Pricol Ltd

Pricol Ltd Trading Window Closed from 1 October 2026 till 48 hours after the declaration of unaudited financial results for the quarter and half year ended 30 September 2026

Financial Performance

• Consolidated revenue Rs 1,083.58 cr; YoY +23.46%.
• EBITDA Rs 123.69 cr; margin 11.41%.
• PAT Rs 67.02 cr; PAT margin 6.19%.
• EPS Rs 5.50 per share.
• PBT growth vs Q1 FY26: 32.23%; PAT growth: 34.34%.
• Headwinds: West Asia crisis, high polymer/LPG prices, freight, wage hikes; EBITDA impact.
• EBITDA headwinds expected to persist next two quarters; recovery via indexation

Segment and Market Trends

• DICVS and ACFMS growth around 25% in Q1.
• Two-wheeler DIS growth 28% vs industry 23%.
• Honda business robust; capacity constraints; ramp in phases.
• TFT penetration in 2W: 7-8%; growth to accelerate in 2–3 years.
• Disc brakes revenue to start in FY28.

Capex and Capacity Additions

• 700 crore CAPEX cycle across divisions over 18–24 months.
• Polymer capex 400 crores; other two verticals 300 crores.
• DICVS capex 150–180 crores; ACFMS capex 120 crores.
• New plants: Hosur, Mysore, Aurangabad, Sanand; Bhiwadi and NCR.
• Centre of Excellence for polymer tech operational by May 2027.

Guidance and Outlook

• Ideal EBITDA margin for normal operations: 12.5–13%.
• Margin upside of 1.5–2% in Q2/Q3 if rupee stabilizes.
• DICVS revenue target: Rs 8000 crores by CY30 or FY31.
• Disc brakes revenue to kick in FY28.
• Polymer turnover target: Rs 2000 crores; capex enabling.

Q&A Takeaways

• Demerger rationale: agility, finance, and partner access; timeline ~12 months.
• Segment growth outlook: DICVS/ACFMS ~25%; Polymer constrained by capacity.
• M&A paused for 1 year; focus on capacity, new factories, and key partnerships.
• Honda remains high-value; capacity constraints require phased ramp.
• E-cockpit gains limited in 2W; cost/arbitrage benefits drive partnership approach.

Meeting Details

• Date: 13 August 2026; Time: not specified.
• Type/Mode: In-person, One-on-One and Group Meeting.
• Event/organiser: Emkay Confluence.
• Venue: Grand Hyatt, Kalina, Mumbai.

Participants

• Company management representatives to participate.

Purpose

• Purpose: Analyst/Investor meet under SEBI LODR.

Additional Notes

• Note: Schedule may change due to exigencies on part of investor/company.

Business Overview

• Automotive components supplier focused on driver information, actuation, and precision products.
• Key segments: Driver Information and Connected Vehicle Solutions; Actuation and Fluid Management; Precision Products.
• Strategic emphasis on new product launches and expanding OEM partnerships.

Operational Highlights

• Award: Suzuki Best Localization Through VA-VE at supplier conference (April 22, 2026).
• Award: Ashok Leyland 'Winner ESG FY27' Champion (May 13, 2026).
• Q1 FY27 launches: Hero XOOM 125; Tata Tiago; Force Urbania.

Financial Performance

• Q1 FY27 revenue from operations ₹1,083.58 crore; EBITDA ₹123.69 crore; margin 11.41%.
• PAT ₹67.02 crore; PAT margin 6.19%; Basic EPS ₹5.50.
• Total income ₹1,107.86 crore in Q1 FY27.

Capital Structure & Liquidity

• Long-term borrowings ₹97.16 crore; short-term borrowings ₹265.76 crore.
• Cash and equivalents ₹117.90 crore; total equity ₹1,254.89 crore.

Strategic Priorities & Outlook

• Focus on expanding OEM relationships via new product launches.

Governance & Leadership

• Company Secretary & Compliance Officer: T.G Thamizhanban.