Automobile Corporation of Goa Ltd (505036)
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)Automobile Corporation of Goa Ltd's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Automobile's revenue was ₹249 Cr (-2.8% year on year, -8.1% on the previous quarter), and net profit ₹11.2 Cr (-51.2% year on year); the operating margin was 5.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹249 | -2.8% | -8.1% |
| Operating profit | ₹13.2 | -53.0% | -47.4% |
| Net profit | ₹11.2 | -51.2% | -46.6% |
| EPS (₹) | 18.42 | -51.4% | -47.4% |
| Operating margin | 5.3% | — | — |
📢 Recent Corporate Announcements
CARE Ratings has reaffirmed Automobile Corporation of Goa's credit ratings at 'CARE AA-; Stable / CARE A1+' across ₹40 crore of bank facilities (enhanced from ₹13 crore). The rating action reflects the company's strong balance sheet (net debt-free status with gearing at 0.03x as of March 31, 2026) and deep operational integration with promoter Tata Motors Limited (48.98% stake), which contributes ~88% of FY26 revenue. The report also highlights that installed bus-manufacturing capacity was expanded to 12,000 units (from 10,000 units), supporting an all-time high of 9,328 bus units sold in FY26. CARE noted that Tata Motors' pending corporate demerger will have no adverse impact on business operations.
- Bank facility ratings reaffirmed at CARE AA-; Stable / CARE A1+, with rated limits enhanced to ₹40.00 crore (from earlier ₹13.00 crore across facilities)
- Derived ~88% of total revenue in FY26 from Tata Motors Limited, supplying 1/3rd of TML's ICE bus body requirements
- Enhanced installed bus-manufacturing capacity from 10,000 to 12,000 units per annum, with FY26 sales reaching a record 9,328 units (up from 7,265 in FY25)
- Maintains strong liquidity with cash, bank balances, and liquid investments of ~₹200 crore as of Q1FY27 and total debt down to ₹9.52 crore
Automobile Corporation of Goa (ACGL) reported a weak Q1 FY27, with total income declining 3.1% YoY to ₹252.71 crore. Profitability was severely impacted as EBITDA margins nearly halved to 6.69% from 12.35% in Q1 FY26. Net profit fell to ₹11.22 crore from ₹23.07 crore YoY, primarily due to lower international business volumes caused by geopolitical tensions in the Middle East. While domestic business remained stable, the sharp contraction in margins and export volumes represents a significant quarterly setback.
- Total income decreased to ₹252.71 crore, a 3.08% decline compared to ₹260.75 crore in Q1 FY26.
- EBITDA margin contracted sharply to 6.69% from 12.35% in the corresponding quarter of the previous year.
- Bus body deliveries fell to 2,712 units from 2,784 units YoY, driven by lower international demand.
- Profit Before Tax (PBT) dropped 50.8% YoY to ₹15.19 crore from ₹30.90 crore.
- Earnings Per Share (EPS) for the quarter stood at ₹18.42, down from ₹37.90 in Q1 FY26.
Automobile Corporation of Goa Ltd (ACGL) reported a weak Q1 FY27 with total income of ‡252.71 Cr, down 3% YoY and 8.5% QoQ. Profitability was severely impacted as EBITDA margins nearly halved to 6.69% from 12.35% in the year-ago quarter. The company delivered 2,712 bus bodies, a slight decline from 2,784 YoY, primarily due to geopolitical tensions in the Middle East affecting international volumes. Tata Motors remains the dominant customer, contributing over 92% of the total revenue for the quarter.
- Total income for Q1 FY27 stood at ‡252.71 Cr, a 3.08% decline compared to the preceding quarter (‡276.30 Cr).
- EBITDA margin contracted sharply to 6.69% from 12.35% in Q1 FY26 and 11.05% in Q4 FY26.
- Profit Before Tax (PBT) fell 50.84% QoQ to ‡15.19 Cr from ‡28.99 Cr in the previous quarter.
- Bus body deliveries decreased to 2,712 units from 2,784 units in the corresponding quarter of the previous year.
- Tata Motors contributed ‡233.36 Cr to the revenue, representing approximately 92.3% of total income.
Automobile Corporation of Goa Ltd (ACGL) has scheduled a board meeting for August 5, 2026, to approve audited financial results for the quarter ended June 30, 2026. This follows a strong March 2026 quarter where the company reported revenue of ‡271 Cr and a net profit of ‡21 Cr. The trading window for designated persons has been closed since June 23, 2026, in compliance with insider trading regulations. Investors will be monitoring if the company maintains its TTM OPM of 9.2% and its growth trajectory in the EV bus body segment.
- Board meeting scheduled for August 5, 2026, to approve Q1 FY27 results
- Trading window closed from June 23, 2026, until 48 hours post-announcement
- Company reported TTM revenue of ‡933 Cr as of the latest available data
- Previous quarter (Mar 2026) EPS stood at ‡35.02
- Focus remains on the bus segment which accounts for 90% of total revenue
Automobile Corporation of Goa Ltd (ACGL) concluded its 46th Annual General Meeting on July 22, 2026, where shareholders approved a final dividend of Rs 22.5 per equity share (225% of face value). The company reported a TTM revenue of Rs 933 Cr and a PAT of Rs 70 Cr, maintaining a strong ROCE of 30%. Management reiterated its focus on the EV bus body segment and export markets, which accounted for 28.05% of total bus sales volume in FY25. All resolutions, including the re-appointment of Director Girish Wagh, were passed with the requisite majority.
