Dhoot Transmission LimitedAutomobilesDHOOTTRANS
Q1 FY27 concall · earnings callDhoot Transmission Limited
Dhoot Transmission reported nearly 50% YoY growth in Q1 FY27 led by 44.6% growth in wiring harness and 67.7% in non-wiring harness, with EV mix rising to 27% and EBITDA margin improving to 15% sequentially.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue growth YoY | nearly 50% | YoY | |
| Wiring harness revenue growth | 44.6% | YoY | |
| Non-wiring harness revenue growth | 67.7% | YoY | |
| EBITDA margin | 15% | +110 basis points vs Q4 FY2026 | |
| EV revenue contribution | 27% | up from 24% last year | |
| Wiring harness revenue | ₹1,090 Cr | vs ₹753 Cr last year | |
| Non-wiring harness revenue | ₹358 Cr | vs ₹213 Cr last year |
TL;DR
- Revenue grew nearly 50% YoY with wiring harness up 44.6% and non-wiring harness up 67.7%, including about 3% growth contribution from Multilink.
- EV revenue grew 79% to 27% of total revenue, up from 24% last year, while ICE revenue grew 52.6%.
- EBITDA margin improved 110 basis points to 15% versus Q4 FY2026 despite continued upward trend in copper and brass.
- Net debt was about Rs. 220 crore at end-June after Bain infusion and Multilink impact, turning to net cash surplus after August IPO proceeds.
- Management guided to 25%-30% growth for the full year with 15%-16% full-year margin and capacity addition of 15%-20% from Jhajjar and Hosur expansions.
Said on the call
“Our EBITDA margins improved 110 basis points to 15% as compared to Q4 FY2026.”
From the Q&A
| Topic | What management said |
|---|---|
| Margins and copper pass-through | Most copper inflation already passed on with a three-month lag; further copper increase in last 4-5 months and 3%-4% rise in July-August to be recovered in Q3 if prices stabilize, with full-year margin guidance of 15%-16%. |
| Multilink acquisition | Full integration to take another 3-4 months; adds Hero as customer plus fuel level sensor and relays for cross-selling, expected 25%-30% growth with margins in line with Dhoot. |
| EV battery pack business | Supplying battery pack assembly to top customer plus one more large customer in South where supplies started for one month in Q1; near-term focus to consolidate 2-wheeler packs for next 1-2 years, with similar margins for ICE and EV. |
| Non-wiring harness breakup | Non-wiring harness includes battery packs as major portion plus controllers, sensors and switches; Multilink contributed about 10-12% of segment growth for 20-days period and about 3% to overall growth; exact battery breakup not disclosed due to customer concentration. |
| Ride Vision ADAS JV | JV formation in process for two-wheeler ADAS for front, rear and blind-spot detection; customer presentations done with good interest, timing linked to regulation, initial focus on two-wheelers. |
Guidance
- Deliver 25%-30% of growth for the full year
- Full-year EBITDA margin guidance of 15%-16%
- Multilink expected to grow 25%-30% with margins in line with Dhoot's margin
Source
Summary written from the transcript filed by Dhoot Transmission Limited for the call held on 10 Sept 2026; published 24 Sept 2026, 17:38 IST.
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