ASK Automotive Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,555.16 Cr (+47.59% YoY) and PAT growth of +27.27% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,555.16 Cr (+47.59% YoY) |
| PAT (Q2) | Rs. 101.56 Cr (+27.27% YoY) |
| EBITDA margin | 11.87% (-160 bps YoY) |
| EPS (Q2) | Rs. 5.15 (+27.16% YoY) |
Q2 FY27 revenue grew 47.59% YoY to Rs.1,555.16 Cr and PAT 27.27% to Rs.101.56 Cr, but EBITDA margin fell 160 bps YoY to 11.87% — below the guided 13.5%-14% band for a second straight quarter — with gross margin down 464 bps to 29.82%. Cash quality improved (CFO/PAT 1.14x, FCF +Rs.42.60 Cr) and D/E held at 0.48x within guidance, but hitting the FY27 margin target now requires H2 EBITDA margins of roughly 15.4%-16.2%, which the filed trajectory makes difficult.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "the volume backdrop for the braking/ALPS franchise is a tailwind" | Revenue +47.59% YoY, +14.51% QoQ | Played out |
| Margins | "argues the denominator pressure eased… supporting the guided recovery" toward 13.5–14% | EBITDA margin 11.87% vs Q1 12.04%; −160.20 bps YoY | Contradicted |
| Debt disclosure | "the promised disclosure is the quarter's key balance-sheet test" | D/E 0.4834; balance sheet filed | Played out |
| Capex run-rate | "the H1 run-rate disclosure matters" | H1 capex Rs.169.76 Cr — below the implied ~Rs.700 Cr pace | Partially |
| Exports/tariffs, ABS, alloy exit-risk | supportive-but-unsettled / neutral watch | Not disclosed in the filing | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Revenue growth "high teens" FY27 | Q1 FY27 earnings call (Aug 5, 2026) | +47.59% YoY in Q2; +49.78% H1 | On Track |
| EBITDA margin 13.5%–14% "achievable", contingent on alloy prices | Q1 FY27 earnings call (Aug 5, 2026) | 11.87% (Q1: 12.04%) — two consecutive quarters below the band | Stretch |
| Gross margin recovery to 34% levels | Q1 FY27 earnings call (Aug 5, 2026) | 29.82% — trending below, not toward, 34% | Missed |
| Debt-equity <0.5x FY27; debt numbers in Q2 results | Q1 FY27 earnings call (Aug 5, 2026) | 0.48x at Sep-26; balance sheet disclosed | Met |
| Capex ~Rs.700 Cr FY27 | Q1 FY27 earnings call (Aug 5, 2026) | H1 Rs.169.76 Cr booked | Too Early |
| AISIN JV profitability by end FY27 | Q1 FY27 earnings call (Aug 5, 2026) | JV share: −Rs.1.29 Cr in Q2 | Not yet |
| Alloy wheels Rs.70–90 Cr FY27; Bikaner solar Q2 FY27; New South plant before Mar FY27 | Q1 FY27 earnings call (Aug 5, 2026) | Not addressed in the Q2 filing | Too Early / Cannot assess |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.