Sona Comstar BEV revenue rises 129%, exceeds half of auto revenue

Sona BLW Precision Forgings Limited, referred to as Sona Comstar, said battery electric vehicle, or BEV, revenue rose 129% year on year in Q2 FY27 and exceeded half of automotive revenue for the first time. Total revenue increased 35%, while BEV revenue rose 40% sequentially despite broadly unchanged United States EV deliveries.

How fast did Sona Comstar’s BEV revenue grow?

Sona Comstar’s BEV revenue grew 129% year on year in the quarter ended September 30, 2026. Management said demand for electric two- and three-wheelers in India was the largest contributor, sharply increasing traction-motor sales. Global EV driveline revenue and suspension-motor sales in China also supported growth.

BEV revenue also increased 40% quarter on quarter and reached an all-time high, according to management. The company said the sequential gain came despite broadly unchanged US EV deliveries, indicating that growth was coming from more markets, products and vehicle segments. Sona Comstar did not disclose the quarterly BEV revenue amount or its precise share of automotive revenue.

When did Sona Comstar’s BEV revenue become most of automotive revenue?

Sona Comstar’s BEV revenue exceeded 50% of automotive revenue for the first time in Q2 FY27. Management contrasted that quarterly milestone with the first half, when BEV revenue accounted for 48% of automotive revenue, compared with 30% in H1 FY26.

For the six months ended September 30, 2026, BEV revenue crossed Rs 1,000 crore, management said. The move from a 30% share in H1 FY26 to 48% in H1 FY27 preceded the Q2 threshold, showing that electrification made up a larger part of automotive revenue over the period.

The change was linked in part to traction-motor demand, which grew almost 50% quarter on quarter and exceeded management’s internal expectations. Management said this faster-growing product mix reduced the overall margin percentage, even as absolute earnings before interest, tax, depreciation and amortisation, or EBITDA, increased.

Which products and markets drove Sona Comstar’s EV growth?

Electric two- and three-wheelers in India drove the largest part of Sona Comstar’s Q2 FY27 EV growth through traction motors. Management also cited global EV driveline revenue and suspension motors in China, with the suspension motor described as the company’s fastest-growing product during the quarter.

Sona Comstar said traction motors and suspension motors were developed through in-house research and development during the past four years. Together, the products had an annualised revenue run rate of Rs 1,400 crore, which management said was roughly equal to the company’s revenue in FY21. That is a run-rate comparison rather than reported FY27 revenue.

The company commercialised three products during Q2 FY27: a helical limited-slip differential for passenger cars and sport-utility vehicles, air springs for railways, and a rear radar sensor for two-wheelers. The radar-sensor order came from a new Indian two-wheeler customer and added sensing to Sona Comstar’s traction-motor and controller offering in that category.

What do Sona Comstar’s orders show about diversification?

Sona Comstar said its Q2 FY27 order additions were spread across multiple wins rather than led by one large programme. New business worth Rs 3,600 crore made the quarter its third-highest for order additions, while the net order book ended at Rs 25,100 crore, the second-highest level in its history.

The wins included differential assemblies, differential gears, traction motors, controllers, starter motors, sensors and railway products. Sona Comstar won four new Electric, Personalised, Intelligent and Connected, or EPIC, programmes in the quarter, comprising three BEV programmes and one intelligent and connected-solutions programme.

At the end of H1 FY27, Sona Comstar had 75 EPIC programmes across 37 customers. Of those programmes, 44 were in production and 31 had not started production. Management also said eastern markets accounted for almost two-thirds of Q2 revenue, compared with about one-third when it adopted its look-east strategy.

How did EV growth affect Sona Comstar’s financial performance?

Sona Comstar reported Q2 FY27 revenue growth of 35% year on year, while EBITDA rose 23% and profit after tax, or PAT, increased 29%. EBITDA was Rs 356 crore in the quarter, and management said improved operating leverage helped the company absorb much of the input-cost and freight pressure.

Management attributed the margin percentage pressure primarily to the faster growth of traction motors, which changed the product mix. It also cited increases in steel, copper, oil derivatives and freight costs associated with the war in West Asia. Freight rates had nearly doubled from the preceding quarter’s level, management said.

For H1 FY27, Sona Comstar said revenue, EBITDA and PAT increased 43%, 34% and 36%, respectively. The company also reported its highest-ever free cash flow from operations and said six-month cash generation was more than 1.5 times its full-year FY26 level.

Conclusion

Sona Comstar’s Q2 FY27 results show BEV revenue becoming the majority of automotive revenue after 129% year-on-year and 40% sequential growth. Indian electric two- and three-wheeler demand, global EV driveline activity and Chinese suspension-motor sales contributed, alongside broader order additions across automotive, railway and connected products.

The next point to watch is the production start of the 31 EPIC programmes that were not yet in production at the end of H1 FY27. Management also said near-term margin visibility remained difficult because traction-motor demand is changing product mix and inflation linked to the war in West Asia remains uncertain.