{"id":183608,"date":"2026-05-20T08:17:20","date_gmt":"2026-05-20T12:17:20","guid":{"rendered":"https:\/\/alphastreet.com\/india\/ask-automotive-ltd-askautoltd-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T08:19:23","modified_gmt":"2026-05-20T12:19:23","slug":"ask-automotive-ltd-askautoltd-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ask-automotive-ltd-askautoltd-q4-2026-earnings-call-transcript\/","title":{"rendered":"Ask Automotive Ltd (ASKAUTOLTD) 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

Ask Automotive Ltd (NSE: ASKAUTOLTD) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Kuldip Singh Rathee<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Rushabh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Nitin Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Rishi Kapadia<\/strong> \u2014 Analyst<\/em><\/p>\n

Yash Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Sahil Sanghvi<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

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

Ladies and gentlemen, good day and welcome to ask Automotive Q4NFY 26 post results earnings conference call hosted by AD Factors PR. 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 this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference has been recorded and I hand the conference over to Mr.<\/p>\n

Rishabh Shah from AD Factors PR. Thank you. And over to you sir.<\/p>\n

Rushabh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. A very good evening to everyone and warm welcome to the Q4 and FY26 earnings call of AS Automotive Limited from the senior management, we have with us Mr. Kuljit Singh Rati, Chairman and Managing Director. Mr. Prashant Rati, Joint Managing Investor, Mr. Amanrati, Joint Managing Director and Mr. Naresh Kumar Sharma, Chief Financial Officer. Before we begin the earnings call, I would like to mention that some of the statements made during the during today’s call may be forward looking in nature and hence it may involve risks and uncertainties including those related to future financials and operating performance of the company.<\/p>\n

Please bear with us if there are any call drops during the course of the conference call. We would ensure that the call is reconnected at the earliest. I now hand over the call to Mr. Kuleep Singhrati, Chairman and Managing Director for his opening remarks. Thank you. And over to you, sir.<\/p>\n

Kuldip Singh Rathee<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you, Mr. Rishabh. Good evening ladies and gentlemen. It’s my great pleasure to welcome you all to our Q4 and FY26 earnings conference call. I hope you have had the opportunity to review the detailed presentation submitted to the Exchanges and available on our website. In FY26, Indian economy remained resilient and stands as the world’s fastest growing major economy. As per RBI’s recent estimate, the GDP is expected to attain an impressive growth rate of 7.6%. This momentum is driven largely by robust domestic demand, resilient private consumption, strong investment in infrastructure and enabling government policy.<\/p>\n

The government of India’s GST2.0 reforms marks a pivotal milestone that is driving structural shift in the growth momentum across the Indian automobile industry and has energized the broader economy. Given the sector’s deep forward and backward linkages, GST2.0 is being a structured reform, the benefit of which will accrue over a long period of time. After February 28, 2026, geopolitical conflict in West Asia has disrupted the global economy posing an unprecedented challenge in supply chain, creating undue volatility in energy, commodity and currency across the globe and it has started affecting Indian economy as well.<\/p>\n

The phenomenal increase in aluminium alloy prices in particular have affected our industry. Despite these challenges, we are optimistic that the growth momentum will remain in the coming quarters. Now let me begin by sharing a quick overview of the broader industry. As reported by CIA, the Indian automobile sector witnessed healthy momentum in FY26 with overall vehicle production across all segments registering a robust year on year growth of 11.8%. The two wheeler segment matched the overall vehicle production growth at 11.8% on year on year basis.<\/p>\n

The two wheeler industry closed FY26 with a strong production volume of 26.7 million units, up from 23.9 million units in FY25. In Q4 alone, production touched 7 million units as compared to 5.8 million in the same quarter last year year. I am happy to share that this year the two wheeler industry production volumes have surpassed the previous peak of FY19. Looking ahead, we believe that the industry will continue to gain from the far reaching macroeconomic policy reforms undertaken by the government, particularly GST2.0 reforms, personal income tax rationalization announced in the Union Budget 2526, successive rate cuts and liquidity announcement measures by the Reserve bank of India.<\/p>\n

These have positively impacted consumer purchasing power and improved access to vehicle financing created a conducive environment for sustained demand. Rising rural income will also be beneficial for the two wheeler sector since all our products were under the category of 28% GST. Hence the reduction of GST rate from 28% to 18% is helping us to outgrow in the Indian aftermarket and capture more market share from gray market operators and duplicators. Happy to share that our independent aftermarket has grown by 24.7% in FY26.<\/p>\n

