Remember when EV suppliers thought the only thing slowing them down was charging speed? Sona Comstar just found four other ways: delayed revenue recognition, a major customer slowdown, a China rare earth magnet ban, and US tariff jitters. Q1 became their worst quarter since IPO — revenue fell 5%, EBITDA plunged 19% — yet they still landed their biggest EV order in 2.5 years.
Why it matters? Because in the EV supply chain, a “temporary” problem can feel like a decade in dog years, but orderbooks tell a different story — ₹26,200 crore worth, 75% EV-heavy.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue down 5% – CFO blames four “temporary” plot twists.
• EBITDA margin 23.8% – Operating leverage went on vacation.
• ₹1,500 cr mega EV order – From a legacy North American OEM.
• Railway biz now 8% revenue – But drags margin math.
• BEV share dips to 28% – Rare earth crisis zapped traction motors.
MANAGEMENT’S KEY COMMENTARY
Vivek Vikram Singh (MD & Group CEO): “Worst quarter since IPO due to four adverse, temporary factors.”
Translation: Every season has filler episodes — this one had four in a row.
On rare earth magnet
ban: “We’ve switched to light rare earth magnets; big motors still tricky.”
Translation: Found a detour, but SUVs may still stall.
On China JV: “60% stake, brownfield entry, big EV market, margins will be lower than India.”
Translation: Sometimes you enter the dragon’s den for the size, not the snacks.
On orderbook: “₹26,200 cr net, highest ever, 75% EV.”
Translation: The future still looks electric — literally.
On Railways: “Leader in brake systems, adding couplers, doors, HVAC; metro & export push.”
Translation: From cars to coaches — diversification on rails.
On tariffs: “3-4% possible revenue impact over 12–18 months, not immediate.”
Translation: The customs officer hasn’t shown up yet.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹851 cr (-5% YoY) | ₹203 cr (-19% YoY) | 23.8% EBITDA, 15.5% PAT |
Revenue: BEV sales -25% due to magnet ban,
