Rane (Madras) Limited has announced the retirement of T Giriprasad, President of its Aftermarket Products Business, effective May 31, 2026. The executive is stepping down after more than 22 years with the company, a tenure that began in 2004. This leadership change marks the exit of a senior management personnel who oversaw the aftermarket division.

Giriprasad confirmed in his resignation letter that there are no material reasons for his cessation other than the company's retirement policy. His departure is effective from the close of business hours on the specified date. The company has communicated this development to the stock exchanges in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Retirement Details

The transition follows the standard superannuation process at the auto component manufacturer. Giriprasad expressed his appreciation for his long association with the firm and wished the company success in its future endeavours.

The disclosure was submitted to BSE Limited and National Stock Exchange of India Ltd (NSE) on June 01, 2026. Venkatraman, Secretary of Rane (Madras) Limited, signed the regulatory filing confirming the change.

Rane (Madras) Limited reported a robust set of financial results for Q4 FY26, with consolidated revenue climbing 16.2% year-on-year to Rs 1,051.7 Cr and profit after tax surging 466.9% YoY to Rs 37.0 Cr. EBITDA rose 20.1% YoY to Rs 99.4 Cr, while the EBITDA margin expanded 31 basis points to 9.5%. The company's net debt-to-equity ratio improved significantly, declining by 0.22 times YoY to 0.94x, reflecting strengthened balance sheet discipline. For the full year FY26, the company recorded consolidated revenue of Rs 3,878.6 Cr, representing a 13.4% YoY increase, with a 9-year CAGR of 9% over the last 10 years. Adding to the financial momentum, the company's Mexico manufacturing facility has commenced trial production and invoicing, with revenue from the plant anticipated to rise in FY27, though future sales remain linked to the renegotiation of the U.S.-Mexico trade deal.

Key Financial Highlights

The following table summarises the key financial metrics for Q4 FY26 and full-year FY26:

Mexico Plant Update: Trial Production and Invoicing Commenced

In a notable operational development, Rane Madras's Mexico manufacturing facility has begun trial production and invoicing. Despite launch delays, revenue from the Mexico plant is anticipated to rise in FY27. However, the trajectory of future sales from this facility remains contingent on the renegotiation of the U.S.-Mexico trade deal, introducing an element of external dependency on the plant's longer-term revenue contribution.

Strategic Outlook and Financial Targets

Building on its improving balance sheet, Rane Madras has outlined key strategic and financial targets. The company is targeting a debt-to-equity ratio of 0.5x and expects INR 360 crores from a land sale to come in mainly during FY27, with some proceeds flowing in during the following years. On the profitability front, the company aims for double-digit EBITDA margins by FY27, projecting margins of 11–12% afterwards, supported by efficiency improvements and cost reduction initiatives. Capital expenditure for FY27 is estimated at INR 240–250 crore, with approximately 15–20% earmarked for maintenance and around 50% allocated to new projects.

Sales Performance and Revenue Mix (Q4 FY26)

Net sales for Q4 FY26 increased from Rs. 893.3 Cr in Q4 FY25 to Rs. 1,035.9 Cr, reflecting 16% YoY growth. Sales to domestic OE customers grew by 11%, primarily driven by higher offtake across vehicle segments. International customer sales rose 27%, supported by strong offtake of steering products. Sales to Indian Aftermarket customers grew 16%, though this is not directly comparable due to restructuring of the Aftermarket Product Business; on a comparable basis, sales grew by 5%.

The revenue mix by business segment for Q4 FY26 was as follows:

By market, India OEM & OES accounted for 54% of sales, International OEM & Aftermarket for 27% (including deemed exports at ~26% of Intl OEM & Aftermarket), and India Aftermarket for 19%. By vehicle segment, Passenger Vehicles led at 58%, followed by Commercial Vehicles at 24%, Farm Tractors at 7%, 2W/3W at 6%, and Others at 5%.

Business Segment Performance

The Steering & Linkages Business recorded total sales of Rs 504 Cr in Q4 FY26, up from Rs 413 Cr in Q4 FY25, with domestic sales of Rs 322 Cr and exports of Rs 182 Cr. The segment secured orders worth Rs 4.5 Cr per annum from domestic CV customers for steering and suspension components. The Puducherry facility ranked 1st at the 38th National Quality Circle Convention by CII, and the Varanavasi facility received the OHSSAI Gold Award in the ESG category. The segment also won multiple honours at the ACMA Excellence Awards 2025, including Platinum Awards for Excellence in Exports and Digitalization.

The Engine Components Business posted total sales of Rs 134 Cr in Q4 FY26 versus Rs 129 Cr in Q4 FY25. The Trichy facility received the TN State Safety Award for maximum percentage reduction in Accident Frequency Rate and the OHSSAI Gold Award in the Safety Category. The Brake Components Business reported total sales of Rs 138 Cr in Q4 FY26, compared to Rs 124 Cr in Q4 FY25, and secured orders worth Rs 5.3 Crs per annum, including Rs 3.3 Crs from international customers. The Light Metal Castings Business recorded sales of Rs 66 Cr in Q4 FY26, up from Rs 61 Cr in Q4 FY25, and secured orders worth Rs 23 Cr per annum from domestic PV customers. Aftermarket sales reached Rs 194 Cr in Q4 FY26, compared to Rs 166 Cr in Q4 FY25.

Earnings Conference Call Recording

Rane (Madras) Limited has announced that the transcript of the earnings conference call held on May 18, 2026, is now available. The transcript can be accessed in the investor information section of the company's website at the provided link.