ASK Automotive Limited (ASKAUTOLTD)
₹588.00 -1.87% last close, 16 Oct
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)ASK Automotive Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, ASK Automotive's revenue was ₹1,358 Cr (+52.4% year on year, +18.4% on the previous quarter), and net profit ₹85.1 Cr (+29.0% year on year); the operating margin was 11.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,358 | +52.4% | +18.4% |
| Operating profit | ₹161 | +33.8% | +21.6% |
| Net profit | ₹85.1 | +29.0% | +18.2% |
| EPS (₹) | 4.32 | +29.0% | +19.0% |
| Operating margin | 11.8% | — | — |
ASKAUTOLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.45% of the ASKAUTOLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.83%. The price fell 1.87% on that unusually high delivery, the pattern the delivery dashboard labels distribution. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 42.9% · 52.5% · 50.2% · 54.3% · 60.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ASK Automotive has appointed Mr. Krishan Swaroop Malik as President – Operations for its Aluminium Lightweighting Precision Solutions (ALPS) division, effective October 12, 2026. Mr. Malik joins as Senior Management Personnel with approximately 35 years of industry experience, including over 19 years at Honda Group. The appointment directly aligns with the company's focus on scaling high-value precision aluminium components to support growth and ramp up newer plant capacities.
- Appointment of Mr. Krishan Swaroop Malik as President – Operations (ALPS) effective October 12, 2026
- Appointee brings approximately 35 years of automotive industry experience, including over 19 years at Honda Group
- Key focus area is the Aluminium Lightweighting Precision Solutions (ALPS) division
Rajasthan State GST officials conducted an inspection/search proceeding under Section 67 of the RGST Act at ASK Automotive's manufacturing unit in Bhiwadi, Rajasthan. The inspection took place on October 06, 2026, lasting approximately 4 hours from 02:00 p.m. to 06:05 p.m. The company reported that no specific violations or contraventions were communicated by the department. ASK Automotive stated that operations were unhindered, and there is no material impact on financials or business activities.
- Search initiated under Section 67 of the Rajasthan GST Act on October 06, 2026, at 02:00 p.m.
- Inspection concluded on the same day at 06:05 p.m. (duration ~4 hours)
- Conducted at manufacturing unit C-124, Industrial Area Salarpur, Khairthal Tijara, Bhiwadi, Rajasthan
- No specific contravention or violation was communicated by the tax authorities
- No material impact reported on plant operations or financials (TTM revenue: Rs 4643 Cr)
ASK Automotive has announced the retirement of Mr. Harveer Singh, President – Advanced Braking Systems and Senior Management Personnel, effective September 30, 2026. Mr. Singh ceases to be Senior Management Personnel from the close of business hours on the same date. The Advanced Braking Systems division represents a core business segment where the company holds market leadership in the Indian two-wheeler market.
- Mr. Harveer Singh retired as President – Advanced Braking Systems effective close of business hours on September 30, 2026
- Cessation as Senior Management Personnel formalized under SEBI Regulation 30
- Filing dated September 30, 2026, pursuant to SEBI circular dated January 30, 2026
ASK Automotive Limited has executed a loan agreement to grant an unsecured inter-corporate loan of ₹100 Crore to its wholly owned subsidiary, ASK Automobiles Private Limited. The loan is priced at Repo Rate + 2.50% per annum and will be utilized for fixed asset creation, plant and machinery purchases, and working capital needs. Following this sanction, the total outstanding loan granted to this subsidiary reaches ₹489.84 Crore, which represents approximately 39% of ASK Automotive's net worth (₹1,257 Crore). The transaction is conducted at arm's length.
- Sanctioned fresh unsecured loan of ₹100 Crore to wholly owned subsidiary ASK Automobiles Private Limited
- Interest rate set at Repo Rate +2.50% p.a. on an arm's length basis
- Cumulative loan outstanding to the subsidiary reaches ₹489.84 Crore
- Agreement executed on September 21, 2026 for capex, asset purchase, and working capital requirements
ASK Automotive has announced its participation in the 'Nuvama Emerging India CEO Forum' scheduled for Monday, September 28, 2026. The meeting will take place in person at the Grand Hyatt, Mumbai, during business hours. The company noted that interactions will be conducted in a group format based strictly on publicly available information. No unpublished price-sensitive information will be discussed.
