Rane Holdings Q4 FY26 Results: PAT Surges 646.6% YoY, Revenue Up 17.1%
Rane Holdings released its Q4 FY26 earnings presentation, reporting consolidated revenue of Rs 1,612.5 Cr (up 17.1% YoY) and PAT of Rs 87.5 Cr (up 646.6% YoY), with EBITDA margin expanding 89 bps to 8.1%. For FY26, group revenue stood at Rs 5,907.2 Cr (up 34.9% YoY) and group sales reached Rs 8,414 Cr. Entity-wise, subsidiaries and joint ventures reported improved revenue and profitability, while the group secured new orders worth over Rs 89.5 Crs per annum and received multiple industry awards.
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Rane Holdings released its earnings presentation for Q4 FY26, showcasing a strong recovery in profitability alongside steady revenue growth. The Chennai-headquartered auto components group reported consolidated revenue of Rs 1,612.5 Cr for Q4 FY26, marking a 17.1% year-on-year increase, while consolidated profit after tax (PAT) surged 646.6% YoY to Rs 87.5 Cr. The earnings conference call to discuss the audited financial results for the year ended March 31, 2026, was scheduled for May 18, 2026.
Q4 FY26 Consolidated Financial Highlights
Rane Holdings delivered a robust quarter with meaningful improvement across all key financial metrics. EBITDA rose 31.7% YoY to Rs 129.9 Cr, while the EBITDA margin expanded by 89 basis points to 8.1%. The PAT margin for Q4 FY26 stood at 5.4%, compared to 0.9% in Q4 FY25, reflecting significant operating leverage during the quarter.
The following table summarizes the key financial metrics for Q4 FY26 on a year-on-year basis:
| Metric: | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Consolidated Revenue: | Rs 1,612.5 Cr | Rs 1,377 Cr |
| EBITDA: | Rs 129.9 Cr | Rs 99 Cr |
| EBITDA Margin: | 8.1% | 7.2% |
| PAT: | Rs 87.5 Cr | Rs 12 Cr |
| PAT Margin: | 5.4% | 0.9% |
| ROCE: | 10.1% | 10.2% |
| Net Debt : Equity: | 0.67x | 0.73x |
FY26 Annual Financial Performance
For the full year FY26, Rane Holdings reported consolidated revenue of Rs 5,907.2 Cr, a 34.9% increase year-on-year. EBITDA for FY26 grew 32.9% YoY to Rs 460.7 Cr, though the EBITDA margin contracted marginally by 11 basis points to 7.8%. PAT for FY26 stood at Rs 136.8 Cr, a decline of 38.1% YoY, while ROCE came in at 10.1%, down 17 basis points YoY. It is noted that year-on-year comparisons are not fully comparable due to the acquisition of Rane Steering Systems Private Limited (formerly RNSS) in Q2 FY25.
| Metric: | FY26 | YoY Change |
|---|---|---|
| Consolidated Revenue: | Rs 5,907.2 Cr | ▲ 34.9% |
| EBITDA: | Rs 460.7 Cr | ▲ 32.9% |
| EBITDA Margin: | 7.8% | ▼ 11 bps |
| PAT: | Rs 136.8 Cr | ▼ 38.1% |
| ROCE: | 10.1% | ▼ 17 bps |
| Net Debt : Equity: | 0.67x | ▼ 0.06 times |
Entity-wise Financial Performance
Rane Holdings operates through subsidiaries and joint ventures. The key entities include Rane (Madras) Limited (RML) with a 63.80% holding, Rane Steering Systems Private Limited (RSSL) with a 100% holding, and joint ventures ZF Rane Automotive India Private Limited and ZF Lifetec Rane Automotive India Private Limited, each with a 49% stake.
Rane (Madras) Limited reported Q4 FY26 consolidated revenue of Rs 1,052 Cr, up from Rs 905 Cr in Q4 FY25. EBITDA improved to Rs 99 Cr with a margin of 9.5%, compared to Rs 83 Cr and 9.1% in Q4 FY25. PAT rose to Rs 37 Cr (margin: 3.5%) from Rs 7 Cr (margin: 0.7%) in Q4 FY25.