We still remain optimistic that the geopolitical situation shall normalize soon and the growth trajectory of our sector shall be maintained. Before we move on to ASK’s business performance, we would like to highlight that on the green energy front, as already shared with you earlier, I’m happy to update that our 9.9 megawatt solar plant at Sifsa, Haryana has been fully operational since April 2025 and is delivering the sustainable operational economies on the expected lines. Our second captive solar plant of 11.55 megawatt in Picane Rajasthan is progressing well and is expected to be commissioned in Quarter 2 FY27.<\/p>\n

This reflects Ask Special focus on Green Edge. Moving on to our business updates, I am delighted to share with you that we had a strong performance in the fourth quarter and full year in both revenue and profitability. This is the 10th consecutive quarter of robust performance by us since listing of the company as already shared in the previous con call that our EBITDA margin gets affected due to volatility in the aluminium prices. Because of the denominator effects we delivered strong performance in Q4FY26 in business and recorded consolidated revenue growth of 35.3% excluding pass through impact of significant increase in aluminum prices on revenue which was 8% and wheel assembly business strategic reduction which was negative 2.7%.<\/p>\n

Overall our net revenue has grown by 30% on year. On year basis we achieved EBITDA of rupees 140 crore with 31.1% year on year growth EBITDA margin at 12.1%. However this EBITDA percentage was impacted due to pass through alloy prices as mentioned earlier, but for this impact EBITDA percentage would have been higher by 80 basis points achieved PAT of rupees 72 crores with 24.2% year on year growth. EPS increased to rupees 3.63 against rupees 2.92 in last year in the same period up 24.2% year on year.<\/p>\n

As regards our annual results for FY26 we delivered consolidated revenue growth of 16.2% excluding pass through impact of significant increase in alloy prices on revenue that is 3.1% and impact of wheel assembly business strategic reduction that is 7%. Overall net revenue has grown by 20.1% on year on year. Happy to share that Again we have outperformed the two wheel industry production growth of FY36 achieved EBITDA of Rupees 551 crores with 24.1% year on year growth EBITDA margin at 13.1%. However EBITDA percentage was impacted due to pass through alloy prices but for this impact EBITDA percentage would have been higher by 40 basis points.<\/p>\n

This reflects the result of our continued focus on expanding value added businesses, improving utilization of production capacities and bringing cost efficiencies. Our aim is to sustain correct level of EBITDA margins and Continue our efforts to improve gradually in the subsequent quarters depending upon the growth of the two wheeler industry and geopolitical environment. With strong performance, our earning per share has increased to rupees 15.08 per share against rupees 12.56 per share in the last year same period, our all three product segments performed well and surpassed the industry growth of 11.8% in FY26.<\/p>\n

In terms of revenue growth, we have sustained our market leadership position in the advanced picking system. Our advanced picking System revenue grew by 32% in Q4 and 17% FY26 on year on year basis. The aluminium lightweighting precision solutions revenue grew by 47% in Q4 and 30% in FY26 on year on year. The safety control cable revenue also recorded growth of 26% in Q4 and 14% in FY26 on year on year basis. Our revenue from Exports were at rupees 141 crore in FY26 against rupees 147 crore last year.<\/p>\n

Because of the trade disruptions due to higher tariff rates, geopolitical tensions, supply chain issues, logistic costs and other bottle, we could not achieve our target. On the export front we have delivered Strong returns in FY26 with ROAC at 26.9% and ROA at 25.3%. The board has recommended a dividend of 92.5% I.e. Rupees 1.85 per equity share of face value of Rupees 2 each. Another key update, strategic reduction in low margin wheel assembly business is now complete and from 1st April 2020 six wheel assembly revenue will be nil on year on year comparison is FY27.<\/p>\n

Also our real growth will be 4% higher than the published growth on year on year basis. Recent developments in geopolitical scenario and significant increase in minimum wages by some of the state governments has created an input cost pressure on the industry. The customers have been requested support and we are confident that all our prestigious OEMs will compensate this input cost estimate. We also remain optimistic on the medium term industry outlook supported by improving consumer sentiment, expected benefits from the 8 pay commission and continued policy support for manufacturing and formalization through labor reforms.<\/p>\n

