CIE Automotive India Limited (CIEINDIA)
₹377.20 +0.16% last close, 16 Oct
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)CIE Automotive India Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, CIE Automotive's revenue was ₹2,621 Cr (+10.6% year on year, +0.3% on the previous quarter), and net profit ₹236 Cr (+15.8% year on year); the operating margin was 14.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,621 | +10.6% | +0.3% |
| Operating profit | ₹390 | +15.7% | -3.1% |
| Net profit | ₹236 | +15.8% | -5.4% |
| EPS (₹) | 6.21 | +15.9% | -5.5% |
| Operating margin | 14.9% | — | — |
CIEINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.82% of the CIEINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.12%. Delivery was unusually high while the price barely moved (+0.16%). Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 53.9% · 50.6% · 61.5% · 64.7% · 63.8%
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
CIE Automotive India Limited has commenced dispatching notices to shareholders and unsecured creditors following the Mumbai NCLT order dated September 24, 2026. The notices relate to the proposed Scheme of Merger by Absorption of its wholly owned subsidiary, CIE Aluminium Casting India Limited (CIEALCAST). The NCLT dispensed with convening formal meetings since no new shares will be issued and share capital remains unchanged. Stakeholders have been given a 30-day window from receipt of notice to submit representations, if any, to the NCLT.
- Scheme involves absorption of 100% wholly owned subsidiary CIE Aluminium Casting India Limited
- No new shares issued and no capital reorganisation; subsidiary share capital will be cancelled
- NCLT Mumbai Bench dispensed with holding shareholder and creditor meetings via order dated September 24, 2026
- Shareholders and creditors have 30 days from receipt of notice to submit representations to the NCLT
CIE Automotive India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA KFin Technologies Limited covers the quarter ended 30th September 2026. It confirms that all dematerialization requests received between 1st July 2026 and 30th September 2026 were processed, verified, and certificates mutilated within the mandated 15-day window. This is a standard statutory filing with zero financial or operational impact.
- Compliance certificate pertains to the period from 1st July, 2026 to 30th September, 2026
- RTA KFin Technologies confirmed demat requests processed within 15 days of receipt
- Filing submitted to BSE and NSE on 6th October, 2026 pursuant to Regulation 74(5)
CIE Automotive India received an order dated September 24, 2026, from NCLT Mumbai allowing its first-motion application for the merger of its wholly owned subsidiary, CIE Aluminium Casting India Limited, into the parent company. The appointed date of the scheme is April 1, 2026, and no new shares will be issued as it is an absorption of a 100% subsidiary. The subsidiary holds a net worth of Rs 325.83 Cr (around 5.7% of CIE India's consolidated net worth of Rs 5,687 Cr). The merger aims to eliminate operating inefficiencies, cut administrative duplication, and consolidate customer relationships in lightweight aluminium casting.
- NCLT Mumbai Bench allowed application CA(CAA)-115/MB/2026 on September 24, 2026, dispensing with transferee unsecured creditors' meeting.
- Appointed date for the merger is fixed as April 1, 2026.
- CIE Aluminium Casting net worth stands at Rs 325.83 Cr, while post-merger net worth of the combined entity is projected at Rs 4,469.50 Cr.
- No change in share capital or shareholding pattern as CIE Aluminium Casting is a 100% wholly owned subsidiary.
- Notices directed to regulators and unsecured creditors, with a 30-day window for representations.
CIE Automotive India has submitted the outcome of an institutional investor meeting held on September 11, 2026, organized by Axis Capital. The interactions included a one-on-one session with Apollo Global Management alongside group sessions with institutional investors such as Kotak Asset Management, Bandhan Mutual Fund, and 360 ONE. Management confirmed that no Unpublished Price Sensitive Information (UPSI) was shared, with discussions focused strictly on previously released investor presentations from CY2025 and CY2026. Given the procedural nature of the disclosure, there is no direct impact on the company's financial metrics.
