ASK Automotive supplies advanced braking systems, aluminium lightweighting precision solutions and safety control cables to India's two-wheeler industry, holding roughly 50% market share in 2W advanced braking systems. This quarter's print will speak to whether EBITDA margins recover toward the guided 13.5%-14% range as aluminium prices ease, and whether management delivers the debt disclosure it promised for Q2 FY27.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,361 Cr (total income, Q1 FY27) |
| Previous quarter PAT | Rs. 85.12 Cr |
| Previous quarter EBITDA margin | 12.0% |
| Market cap | Rs. 11,453.03 Cr |
| CMP | Rs. 581.1 |
A board meeting is scheduled on November 03, 2026 to consider and approve the Q2 FY 2026-2027 (quarter ended September 30, 2026) unaudited financial results. The trading window remained closed from October 01 to November 05, 2026 under SEBI (Prohibition of Insider Trading) regulations.
The Q2 FY27 earnings call is scheduled for November 04, 2026 at 5:00 PM IST. Participants include Kuldip Singh Rathee (Chairman & MD), Prashant Rathee and Aman Rathee (Joint MDs), Naresh Kumar Sharma (CFO) and Manoj Sharma (IR).
The quarter's central test is whether EBITDA margin recovers from Q1 FY27's 12.0% — which sat 150-200 bps below the 13.5%-14% range management called achievable — now that aluminium has retreated from the >Rs. 365/kg Q1 spike to a Rs. 324-348/kg cluster across August-October on MCX. The demand backdrop is the strongest of the year: SIAM two-wheeler wholesales totalled 6.43 million units in Q2 FY27, up 15.2% YoY, with record 2W exports of 1.65 million units (+27.7% YoY), a tailwind for ASK's ~50%-share braking franchise and ALPS, which contributed 51% of FY26 revenue. Management's margin guidance of 13.5%-14% was explicitly made contingent on geopolitical stability and raw material prices, and the West Asia conflict that triggered the alloy spike remains unresolved, with Brent holding above $110 in late October. The promised debt disclosure is the quarter's key balance-sheet item — the CFO said 'We will update in the Q2 results' after Q1 debt rose on a ~Rs. 100/kg aluminium working-capital build, against a debt-equity guidance of under 0.5 for FY27. The call is also expected to cover the ~Rs. 700 Cr FY27 capex run-rate, the Bikaner 11.55 MW solar plant guided operational in Q2 FY27, and export progress toward the +20% FY27 target.
Performance vs guidance tracking: Management's Q1 FY27 call set out the following scorecard, with Q1's 12.0% EBITDA margin printing 150-200 bps below the guided range.
Debt disclosure and the Rs. 489.84 Cr inter-corporate loan
Capacity commissioning and Karoli ramp
Alloy wheels and JV ramp-up
Aluminium trajectory and export headwinds
Management attributed the 12.0% EBITDA margin to the denominator effect of an 'abrupt and phenomenal' alloy price pass-through, stating that absolute EBITDA remains unchanged. The company said prices that shot up to Rs. 365 have already come down by more than 10%.
The CFO said 'We will update in the Q2 results' when asked for current debt levels after Q1 FY27 debt rose on higher working capital. Management has guided debt-equity under 0.5 for FY27.
Capex guidance was revised to ~Rs. 700 Cr for FY27, up from the Rs. 450-500 Cr referenced on the Q1 call, on new order inflows. It is to be funded via internal accruals plus external term loans for machinery.
The mandatory ABS implementation, originally discussed for January 1, 2026, remains only a draft notification, with management saying it will not discuss hypotheticals until a final notification. MoRTH is reworking the framework toward performance-based safety norms instead of mandating specific technologies.
Management cited confirmed orders of Rs. 70-90 Cr for FY27 and Rs. 250 Cr for FY28 from the HPDC alloy wheel business, which commenced commercial production on August 4, 2026. First supplies have gone to a Japanese customer under the Kyushu Yanagawa Seiki technical collaboration.