- Participation scheduled for Monday, September 28, 2026, during business hours
- Event: Nuvama Emerging India CEO Forum organized by Nuvama Institutional Equities
- Format: In-person group meeting at Grand Hyatt, Mumbai
- Discussions restricted strictly to publicly available information
ASK Automotive Limited announced that SEBI-registered rating provider SES ESG Research Private Limited has upgraded the company's ESG rating to 69.0 for FY 2025-26, up from 67.5 in FY 2024-25. The rating was initiated independently by SES based on publicly available data, with no commercial engagement from the company. The update is purely informational and carries no direct financial or operational impact on the company's ongoing ₹4,643 crore TTM revenue business.
- ESG rating upgraded from 67.5 (FY 2024-25) to 69.0 (FY 2025-26)
- Rating conducted independently by SEBI-registered provider SES ESG Research Private Limited
- Company confirmed it has not formally engaged SES for this ESG evaluation
ASK Automotive Limited has announced that its joint venture company, ASK GTD Control Cables Private Limited, commenced commercial production and supply on September 05, 2026. The operations have started at the JV's manufacturing facility located in Karoli, Rajasthan. This operational milestone follows the JV's incorporation previously announced on September 16, 2025. The plant operationalization aligns with ASK Automotive's broader strategy to expand its safety control cable offerings and scale manufacturing capacity.
- Commenced commercial production and supply on September 05, 2026
- Manufacturing facility located in Karoli, Rajasthan
- JV formed under erstwhile intimation dated September 16, 2025
- Commercialization executed under JV ASK GTD Control Cables Private Limited
ASK Automotive reported a robust Q1 FY27 with consolidated revenue growing 52.1% YoY, driven by strong demand in the two-wheeler segment and aluminum lightweighting. While EBITDA margins stood at 12% due to aluminum price volatility, PAT increased 28.8% YoY to ₹85 Cr. Management has upgraded its full-year revenue growth guidance from mid-teens to high teens, citing strong domestic momentum and new product ramp-ups. The company also successfully exited its low-margin wheel assembly business, shifting focus to higher-value components.
- Consolidated revenue grew 52.1% YoY; net revenue (excluding alloy price pass-through) grew 25.3%.
- Aluminum lightweighting precision solutions segment recorded the highest growth at 75% YoY.
- EBITDA increased by 32.7% YoY to ₹164 Cr, despite margin pressure from alloy price volatility.
- Full-year revenue growth guidance upgraded to 'high teens' from previous 'mid-teens' estimates.
- Technical collaboration with Kyushu Yanagawa (Japan) implemented with first alloy wheel supplies started.
ASK Automotive Limited conducted its 38th Annual General Meeting on August 7, 2026, to approve five key resolutions including the adoption of FY26 financial statements. The company reported a consolidated revenue of ₹4,175.92 crore and a net profit of ₹297.72 crore for the fiscal year. Shareholders voted on the declaration of a final dividend and the re-appointment of two directors, Mrs. Vijay Rathee and Mr. Rajesh Kataria. A total of 127 members attended the virtual meeting, with final voting results to be declared following the scrutinizer's report.
- Adoption of FY26 Audited Financial Statements with a consolidated revenue of ₹4,175.92 crore
- Declaration of a final dividend for the financial year ended March 31, 2026
- Re-appointment of Mrs. Vijay Rathee and Mr. Rajesh Kataria as Directors liable to retire by rotation
- Participation of 127 members in the meeting held via Video Conferencing
- Ratification of Cost Auditors' remuneration for the financial year 2026-27
ASK Automotive Limited held its 38th Annual General Meeting on August 07, 2026, where shareholders approved the audited financial statements for FY26. The company reported a TTM revenue of ₹4,176 Cr and a PAT of ₹298 Cr for the period. Key resolutions passed include the declaration of a final dividend for FY26 and the re-appointment of two directors, Mrs. Vijay Rathee and Mr. Rajesh Kataria. The meeting also ratified the remuneration for Cost Auditors for the 2026-27 fiscal year.