| Metric: | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Revenue: | Rs 1,052 Cr | Rs 905 Cr |
| EBITDA: | Rs 99 Cr | Rs 83 Cr |
| EBITDA Margin: | 9.5% | 9.1% |
| PAT: | Rs 37 Cr | Rs 7 Cr |
| PAT Margin: | 3.5% | 0.7% |
Rane Steering Systems Private Limited posted Q4 FY26 revenue of Rs 561 Cr, compared to Rs 471 Cr in Q4 FY25. EBITDA stood at Rs 12 Cr with a margin of 2.2%, versus Rs 4 Cr and 0.9% in Q4 FY25. PAT turned positive at Rs 5 Cr (margin: 0.8%), recovering from a loss of Rs 22 Cr in Q4 FY25.
| Metric: | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Revenue: | Rs 561 Cr | Rs 471 Cr |
| EBITDA: | Rs 12 Cr | Rs 4 Cr |
| EBITDA Margin: | 2.2% | 0.9% |
| PAT: | Rs 5 Cr | -Rs 22 Cr |
| PAT Margin: | 0.8% | -4.7% |
Joint Ventures recorded Q4 FY26 revenue of Rs 808 Cr, up sharply from Rs 666 Cr in Q4 FY25. EBITDA surged to Rs 113 Cr with a margin of 13.9%, compared to Rs 83 Cr and 12.5% in Q4 FY25. PAT recovered to Rs 51 Cr (margin: 6.3%) from Rs 38 Cr (margin: 5.6%) in Q4 FY25.
| Metric: | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Revenue: | Rs 808 Cr | Rs 666 Cr |
| EBITDA: | Rs 113 Cr | Rs 83 Cr |
| EBITDA Margin: | 13.9% | 12.5% |
| PAT: | Rs 51 Cr | Rs 38 Cr |
| PAT Margin: | 6.3% | 5.6% |
Key Business Updates and Awards
Across its entities, Rane Holdings secured several new orders and received multiple industry recognitions during the period. The following table summarizes the key business updates:
| Entity: | Key Updates |
|---|---|
| Rane (Madras) Limited: | Secured orders worth Rs 33 Crs per annum (including Rs 3 Crs from international customers); Puducherry facility ranked 1st at the 38th National Quality Circle Convention by CII; Varanavasi facility received OHSSAI Gold Award in ESG category; Won Platinum Awards at ACMA Excellence Awards 2025 for Excellence in Exports and Digitalization; Aftermarket Product Business recognized as Strategic Partner at TVS Mobility Day |
| Rane Steering Systems Pvt. Ltd.: | Won orders worth Rs 1.5 Crs per annum from domestic customers; Pantnagar facility received DWM Momentum Maker Award (Tier-1 Supplier category) from TMCV; Bawal facility received Best DOJO 2.0 Practices award from MSIL |
| Joint Ventures: | Won orders worth Rs 55 Crs per annum from domestic customer for occupant safety products; Guduvancherry facility received Second Prize in TN Government's State Safety Award; Viralimalai & Guduvancherry facility received CII award in Energy Efficiency and Renewable Energy category; Received Kaizania Award from DICV |
Group Overview
Rane Group, headquartered in Chennai, is one of the leading auto components suppliers and preferred OEM manufacturer for global auto majors. The Group reported total group sales of Rs 8,414 Cr (~USD 955 Mn) in FY26. It serves a variety of industry segments including Passenger Vehicles, Commercial Vehicles, Farm Tractors, Two-wheelers, Three-wheelers, Railways, and Stationary Engines. Revenue by market is led by India OEM & OES at 72%, followed by International OEM & Aftermarket at 20%, and India Aftermarket at 8%. By vehicle segment, Passenger Vehicles account for 67%, Commercial Vehicles 24%, Farm Tractors 4%, and Two-wheelers/Three-wheelers/Stationary Engines & Others 5%. Product-wise, Steering & Suspension Components contribute 60% of revenue, followed by Occupant Safety Products at 20%, Brake Components at 9%, Engine Components at 7%, Light Metal Castings at 3%, and Others at 1%.
Historical Stock Returns for Rane Holdings
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.94% | +32.73% | +36.16% | +1.29% | -0.63% | +151.77% |
Can Rane Steering Systems sustain its turnaround momentum and expand its EBITDA margin beyond 2.2% given its still-thin profitability compared to group peers?
How will Rane Holdings' capital allocation strategy evolve to reduce its 0.67x net debt-to-equity ratio while funding growth in EV-compatible steering and safety components?
With international OEM & aftermarket contributing only 20% of revenue, what specific geographies or product segments is Rane targeting to accelerate export growth?
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