Sona Comstar Q1 FY27: Growth, Orderbook Strength, and the DENSO JV Pivot

Q1 FY27 revenue was INR 13,104 million, EBITDA was INR 3,026 million with a 23.1% margin, and PAT was INR 1,805 million with a 13.6% margin.

BEV revenue in Q1 FY27 was INR 4,355 million and represented 44% of automotive product revenue (as defined in the presentation notes).

The net order book was reported at INR 240 billion (5.4x FY26 revenue), after accounting for program phase-outs and applying a discount for potential delays or changes in launches.

Two JVs were announced: a 4 and 4+ wheeler JV where DENSO holds 51% and has management control, and a 2 and 3 wheeler JV where Sona Comstar holds 51% and retains management control, with IP and know-how licensed to JVs against royalty.

The company introduced this as a new growth vertical and disclosed three orders aggregating to INR 6 billion, taking the total orderbook for the vertical to INR 8 billion.

The company disclosed an INR 6,400 million hybrid PV differential assembly program (SOP H2 FY29), INR 900 million hub-wheel traction motor programs for electric 2W (SOP H2 FY26), and INR 2,500 million differential gear programs for non-EV PV/CV/OHV (SOP H1 FY28 and H2 FY28).