These structural developments provide greater confidence in India’s long term consumption and manufacturing growth trajectory. We are confident that we’ll continue to grow around big themes in FY27. Thank you very much for your patient hearing. With this we leave the floor open for question and answers.<\/p>\n

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the touchdown telephone. If you wish to remove yourself from the question queue, you may press chart and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Ankit from iifl. Please go ahead.<\/p>\n

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

Hello,<\/p>\n

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

Ms. Shankit, your line has been unmuted. Please go ahead with your question.<\/p>\n

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

Hello. Am I audible?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, please. You are very much audible.<\/p>\n

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

Yes sir. Thank you so much for the opportunity. I just wanted to know if there is any deficiency in margins other than the already called out 8k bip impact of part 2 of alloy prices in 4q FY26.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

No, there is only differences. Because the alloy prices shot up through the roof. And especially they rose about 10% in the March itself. That’s why the whole Q4 margins are affected. Plus because of the abrupt increase in March in the aluminium prices, some of the aluminium rise could not be passed on especially in the aftermarket. And there was a conscious loss of buyers of 5 crores. Because every day we cannot increase the prices. And the prices were rising actually every day. But everything has been corrected April onwards.<\/p>\n

And all these aluminium price rises which has happened in April also they have been passed on to the customer. Both on the aftermarket front as well as to our OEM customers.<\/p>\n

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

Okay, so how much would be the price hike in April?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Price hike of what? Aluminium. Yes,<\/p>\n

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

Yes.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Abrupt it rose. It has risen from 285 to even 365 the price. But the price has been given by the customer.<\/p>\n

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

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

Kuldip Singh Rathee<\/strong><\/p>\n

In April we have also increased the prices in the aftermarket. And we said that whatever rise happens because it’s such a volatile situation that we need to pass it on. You know now,<\/p>\n

Rushabh Shah<\/strong><\/p>\n

Right. But<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

In the month of March, frankly neither we expected the prices to go up on day to day basis. And nor everybody as an optimist was expecting that the bar will end soon. You know, which of course is prolonging at the moment.<\/p>\n

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

Yes, got it. And just another housekeeping question. Can you share what was the utilization at Bangalore and Karoli plant?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Very, very happy to share that. Bangalore we have reached 90% capacity utilization in the last plant that we set up last year, our 18th plant and the third plant in Bengaluru. So the Bangalore all capacities are full. Now in the Karoli plant the capacities utilization is still 65%. That is the reason for that is we have made investment for the alloy wheels and the alloy wheel supplies will as I said they will supply to the Japanese customer in H2 beginning of the H2. So this current year you will see much higher capacity utilization in the Karoli plant also.<\/p>\n

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

Okay sir, got it. Great sir, thank you so much.<\/p>\n

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

Thank you. The next question is from the line of Nithyan Agarwal from JM Financial. Please go ahead.<\/p>\n

Nitin Agrawal<\/strong><\/p>\n

Yeah. Yes, thanks for the opportunity and congratulations despite the, you know, challenges across the board. Just wanted to understand your outlook about for FY27 for the underlying industry. So where do we see FY27 for Covid industry production, volume growth, any sense, are we seeing any production cut by the OEMs given the challenges that we are facing in terms of exports, in the freight rate and secondly on the margin, where do we see the margin going forward given the denominator impact is going to be there.<\/p>\n

As we have indicated that we have taken the price hike in April also. So what could be the steady state margin guidance from your end? Thanks.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

See as far as the outlook of the two wheeler industry is concerned, our all our OEM customers they are carrying on with their original production schedules. This shows a nice growth in this year also. And none of these supplies have been affected by the raw materials or anything. And as I said that we have passed on the aluminum price increase impact. So last year overall we achieved ebitda margin of 13.1% and except for the denominator factor we will be able to maintain that EBITDA margin. Because if the aluminium prices are shot through the roof then our EBITDA margin may look less because of the higher aluminium prices.<\/p>\n

But the absolute numbers, what we have planned in the next financial level remain the same.<\/p>\n

Nitin Agrawal<\/strong><\/p>\n

Okay. Okay. And one more question. With regards to ABS implementation we don’t see anything. Do you hear anything or any update out there if it is going to be implemented or we<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Are not aware of anything and after that nothing has come.<\/p>\n