- 38th Annual General Meeting successfully conducted on August 07, 2026, via video conferencing.
- Approval of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026.
- Declaration of final dividend for FY26 (specific amount per share not disclosed in this proceeding document).
- Re-appointment of Mrs. Vijay Rathee and Mr. Rajesh Kataria as Directors liable to retire by rotation.
- A total of 127 members attended the meeting to cast their votes on five key resolutions.
ASK Automotive has published the audio recording of its investor call held on August 05, 2026, following the release of its Q1 FY27 results. The company, which reported a TTM revenue of ₹4,176 Cr and a PAT of ₹298 Cr, is currently focusing on scaling its new plants in Rajasthan and Bengaluru to 70% capacity utilization. Management commentary typically covers the transition to EV components and the impact of raw material price pass-throughs. Investors should note the high customer concentration, with the top three clients accounting for 60-65% of total revenue.
- Audio recording of the Q1 FY27 investor call held on August 05, 2026, is now publicly available.
- Company maintains a TTM revenue of ₹4,176 Cr with an operating profit margin of 12.7%.
- Growth strategy targets 20-22% expansion through new plants and high-value EV components.
- Top three customers represent a significant 60-65% of total revenue, a key concentration risk.
- New manufacturing facilities in Karoli and Bengaluru are scaling toward a 70% utilization target.
ASK Automotive reported its highest-ever quarterly performance for Q1 FY27, with revenue growing 52.1% YoY to Rs 1,361 Cr. While a significant portion of revenue growth (33.4%) was due to the passthrough of higher alloy prices, adjusted net revenue still grew a robust 25.3% YoY. PAT increased by 28.8% YoY to Rs 85 Cr, supported by a 75% surge in the Aluminium Lightweighting segment. EBITDA margins contracted to 12.0% from 13.8% YoY, primarily due to the denominator effect of higher raw material costs being passed through.
- Achieved highest-ever quarterly revenue of Rs 1,361 Cr, up 52.1% YoY.
- Aluminium Lightweighting Precision Solutions revenue grew by 75% YoY.
- Net Profit (PAT) rose 28.8% YoY to Rs 85 Cr with an EPS of Rs 4.32.
- Advanced Braking Systems vertical recorded 48% YoY revenue growth.
- Exports increased to Rs 39 Cr compared to Rs 33 Cr in the same period last year.
ASK Automotive delivered a strong Q1 FY27 with consolidated revenue growing 52.1% YoY to ₹1,361.1 Cr, driven by volume growth and aluminium price pass-throughs. Net revenue (excluding alloy price impacts) grew 25.3% YoY, while PAT increased 28.8% to ₹85.1 Cr. The company successfully executed its strategy to exit the low-margin Wheel Assembly business (₹0 revenue vs ₹47 Cr YoY) to focus on higher-value segments. EBITDA margins contracted by 176 bps to 12.0% due to the mathematical impact of passing through higher raw material costs, though absolute EBITDA rose 32.7% to ₹163.6 Cr.
- Consolidated Total Income reached a record ₹1,361.1 Cr, a 52.1% increase over Q1 FY26.
- Aluminium Lightweighting Precision Solutions (ALPS) segment revenue surged 75% YoY to ₹784 Cr.
- Strategic exit from the Wheel Assembly business completed, with revenue dropping to zero from ₹47 Cr in the previous year.
- Commenced first supply of High Pressure Die Casted Alloy Wheels from the Karoli plant to a leading Japanese customer.
- EBITDA grew 32.7% YoY to ₹163.6 Cr, supported by scaling at new Karoli and Bengaluru facilities.
ASK Automotive reported a robust 52.4% YoY growth in consolidated revenue to ₹1,358.11 crore for the quarter ended June 30, 2026. Consolidated PAT increased by 28.8% YoY to ₹85.12 crore, though bottom-line growth trailed the top-line due to a significant rise in raw material costs, which reached ₹1,026.34 crore. The company also strengthened its governance by appointing Ernst & Young LLP as Internal Auditors for FY 2026-27. This performance maintains the momentum from FY26, where the company achieved a 26% ROCE and ₹4,176 crore in TTM revenue.
