Autoline Industries has received a ₹100 crore order from Tata Motors Passenger Vehicles Limited for supply of critical components for SUV applications, covering both ICE and EV vehicles. This is the company's second large order from the same entity in Q2FY27.

Order Details

Both orders are classified as Large. The August order was disclosed as a mobilisation or LNTP (Letter of Intent to Proceed) filing, representing a selection or pre-qualification stage rather than a confirmed work order. The September order terms, as disclosed, cover supply of critical components for SUV applications for ICE and EV vehicles.

Autoline Industries has now received orders exclusively from Tata Motors Passenger Vehicles Limited in the recent disclosed window, making it the sole awarding entity in the visible order book.

Order in Financial Context

The ₹100 crore new order, added to the previously disclosed ₹110 crore mobilisation order, brings total disclosed inflows from Tata Motors Passenger Vehicles Limited to ₹210 crore across Q2FY27. The company's average quarterly revenue stands at ₹239.75 crore.

For the earlier LNTP filing, the ₹110 crore figure primarily reflects advance engineering and tooling commitments. The recurring annual revenue stream of ₹80 crore from that order is contingent on future volume orders following formal contract issuance.

Company Order Track Record

The pre-computed quarterly order summary below reflects disclosed orders as of the prior filing. The new ₹100 crore order disclosed on 03 Sep 2026 is captured in the Order Details table above and falls within Q2FY27.

Execution and Revenue Quality

Consolidated revenue has shown volatility in recent quarters. Q4FY26 saw a spike in net profit driven partly by other income, while Q1FY27 net profit normalised on higher operating profit but lower other income. Operating Profit Margin (OPM) remained relatively stable between 7.22% and 9.84% over the last three quarters.

Revenue Growth

Annual revenue has grown from ₹662.60 crore in FY25 to ₹824.05 crore in FY26, representing a YoY growth of +24.4% based on the latest annual data. This acceleration follows a period of near-flat growth in FY24 and FY23.

Working Capital and Execution Capacity

The balance sheet signals tight liquidity. The current ratio stands at 0.79x, indicating that current liabilities exceed current assets. Total Liabilities/Equity is elevated at 2.80x, which includes trade payables and non-debt liabilities alongside any borrowings. Operating cashflow was positive at ₹66.20 crore in FY25, but free cashflow remained negative at -₹89.00 crore due to significant capex of -₹155.20 crore.

What to Watch

• Formal work order issuance: The August hatchback order remains at mobilisation stage. Revenue recognition for the annual recurring component begins only after the full contract is signed.
• SUV order execution: The September ₹100 crore order covers ICE and EV vehicle components; progress on supply commencement will be a key indicator.
• OPM trajectory: Watch if margins on these new components hold above the historical average of approximately 9%.
• Client concentration: Both disclosed orders are from Tata Motors Passenger Vehicles Limited, representing 100% of the visible order pipeline and creating high concentration in a single customer.

Key Observations

• Contract structure (August order): The ₹110 crore is a mobilisation or LNTP order. Revenue recognition begins only after formal work order issuance. The figure represents advance engineering costs and tooling, not the full confirmed contract value.
• New SUV order (September order): The ₹100 crore order covers supply of critical components for SUV applications for both ICE and EV vehicles, as disclosed in the filing.
• Valuation check (as of 03 Sep 2026): P/E of 9.7x against ROCE of 14.72%.
• Leverage flag: Total Liabilities/Equity of 2.80x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
• Cash conversion: Free cashflow of -₹89.00 crore in FY25; backlog is not converting to cash efficiently due to high capex requirements.

Autoline Industries has secured a ₹100 crore order from Tata Motors for the supply of SUV parts, with the company anticipating an additional ₹100 crore in annual revenue from this contract.

Order details

The order win marks a significant development for Autoline Industries, a company with a market capitalisation of ₹400 crore. The contract involves the supply of parts for Tata Motors' SUV segment, and the anticipated incremental annual revenue of ₹100 crore underscores the scale of the engagement.

Key highlights

The following table summarises the key parameters of the order win:

• The order is from Tata Motors, one of India's leading automotive manufacturers.
• The contract covers supply of parts for the SUV segment.
• The anticipated additional annual revenue equals the order value at ₹100 crore.