ASK Automotive Limited reported Q2 FY27 net revenue growth of 29.5% year on year, exceeding the 16.5% growth in two-wheeler production cited by management, after excluding the effect of alloy-price pass-through and a strategic reduction in wheel assembly. Reported consolidated revenue growth was 47.5%.
Results, valuation, peers and who's buying, in one view.
ASK Automotive reported 47.5% year-on-year consolidated revenue growth in Q2 FY27, but management said net revenue growth was 29.5% after accounting for higher aluminium-alloy prices passed through to customers and a strategic reduction in the wheel assembly business. Management quantified the alloy-price pass-through impact at 23% and the wheel assembly reduction at 5%.
Management said alloy-price pass-through raised reported revenue and reduced the reported earnings before interest, tax, depreciation and amortisation, or EBITDA, margin percentage through a denominator effect. Absolute Q2 FY27 EBITDA nevertheless increased 30% year on year to Rs 185 crore, while the EBITDA margin was 11.8%.
Q2 FY27 profit after tax, or PAT, rose 27.3% year on year to Rs 102 crore. Earnings per share increased to Rs 5.15 from Rs 4.05 in the corresponding quarter a year earlier, and management described the quarter as ASK Automotive’s highest-ever quarterly revenue, EBITDA and PAT.
ASK Automotive said its 29.5% Q2 FY27 net revenue growth exceeded the 16.5% increase in two-wheeler production used in its comparison, a difference of 13 percentage points. Management therefore said the company outperformed its main vehicle market after the stated adjustments for alloy prices and reduced wheel assembly business.
Two-wheeler production reached 81 lakh units in Q2 FY27, compared with 69.5 lakh units in the corresponding quarter a year earlier, according to data cited on the call. For H1 FY27, domestic two-wheeler production reached 153.7 lakh units, up 19.5% from 128.6 lakh units in H1 FY26.
The comparison is between ASK Automotive’s net revenue growth and industry production growth, rather than a comparison of company and industry unit volumes. Management did not disclose ASK Automotive’s Q2 FY27 production volumes, but it reported net revenue growth of 29.5% against the 16.5% industry production measure.
All three disclosed product segments grew in Q2 FY27, led by aluminium lightweighting precision solutions, or ALPS, with 69% year-on-year revenue growth. Advanced braking systems revenue increased 46%, while safety control cables revenue rose 33%.
Export revenue increased 133.3% year on year to Rs 70 crore in Q2 FY27 from Rs 30 crore in the previous-year quarter. Management also said ASK Automotive’s electric-vehicle business grew 98% year on year in Q2 FY27, although it did not disclose the revenue contribution or share of ALPS revenue from that business.
ASK Automotive began regular supplies of high-pressure die-cast, or HPDC, alloy wheels to a Japanese customer on August 3, 2026, under a technical collaboration with Kyushu Yanagawa, Japan. Management said these were the first HPDC alloy wheels introduced in Indian two-wheelers and expected FY27 supply revenue of about Rs 80 crore from that customer.
ASK Automotive reported H1 FY27 net revenue growth of 27.6%, ahead of the 19.5% rise in domestic two-wheeler production during the half year. Reported consolidated revenue growth was 49.6%, while management cited a 27.1% alloy-price pass-through impact and a 5.1% strategic reduction in wheel…