- Final dividend of Rs 22.5 per equity share (225% of face value) approved for FY26.
- Export markets contributed 28.05% of total bus sales volume (2,038 units) in FY25.
- Total bus sales volume increased by 11.58% to 7,265 units in FY25 compared to 6,511 units in FY24.
- Employee cost efficiency improved to 7.26% of revenue from 8.05% YoY.
- The Bus Segment remains the primary revenue driver, accounting for 90% of total revenue.
Financial Performance
Revenue Growth by Segment
Total revenue grew 13.05% to INR 675.62 Cr. The Bus Segment revenue increased by 15.81% to INR 591.97 Cr, driven by passenger vehicle demand. The Pressing Segment revenue decreased by 5.89% to INR 68.76 Cr due to lower raw material prices and subsequent selling price adjustments.
Geographic Revenue Split
Domestic sales dominate the mix, while exports accounted for 2,038 bus units out of 7,265 total units sold, representing 28.05% of total volume.
Profitability Margins
Net Profit After Tax (after OCI) margin improved from 6.27% to 6.96% YoY. Profit after tax stood at INR 46.97 Cr compared to INR 37.42 Cr in the previous year, a 25.52% increase.
EBITDA Margin
EBITDA margin (Profit before Interest, Depreciation, Tax and OCI) improved to 9.95% in FY25 from 9.39% in FY24, reflecting better operational efficiency.
Capital Expenditure
Not explicitly disclosed in INR Cr, though the Pressing Segment is identified as capital intensive where capacity utilization is the primary driver of profitability.
Credit Rating & Borrowing
The Debt-Equity ratio increased by 19% to 0.34 in FY25 from 0.28 in FY24. Finance costs remained negligible at 0.01% of total revenue.
Operational Drivers
Raw Materials
Sheet metal and bus body components; material costs (including stock changes) represent 68.70% of total revenue, amounting to INR 464.15 Cr.
Key Suppliers
Not disclosed, though the company is a key supplier to major OEMs like Tata Motors (implied by board directorships).
Capacity Expansion
The company sold 7,265 buses in FY25, an 11.58% increase from 6,511 units in FY24. Specific installed capacity in units was not disclosed.
Raw Material Costs
Raw material costs were 68.70% of revenue (INR 464.15 Cr) in FY25, slightly up from 68.17% in FY24. Procurement strategies involve adjusting selling prices based on raw material price movements.
Manufacturing Efficiency
Employee cost efficiency improved, reducing to 7.26% of revenue (INR 49.05 Cr) from 8.05% YoY, despite a reduction in permanent headcount from 452 to 433.
Logistics & Distribution
Not disclosed, but the company focuses on infrastructure development to reduce logistics costs as part of its macro outlook.
Strategic Growth
Expected Growth Rate
13.05%
Growth Strategy
Growth is targeted through electrification (EV bus bodies), leveraging government initiatives like the Scrappage policy, PLI scheme, and FAME, and expanding in the commercial vehicle passenger segment.
Products & Services
Bus bodies (including electric vehicle bus bodies) and sheet metal components/pressings for the automotive industry.
Brand Portfolio
ACGL (Automobile Corporation of Goa Limited).
New Products/Services
Electric vehicle (EV) bus bodies are a key new focus area, aligned with government electrification initiatives.
Market Expansion
Export markets are a significant focus, with 2,038 units exported in FY25, representing 28.05% of total bus sales volume.
Strategic Alliances
The company maintains a key supplier relationship with major OEMs; Girish Wagh (Executive Director at Tata Motors) serves as a Non-Executive Director.
External Factors
Industry Trends
Shift toward green mobility (EV buses), increased public transport investment, and regulatory support through the Scrappage policy and PLI schemes.
Competitive Landscape
Operates in a cyclical industry driven by OEM demand and government transport policies.
Competitive Moat
Moat is built on being a key supplier to major OEMs and specialized expertise in bus body manufacturing, which is reinforced by the transition to EV bodies.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (estimated at 6.5% for FY25) and government infrastructure spending.
Consumer Behavior
Rising demand for public transportation and a shift toward sustainable/electric mobility solutions.
Geopolitical Risks
Global uncertainties are noted as factors that could impact operations, though domestic demand remains the primary driver.
Regulatory & Governance
Industry Regulations
Operations are influenced by the Vehicle Scrappage policy, Production Linked Incentive (PLI) scheme, and FAME (Faster Adoption and Manufacturing of Electric Vehicles).
Environmental Compliance
Focus on electrification and EV-focused measures like FAME to meet environmental standards and market demand.
Taxation Policy Impact
The effective tax provision rate was 2.35% of total revenue in FY25, up from 2.12% in FY24.
Risk Analysis
Key Uncertainties
Raw material price volatility and demand fluctuations from major OEM customers could impact margins by over 5% as seen in the Pressing segment.
Geographic Concentration Risk
Manufacturing is concentrated in Goa, Jejuri (Maharashtra), and Dharwad (Karnataka).
Third Party Dependencies
90% of revenue is derived from the bus segment, which is heavily dependent on OEM orders and government transport contracts.
Technology Obsolescence Risk
Risk of falling behind in the EV transition, which the company is mitigating by focusing on EV bus body innovation.
Credit & Counterparty Risk
Trade receivables turnover ratio decreased 14% to 6.26, suggesting a slight slowdown in collection efficiency.
