Varroc FY26: EV Orders Rise, Overseas Turnaround Still Pending

Consolidated revenue from operations was 2,368.1 crore in Q4 FY26. EBITDA was 230.5 crore with an EBITDA margin of 9.7%, and PAT was 70.5 crore.

Consolidated revenue from operations was 8,890.5 crore in FY26. EBITDA was 863.4 crore with an EBITDA margin of 9.4%, and PAT was 229.8 crore.

Management stated revenue from EV models was about 14% in Q4 FY26 and about 13% for FY26, with EV revenue growth of 50% YoY in Q4 and 39% YoY for the year.

The presentation lists FY26 product group mix as Body Parts 35.2%, ICE Powertrain 25.1%, Lighting Solutions 16.9%, After Market 10.0%, E-Mobility 6.2%, HMI Connectivity 3.9%, and Overseas 2.7%.

Management reported FY26 net new order wins with annual peak revenue potential of 3,288.9 crore, with more than 65% related to EV models.

Management guided FY27 capex of about 450 to 500 crore. They indicated net debt may stay around 500 to 600 crore in FY27 and stated an objective to reach near zero net debt by FY28.

Auditors issued a qualified opinion related to arbitration with TYC parties involving income recognized of 209.89 million and additional claims. The disclosures also mention an ICC arbitration initiated by OPmobility with some claims quantified at USD 66.41 million plus legal costs.