Remember when your mechanic blamed “engine sound” on bad fuel while charging you ₹5k? Sharda Motor actually makes the silencers that silence those excuses. In Q1 FY26, they not only sold parts but also sold a dream—emission control, light-weighting, and exports sprinkled with geopolitical masala. Oh, and they offloaded some idle land in Haridwar for extra credit. Stick around—because the call had more suspense than a Bollywood interval fight scene.
2. At a Glance
Revenue up 10% – Like the auto sector, still running even when petrol prices give us mini heart attacks.
Gross Profit up 5% – Grew, but clearly skipped leg day.
EBITDA ₹98.4 Cr, up 3% – The gym buddy who “only spots,” never lifts.
PAT ₹99.9 Cr vs ₹76.8 Cr – Thank Haridwar land sale for this glow-up.
EBITDA Margin 13% – Stable, unlike your Uber driver’s playlist.
Cash ₹800+ Cr – Sitting like a dragon hoarding gold, waiting for “M&A opportunities.”
3. Management’s Key Commentary
Quote: “Gross profit is the better indicator of our growth performance.” (Translation: Ignore revenue hype, look at what’s left after the kitchen smoke clears.)
Quote: “We sold one idle industrial land parcel at Haridwar for an exceptional gain.” (Translation: Real estate is still more profitable than auto parts, sigh.)
Quote: “We’ve filed 15 patents so far.” (Translation: At least the lawyers are busy if the factories aren’t.)
Quote: “Our export pipeline is strong with Japanese and U.S. customers.” (Translation: Finally cracked open those 3-year WhatsApp “Hi sir, any update?” threads.)
Quote: “We will use our ₹800 Cr surplus carefully for M&A and light-weighting.” (Translation: No, we won’t blow it on buying IPL cheerleaders or crypto start-ups.)
Quote: “Our capacity utilization is around 80%.” (Translation: 20% still reserved for divine intervention during festive season.)
Quote: “We don’t guide short-term numbers.” (Translation: Please don’t use this transcript against us next quarter )
4. Numbers Decoded
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Hero
₹756.2 Cr
+10%
Growth steady, but mix shift diluted margins.
Gross Profit – Reality
₹189.5 Cr
+5%
Outpaced by revenue; product mix playing tricks.
EBITDA – The Sidekick
₹98.4 Cr
+3%
Crawled ahead; margins flat at 13%.
PAT – The Surprise
₹99.9 Cr
+30%
Boosted by land sale, not just operations.
Cash Hoard – The Joker
₹800+ Cr
N/A
Just lying around, waiting for M&A Tinder matches.
5. Analyst Questions
On Depreciation Dip: Analysts thought machines aged slower this quarter. CFO clarified: “March had more additions, Q1 had disposals.” (Translation: Machines didn’t get Botox, accounting did.)
On Gross Margin vs Revenue: Analysts probed 10% sales jump but only 5% GP rise. CFO: “Product mix.” (Translation: Sold more of the low-margin stuff that nobody flexes about.)
On TREM V norms for tractors: CEO: “Government date is April ’26, but changes likely.” (Translation: Babus are unpredictable, keep chai ready.)