Nitin Agrawal<\/strong><\/p>\n

Okay, thank you. That’s it. From my side. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Rahul Kumar from Nirvama. Please go ahead.<\/p>\n

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

Yeah. Hi. Thank you for the opportunity and congratulations on strong quarter sir. On the independent aftermarket segment it has grown by 25% year on year in FY26. So what has driven this strong growth and how do you see the outlook for this segment in FY27?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

See, I have been explaining right from beginning in each and every quarter that we were suffering from on the GST front in the independent aftermarket because of the 28% GST, the government was kind enough to revise it to 18% in GST 2.0. And as soon as it was revised, our sales in the independent aftermarket shot up because we could snatch some share of the gray market operators and the duplicators from the aftermarket. So that’s how this stupendous growth and we do feel that this year also will be maintaining a good growth in the independent aftermarket.<\/p>\n

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

Thank you. On the second question, how do you see the export outlook for FY27 and on the fourth order, can you talk about the execution timeline and also if there are any new order wins that can support export growth ahead?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

See this year we are very confident of growing at 20%. Of course, provided the geopolitical situation remains reasonable, which we are as an optimist, which we feel that it shall be sorted out soon rather than late, you know. So if it is sorted out, we have the orders in hand and we are definitely going to grow at 20%.<\/p>\n

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

Lastly, on FY27 CapEx plan, what would be the CapEx for FY27 and are there any plans on new investment which can help in launching new products in FY27?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

So the products that are going to be served to the customers we have already invested because we, we go one year in advance. But say for next year growth of mid teens we need to invest around 400 crores which we shall be investing in this year also. And all this internal accruals, free cash will be brought back in the company. And so we will see to it even the debt levels are contained within the limits.<\/p>\n

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

Lastly on alloy bills, what is the revenue expectation for FY27 and 28?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

FY27 we are expecting revenue of around. Around 9,000 crores. And FY28 will be about 220 crores.<\/p>\n

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

Thank you very much. That’s all from my side.<\/p>\n

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

Thank you. The next question is from the line of. From ASADC Meta Investment intermediaries. Please go ahead.<\/p>\n

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

Hi sir. Am I audible?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, please.<\/p>\n

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

Yes. Thank you for the opportunity. So firstly I wanted to ask that in Q1 so far have we faced any production disruptions as such?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

No, we are. We have not faced any disruption in the production side. Even the orders from the customers are also robust.<\/p>\n

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

Okay, great sir. And so the. You touched upon the fact that you know the employee costs have been inching up and you are in negotiations with the customer. But any can you quantify by how much have the costs increased and any timeline as to when you expect Some pass through to happen on that side.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

See whatever the aluminium prices, the customer is already compensating us. As far as regarding the wages, everybody knows the government has increased the wages and whatever the government wages increases, it’s always compensated by the customers. So we don’t see the margin pressure on that side. Of course maybe the customers will need to increase the prices of the vehicle by some percentage.<\/p>\n

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

But we might see the impact of that in Q1 at least. And then probably with the lag the benefit would.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

It’s hardly any impact because the wage increase, what I feel optimistically, the money remains in the country only, you know, we give more wages to the workers and that class and they have more buying capacity because more money in their hands. So. And if the price increase by 1,000, 2,000, it should not make a difference to the overall sales in the sector.<\/p>\n

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

Got it, sir. And sir, a slightly probably medium term question like with rise in alloy prices, it could be just a near term impact. But then does it become a tougher conversation to probably increase our wallet share in the Alps segment or for the alloy wheel business?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

No, that content it will not increase the contents you are asking so the content will not matter. Only thing is sometimes as we clearly mentioned, you know, this year also we are very transparent in our reporting that our overall revenue in the quarter looked 8% more, you know, sales growth. But that was only aluminium price increase, nothing else, you know. But then also we also talk of the real net growth every quarter and every year.<\/p>\n

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

From the OEM side, does it become a conversation that you know whether to go for aluminum or to stick with steel for certain component because the price differential.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

So in two wheeler segment there is no such conversation till now.<\/p>\n

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

Okay, sir, thank you for that.<\/p>\n

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

Thank you. Before we take the next question, we would like to remind participants that you may press char and one to ask a question. The next question is from the line of Michael Sells from Alcurdi. Please go ahead.<\/p>\n

