Bonfiglioli off-highway revenue grows 55% in Q3CY26, overtakes wind

Bonfiglioli India’s off-highway mobility revenue rose 54.9% year on year to Rs 20.58 crore in Q3CY26, overtaking wind as the second-largest reported vertical. Bonfiglioli’s off-highway contribution reached 31.2%, compared with 25.7% for wind, while Industry & Automation Solutions remained largest at Rs 27.17 crore and 41.2%.

How did Bonfiglioli’s segment revenue change in Q3CY26?

Bonfiglioli’s Off-Highway Mobility Industry was the fastest-growing reported vertical in Q3CY26, with revenue increasing from Rs 13.29 crore in Q3CY25 to Rs 20.58 crore. Its revenue contribution increased by 5 percentage points, from 26.2% to 31.2%, taking it above the Wind Industry’s 25.7% contribution.

Industry & Automation Solutions remained Bonfiglioli’s largest reported vertical, with Q3CY26 revenue rising 30.5% to Rs 27.17 crore from Rs 20.81 crore a year earlier. Its contribution was broadly stable at 41.2%, versus 41.1% in Q3CY25, while Off-Highway Mobility Industry added Rs 7.29 crore of revenue during the year.

Wind Industry revenue grew 8.0% to Rs 17 crore in Q3CY26 from Rs 15.74 crore in Q3CY25. That was below both Bonfiglioli’s 30.2% growth in revenue from operations and the 54.9% increase in Off-Highway Mobility Industry revenue, resulting in wind’s contribution declining by 5.3 percentage points from 31.0%.

The three verticals do not represent Bonfiglioli’s entire revenue from operations because the company records a balance as other operational revenue. This includes export incentives, scrap and component sales to vendors; total revenue from operations rose 30.2% to Rs 66.02 crore in Q3CY26 from Rs 50.69 crore in Q3CY25.

Did off-highway mobility also exceed wind over nine months?

Yes, Bonfiglioli’s Off-Highway Mobility Industry also overtook Wind Industry over 9MCY26. Off-highway revenue increased 43.0% to Rs 52.62 crore from Rs 36.79 crore in 9MCY25, while its contribution rose from 25.2% to 29.4%.

Wind Industry revenue increased 2.8% to Rs 47.96 crore in 9MCY26 from Rs 46.66 crore a year earlier. Wind’s contribution therefore declined from 32.0% to 26.8%, leaving off-highway revenue Rs 4.66 crore ahead in 9MCY26, compared with wind’s Rs 9.87 crore lead in 9MCY25.

Industry & Automation Solutions retained the leading position in the nine-month mix, rising 25.8% to Rs 75.30 crore from Rs 59.84 crore. Its contribution increased from 41.0% to 42.0%, while total revenue from operations grew 22.8% to Rs 179.20 crore in 9MCY26.

The Q3CY26 data shows a faster off-highway growth rate than the nine-month result, at 54.9% against 43.0%. Wind’s Q3CY26 growth of 8.0% was also above its 2.8% growth for 9MCY26, but it remained below the rates reported for Bonfiglioli’s other two verticals.

What does management say is driving off-highway mobility?

Management cited localisation driven by import substitution, supportive government policies and global original equipment manufacturers using India as an export hub as factors supporting Off-Highway Mobility Industry demand. It described those factors as giving Bonfiglioli a clear right to win, but did not disclose a separate revenue target for the vertical that generated Rs 20.58 crore in Q3CY26.

For Wind Industry, management pointed to increasing turbine capacities, new installations and replacement demand from Indian and global wind turbine original equipment manufacturers. These factors are expected to support domestic demand and export momentum, although the presentation did not state why wind revenue grew 8.0% in Q3CY26 or provide a segment-specific forecast beyond the Rs 17 crore quarterly result.

Management attributed demand in Industry & Automation Solutions to factory automation, Industry 4.0 adoption and industrial and government capital expenditure. The segment generated Rs 27.17 crore in Q3CY26, Rs 6.59 crore more than Off-Highway Mobility Industry, and management said new products, market-share gains, localisation and higher exports underpin its aim to grow faster than end markets.

How did exports and earnings move alongside the mix shift?

Bonfiglioli’s export revenue increased 46.2% to Rs 21.39 crore in Q3CY26 from Rs 14.63 crore, outpacing domestic revenue growth of 23.8% to Rs 44.63 crore. Export contribution increased from 28.9% to 32.4%, while domestic contribution declined from 71.1% to 67.6%; the presentation does not allocate exports among verticals.

Over 9MCY26, export revenue rose 40.4% to Rs 54.90 crore from Rs 39.10 crore, while domestic revenue grew 16.4% to Rs 124.30 crore. Exports added Rs 15.80 crore over the period, close to the Rs 17.47 crore added by domestic revenue, despite domestic sales remaining the larger revenue stream.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 38.0% to Rs 12.89 crore in Q3CY26 and its margin rose to 19.5% from 18.4%. Profit after tax increased 38.2% to Rs 8.71 crore, with margin rising from 12.4% to 13.1%, but Bonfiglioli does not disclose profitability by the off-highway, wind or industry verticals.

Conclusion

Bonfiglioli’s revenue mix shifted in Q3CY26 as Off-Highway Mobility Industry revenue rose 54.9% to Rs 20.58 crore, compared with 8.0% growth to Rs 17 crore for Wind Industry. The same ordering was evident in 9MCY26, when off-highway revenue reached Rs 52.62 crore and wind revenue was Rs 47.96 crore, while Industry & Automation Solutions remained the largest vertical.

The next disclosed measures are management’s expectation of about 20% revenue growth for CY26 and its CY26-CY28 aim of about 15% revenue compound annual growth while maintaining EBITDA margin in the vicinity of 18.5%. Subsequent results will indicate whether off-highway growth continues to exceed Bonfiglioli’s overall revenue growth and whether wind demand improves from its 8.0% Q3CY26 increase.