- Investor conference held on September 11, 2026, organized by Axis Capital between 11:00 AM and 3:00 PM
- One-on-one meeting conducted with Apollo Global Management
- Two group sessions attended by 12 institutional firms including Bandhan Mutual Fund, Kotak Asset Management, and 360 ONE
- Discussions were limited to publicly available Q4 CY2025, Q1 CY2026, and Q2 CY2026 investor presentations
- Company confirmed no Unpublished Price Sensitive Information (UPSI) was discussed
CIE Automotive India has subscribed to 69,40,000 equity shares of its wholly owned subsidiary, CIE Hosur Limited, for a total consideration of ₹120.76 Cr at an issue price of ₹174 per share (including ₹164 premium). Following the rights issue, CIE Hosur continues to be a 100% owned subsidiary. The funds will be utilized for capital expenditure, repayment of intercorporate loans, and general corporate purposes. CIE Hosur reported a turnover of ₹175.20 Cr (INR 1,751.95 million) in CY2025, continuing steady growth from ₹134.70 Cr in CY2024.
- Infused ₹120.76 Cr (INR 120,75,60,000) into wholly owned subsidiary CIE Hosur Limited via rights issue.
- Acquired 69,40,000 equity shares at ₹174 per share (face value ₹10 plus ₹164 premium).
- Proceeds earmarked for capex, intercorporate loan repayments, and general corporate purposes.
- CIE Hosur's turnover expanded to INR 1,751.95 million in 2025 vs INR 1,347.02 million in 2024 and INR 1,123.73 million in 2023.
CIE Automotive India reported the outcome of its Institutional Investor Meet held on September 3, 2026, organized by Elara Capital. Company representatives conducted one-on-one sessions with Axis Max Life Insurance and 3P Investment Managers, alongside several institutional group meetings. Discussions were restricted to publicly available investor presentations covering Q2 CY2026, Q1 CY2026, and CY2025 results. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared.
- Conducted investor interactions on September 3, 2026, from 10:00 AM to 4:00 PM
- Held 1-on-1 meetings with Axis Max Life Insurance and 3P Investment Managers
- Held group meetings with over 20 institutional funds including Kotak MF, DSP, Axis MF, and Premji Investments
- Confirmed zero Unpublished Price Sensitive Information (UPSI) was shared during discussions
CIE Automotive India Limited has submitted an advance intimation regarding upcoming investor relations interactions scheduled for September 2026. The company will participate in physical investor conferences in Mumbai organized by Axis Capital Ltd on September 11, 2026, and Anand Rathi Shares & Stockbrokers Ltd on September 21, 2026. These meetings will include both one-on-one and group interactions. This is a routine compliance filing pursuant to SEBI Listing Regulations.
- Axis Capital investor conference scheduled for Friday, 11 September 2026 in Mumbai
- Anand Rathi investor conference scheduled for Monday, 21 September 2026 in Mumbai
- Interaction format includes physical one-on-one and group meetings
Credit rating agency ICRA Limited has reaffirmed CIE Automotive India Limited's long-term rating at [ICRA]AA with a Stable outlook and short-term rating at [ICRA]A1+. The rating action applies to total bank facilities of Rs 575.00 crore, which includes Rs 514.00 crore of fund-based/non-fund-based limits and Rs 61.00 crore of unallocated limits. Major participating banks include ICICI Bank (Rs 230.00 crore), Kotak Mahindra Bank (Rs 150.00 crore), and Bank of America (Rs 94.00 crore). The reaffirmation reflects the company's sustained financial stability and negligible leverage profile.
- Long-term credit rating reaffirmed at [ICRA]AA with Stable outlook; short-term reaffirmed at [ICRA]A1+.
- Total rated bank credit facilities stand at Rs 575.00 crore.
- Allocated limits include Rs 514.00 crore across five banks, led by ICICI Bank (Rs 230.00 crore) and Kotak Mahindra Bank (Rs 150.00 crore).
- Unallocated limits accounted for Rs 61.00 crore of the total Rs 575.00 crore facility.
CIE Automotive India Limited completed institutional investor interactions on 14th August 2026, organised by Emkay Global. The interactions featured a one-on-one meeting with HDFC Asset Management Company alongside five separate group meetings with various institutional investors including Motilal Oswal MF and Unifi Capital. The discussions were led by Vikas Sinha, Senior VP - Strategy & CIRO, and centered on previously published quarterly presentations. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during the sessions.