- Consolidated Revenue from operations surged 52.4% YoY to ₹1,358.11 crore in Q1 FY27.
- Consolidated Net Profit (PAT) grew 28.8% YoY to ₹85.12 crore from ₹66.07 crore in the previous year's quarter.
- Cost of materials consumed increased to ₹1,026.34 crore, accounting for 75.6% of total revenue.
- Earnings Per Share (EPS) for the quarter improved to ₹4.32 from ₹3.35 in Q1 FY26.
- Appointment of Ernst & Young LLP as Internal Auditor for the 2026-27 financial year.
ASK Automotive reported a strong start to FY27 with consolidated revenue growing 52.4% YoY to ₹1,358.11 cr. Net profit increased by 28.8% YoY to ₹85.12 cr, while EPS rose to ₹4.32 from ₹3.35 in the year-ago period. The company also demonstrated sequential growth, with revenue up 18.4% compared to Q4 FY26. The board also approved the appointment of Ernst & Young LLP as internal auditors for FY 2026-27.
- Consolidated revenue from operations grew 52.4% YoY to ₹1,358.11 cr from ₹891.29 cr
- Consolidated PAT increased 28.8% YoY to ₹85.12 cr compared to ₹66.07 cr in Q1 FY26
- Quarterly EPS improved to ₹4.32 from ₹3.35 in the corresponding quarter of the previous year
- Consolidated Profit Before Tax (PBT) stood at ₹112.25 cr, a 28.7% increase YoY
- Finance costs rose to ₹15.89 cr from ₹10.24 cr YoY, reflecting increased scale or debt servicing
Financial Performance
Revenue Growth by Segment
In FY 2025, the Advanced Braking System segment grew by 16%, Aluminium Light Weighting Precision Solutions grew by 28%, and Safety Control Cables achieved 14% growth. For H1 FY26, the Braking segment grew 7% YoY, Aluminium Lightweighting grew 19% YoY, and Safety Control Cables grew 4% YoY.
Geographic Revenue Split
The domestic market remains the primary driver, while export revenue for H1 FY26 stood at INR 63 Crore, a decline from INR 74 Crore in the previous year due to global geopolitical instability and tariff issues.
Profitability Margins
Net Profit Margin improved from 5.78% in FY 2024 to 6.88% in FY 2025, a gain of 107 bps. Profit After Tax (PAT) reached INR 248 Crore in FY 2025, representing a 42.5% increase from INR 174 Crore in FY 2024.
EBITDA Margin
EBITDA margin stood at 12.3% in FY 2025 (up from 10.4% in FY 2024). In Q2 FY26, margins reached 13.4%, an improvement of 124 bps YoY, driven by economies of scale and a strategic shift away from low-margin wheel assembly.
Capital Expenditure
The company has undertaken significant greenfield expansions in Karoli (Rajasthan) and Bengaluru. Annual net cash accruals of INR 300-310 Crore are projected for FY 2025 to fund ongoing capex and debt obligations of INR 70-75 Crore.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'CRISIL AA/Stable' from 'AA-/Positive' and reaffirmed 'CRISIL A1+' for short-term. Interest coverage ratio improved significantly to 10.54 times in FY 2025 from 8.47 times in FY 2024.
Operational Drivers
Raw Materials
Aluminium alloy is the primary raw material. In Q2 FY26, aluminium price inflation caused a 30 bps compression in EBITDA margins and inflated reported revenue by approximately 2.5% to 3%.
Import Sources
Not explicitly disclosed in available documents, though the company notes global geopolitical risks affecting rare earths and magnets used in the industry.
Capacity Expansion
New manufacturing facilities in Karoli (Rajasthan) and Bengaluru have recently turned commercial. These plants are currently scaling up to reach an optimal capacity utilization target of 70%.
