Sona BLW Precision Forgings (Sona Comstar) supplies differential gears, traction motors and other precision components to global auto OEMs, with a record Rs. 240 billion order book and an all-time-high 44% BEV revenue share in Q1 FY27. This quarter's print will speak to whether the guided EBITDA margin recovery from the 23.1% low actually lands from Q2 onwards, and how the DENSO JV restructuring and new program SOPs are progressing.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 13,104 mn |
| Previous quarter PAT | Rs. 1,805 mn |
| Previous quarter EBITDA margin | 23.1% |
| Market cap | Rs. 49,559.12 Cr |
| CMP | Rs. 794.0 |
Sona BLW Precision Forgings' board will meet on October 26, 2026 to approve the Q2 and H1 FY27 financial results. The trading window for directors and officers remains shut until 48 hours after the results release, up to October 28, 2026.
The Q2 FY27 earnings call is scheduled for 5:00 PM IST on October 26, 2026, having been moved from 4:30 PM. Access is via Webex, event number 2379 440 7047.
The central question for Q2 FY27 is whether management's guided margin recovery — pass-through and cost-recovery measures 'progressively more visible from quarter 2 onwards' — shows up against input inflation that accelerated through the quarter, with WPI quickening to 11.39% in September from 9.9% in August. Demand indicators were strong but base-flattered: India PV wholesales rose 30.7% YoY in Jul-Sep 2026, though FADA flags September's +31.82% retail print as the most base-distorted of the year ahead of GST 2.0. The BEV mix enters the quarter at an all-time-high 44%, with Europe's EV market up 70% in September offsetting US EV sales that are down 30.7% in 2026 through September, while China passenger-vehicle retail fell 24% in September — the geography powering the suspension-motor ramp. The rupee traded near record lows through the window (95.9550/USD on 24 September, recovering to 94.8225 by 19 October), a reported-revenue tailwind for the 26% North America and 15% Europe revenue legs. The call is also expected to cover DENSO JV execution after the 94.49% shareholder ratification of the Rs. 8,932 Mn EV slump sale and DENSO's 49% subscription at a Rs. 17,500 Mn enterprise value.
Margin recovery vs the 23-25% guidance band: Q1 FY27's 23.1% EBITDA margin sits at the bottom of the guided band, and Q2 is the direct test of the recovery timeline.
DENSO JV execution and accounting treatment: The defining corporate event of the period, with definitive agreements signed July 22, 2026.
New program SOPs due this quarter and next: Two milestone windows fall inside or immediately after Q2 FY27.
BEV share and suspension-motor ramp: Whether the record 44% BEV share holds and the 3-4x suspension-motor growth guide stays intact.
Order book, balance sheet and GST appeal: Order momentum, net-cash deployment and the one regulatory item on the agenda.
EBITDA margin has declined for four straight quarters, from 25.3% in Q2 FY26 to 23.1% in Q1 FY27, which management attributed to product mix, input cost inflation, labor cost increases and timing gaps in customer recoveries. Management has said costs pass through with automotive customers 'always lag inflation' and guided that recovery measures become progressively more visible from Q2 FY27 onwards.
Management's ramp framework for Robotics & Physical AI is no money in the first 3 years, first revenue in year 4, significant revenue of $10 million in year 5, and a $100 million business by year 7 or 8. For the Rs. 8 billion robotics order book, SOPs were guided to range from the next quarter to within 15 months as of the Q1 FY27 call.
Management has said there is no structural risk, given the geographic diversification of the order book, when asked about the decline in BYD sales after removal of EV purchase tax exemptions. The Rs. 240 billion order book spans 46 EV programs across 30 customers, with India 50% of Q1 FY27 revenue.
Q1 FY27's 23.1% EBITDA margin sits at the bottom of the 23-25% band guided at the Q4 FY26 call and below the 24-26% range stated at the Q2 FY26 call. Management guided that recovery measures become 'progressively more visible from quarter 2 onwards', making Q2 FY27 the direct test.
Q1 FY27 revenue of Rs. 13,104 mn grew 54% YoY per the company's presentation, with BEV revenue more than doubling to Rs. 4,355 mn at a record 44% share of auto product revenue. Eastern markets contributed 59% of Q1 FY27 revenue, reflecting the geographic diversification management highlights.