ASK Automotive Limited reported consolidated revenue of ₹4,196 crore (approximately $435.6 million) for the financial year ended March 31, 2026, a 16.2% year-over-year increase, alongside EBITDA of ₹551 crore (about $57.2 million) and profit after tax of ₹297 crore (roughly $30.8 million). The Delhi-based supplier — India’s largest manufacturer of brake shoes and advanced braking systems for two-wheelers, with roughly 50% OEM market share — disclosed the audited results in a filing to BSE and NSE on May 19, 2026. Chairman and Managing Director Kuldip Singh Rathee characterized it as the tenth consecutive quarter of strong performance since the company’s listing, continuing the trajectory established earlier in the fiscal year.
Highlights
- FY26 consolidated revenue of ₹4,196 crore (~$435.6M), up 16.2% year-over-year; net revenue growth reached 20.1% after stripping out an 8.0% passthrough impact from higher alloy prices in Q4 and a 7.0% strategic reduction in the Wheel Assembly business for the full year.
- Q4 FY26 revenue of ₹1,154 crore (~$119.8M), a 35.3% year-over-year increase with EBITDA of ₹140 crore (~$14.5M), up 31.1%, and PAT of ₹72 crore (~$7.5M), up 24.2%.
- Segment growth in FY26: Advanced Braking Systems +17%, Aluminium Light Weighting Precision Solutions +30%, Safety Control Cables +14% year-over-year.
- FY26 EPS of ₹15.08, up from ₹12.56 in FY25, a 20.1% increase. Full-year EBITDA margin reached 13.1%, up 84 basis points year-over-year.
Fourth-Quarter Performance
ASK Automotive posted Q4 FY26 consolidated revenue of ₹1,154 crore against ₹853 crore in the prior-year quarter, with the company attributing 8.0% of the topline change to passthrough effects from elevated aluminum alloy prices and a 2.7% drag from the deliberate scaling-back of Wheel Assembly operations. The company reports that excluding those items, net revenue growth was 30.0% on a year-over-year basis.
Q4 EBITDA margin of 12.1% came in 39 basis points below the prior-year quarter and 123 basis points below Q3 FY26, with management noting that EBITDA margin would have been 80 basis points higher absent the alloy passthrough effect. Earnings per share for the quarter rose to ₹3.63 from ₹2.92, a 24.2% increase, while sequential PAT contracted 10.5% from ₹80 crore in Q3 FY26 to ₹72 crore.
Full-Year Segment Breakdown
Across FY26, the Advanced Braking Systems vertical grew 17% year-over-year, Aluminium Light Weighting Precision Solutions expanded 30%, and Safety Control Cables added 14%. Export revenue for the full year was ₹141 crore (~$14.6M) compared with ₹147 crore in FY25, a slight decline. Q4 exports were ₹41 crore (~$4.3M) against ₹39 crore in the comparable prior-year period.
EBITDA for FY26 reached ₹551 crore, a 24.1% year-over-year increase, with margin of 13.1% reflecting an 84 basis point improvement from FY25. The company reports that margin would have been 40 basis points higher absent the alloy passthrough effect. PAT of ₹297 crore represented 20.1% growth over the prior year.
Margin Drivers and Capacity Ramp
Rathee attributed the margin expansion to better economies of scale from higher volumes, improving utilization at the company’s Karoli facility, and contribution from the new Bangalore plant, alongside the strategic reduction in lower-value Wheel Assembly business. According to the company, the Karoli mega-facility is ramping quickly and the Bangalore site is approaching optimum utilization. The Q2 FY26 release tracked a similar story when both plants were in earlier ramp stages, and the company has now extended that pattern into a full-year result.
A second captive solar plant in Rajasthan is expected to become operational in Q2 FY27, which the company frames as part of its renewable-energy commitment. The capacity buildout continues a multi-year expansion arc that included a $4.2 million investment in disc pad and brake shoe capacity announced earlier in 2026.
Management Outlook
Commenting on the results, Rathee said:
“I am delighted to share with you that we had a strong performance in the fourth quarter and full year in both revenue and profitability. This is the tenth consecutive quarter of robust performance by us since listing of the Company.”
Rathee said the company continues to outperform two-wheeler industry vehicle production growth in both Q4 and the full year, and that the aim is to sustain current EBITDA margin levels with gradual improvement in subsequent quarters depending on two-wheeler industry growth and the geopolitical environment. He cautioned that volatility in alloy prices may continue to affect margin percentage through a denominator effect on revenue.
The company will host its earnings call on Wednesday, May 20, 2026.
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