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LG Balakrishnan & Bros Limited (LGBBROSLTD)

₹1,701.50 -0.30% last close, 16 Oct

📊 NSE: LGBBROSLTD 🏢 Auto Ancillaries 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 31 Oct 2026 (board meeting)

LG Balakrishnan & Bros Limited's board meets on 31 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, LG Balakrishnan's revenue was ₹799 Cr (+21.6% year on year, -2.0% on the previous quarter), and net profit ₹67.0 Cr (+0.1% year on year); the operating margin was 13.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹799	+21.6%	-2.0%
Operating profit	₹106	+9.2%	-8.6%
Net profit	₹67.0	+0.1%	-4.3%
Operating margin	13.3%	—	—

Full quarterly financials → Results calendar →

LGBBROSLTD delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.54% of the LGBBROSLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.52%. That is lower than usual for this stock. Volume was 0.4 times its average, well below normal.

47.54%Delivery, 16 Oct

59.52%Own 20-session average

0.4×Volume vs its average

₹1,701.50NSE close · -0.30%

Delivery in the last 5 sessions: 50.0% · 66.8% · 62.2% · 48.8% · 47.5%

Delivery across the market →

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

LG Balakrishnan Submits Regulation 74(5) Demat Compliance for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 10:03 AM

LG Balakrishnan & Bros Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA Cameo Corporate Services confirms that dematerialisation requests received during the quarter were processed within 15 days. Security certificates received were confirmed, cancelled, and depositories updated accordingly. This is a standard quarterly regulatory submission with no impact on business operations or financials.

Compliance certificate filed for the quarter ended September 30, 2026
Confirmation provided by Registrar and Share Transfer Agent Cameo Corporate Services Limited
Security certificates received for dematerialisation confirmed and mutilated within 15 days

💡 Track the upcoming Q2 FY27 financial results announcement and board meeting dates for operational and financial performance updates.

LGB Balakrishnan Shareholders Approve Rs 22/Share Dividend and All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 04:05 PM

LG Balakrishnan & Bros Limited announced the voting results and scrutinizer report for its 70th Annual General Meeting held on August 26, 2026. Shareholders approved all 6 proposed resolutions with overwhelming support (>99.5% assent). Key approvals include the declaration of a final dividend of Rs. 22 per equity share for FY26 and the adoption of audited standalone and consolidated financial statements. Additionally, the re-appointment of directors and continuation of non-executive directorship past age 75 were formally approved.

Shareholders approved a dividend of Rs. 22 per equity share for FY26 with 100.00% assent (1,75,87,989 votes in favour).
Adoption of FY26 audited standalone and consolidated financial statements was passed with 100.00% valid assent.
Re-appointment of directors Sri B. Vijayakumar (99.50% assent) and Smt. Rajsri Vijayakumar (99.51% assent) approved.
Special resolution allowing continuation of Sri S. Sivakumar as Non-Executive Director beyond 75 years passed with 99.79% votes.

💡 Track the dividend disbursement timeline as per statutory guidelines and monitor upcoming Q2 FY27 earnings for operating margins and 2W demand trends.

LG Balakrishnan & Bros Concludes 70th AGM; Dividend of ₹22/Share Put to Vote

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 05:13 PM

LG Balakrishnan & Bros Limited conducted its 70th Annual General Meeting on August 26, 2026, with 102 members representing 1,19,65,545 equity shares in attendance via video conferencing. Key resolutions considered include the adoption of FY26 audited financial statements and the declaration of a dividend of ₹22 per equity share. Other agenda items included the re-appointment of directors and continuation of a non-executive director past 75 years of age. Scrutinizer voting results will be declared separately.

70th AGM conducted successfully via VC/OAVM on August 26, 2026
Ordinary resolution put forward for declaration of ₹22 per share dividend for FY26
Total of 102 members representing 1,19,65,545 shares attended the meeting
23 registered speaker shareholders raised queries during the session

💡 Track the upcoming disclosure of final voting results and scrutinizer report to confirm the formal adoption of resolutions including dividend approval and payment timelines.

LGBBROSLTD Q1 Results; Forms 51% Subsea JV and Expands to Vietnam

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 31 Jul 2026, 08:46 PM

LG Balakrishnan & Bros (LGB) has announced a strategic diversification into the energy sector by forming a 51% Joint Venture with Singapore's Singatac Engineering for subsea component manufacturing. For the quarter ended June 30, 2026, its subsidiary LGB Steel reported revenue of ‹62.57 Cr and PAT of ‹2.19 Cr. The company is also expanding its global footprint with a new wholly-owned subsidiary in Vietnam and monetizing non-core land in Mysore through a revenue-sharing residential project with Brigade Enterprises.

