Rico Auto Industries Limited (RICOAUTO) — Financial Results

Rico Auto Industries reported record FY '26 revenue of INR2,477 crores, up 12% YoY, driven by domestic and export demand, with EBITDA at INR223 crores and PAT at INR52.4 crores. Adjusted EBITDA margin reached 10.25% after excluding INR11 crores (Q4) and INR19 crores (FY) nonrecurring impacts from Labour Code and lag settlement. Management expects margin expansion beyond 10.25% in FY '27 through customer renegotiations and higher-margin product mix. Export growth to U.S. and Germany is targeted at 2x in two years, with railway revenue projected to reach INR100 crores and defense at INR50 crores in FY '26. Capex in Hosur is progressing for September 2026 operationalization to serve EV and hybrid programs. Working capital days improved to 7 from 33, and net debt stood at INR686 crores as of March '26.