CIE Automotive

CIE Automotive India Limited released its quarterly results transcript showing consolidated sales of INR 23.1 billion with 12% growth. The Indian operations achieved record quarterly sales of INR 15.2 billion, marking 9% year-on-year growth and 4.5% sequential growth. The company's Indian business EBITDA margin was 17.3%, impacted by energy tariff increases in Maharashtra. European operations reported sales of INR 7.9 billion with 18% growth, including an 11% positive exchange rate effect. The light vehicle market in India grew 5.6%, two-wheelers by 10%, and tractors by 14%. Management highlighted potential benefits from GST structure optimization which could improve three-year growth CAGR by 2.5-3%. US tariffs pose challenges with 25% on light vehicle components and 50% on trucks and tractors, though only 1% of Indian revenue is in high-risk category. European markets remain challenging with structural issues including stagnating EV penetration and Chinese import competition. Mahindra represents approximately one-third of the Indian business, with light vehicles contributing 52% of revenue mix, two-wheelers 21%, and tractors 18%.

CIE Automotive India anticipates sustained growth driven by three key factors: EV-ready components, export-driven orders, and localized production. The company expects this combination to create operational leverage and generate strong free cash flow over multiple years.

CIE Automotive India Limited reported its quarterly results for the quarter and nine months ended September 30, 2025. On a standalone basis, revenue from operations increased to ₹12,543 million in Q3 2025 from ₹11,360 million in Q3 2024. Profit after tax rose to ₹1,380 million compared to ₹1,236 million in the same quarter last year. For the nine-month period, standalone revenue grew to ₹36,221 million from ₹34,445 million, while profit after tax increased to ₹4,834 million from ₹4,673 million. On a consolidated basis, Q3 2025 revenue from continuing operations reached ₹23,718 million versus ₹21,346 million in Q3 2024. Consolidated profit after tax from continuing operations was ₹2,132 million compared to ₹1,947 million in the previous year. The company's earnings per share for the quarter stood at ₹3.64 on standalone basis and ₹5.64 on consolidated basis. The Board had earlier recommended a final dividend of ₹7.00 per equity share for the financial year ended December 31, 2024, which was paid during the quarter ended June 30, 2025.