\/rane-holdings-ltd-raneholdin-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":183338,"position":0},"title":"Rane Holdings Ltd (RANEHOLDIN) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 23, 2023","format":false,"excerpt":"Rane Holdings Ltd (NSE:RANEHOLDIN) Q4 FY23 Earnings Concall dated May. 19, 2023. 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