Acquired 51% stake in new JV 'SLGB Energy Solutions' for precision manufacturing of subsea components for global OEMs.
LGB Steel subsidiary reported Q1 revenue of ‹62.57 Cr and a net profit of ‹2.19 Cr.
Foreign subsidiaries contributed ‹33.10 Cr to revenue for the quarter ended March 2026.
Signed a Joint Development Agreement with Brigade Enterprises for a residential project on Mysore land on a revenue-sharing model.
Approved the incorporation of a new Wholly Owned Subsidiary in Vietnam to expand international operations.

💡 Monitor the capital expenditure plans for the new subsea JV and the execution timeline for the Vietnam subsidiary to assess the pace of diversification away from the 2W segment.

LGBBROSLTD Diversifies into Subsea Components via 51% JV; Approves Vietnam Subsidiary

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 31 Jul 2026, 08:01 PM

LG Balakrishnan & Bros (LGB) has announced a strategic diversification by entering a 51% Joint Venture with Singapore-based Singatac Engineering to manufacture subsea components for global OEMs. The company is also expanding its manufacturing footprint with a new wholly-owned subsidiary in Vietnam. Additionally, LGB has signed a Joint Development Agreement with Brigade Enterprises to monetize its Mysore land via a residential project on a revenue-sharing model. For Q1 FY27, its subsidiary LGB Steel reported a revenue of ‡62.57 Cr and a PAT of ‡2.20 Cr.

Formed 51% JV 'SLGB Energy Solutions' for precision manufacturing of subsea modules and connectors
LGB Steel subsidiary reported ‡62.57 Cr revenue and ‡2.20 Cr PAT for the quarter ended June 2026
Approved incorporation of a new Wholly Owned Subsidiary in Vietnam to expand international operations
Signed Memorandum of Agreement with Brigade Enterprises for a residential project in Mysore
Initial paid-up capital for the new JV set at ‡1,00,000 with 51% holding by LGB

💡 Watch for the capital expenditure outlay for the subsea JV and the execution timeline for the Vietnam subsidiary to gauge the pace of non-2W revenue growth.

70th AGM Scheduled for August 26, 2026; FY26 Annual Report Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jul 2026, 08:01 PM

LG Balakrishnan & Bros Limited has scheduled its 70th Annual General Meeting (AGM) for August 26, 2026, at 10:00 AM IST. The company has released its Annual Report for the Financial Year 2025-26, which is now available for shareholder review on the company's website. This filing specifically targets shareholders with unregistered email addresses to ensure they receive the necessary web links for the report and meeting. A cut-off date of August 19, 2026, has been set for identifying these shareholders.

70th Annual General Meeting scheduled for August 26, 2026
Cut-off date for shareholder communication set as August 19, 2026
Annual Report released for the Financial Year 2025-26
Electronic payment mandate for dividends effective since April 1, 2024

💡 Investors should review the FY26 Annual Report for detailed management commentary on the Rs 240 Cr modernization of LGB Steel and strategies to counter 2W electrification risks.

LG Balakrishnan & Bros Sets Aug 19 as Record Date for FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 30 Jul 2026, 05:13 PM

LG Balakrishnan & Bros Limited has scheduled its 70th Annual General Meeting (AGM) for August 26, 2026. The company has fixed August 19, 2026, as the record date to determine shareholder eligibility for the dividend for the financial year 2025-26. If approved by members at the AGM, the dividend will be paid to eligible shareholders on or before September 18, 2026. This follows a fiscal year where the company achieved a TTM PAT of Rs 319 crore and an EPS of Rs 99.94.

70th Annual General Meeting (AGM) scheduled for August 26, 2026, via video conferencing.
Record date for determining dividend eligibility fixed as August 19, 2026.
Dividend payment to be completed on or before September 18, 2026, subject to shareholder approval.
Company reported a TTM revenue of Rs 3,076 crore and a net worth of Rs 2,105 crore as of the latest context.

💡 Investors interested in the dividend should ensure they hold the shares before the ex-dividend date (typically one working day prior to the August 19 record date). Watch for the AGM proceedings for updates on the Rs 240 crore modernization plan for LGB Steel.

