CIE Automotive India Reports Strong Q4 CY25 Performance with 15% Revenue Growth
CIE Automotive India reported strong Q4 CY25 results with consolidated sales of INR23.3 billion (up 15% YoY) and India operations achieving INR15.4 billion sales (up 12% YoY), marking the highest quarterly sales ever. Full year CY25 consolidated sales reached INR91.2 billion (up 6%). The company secured new orders worth INR8.7 billion in India and is expanding capacity across multiple verticals including forgings, aluminum, and stampings to capitalize on positive market momentum driven by recent policy changes.
*this image is generated using AI for illustrative purposes only.
CIE Automotive India Limited held its Q4 and full year CY25 earnings conference call on February 20, 2026, announcing strong quarterly performance with consolidated sales reaching INR23.3 billion, marking a 15% year-on-year growth.
Strong Q4 Performance Across Operations
The company's India operations delivered robust results with sales of INR15.4 billion, representing 12% year-on-year growth and achieving the highest quarterly sales in the company's history. The growth trajectory showed consistent improvement over recent quarters, with growth rates of 7% in Q2 CY25, 9% in Q3 CY25, and 12% in Q4 CY25.
| Metric | Q4 CY25 India | Growth (YoY) |
|---|---|---|
| Sales | INR15.4 billion | +12% |
| EBITDA Margin | 16.8% | -0.3pp |
| EBITDA Growth | - | +9% |
| EBIT Growth | - | +9% |
| EBT Growth | - | +12% |
The European operations reported sales of INR7.8 billion in Q4 CY25, showing 21% growth in INR terms, though real growth in euro terms was 4% after accounting for exchange rate translation impact of 17%. The EBITDA margin for European operations was 12.7%, impacted by one-off restructuring costs of EUR 2 million at CIE Legazpi.
Full Year CY25 Results
For the complete calendar year 2025, CIE Automotive India achieved consolidated sales of INR91.2 billion, representing 6% growth over CY24. The India operations contributed INR59.3 billion with 8% growth, while European operations generated INR31.9 billion with 2% growth.
| Parameter | CY25 | CY24 | Growth |
|---|---|---|---|
| Consolidated Sales | INR91.2 billion | INR86.1 billion | +6% |
| India Sales | INR59.3 billion | INR54.9 billion | +8% |
| Europe Sales | INR31.9 billion | INR31.2 billion | +2% |
| Consolidated EBITDA Margin | 16.0% | 17.3% | -1.3pp |
| Consolidated PAT | INR8.3 billion | INR8.3 billion | Flat |
Diversified Business Portfolio
The company operates across multiple geographic and technological segments, with plants in India accounting for 65% of sales and the remaining 35% from Europe and Mexico. In India, the business is well-diversified across segments: light vehicles (53%), 2- and 3-wheelers (23%), tractors (13%), and heavy trucks (11%). The European business focuses primarily on forgings (80% of European sales) and light vehicles (over 50% of European sales).
New Order Wins and Growth Strategy
Management announced significant new business acquisitions for CY25, with new orders worth INR8.7 billion per year in India and INR2.1 billion per year in Europe. Approximately 10% of the new Indian business relates to electric vehicles, while 90% serves internal combustion engine applications.
The company is implementing capacity expansion plans across multiple verticals:
- Forgings: Developing low-pressure fabricated fuel rails and precision forgings
- Aluminum: Focusing on housings for electric vehicles and high-tonnage machined castings
- Iron Castings: Increasing machining proportion and adding new capacity
- Stampings: Targeting high-tonnage press panels with potential new press lines
- Gears and Composites: Upgrading technologies for EV requirements
Financial Position and Cash Flow
The company maintains a strong balance sheet with return on net assets at 18.4% and return on equity at 11.1%. Net financial debt improved to negative INR18.8 billion versus negative INR12 billion in the previous year, indicating substantial cash generation. Operating cash flows reached 71% of consolidated EBITDA, with growth capex of INR2.3 billion concentrated mainly in India.
Market Outlook and Strategic Focus
CEO Ander Arenaza Alvarez expressed strong optimism about the Indian automotive market, citing recent positive developments including the resolution of tariff issues with the US (18% tariff negotiated), the free-trade agreement between Europe and India, and the GST reduction implemented in September. The management expects these factors to drive continued growth momentum.
For Europe, the company is focused on optimizing margins and protecting profitability amid market uncertainties, including slower-than-expected EV adoption and competition from Chinese manufacturers. The European light vehicle production is expected to remain stagnant at 16-17 million units through CY30.
Forward-Looking Initiatives
The company is actively transferring certain production capacities from European facilities to India, with plans to move fully automated presses and gear production cells by April 2026. This strategic shift aims to leverage India's cost advantages while maintaining European quality standards and customer proximity.
Management indicated that capex for CY26 will be higher than the previous year's INR3.8 billion, supporting the planned capacity expansions and new project implementations across various business verticals.
Historical Stock Returns for CIE Automotive
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.21% | +8.16% | +24.87% | +22.49% | +14.56% | +175.40% |
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