Current/ Expected Orderbook/ Pending Orders?

In FY '24, Talbros secured new orders worth ₹980 crore. In the first 9 months of FY '25, additional new contracts worth ₹1,478 crore were secured. The company has pending orders for EV components from top OEMs, with the project experiencing some launch delays. For Marelli JV, the orderbook includes significant deals, but production commercializations were delayed by 6-9 months; however, orders remain intact. Heat Shield segment has new orders of ₹245 crore secured. Export orders from European and U.S. customers have faced schedule delays but are expected to commercialize by Q2 or Q3 of FY '26.

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

Talbros plans an ₹80 crore CAPEX by FY '27, focused on capacity expansion; details to be clearer by May with annual results after fresh OE customer orders are finalized. Marelli JV's shed is ready; total CAPEX approx. ₹45-50 crore. Production to start Aug-Sep 2025, targeting ₹500 crore revenue by FY '27 with ~15% EBITDA margin. New plant for Stellantis order commissioning in next six months, increasing capacity to ~₹500 crore. Capacity utilization: Gasket/Shield approx. ₹530-540 crore potential (85% utilized), Forging ₹350 crore potential (70-75% utilized), Machining 90% utilized, Marugo plant

Future growth expectations in sales/revenue/volumes?

Targeting minimum 25% growth over the next two years across various divisions. Expect around 12-15% growth in the gasket business. Heat shield segment projected to grow ~25% in the next 1-2 years, with revenues estimated at Rs. 65-70 Cr in FY '26. Forging segment aiming for 25% growth, targeting Rs. 500 Cr by FY '27 (~27% YoY growth). Marelli JV expected to reach about Rs. 500 Cr revenue by FY '27 with ~15% EBITDA margins. Talbros Marugo Rubber (TMR) segment remains very positive, targeting ~25% growth. Overall company growth guidance maintained at a 20%+ CAGR over the next few years. EV compo

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Talbros Automotive Components LtdQ4 FY26Auto Components

Talbros Automotive Components Ltd Q4 FY26 Earnings Call Analysis

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

Price: ₹406P/E: 20.1Market Cap: ₹2.0K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Targeting minimum 25% growth over the next two years across various divisions.
→Expect around 12-15% growth in the gasket business.
→Heat shield segment projected to grow ~25% in the next 1-2 years, with revenues estimated at Rs. 65-70 Cr in FY '26.
→Forging segment aiming for 25% growth, targeting Rs. 500 Cr by FY '27 (~27% YoY growth).
→Marelli JV expected to reach about Rs. 500 Cr revenue by FY '27 with ~15% EBITDA margins.
→Talbros Marugo Rubber (TMR) segment remains very positive, targeting ~25% growth.
→Overall company growth guidance maintained at a 20%+ CAGR over the next few years.
→EV component revenue expected to cross 12% of total revenues, though project launches are delayed.
→New orders worth Rs. 1,478 Cr in FY '25 to gradually convert into revenues in upcoming quarters.

Margin guidance

Category 3

- Talbros Automotive expects overall revenue growth of around 20%+ over the next couple of years, driven by multiple business segments including Gasket (12-15%), Heat Shield (25%), Forging (25%), Marelli JV (30-35%), and Marugo (around 25%). - EBITDA margins are anticipated to remain stable around 16.5-17%, aided by cost savings, operational efficiencies, localization, and price increases. - Marelli JV aims to reach revenues of ~₹500 crore with EBITDA margin around 15% within 2 years. - Forging division targets ~₹500 crore revenue by FY '27, implying a ~25-27% CAGR. - EBITDA growth has been healthy, e.g., Forging division recorded 11% YoY growth in 9M FY'25, and TMR business showed 81% YoY EBITDA growth in 9M FY'25. - PAT grew 13% YoY during 9M FY'25, indicating improving profitability outlook. - EV business revenue expected to cross 12% of total revenue, although launches are delayed. Overall, strong growth prospects with steady earnings and operating margin improvement are projected.

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Fundraise plans

The transcript provided does not mention any current or future plans for fundraising through debt or equity by Talbros Automotive Components Limited. Specifically: - No discussion or indication of raising funds via debt instruments or equity issuance in the call. - Focus of CAPEX plans and funding appears internal or operational, e.g., Rs. 80 crore CAPEX planned by FY '27 and Rs. 45-50 crore CAPEX for Marelli JV. - No mention of fundraising requirements or capital raising strategies during the Q&A or management commentary. - Company emphasis is on organic growth, capacity expansion, and new orders rather than external financing. Hence, based on the available information, there is no current or announced future fundraising through debt or equity.

Order book

Yes

→In FY '24, Talbros secured new orders worth ₹980 crore.
→In the first 9 months of FY '25, additional new contracts worth ₹1,478 crore were secured.
→The company has pending orders for EV components from top OEMs, with the project experiencing some launch delays.
→For Marelli JV, the orderbook includes significant deals, but production commercializations were delayed by 6-9 months; however, orders remain intact.
→Heat Shield segment has new orders of ₹245 crore secured.
→Export orders from European and U.S. customers have faced schedule delays but are expected to commercialize by Q2 or Q3 of FY '26.
→The company anticipates ramping up with these orders and expects the orderbook to grow, particularly driven by EV and export segments.

Capex plans

Yes

→Talbros plans an ₹80 crore CAPEX by FY '27, focused on capacity expansion; details to be clearer by May with annual results after fresh OE customer orders are finalized.
→Marelli JV's shed is ready; total CAPEX approx. ₹45-50 crore. Production to start Aug-Sep 2025, targeting ₹500 crore revenue by FY '27 with ~15% EBITDA margin.
→New plant for Stellantis order commissioning in next six months, increasing capacity to ~₹500 crore.
→Capacity utilization: Gasket/Shield approx. ₹530-540 crore potential (85% utilized), Forging ₹350 crore potential (70-75% utilized), Machining 90% utilized, Marugo plant producing ~₹130-135 crore of ₹180 crore capacity.
→Localization efforts ongoing to reduce imports with target savings of ₹8-10 crore.
→CAPEX focus will be on divisions with order inflow and capacity needs across segments without prioritizing any single division.

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