₹22 Dividend Proposed; 70th AGM Scheduled for August 26, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jul 2026, 04:21 PM

LG Balakrishnan & Bros Limited has issued a notice for its 70th Annual General Meeting (AGM) to be held on August 26, 2026. The primary agenda includes the declaration of a ₹22 per share dividend for FY26, which represents a payout ratio of approximately 22% based on the FY26 EPS of ₹99.94. Shareholders will also vote on the re-appointment of directors and a special resolution for Director S. Sivakumar to continue his role beyond the age of 75. The company continues to leverage its 60% market share in the 2W chain segment while diversifying into industrial chains.

Proposed final dividend of ₹22 per equity share for the financial year ended March 31, 2026
70th Annual General Meeting scheduled for August 26, 2026, at 10:00 AM IST via video conferencing
Cut-off date for remote e-voting eligibility set for August 19, 2026
Special resolution proposed for the continuation of Sri. S. Sivakumar as Director past the age of 75
Executive Chairman B. Vijayakumar received a remuneration of ₹523.96 Lakhs during FY2025-26

💡 Investors should ensure their email addresses are updated with the RTA/Depository to receive the full Integrated Annual Report and participate in the e-voting process ending August 25, 2026.

ICRA Reaffirms [ICRA]AA (Stable) and [ICRA]A1+ Ratings for Rs 340 Cr Debt Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 28 Jul 2026, 04:58 PM

ICRA has reaffirmed the credit ratings for LG Balakrishnan & Bros Limited's debt instruments totaling Rs 340 crore. The long-term rating for the Rs 200 crore cash credit and Rs 40 crore fixed deposit remains at [ICRA]AA with a Stable outlook. The short-term rating for Rs 100 crore non-fund based facilities is maintained at [ICRA]A1+. This reaffirmation reflects the company's dominant 60% market share in the domestic 2W chain segment and its strong financial profile, characterized by a low debt-to-equity ratio of 0.07.

Reaffirmed [ICRA]AA (Stable) rating for Rs 200 crore Long Term Fund Based cash credit facilities
Reaffirmed [ICRA]AA (Stable) rating for Rs 40 crore Fixed Deposit program
Reaffirmed [ICRA]A1+ rating for Rs 100 crore Short Term Non-Fund Based facilities
Total rated debt facilities of Rs 340 crore represent approximately 11% of TTM revenue
Ratings are supported by a healthy ROCE of 20.0% and low total debt of Rs 141 crore

💡 Investors should focus on the company's execution of its Rs 240 crore expansion into CRCA strips and industrial chains, which is intended to reduce its 80% revenue dependence on the ICE two-wheeler segment.

LG Balakrishnan & Bros Submits Routine Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 10:51 AM

LG Balakrishnan & Bros Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The company's Registrar and Share Transfer Agent (RTA), Cameo Corporate Services Limited, confirmed that all physical share certificates received for dematerialization were processed within the mandated 15-day period. This process involves the cancellation of physical certificates and updating the depository as the registered owner in the company's records. This is a standard administrative filing and does not impact the company's financial health or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation that securities were listed on stock exchanges within 15 days of receipt
RTA confirmed physical certificates were mutilated and cancelled after due verification
The name of the depository has been substituted in the records as the registered owner

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for updates on its 2W chain market share and the integration of RSAL Steel.

LGBBROSLTD Trading Window to Close from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 04:29 PM

LG Balakrishnan & Bros Limited has announced the closure of its trading window effective from July 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure begins on July 1, 2026
Pertains to the financial results for the quarter ending June 30, 2026
Window to reopen 48 hours after the official declaration of results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should monitor for the upcoming board meeting date to assess the quarterly performance.

LG Balakrishnan & Bros Clarifies Financial Reporting Disclosure to NSE

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 May 2026, 06:02 PM

LG Balakrishnan & Bros Limited has responded to a clarification request from the National Stock Exchange regarding its financial results for the quarter ended March 31, 2026. The exchange questioned the omission of a note explaining that Q4 figures are balancing figures between audited annual data and year-to-date results. The company clarified that because they perform full audits for every quarter, rather than just the year-end, their statutory auditors believe the standard 'balancing figure' disclosure is not applicable. This is a technical procedural clarification and does not impact the reported financial numbers.

NSE sought clarification regarding Regulation 33(3)(e) of SEBI LODR for the quarter ended March 31, 2026.
Company maintains a practice of auditing financial results for all four quarters of the year.
Statutory auditors advised that a 'balancing figure' note is unnecessary when individual quarterly audits are performed.
The clarification was submitted on May 11, 2026, in response to an exchange query on the same day.

💡 Investors should treat this as a routine compliance matter; the company's practice of auditing every quarter actually indicates a robust financial reporting process.

