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1. Opening Hook
A camshaft maker that has been “going electric” for three straight years just delivered exactly one electric truck. That is the kind of quarter this was at Precision Camshafts.
The Q4 numbers looked cheerful at first read. Management reported net profit of ₹13.2 crores for the quarter, up roughly 38% from ₹9.5 crores the quarter before. Then the full-year line arrived: a profit of ₹5.78 crores. The reconciliation lives in one footnote-sized sentence — a ₹48.8 crore impairment on the German step-down subsidiary MFT, now in insolvency proceedings.
So the story of FY26 is not the camshaft. It is the German subsidiary that quietly removed most of the year’s earnings, and a domestic electric-truck dream that took its first physical step after years of being a slide. The metal business hummed along. The investments around it did the talking.
2. At a Glance
- FY26 revenue – ₹773 cr. Down from ₹865 cr the year before; the data sheet’s five-year sales growth sits at 1.74%, which is growth in the way a parked car is in motion.
- FY26 net profit – ₹51 cr on the data sheet; management put full-year profit at ₹5.78 cr after the ₹48.8 cr MFT impairment. One number is the engine, the other is the engine minus Germany.
- Q4 consolidated revenue – ₹205 cr, up 9% QoQ (management). The quarter grew; the year shrank. Both are true at once.
- Q4 net profit – ₹13.2 cr (management). Up 38% QoQ; the same quarter is down about 40% versus a year ago, when ₹44 cr of other income did the heavy lifting.
- Other income FY26 – ₹62.4 cr. Against ₹68 cr of operating profit. The non-operating line nearly matched the operating one.
- MFT impairment – ₹48.8 cr. The single largest character in the annual results, and it never spoke on the call.
3. Management’s Key Commentary
Karan Shah, Whole-Time Director, did the talking. The verbatim quotes, decoded:
“The improvement in profitability was primarily driven by higher revenues and improved operating performance.” — management said (Revenue rose ₹14.5 crores in the quarter, which management noted was partly offset by higher raw-material and operating costs. The improvement improved, and then some of it un-improved.)
“Excluding these exceptional items, the underlying operating performance of the business remains stable and resilient.” — management said (Exclude the ₹48.8 crore and everything’s fine — the corporate equivalent of “other than that, Mrs. Lincoln.”)
“These programs extend our business visibility well into the next decade and represent a cumulative lifetime revenue of approximately INR1,500 crores.” — management said (Lifetime revenue over five-to-six years, cumulative. The big number and the slow clock arrived holding hands.)
“The Europe situation is very volatile right now. There are two wars happening.” — management said (A rare concall sentence where the macro caveat is, for once, not an exaggeration.)
“We will surely like to be the last man standing and the biggest player in this business.” — management said (An ambition phrased as a survival plan. The shaft business gets defended like a fort.)
“Some of the largest American OEMs have taken a complete U-turn on their EV strategy and I think that helps us significantly.” — management said (The company developing an electric truck is cheered by everyone else abandoning electric. The hedge