- Conducted institutional investor meetings on 14th August 2026 between 10:00 am and 5:30 pm.
- Held a one-on-one interaction with HDFC Asset Management Company.
- Engaged in group discussions with institutional investors including Motilal Oswal MF, Unifi Capital, and Avendus Wealth.
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared.
CIE Automotive India has announced its schedule for upcoming institutional investor interactions in Mumbai. The company will participate in a conference organized by Emkay Global Financial Services on August 14, 2026, and another by Elara Capital on September 3, 2026. These meetings will include both one-on-one and group formats. With a TTM revenue of ₹9,746 Cr and a market cap of ₹15,797 Cr, these interactions are part of the company's routine investor relations program.
- First investor conference scheduled for August 14, 2026, in Mumbai organized by Emkay Global.
- Second investor conference scheduled for September 3, 2026, in Mumbai organized by Elara Capital.
- Meetings will involve both One-on-One and Group interaction formats.
- Company maintains a strong promoter holding of 65.7% as of March 2026.
CIE India reported consolidated sales of ₹25.4 billion for Q2 CY26, an 11% YoY increase, supported by 13% growth in Indian operations. While domestic demand remained robust, India EBITDA margins contracted to 16.7% (from 17.5% YoY) due to energy and consumable inflation linked to West Asia conflicts. European operations showed a strong margin recovery to 15.9% (up from 12.5% YoY) following restructuring, despite a 6% decline in Euro-denominated sales. The company remains net debt-free with ₹14.2 billion in cash, actively evaluating organic and inorganic growth opportunities.
- Consolidated PAT for H1 CY26 reached ₹4.9 billion, an 18% increase over H1 CY25
- India EBITDA margins fell to 16.7% in Q2 CY26 from 17.5% in Q2 CY25 due to energy and consumable inflation
- European operations achieved a 15.9% EBITDA margin, a 340 bps improvement YoY despite a 6% decline in Euro-denominated sales
- Company holds a net cash position of ₹14.2 billion as of June 2026, representing ~9% of market cap
- H1 CY26 Capex stood at ₹2.1 billion, with significant increases expected in H2 for projects in Hosur, Chakan, and Bengaluru
CIE Automotive India has made the audio recording of its Q2CY2026 results conference call available to the public. The call, held on July 23, 2026, follows the company's recent financial performance where it recorded a TTM revenue of Rs 9,746 Cr and a PAT of Rs 871 Cr. This filing is a procedural requirement under SEBI LODR regulations to ensure transparency for all shareholders. Investors can access the recording via the company's official website to review management's commentary on the automotive sector's outlook.
- Conference call for Q2CY2026 results was conducted on July 23, 2026
- Advance intimation for the earnings call was previously provided on July 14, 2026
- Investor presentation regarding the Q2CY2026 results was released on July 22, 2026
- Company maintains a significant market presence with a market capitalization of Rs 15,898 Cr
- TTM Operating Profit Margin (OPM) stands at 14.7% as per latest financial context
CIE India reported a solid Q2 CY26 with consolidated revenue growing 11% YoY to ₹2,543.2 Cr, driven primarily by 13% growth in the Indian market. While Indian margins slightly contracted to 16.7% due to raw material inflation, the European business saw a significant EBITDA margin recovery to 15.9% (up from 12.5% YoY) following restructuring. The company maintains a strong net cash position of ₹1,416.1 Cr. H1 CY26 PAT grew 18% YoY to ₹485 Cr, reflecting steady operational performance despite geopolitical tensions.
- Consolidated Revenue for Q2 CY26 reached ₹2,543.2 Cr, an 11% increase over Q2 CY25.
- Europe EBITDA margins improved significantly to 15.9% in Q2 CY26 from 12.5% in Q2 CY25 due to restructuring.
- India business grew 13% YoY in Q2, outperforming several market segments like MHCVs which grew 6.3%.
- Net Financial Debt remains negative at -₹1,416.1 Cr, indicating a strong cash-surplus balance sheet.
- H1 CY26 Consolidated PAT stood at ₹485.0 Cr, representing 18% YoY growth.
