NDR Auto Compon. Q2 FY27 Results (NSE: NDRAUTO)
Signal: Steady quarter
The read
Revenue momentum accelerated to 18.1% YoY standalone and 22.0% YoY consolidated, while standalone PAT grew 26.6% on a 156bps gross-margin expansion; the next thesis variable is whether the planned Naviyani and Kharkhoda capex and proposed 51%-owned Korean JV can offset current subsidiary/JV losses without weakening returns.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹244.02 Cr | +22.0% | +10.2% |
| EBIT margin | N/A |
P&L walk
Consolidated revenue from operations was 24,401.81 lakh, +22.0% YoY and +10.2% QoQ; the filing extract discloses consolidated raw-material cost of 18,172.85 lakh but does not provide the remaining consolidated P&L lines.
Segments
The company reports a single operating segment, but consolidation adds 796.57 lakh of revenue over standalone revenue; two subsidiaries reported a combined quarterly net loss of 6.88 lakh and one joint venture contributed a group share loss of 94.43 lakh.
Key positives
- Standalone revenue reached 23,605.24 lakh, +18.1% YoY and +5.6% QoQ, while consolidated revenue rose 22.0% YoY to 24,401.81 lakh.
- Standalone gross margin expanded 156bps YoY to 26.32% as raw-material cost fell to 73.68% of revenue from 75.24%; the filing does not disclose the precise driver.
- Standalone PAT grew 26.6% YoY to 1,759.54 lakh, faster than revenue growth, with tax expense up only 4.1% to 498.49 lakh.
- Operating cash flow improved to an inflow of 1,644.25 lakh in H1FY27 from an outflow of 1,495.54 lakh in H1FY26.
- The company approved 18.53 crore of additional capex for new Maruti Suzuki India and Suzuki Motorcycle India programmes and proposed a 51%-owned JV with DYA Co., Ltd. for passenger-car seats.
Key concerns
- Raw-material margin tailwind is not yet clearly attributable: raw-material cost fell 156bps of revenue YoY, but the filing does not identify input deflation, pricing power or mix as the cause.
- Depreciation rose 27.1% YoY to 636.40 lakh while PP&E declined to 18,988.43 lakh, requiring monitoring as CWIP increased to 1,290.08 lakh.
- Two subsidiaries reported a combined quarterly net loss of 6.88 lakh and one joint venture reported a group share loss of 94.43 lakh, creating a drag on consolidated earnings quality.
- Trade receivables increased to 14,310.96 lakh from 10,081.65 lakh at March 31, 2026, while cash and cash equivalents fell to 356.69 lakh from 1,333.58 lakh.
Research and educational content only. Not investment advice.