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

Thank you. Could you please give me your thoughts on what would happen if the monsoon is deficient this year? Given your sensitivity to the two wheeler industry, we could expect some weakness versus your expectations. Or has that not historically been the case for you? Thank you.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, monsoon, if it is deficient, it certainly affects the agriculture income that everyone knows. But we can’t quantify the impact that it will have at the time come. And many of the times the forecasts have been reversed also and because last two years also they were saying Eldino factor which never happened, you know, and maybe the government increases the MSP prices of the farmers crop and they get duly compensated because of that.<\/p>\n

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

And thank you sir. And last time there was a deficient monsoon, was there a material impact on your business or not really?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

I think not in this year. Maybe. Maybe we’ll see what happens next year. But this year seems to be good.<\/p>\n

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

So I’m not clear. Last time there was a bad monsoon, what happened to your sales? I’m just wondering what’s bad. What was the impact on the.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

The last time? When was the deficiency?<\/p>\n

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

Sir,<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

We don’t clearly remember. Sorry, I don’t want to give a wrong data to you but I don’t think we were much impacted<\/p>\n

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

Because<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

We got impacted. Yes, two wheeler sector got impacted only when Covid came, you know, so that was a big impact. Before that till 1819 we don’t even remember that. After that there has not been been any deficient.<\/p>\n

Nitin Agrawal<\/strong><\/p>\n

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

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

Thank you. As there are no further questions, participants who wish to ask questions may press char in one at this time. The next question is from the line of Rishika Padia from clsa. Please go ahead.<\/p>\n

Rishi Kapadia<\/strong><\/p>\n

Thank you so much for taking my questions and congratulations for such good set of results. I have two questions. One is if let’s assume that government comes up with a mandate of abs but it is still fair to assume that majority of our sales in the braking system is through independent aftermarket and OEs. So the impact would be relatively lesser for us considering we are not directly selling majority of our sales to the new vehicles and catering major to the population of two wheelers on road. That’s one second if I look at the two wheeler EV revenue for us it is more or less growing at high single digit in FY26, is that correct?<\/p>\n

Versus the EV volume growth for the industry it is relatively lower. So anything to kind of call out there.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

I’ll take your second question first. The EV segment is growing still at single digit and we are also growing with the EV segment. As you are aware we are OE to almost every EV manufacturer in the country. So EV oem. So we are supplying to them and so we are growing as they are growing, you know and our one of the major customers has grown less in this last year which is Ola, that was our quite a major customer but still we have taken the other customers and good share in that and we are growing.<\/p>\n

So if the EV sector now grows further in double digit will also grow in the double digit. So that’s the first question regarding the. Your. Regarding your first question, I think that’s a very hypothetical question and I’m sorry I can’t answer on that.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Yash Agarwal from Nirmal Bank. Please go ahead.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

Hi sir. Thank you for the opportunity. I just wanted to know your capex outlook for FY27.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

FY27 will be spending about 400 crores.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

And what will be the breakup of the CAPEX exactly?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Capex breakup is very little. Is the maintenance budget, that’s about 40, 50 crores. Rest is all the capex for the new plant capacities, you know, which we keep on adding.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

And also the one bookkeeping question like the working capital is negative in the FY26. Any particular reason why it was so negative? What was the key item?<\/p>\n

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

This is nice this side. This is due to sudden increase in aluminum prices in the month of March and this is the impact based on the balance sheet data. That’s why it’s looking like that because the pricing to the customers take time to pass on in the terms of nyc. So the there is increase in debtor share, in receivable share and I think that is the only reason.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

Okay, so like going forward we will expect them in coming quarters to reverse, right?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, it will normalize.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

And my second question is basically on the strategic partnership that we have with Nio and Kyushu on the llv. So where are we right now and when can we expect them to contribute to our overall top line?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

The second partnership is also as I have always mentioned under testing and we are very confident that something should should come out before H2<\/p>\n

Yash Agarwal<\/strong><\/p>\n

And the update on the cable JV with TV holding<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

GTD cable holding. The production has come out and to the system suppliers have audited the plant and the supplies again will start erased.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

And our current capacity is basically sufficient for the initial level of orders for both.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, yes, yes that already we have set up, you know because as you know last two years we have invested heavily and now they are giving the results, you know.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