CIE Automotive India reported a steady standalone performance for the quarter ended June 30, 2026, with revenue reaching ₹1,352.28 Cr, a 9.9% increase YoY. Standalone PAT grew 16.8% YoY to ₹148.12 Cr, although it faced a sequential decline from the March 2026 quarter. The company is advancing its corporate restructuring by filing a Scheme of Amalgamation for its wholly-owned subsidiary, CIE Aluminium Casting India Limited, with the NCLT. Half-year standalone EPS stands at ₹10.09, reflecting consistent profitability.
- Standalone Revenue for Q2 2026 stood at ₹1,352.28 Cr, up 9.9% from ₹1,230.04 Cr in Q2 2025.
- Standalone PAT for the quarter was ₹148.12 Cr, a 16.8% increase over the ₹126.78 Cr reported in the previous year's corresponding quarter.
- H1 2026 Standalone Total Income reached ₹2,793.91 Cr, compared to ₹2,512.61 Cr in H1 2025.
- The company filed a Scheme of Amalgamation for CIE Aluminium Casting India Limited with the NCLT on April 21, 2026.
- Standalone Cash and Cash Equivalents as of June 30, 2026, stood at ₹93.09 Cr (₹930.94 million).
CIE Automotive India has scheduled its Q2CY2026 earnings conference call for July 23, 2026, at 12:30 PM IST. The call will be led by top management, including CEO Ander Arenaza Alvarez and CFO K. Jayaprakash, to discuss financial performance for the quarter ending June 2026. This follows a March 2026 quarter where the company reported revenue of ‑2,612 Cr and a net profit of ‑249 Cr. Investors will be looking for updates on the company's 9% expected growth rate and its EV component strategy in Europe.
- Conference call scheduled for July 23, 2026, at 12:30 hrs IST / 09:00 hrs CET.
- Management representation includes the CEO, CFO, and Senior VP of Strategy.
- The call will address the results for Q2CY2026 (quarter ending June 30, 2026).
- Company maintains a TTM revenue of ‑9,746 Cr with an operating margin of 14.7%.
- Pre-registration is available via a Diamond Pass link provided in the filing.
Financial Performance
Revenue Growth by Segment
In CY2024, the India segment grew by 1.9% YoY to INR 6,059 Cr, while the Europe segment saw a 34.7% decline to INR 2,909.8 Cr, primarily due to the divestment of the German forging business. For 9M CY2025, India sales grew 6% YoY to INR 4,393.5 Cr, while Europe sales dropped 3% to INR 2,400 Cr.
Geographic Revenue Split
As of CY2024, India accounts for 67% of total revenue (INR 6,059 Cr) and Europe accounts for 33% (INR 2,909.8 Cr). This reflects a strategic shift toward the Indian market following the exit from German forging operations which previously contributed ~19% of consolidated revenue.
Profitability Margins
Consolidated Net Profit (PAT) for CY2024 was INR 824.8 Cr, a 26.7% decrease from INR 1,125.6 Cr in CY2023. The PAT margin stood at 9.1% in CY2024 compared to 12.1% in CY2023. Standalone PAT margin for 9M CY2025 was 10.7%.
EBITDA Margin
Consolidated Operating Profit Margin (OPM) improved to 15.8% in CY2024 from 15.6% in CY2023. In India, EBITDA margins rose to 17.9% in CY2024 from 16.7% in CY2023 due to internal efficiency plans. 9M CY2025 consolidated EBITDA margin was 16.3%.
Capital Expenditure
The company maintains a disciplined approach with planned annual capital expenditure of INR 500 Cr to INR 600 Cr. This is funded through healthy annual cash accruals exceeding INR 800 Cr, minimizing reliance on external debt.
Credit Rating & Borrowing
ICRA reaffirmed the long-term rating at [ICRA]AA (Stable) and short-term rating at [ICRA]A1+. Interest coverage ratio improved to 18.4x in CY2024 from 13.5x in CY2023, reflecting reduced debt levels and lower finance costs of INR 77.6 Cr (down 27.7% YoY).
Operational Drivers
Raw Materials
Key raw materials include steel, aluminum, and iron. Cost of materials consumed in CY2024 was INR 4,647 Cr, representing 51.8% of total revenue.