Raw Material Costs
Raw material costs are a major component of the total expenses which stood at INR 3,291.59 Crore in FY 2025. The company uses a pass-through mechanism for aluminium price increases, which protects absolute EBITDA but creates a 'denominator effect' on margin percentages.
Manufacturing Efficiency
Efficiency is being driven by higher volume-driven economies of scale and the ramp-up of new facilities. Capacity utilization is a key monitorable, currently trending toward 70%.
Strategic Growth
Expected Growth Rate
20-22%
Growth Strategy
Growth is targeted through the commercialization of new plants in Rajasthan and Bengaluru, a strategic joint venture with a Japanese company, and increasing the supply of high-value-added aluminium components for the EV sector, where the company already serves 70-80% of 2W EV manufacturers.
Products & Services
Advanced Braking Systems (disc brakes, drum brakes), Aluminium Lightweighting Precision Solutions, and Safety Control Cables for automotive and non-automotive applications.
Brand Portfolio
ASK Automotive.
New Products/Services
New product development is focused on the EV segment and high-value-added precision solutions. The strategic reduction of the low-value wheel assembly business (down 53.5% in H1 FY26) is intended to shift revenue mix toward higher-margin products.
Market Expansion
The company is expanding its presence in the aftermarket and export markets to reduce dependence on domestic OEMs, though these currently contribute minimally to total revenue.
Market Share & Ranking
The company maintains market leadership in the Advanced Braking System business with a significant share of the Indian two-wheeler market.
Strategic Alliances
The company has entered into a Joint Venture (JV) with a Japanese company to commercialize new technologies and enhance its business risk profile.
External Factors
Industry Trends
The industry is shifting toward 'lightweighting' in Electric Vehicles (EVs) to extend range. ASK is positioned to benefit from this as aluminium content per vehicle increases. The 2W component industry is growing, but remains subject to regulatory shifts in emission and safety norms.
Competitive Landscape
The company competes in a consolidated market for braking systems and cables, with competition intensifying in the aluminium precision solutions space as more players pivot to EV components.
Competitive Moat
The moat is built on long-standing OEM relationships, market leadership in braking systems, and a 70-80% penetration rate in the 2W EV manufacturer base. This is sustainable due to high entry barriers in safety-critical components and the technical complexity of aluminium precision solutions.
Macro Economic Sensitivity
The company is highly sensitive to the cyclicality of the automotive industry, particularly the two-wheeler segment which drives over 90% of revenue.
Consumer Behavior
A shift toward electric two-wheelers is the primary consumer trend affecting demand, necessitating a rapid transition in the company's product portfolio.
Geopolitical Risks
Geopolitical tensions and tariff issues have recently impacted export performance, resulting in a decline in export revenue to INR 63 Crore in H1 FY26.
Regulatory & Governance
Industry Regulations
Operations are subject to automotive safety standards and changing regulations for auto components. The company must adhere to Section 148 of the Companies Act for maintaining cost records.
Environmental Compliance
The company is investing in a transition toward renewable energy to meet ESG goals, though specific compliance costs are not listed.
Taxation Policy Impact
The consolidated tax expense for FY 2025 was INR 79.75 Crore, compared to INR 56.20 Crore in FY 2024.
Legal Contingencies
Statutory auditors reported no instances of fraud by officers or employees during the year under review. No major pending court cases with specific INR values were disclosed in the provided text.
Risk Analysis
Key Uncertainties
The primary uncertainty is the pace of EV adoption and the stabilization of new plants in Rajasthan and Bengaluru, which currently constrain cost efficiency.
Geographic Concentration Risk
Revenue is heavily concentrated in the Indian domestic market, with exports currently representing a small fraction of the total turnover.
Third Party Dependencies
High dependency on a few key OEM customers (top 3 account for 60-65% of revenue) creates significant counterparty risk.
Technology Obsolescence Risk
The shift from ICE to EV represents a technology risk; however, the company is mitigating this by serving 70-80% of current EV 2W manufacturers.
Credit & Counterparty Risk
Receivables management is strong, evidenced by a 25% improvement in the Debtors Turnover ratio to 17.61 times in FY 2025.