LG Balakrishnan & Bros Promoters Declare Nil Share Encumbrance for FY26

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 05 May 2026, 10:47 AM

LG Balakrishnan & Bros Limited has submitted its annual regulatory disclosure confirming that the promoter group held zero encumbered shares for the financial year ended March 31, 2026. This declaration, mandated under SEBI (SAST) Regulations, ensures that no promoter shares were pledged or used as collateral during the period. The filing covers 19 promoter entities and individuals, including Executive Chairman B. Vijayakumar. A 'Nil' pledge status is generally viewed as a sign of promoter financial stability and reduces the risk of forced liquidation during market downturns.

Promoters confirmed 'Nil' encumbrance on equity shares for the financial year ended March 31, 2026.
The disclosure covers a total of 19 promoter group entities and individuals.
Compliance fulfilled under Regulation 31(4) and 31(5) of SEBI (SAST) Regulations.
Declaration confirms no direct or indirect pledging of shares occurred during the fiscal year.

💡 Investors should take note of the stable promoter holding with zero pledges, which is a positive indicator of financial health. No immediate action is required as this is a routine annual compliance filing.

LG Balakrishnan & Bros Reports FY26 Consolidated Net Profit of ₹318.74 Cr; Revises Financials

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 May 2026, 04:57 PM

LG Balakrishnan & Bros Limited (LGBBROSLTD) reported a strong performance for the fiscal year ended March 31, 2026, with consolidated revenue growing 19.3% YoY to ₹3,075.63 crore. Consolidated net profit increased by 5.5% to ₹318.74 crore compared to ₹302.09 crore in the previous year. The company issued a revision to its financial notes to correct a typographical error regarding exceptional items, which now correctly reflect a net gain of ₹2.60 crore for the full year. The core Transmission segment continues to be the primary growth driver, contributing approximately 75% of total revenue.

Consolidated Revenue from operations increased to ₹3,075.63 crore in FY26 from ₹2,578.29 crore in FY25.
Consolidated Net Profit grew to ₹318.74 crore, with a diluted EPS of ₹99.95.
Transmission segment revenue rose 16.1% YoY to ₹2,309.75 crore.
Exceptional items for FY26 include a ₹5.03 crore subsidy received and a ₹2.43 crore impact from New Labour Codes.
Total Assets grew to ₹2,994.87 crore as of March 31, 2026, compared to ₹2,589.89 crore in the previous year.

💡 The company demonstrates robust top-line growth and maintains healthy profitability in its core transmission business. Investors should maintain a positive outlook while monitoring the long-term impact of statutory labour code changes on operating margins.

LG Balakrishnan & Bros FY26 Revenue Up 19% to ₹3,076 Cr; Declares ₹22 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 May 2026, 09:16 PM

LG Balakrishnan & Bros Limited reported a strong performance for the fiscal year ended March 31, 2026, with consolidated revenue growing 19.3% year-on-year to ₹3,075.63 crore. The company has recommended a substantial dividend of ₹22 per share (220% of face value), reflecting healthy cash flows. Quarterly consolidated revenue for Q4 FY26 also showed robust growth, rising 18.3% YoY to ₹814.99 crore. While there was a senior management resignation earlier in the year, the overall financial trajectory remains positive with an unmodified audit opinion.

Consolidated annual revenue increased by 19.3% YoY to ₹3,07,562.62 Lakhs
Recommended a final dividend of ₹22 per equity share (220% of face value)
Q4 FY26 consolidated revenue grew 18.3% YoY to ₹81,499.90 Lakhs from ₹68,917.36 Lakhs
Standalone annual revenue reached ₹2,77,348.40 Lakhs compared to ₹2,39,074.42 Lakhs in FY25
Record date for dividend eligibility is set for August 19, 2026

💡 Investors should consider the strong top-line growth and the attractive dividend yield as positive indicators of the company's market position. The stock remains a solid hold for long-term investors looking for consistent payouts and steady growth in the automotive components sector.

View All LGBBROSLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 9.93% YoY to INR 2,633.52 Cr in FY2025. Standalone revenue grew 7.24% to INR 2,445.28 Cr. The growth is driven by a dominant 60% market share in the domestic 2W chain segment and a 30% revenue contribution from the high-margin aftermarket segment.

Geographic Revenue Split

The company derives over 80% of its revenues from the domestic 2W industry. It is also a net exporter, which provides a natural hedge against INR depreciation, though specific regional percentage splits outside India are not disclosed.

Profitability Margins

Gross Margin improved to 56.90% in FY2025 from 54.76% YoY. Net Profit After Tax (Consolidated) grew 11.27% to INR 302.09 Cr, with a PAT margin of 12.16%. Standalone PAT grew 7.85% to INR 290.66 Cr.

