NDR Auto Compon. Q1 FY27 Earnings Call — Analysis (NSE: NDRAUTO)
NDR Auto delivered Q1 FY27 revenue of ₹221.45 Cr with 11.88% EBITDA margin and reiterated its ₹3,000 Cr FY30 revenue target as new plants begin commercial ramp.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Revenue ₹221.45 Cr ( +19.5% YoY ) .
Results
Q1 FY27 revenue was ₹221.45 Cr, up ~19.5% YoY; EBITDA margin was 11.88%; EBITDA was ₹26.44 Cr and PAT was ₹16.40 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue | ₹221.45 Cr | +19.5% | yoy · Q1FY27 |
| EBITDA margin | 11.88% | point_in_time · Q1FY27 | |
| EBITDA | ₹26.44 Cr | point_in_time · Q1FY27 | |
| PAT | ₹16.40 Cr | point_in_time · Q1FY27 | |
| Order book | ₹650 Cr | point_in_time · June 2026 · as of Jun-26 | |
| Consolidated JV loss | ₹0.58 Cr | point_in_time · Q1FY27 |
Guidance
NDR reiterated its ₹3,000 Cr revenue target by 2030, split into ~₹2,000 Cr organic and ~₹1,000 Cr inorganic, while Bharat Seats top line is now expected around ₹3,500 Cr by 2030.
Key themes
New plant ramp and FY30 order-book execution.
Operational commentary
- NDR Hayashi Bangalore plant commenced operations in June 2026; it manufactures sunshades and is expected to add ambient lighting from 2028.
- NDR Auto South's Anantapur facility was inaugurated; SOP is expected within 10–15 days and revenue addition from Q2 FY27; full-capacity revenue potential is ₹70–80 Cr, subject to model performance.
- Order book stood at ₹650 Cr as of June 2026 and is incremental to existing revenue, weighted toward seat frames and seat covers; upcoming products include seat insert, seat latch, seat belt reminder system, and ambient lighting.
- New ambient lighting order won for a couple of Maruti Suzuki models; size is small and contribution is expected to start in 2028.
- NDR is bidding for new business from Toyota and Kia and working with two other OEMs to diversify beyond Maruti; non-Maruti ramp-up is planned over the next 2–3 years.
- NDR Hayashi JV is currently loss-making; management expects losses until break-even at ₹100–150 Cr revenue and targets ₹200–300 Cr potential over 5–6 years.
- Aurangabad land remains unbuilt until Toyota business is acquired; Toyota's Aurangabad plant timeline appears delayed to calendar 2029, likely limiting much revenue there by FY30.
- Management cited backward integration and scale of over one million seats as cost advantages; no customer pricing pressure was reported, with commodity indexation supporting margins.
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