Any current/future new fundraising through debt or equity?

There is no mention of any current or future new fundraising through debt or equity in the transcript. The company states that approximately 90% of the IPO proceeds have already been spent, with the remaining 10% to be fully deployed within FY '26 as previously guided. There is no indication of plans for additional capital raising via debt or equity beyond the utilization of IPO proceeds. Management did not discuss any new financing arrangements or fundraising intentions during the call.

Any current/future capex/capital investment/strategic investment?

Capex related to the seamless pipe expansion is partly completed; IPO proceeds have been mostly utilized with remaining capex outside IPO scope (Page 16). Around INR60 crores capex incurred in H1 FY26, expected to reach INR80-90 crores by year-end; next year’s capex expected at INR60-70 crores, mainly for balance payments and incremental expenses for seamless tube project (Page 16). Major additions such as new casting line, extrusion line, and three forging presses mostly completed (Page 16). Ongoing installation and expansion of new product lines, e.g., extrusion line to support exports (Page

Future growth expectations in sales/revenue/volumes?

CV component business expected to grow faster than industry due to diversified product range including axle shafts, coupling flanges, anti-roll bars, planet carriers, differential spiders, bevel gears, and suspension parts. Anti-roll bar business growing rapidly with usage rising from ~40% to ~80-85% in vehicles due to AC cabin mandate. Tractor business to increase from current 11% to about 15-16% of revenue in 1.5 years, with quarterly revenue run rate around INR 20 crores. CV components grew ~16% YoY in Q3; tractor components grew ~29% YoY. Export revenue expected to reach double digits by F

Future growth expectations in earnings/operating earnings/profits/EPS?

Q3 FY26 revenue grew 18.1% YoY to INR177.5 crores; EBITDA grew 18.9% to INR23.5 crores with margins at 13.2%. PAT for Q3 increased by ~3% YoY to INR14 crores; 9-month PAT rose 6.1% YoY to INR32.8 crores with margins of 7.3%. Export revenues expected to grow from ~4% to double digits by FY28; ~5% export revenue targeted in FY27. Tractor business expected to grow over 20% by Q4 FY26 and increase revenue share from 11% to 15–16% over 1.5 years. CV component business aims to outgrow industry, with some product lines (e.g., anti-roll bars) growing faster. Capex for seamless tube project expected to

Current/ Expected Orderbook/ Pending Orders?

Current axle order book stands at around 4,000 axles per month, with plans to maintain this run rate in February and March. In Q3, approximately 8,300 axles were completed. H1 axle revenues were down ~12% compared to FY '25 H1, but 9-month revenues are just 1.5% lower, showing improvement. Volume from Q2 to Q3 increased by 26%; Q3 vs Q3 showed a 21% business improvement. Export orders (notably to Europe) are progressing, with sampling and validation ongoing; meaningful revenues expected from Q1 FY '27. Trailer segment volume plans indicate utilization of full extrusion capacity (~7,500 axles/m

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Kross LtdQ4 FY27Auto Components

Kross Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹188P/E: 22.1Market Cap: ₹1.2K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→CV component business expected to grow faster than industry due to diversified product range including axle shafts, coupling flanges, anti-roll bars, planet carriers, differential spiders, bevel gears, and suspension parts.
→Anti-roll bar business growing rapidly with usage rising from ~40% to ~80-85% in vehicles due to AC cabin mandate.
→Tractor business to increase from current 11% to about 15-16% of revenue in 1.5 years, with quarterly revenue run rate around INR 20 crores.
→CV components grew ~16% YoY in Q3; tractor components grew ~29% YoY.
→Export revenue expected to reach double digits by FY '28, growing gradually from ~4% to 5% in FY '26, 7-7.5% next year, driven mostly by existing customers and new product additions.
→Extruded axle volumes targeted to increase from current 4,000 to full capacity of 7,500 units/month within 1.5 years.
→Tipping Jack product targets INR 45-50 crores revenue in FY '27.

Margin guidance

Category 3

→Q3 FY26 revenue grew 18.1% YoY to INR177.5 crores; EBITDA grew 18.9% to INR23.5 crores with margins at 13.2%.
→PAT for Q3 increased by ~3% YoY to INR14 crores; 9-month PAT rose 6.1% YoY to INR32.8 crores with margins of 7.3%.
→Export revenues expected to grow from ~4% to double digits by FY28; ~5% export revenue targeted in FY27.
→Tractor business expected to grow over 20% by Q4 FY26 and increase revenue share from 11% to 15–16% over 1.5 years.
→CV component business aims to outgrow industry, with some product lines (e.g., anti-roll bars) growing faster.
→Capex for seamless tube project expected to be around INR60–90 crores this year; major expansions mostly completed.
→Additional revenue expected from new product lines like Tipping Jack (~INR45–50 crores targeted in FY27).
→EBITDA margin target around 14–15% in Q4 FY26 with better cost absorption expected.
→Overall, growth driven by product diversification, exports, and increased capacity utilization.

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Fundraise plans

→There is no mention of any current or future new fundraising through debt or equity in the transcript.
→The company states that approximately 90% of the IPO proceeds have already been spent, with the remaining 10% to be fully deployed within FY '26 as previously guided.
→There is no indication of plans for additional capital raising via debt or equity beyond the utilization of IPO proceeds.
→Management did not discuss any new financing arrangements or fundraising intentions during the call.

Order book

Yes

→Current axle order book stands at around 4,000 axles per month, with plans to maintain this run rate in February and March.
→In Q3, approximately 8,300 axles were completed.
→H1 axle revenues were down ~12% compared to FY '25 H1, but 9-month revenues are just 1.5% lower, showing improvement.
→Volume from Q2 to Q3 increased by 26%; Q3 vs Q3 showed a 21% business improvement.
→Export orders (notably to Europe) are progressing, with sampling and validation ongoing; meaningful revenues expected from Q1 FY '27.
→Trailer segment volume plans indicate utilization of full extrusion capacity (~7,500 axles/month) by end of next financial year.
→Seamless tube capex related to expansion is still pending but outside IPO proceeds; IPO proceeds for capex expected to be fully utilized by Q4 FY '26.

Capex plans

Yes

→Capex related to the seamless pipe expansion is partly completed; IPO proceeds have been mostly utilized with remaining capex outside IPO scope (Page 16).
→Around INR60 crores capex incurred in H1 FY26, expected to reach INR80-90 crores by year-end; next year’s capex expected at INR60-70 crores, mainly for balance payments and incremental expenses for seamless tube project (Page 16).
→Major additions such as new casting line, extrusion line, and three forging presses mostly completed (Page 16).
→Ongoing installation and expansion of new product lines, e.g., extrusion line to support exports (Page 14).
→New equipment installation for Tipping Jack product started in FY26; production ramp-up planned over FY27 to reach peak capacity of 800 units/month within a year (Page 6).
→Plans to fully deploy remaining IPO proceeds within FY26 (Page 5).

How does Kross Ltd rank vs peers in Auto Components?

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