Sona BLW Precision Forgings Ltd. (Sona Comstar) announced its Q2 FY2026 (July–September 2025) financial results on October 27, 2025, delivering its highest-ever quarterly revenue, EBITDA, and net profit. The robust performance was driven by strong growth in electric vehicle (EV) traction motors and the railway segment, even as battery electric vehicle (BEV) revenues saw a temporary dip due to product mix changes and supply constraints.
The results underscore Sona BLW’s strong execution capabilities, diversified mobility portfolio, and expanding leadership in the global EV components market.
In this article, we’ll break down Sona Comstar’s Q2 FY2026 results, analyzing its key financial metrics, business drivers, and growth outlook across domestic and international markets.
Key Financial Highlights (Q2 FY26)
| Metric | Q2 FY26 | Q2 FY25 | YoY Growth |
|---|---|---|---|
| Revenue | ₹1,144 crore | ₹920 crore | +24% |
| Net Profit (PAT) | ₹173 crore | ₹144 crore | +20% |
| EBITDA | ₹289 crore | ₹256 crore | +13% |
| EPS | ₹2.89 | ₹2.41 | +19.9% |
Highlights:
- Record-breaking top-line growth supported by EV and railway programs.
- EBITDA margin at 25.3%, slightly lower due to input cost pressures.
- Revenue and profit both beat analyst estimates, driven by new customer additions and product diversification.
Management Commentary
Vivek Vikram Singh, MD & Group CEO of Sona Comstar, said:
“This was our best-ever quarter for revenue, EBITDA, and PAT. Growth in EV traction motors and our entry into the railway segment offset the temporary dip in BEV revenues. Our strategy to diversify across technologies, products, and regions continues to deliver results.”
He emphasized that Sona BLW’s focus on rare-earth-free motors, sustainable mobility solutions, and global customer diversification will ensure long-term growth resilience.
Segment Performance
1. EV and BEV Business
- EV programs contributed ~70% of the ₹23,600 crore order book.
- BEV revenue for Q2 stood at ₹265 crore, down 17% YoY due to product mix changes and rare-earth magnet shortages.
- BEV share in total automotive revenue was 32%.
2. Non-Automotive (Railway and Industrial)
- The railway segment continued to expand rapidly, contributing to the overall revenue surge.
- New orders in the railway systems and active suspension categories positioned the company for long-term growth in the mobility tech space.
3. Regional Performance
| Region | Share of Revenue (H1 FY26) |
|---|---|
| India | 41% |
| Europe | 30% |
| Asia | 24% |
| North America | 3% |
| Others | 2% |
Sona BLW’s geographic diversification helped balance market risks and strengthen export momentum.
Order Book & New Wins
- Total Order Book (as of Sep 30, 2025): ₹23,600 crore — 6.8x FY25 revenue.
- EV programs: ₹16,500 crore (70%)
- Non-EV: ₹5,800 crore (24%)
- Railway: ₹1,300 crore (6%)
New Orders (Q2 FY26):
- ₹260 crore differential assemblies for a North American OEM (production starts FY28).
- ₹820 crore integrated motor controller modules for Asian and European OEMs (production starts FY27).
- Expansion into predictive active suspension systems across Asia and Europe.
Balance Sheet and Cash Flow
| Metric (H1 FY26) | Value |
|---|---|
| Free Cash Flow from Operations | ₹143 crore |
| Net Capex | ₹1,849 crore |
| Cash & Investments | ₹966 crore |
| Net Debt/EBITDA | 0.99x |
| RoCE | 15.8% |
| RoE | 12.8% |
Despite heavy capex and strategic investments (Railway & NOVELIC), Sona BLW maintained a strong balance sheet, aided by disciplined capital allocation and robust working capital turnover of 4.2x.
Market Reaction
Post-results, Sona BLW’s stock saw positive momentum, reflecting investor confidence in its growth trajectory and record profitability.
Analysts lauded the order book visibility, EV leadership, and innovative motor technology roadmap, maintaining a “Buy” rating with a price target range of ₹730–₹780.
Peer Comparison
Compared to peers such as Motherson Sumi Wiring, Endurance Technologies, and Suprajit Engineering, Sona BLW stands out with:
- Higher EV program share (70%),
- Superior order book visibility (6.8x revenue), and
- A global customer footprint spanning major OEMs.
While some peers benefited from ICE vehicle recovery, Sona’s focus on EV and advanced driveline systems gives it a strategic long-term advantage.
Future Outlook
Sona BLW aims to sustain its growth through:
- EV program ramp-ups (62 active) across global markets.
- Development of rare-earth-free ferrite-assisted motors for electric 3-wheelers and LCVs.
- Expansion in railway, robotics, and humanoid applications through Neura Robotics partnerships.
- Continued focus on E.P.I.C. Mobility (Electric, Powertrain, Integrated, Connected) innovations.
Guidance:
- 5-year revenue CAGR target: 24%
- EBITDA margin: >27%
- RoE target: >27%
Analysts expect sustained double-digit profit growth supported by technology leadership and global diversification.
FAQs
Q1. What was Sona BLW’s net profit in Q2 FY26?
Sona BLW reported a net profit of ₹173 crore, up 20% YoY, marking its highest-ever quarterly PAT.
Q2. Did Sona BLW beat market expectations?
Yes. Revenue of ₹1,144 crore and EBITDA of ₹289 crore both exceeded analyst forecasts.
Q3. How did Sona BLW’s margins perform?
EBITDA margin stood at 25.3%, slightly down YoY due to input costs and BEV mix changes, but remained among the highest in the auto components sector.
Q4. What are the key growth drivers ahead?
EV traction motor expansion, railway systems, robotics partnerships, and rare-earth-free motor innovations.
Conclusion
Sona BLW delivered another milestone quarter in Q2 FY26, underscoring its resilient business model, diversified customer base, and strong innovation pipeline.
Despite temporary BEV headwinds, the company’s record order book and EV leadership position it as a key mobility technology player in India’s transformation toward sustainable transport.
For investors, Sona BLW remains a long-term growth story driven by innovation, strong global linkages, and robust financial discipline.
Sources: Sona BLW Investor Presentation