Import Sources
Not specifically disclosed in available documents, though the company operates manufacturing bases in India, Germany, Italy, and Spain to source and supply locally.
Capacity Expansion
The company is investing in incremental capacity in India to meet optimistic medium-term demand. Specific focus is on expanding the Hosur Forgings plant and aluminum die-casting verticals to improve margins and output.
Raw Material Costs
Raw material costs as a percentage of revenue stood at 51.8% in CY2024 (INR 4,647 Cr). The company uses a pass-through mechanism with customers to mitigate commodity price volatility, though timing lags can impact short-term margins.
Manufacturing Efficiency
Internal efficiency improvement plans in India helped raise EBITDA margins by 120 basis points YoY in CY2024. The company is also implementing Industry 4.0 and digitization to transform the supply chain.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth will be driven by a 'judicious mix' of organic and inorganic expansion. Key strategies include focusing on the Indian market (which grew 9% in Q3 CY25), expanding the EV component portfolio in Europe, and optimizing the aluminum die-casting vertical. The company targets M&A to fill strategic gaps in technology and customer portfolios.
Products & Services
Forged parts, stamped body panels, iron castings, aluminum die-cast components, gears, magnetic products, and composite parts for passenger vehicles, commercial vehicles, tractors, and two-wheelers.
Brand Portfolio
CIE Automotive India (formerly Mahindra CIE), Bill Forge, Aurangabad Electricals (AEL).
New Products/Services
Focus on developing EV-specific components and aluminum parts to meet the shifting demand from ICE to electric platforms, particularly in the European market where EVs hold a 15% share.
Market Expansion
India is identified as a priority global market for the parent CIE Group. Expansion is focused on increasing wallet share with existing customers and adding new customers in the Indian 2W and PV segments.
Market Share & Ranking
The company consistently outperforms underlying market growth in key segments, maintaining a strong market position in the Indian forging and casting industry.
Strategic Alliances
The company entered into a Share Subscription and Shareholders Agreement (SSSHA) via its subsidiary CIE Aluminium Casting India Limited in June 2025.
External Factors
Industry Trends
The industry is shifting toward EVs and lightweighting (aluminum). Europe is seeing a consolidation of the supply chain, while India remains a high-growth market for ICE and hybrid vehicles.
Competitive Landscape
Competes with global and domestic forging/casting players. Competitive advantage is derived from being part of the global CIE Automotive group, allowing for rapid technology transfer.
Competitive Moat
Moat is built on 'CIE's global technological expertise' and established relationships with global OEMs. This is sustainable due to the high capital intensity and technical requirements of forging and casting.
Macro Economic Sensitivity
Highly sensitive to European automotive demand, which saw negative growth in 2024. India operations are sensitive to domestic tractor and two-wheeler cycles.
Consumer Behavior
Shift toward electric vehicles in Europe (15% market share) is forcing a transition in product mix toward EV-compatible components.
Geopolitical Risks
Trade barriers and the threat of Chinese imports in the European market are identified as persistent risks to the competitive landscape.
Regulatory & Governance
Industry Regulations
Implementation of the new labour code in India may increase minimum wages, potentially impacting margins. European operations must comply with stringent carbon emission norms affecting the automotive supply chain.
Environmental Compliance
The company monitors ESG risks as part of its annual risk assessment survey, focusing on the transition to green energy and EV components.
Taxation Policy Impact
Tax expense for CY2024 was INR 2,571.6 million on a consolidated basis.
Risk Analysis
Key Uncertainties
Uncertainty in European market volumes and the lingering inflation of energy costs in Europe could impair profitability by 5-10% if not managed.
Geographic Concentration Risk
67% of revenue is concentrated in India, making the company highly dependent on the Indian automotive cycle.
Third Party Dependencies
High dependency on a few key OEMs for the Stampings and Gears business verticals.
Technology Obsolescence Risk
Risk of ICE component obsolescence is being mitigated by a strategic pivot toward EV components and aluminum die-casting.
Credit & Counterparty Risk
Receivables quality is considered high given the client base of reputed global and domestic OEMs.
