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1 — At a Glance
Automobile Corporation of Goa builds bus bodies at Sattari, in Goa. In the three months to June 2026 it built 2,712 of them. The same quarter a year earlier produced 2,784. The gap is 72 buses across three months.
Revenue for the quarter was ₹248.94 crore, against ₹256.41 crore a year earlier. Operating profit was ₹13.15 crore, against ₹27.87 crore. Net profit was ₹11.22 crore, against ₹23.07 crore. Sales moved by single digits and profit halved.
Management attributes the volume decline primarily to lower international business volumes arising from the geopolitical situation in the Middle East. Management also notes that domestic business remained stable.
Operating margin for the quarter was 5 per cent, against 11 per cent in the June 2025 quarter. The company’s own release puts EBITDA margin at 6.69 per cent for the quarter, against 12.35 per cent a year before. EBITDA margin is operating profit before depreciation and interest, as a share of sales. Both sets of figures are on the record, describing the same three months from different angles.
The financial year just ended was the largest in the company’s history. Revenue for the year to March 2026 was ₹933.65 crore, against ₹660.77 crore the year before. Net profit was ₹69.89 crore, against ₹46.60 crore. Shareholders approved a final dividend of ₹22.50 a share at the annual general meeting on 22 July 2026. The dividend was payable from 20 August.
2 — Introduction
Automobile Corporation of Goa Limited was incorporated in 1980. It was jointly promoted by EDC Limited, a Government of Goa undertaking, and Tata Motors Limited. Forty-six years on, the arrangement has largely held. Tata Motors holds 48.98 per cent directly and EDC holds 6.66 per cent. The company builds bus bodies.
The last two years have brought more paperwork than usual. In September 2025, Shrinivas V. Dempo ceased as Chairman and Independent Director. Yatin Kakodkar was appointed Non-Executive Chairman with effect from 12 September 2025. The Tata Motors demerger took effect on 18 November 2025. Following it, 29,82,214 shares representing 48.98 per cent were transferred to the new Tata Motors entity. The promoter change took effect on 21 November. In January 2026, Mitesh Gadhiya resigned as Company Secretary and Compliance Officer. Pranab Ghosh has been chief executive since 1 April 2024.
CARE Ratings, a credit-rating agency, reaffirmed the long-term bank facilities at CARE AA-; Stable in its September 2025 update. It reaffirmed the short-term facilities at CARE A1+. CARE noted that the Tata Motors demerger was not expected to affect the company’s operations. The business would continue under Tata Motors’ commercial vehicle segment after the demerger, the agency said.
The company runs five manufacturing plants across four locations. These are Honda and Buimpal in Goa, Jejuri in Maharashtra, and Dharwad in Karnataka. Bus-building capacity was reported at 14,400 units a year in the year to March 2026. It had stood at 10,000 units in the two years before that. Bus sales volume for the year to March 2026 was 9,328 units, against 7,265 the year before.
Results for the three months to June 2026 were approved by the board on 5 August 2026. B S R & Co. LLP audited them and issued an unmodified opinion.
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3 — Business Model: WTF Do They Even Do?
The company reports two divisions. The Pressing division makes pressed parts, components, sub-assemblies and assemblies for a range of automobiles. The Bus Body Building division makes bus bodies and their component parts. In the three months to June 2026, pressing brought in ₹19.37 crore of external revenue. Bus bodies brought in ₹229.58 crore. One division is the business and the other is a hobby that happens to be profitable.
The bus body segment’s share of revenue has climbed steadily. It was 87 per cent in the year to March 2023 and the same in the year to March 2024. It reached 90 per cent in the year to March 2025 and 92 per cent in the year to March 2026. The range runs to staff transport buses, luxury buses, city transport buses and defence buses. It also covers airport buses, school buses, sleeper coaches and special application vehicles. Sheet metal products are sold as well.
Then there is the customer question, which is really the customer answer, singular. Tata Motors contributed ₹233.36 crore of the ₹248.94 crore of quarterly revenue. It was the only party contributing more than a tenth. CARE, the credit-rating agency, puts Tata Motors at roughly 89 per