EBITDA Margin

Operating Margin (EBITDA %) stood at 19.26% in FY2025 compared to 19.53% in FY2024. EBITDA margin excluding other income was 16.98%, a slight compression from 17.33% YoY due to higher employee costs (16.12% of revenue vs 14.87%) and other expenditures.

Capital Expenditure

The company has planned a significant capex of INR 640 Cr over three years: INR 240 Cr in FY2025, INR 200 Cr in FY2026, and INR 200 Cr in FY2027. This is primarily for product diversification, capacity enhancement, and modernization of the acquired RSAL Steel plant.

Credit Rating & Borrowing

ICRA maintains a strong credit profile with the company remaining net debt negative since FY2021. Interest coverage was robust at 48.8 times in FY2024. Unencumbered cash and bank balances stood at INR 689.5 Cr as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Steel and Cold Rolled Close Annealed (CRCA) strips are the primary raw materials. Steel costs are a significant portion of the 43.1% total expenditure on materials, though specific percentage per material is not disclosed.

Import Sources

Not specifically disclosed, but the company has integrated backward by acquiring RSAL Steel (now LGB Steel Private Limited) in January 2024 to source CRCA strips for captive consumption.

Key Suppliers

Not disclosed in available documents; however, the company utilizes negotiation-based pass-through mechanisms with its OEM clients to manage supplier price volatility.

Capacity Expansion

Current capacity is being expanded through a INR 240 Cr infusion into LGB Steel Private Limited for modernization of equipment and debottlenecking. Fixed assets in plant and machinery increased from INR 490.96 Cr to INR 688.44 Cr in FY2025.

Raw Material Costs

Raw material costs are managed through periodic price pass-throughs to OEMs. While margins are susceptible to commodity price spikes, historical data shows these measures cap margin moderation.

Manufacturing Efficiency

Inventory days improved from 61 to 58 days in FY2025, indicating better stock management. Debtor days remained stable at 44 days.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved through the modernization of the acquired RSAL Steel (LGB Steel) to widen the product portfolio to CRCA strips, re-entering the industrial chains segment to reduce 2W dependence, and leveraging the 'Rolon' brand to grow the high-margin aftermarket segment.

Products & Services

Automotive chains, sprockets, allied components, industrial chains, and Cold Rolled Close Annealed (CRCA) steel strips.

Brand Portfolio

Rolon

New Products/Services

Industrial chains and CRCA strips for external sale following the acquisition of RSAL Steel.

Market Expansion

Expansion into the industrial chain segment and increasing the share of business with existing 2W OEMs where no single client exceeds 15% of revenue.

Market Share & Ranking

Dominant market leader with over 60% market share in the domestic 2W chain segment.

Strategic Alliances

Acquisition of RSAL Steel Pvt Ltd in January 2024 (now LGB Steel Private Limited) for INR 240 Cr capex cycle integration.

🌍 External Factors

Industry Trends

The industry is shifting toward Electric Vehicles (EVs). e-2W penetration is expected to reach 25% by FY2030. The company is positioning itself by diversifying into industrial chains and steel strips to offset potential ICE chain revenue loss.

Competitive Landscape

LGB is the market leader in 2W chains; competitors are not named but the company maintains a healthy share of business across all major 2W OEMs.

Competitive Moat

The moat is built on a 60% market share and the 'Rolon' brand's 30% contribution from the replacement market. This is sustainable due to the large existing fleet of ICE 2Ws requiring replacement parts for the next 10-15 years.

Macro Economic Sensitivity

Highly sensitive to the domestic 2W demand environment, which is influenced by rural income levels and fuel prices.

Consumer Behavior

Shift toward EVs and ridesharing are noted as long-term risks to personal 2W ownership and chain demand.

Geopolitical Risks

Exposure to global supply chain disruptions for specialized machinery, though 80% of revenue is domestic-focused.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Regulations 17 to 27 and Part D of Schedule V regarding corporate governance. Adherence to tightening environmental regulations regarding manufacturing waste.

Environmental Compliance

The company is exposed to tightening emission norms for its OEM customers and waste/pollution regulations, which may increase operating costs for new capacity.

Taxation Policy Impact

Effective tax rate was 25.57% in FY2025 compared to 25.67% in FY2024.

⚠️ Risk Analysis

Key Uncertainties

EV transition risk (potential high impact on 80% of revenue), commodity price volatility (steel), and industrial relations/skilled manpower retention.