Okay sir, that’s it. Thank you so much.<\/p>\n

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

Thank you. The next question is from the line of Sahil Sanghri from Monarch Net worth Capital. Please go ahead.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Thank you for the opportunity and well done to your team and yourself for the good results. My first question is looking at the 35% growth that we had done this quarter. Even if I remove the impact of roughly 8% of the price pass on then also we have outperformed the underlying industry which grew two wheeler industry which grew by 20%. So what’s exactly driving this growth is it wallet share expansion in our current customer base or how would you explain this<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Mr. Sahil? That’s with God’s grace. That’s the track record of the company that for last 30 years we have been outgrowing, outperforming the industry. So I think that’s what we have done in the last quarter.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Right. And<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

That’s what I just said that we’ll outgrow this year also. Current year also.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Right. And so there was on the alloy wheel side, the first product was expected to be out in February. So if you can give us some update on that front how<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

That’s already out. It came out on scheduled time from the Karoli plant and handed over to the Japanese customer. And that’s what I said that H2 beginning the supplies will start.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Right? Right. And Sunroof also we are on track.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Yes, it’s very much on track. The plant has been audited by the Sunroof system supplies. And I think again the same time as to H2, all the previous ventures shall bring fruit, you know. And the supplies will start<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

Including this incremental revenue that we can expect something from sunroof and from alloy wheels. This is the 20% guidance is including all of this, right?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

We have not given you 20% guidance. We have given you mid teens guidance.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

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

Kuldip Singh Rathee<\/strong><\/p>\n

I would like to correct that.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

This is including, including me, Sunroof and alloys. Right?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Naturally. Naturally. Because how you outgrow the industry, you add new products, you add more content, you know and you add new customers. This is how you grow. You know, there’s no rocket science and outgrowing.<\/p>\n

Sahil Sanghvi<\/strong><\/p>\n

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

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

Thank you. Participants who wish to ask Questions may press star N1 at this time. The next question is from the line of Preeth from Incred amc. Please go ahead.<\/p>\n

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

Thank you for the opportunity and congratulations for the good set of results. So just adding on to the last participants question that you mentioned. You have been outgrowing the industry from past couple years and by adding new products. And so what was the reason exactly the here that how we outgrow the market and what would be the reason that we would be going out with the outgoing market in segmentation?<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

I just now told the answer this question that one is the historical reason because we have been outperforming and that we continue to do so. Second thing is that whatever joint ventures we signed or the collaborations we signed, they will bring fruit in the coming year. They’ll start bringing fruit from H2 onwards. You know and they will totally fructify in the next year. So these two years we’ll be outgrowing, you know, again because of the new products. And meanwhile, we keep on adding small, small new customers.<\/p>\n

They start small after a lot of testing, and then they grow, you know, have a natural growth. Am I clear?<\/p>\n

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

Yeah. Thank you. Thank you, sir. That was helpful.<\/p>\n

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

Thank you. Participants who wish to ask questions may press star and one at this time. As there are no further questions, I now hand the conference over to Mr. Kuldeep Singh Irathi from Ask Automotive Limited for closing comments.<\/p>\n

Kuldip Singh Rathee<\/strong><\/p>\n

Thank you, ladies and gentlemen. Thank you very much for sparing your valuable time and attending the conference earnings call. And we would like to reassure you that again this year we’ll be working hard and we’ll try to come up to your expectations. Thank you very much.<\/p>\n

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

Thank you. On behalf of ADPACTUS pr. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n

Yash Agarwal<\/strong><\/p>\n

Thank you. We are ending the call.<\/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. Ask Automotive Ltd (NSE: ASKAUTOLTD) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Kuldip Singh Rathee \u2014 Chairman and Managing Director Analysts: Rushabh Shah \u2014 Analyst Unidentified Participant Nitin Agrawal \u2014 Analyst Rishi […]<\/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-183608","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":170690,"url":"https:\/\/alphastreet.com\/india\/ask-automotive-q1-fy26-earnings-results\/","url_meta":{"origin":183608,"position":0},"title":"ASK Automotive Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 27, 2025","format":false,"excerpt":"ASK Automotive Ltd, incorporated in 1988, is a leading manufacturer of advanced braking systems for two-wheelers in India. Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b9891 crore, up 3.36% year-on-year (YoY) from \u20b9862 crore in Q1 FY25. 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