Talbros Automotive Components Ltd. — Call Transcript 2026

Feb 17, 2026

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Digitally signed by SEEMA NARANG Date: 2026.02.17 16:27:10 +05'30'

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“Talbros Automotive Components Limited Q3 and nine months FY '26 Earnings Conference Call” February 12, 2026

E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 12th February 2026 will prevail.

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– – MANAGEMENT: MR. ANUJ TALWAR MANAGING DIRECTOR TALBROS AUTOMOTIVE COMPONENTS LIMITED – MR. NAVIN JUNEJA DIRECTOR AND GROUP CHIEF – FINANCIAL OFFICER TALBROS AUTOMOTIVE COMPONENTS LIMITED – SGA–INVESTOR RELATIONS ADVISORS TALBROS AUTOMOTIVE COMPONENTS LIMITED

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Moderator:

Ladies and gentlemen, good day, and welcome to Talbros Automotive Components Limited Q3 and nine months FY '26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Anuj Talwar, Managing Director. Thank you, and over to you, sir.

Anuj Talwar:

Yes. Thank you so much. A very good afternoon, everybody. A very warm welcome to our quarter 3 earnings call. On the call, I am joined by Mr. Navin Juneja, our Director; our Group CFO, as well as SGA, our Investor Relations Advisors from Mumbai. The results and the presentation are uploaded on the stock exchange and the company’s website. I hope everyone has had a chance to look at it.

Coming to the industry overview. India's automobile industry delivered a strong performance in Q3 FY '26 with the total sales volume to 9.2 million units, reflecting a growth of about 19%. The expansion was broad-based across all major vehicle segments and is characterized by consumption-led recovery driven by festive demand, favorable macroeconomic conditions and supportive policy measures, including GST, rate cut and improved affordability at entry-level passenger vehicles, 2-wheelers, etcetera.

The commercial vehicle segment registered a robust 21% growth year-over-year, driven by improved economic activity and stronger goods movement. Demand remained healthy across categories with particularly strong growth in medium commercial vehicles, while light commercial vehicles and heavy commercial vehicles also reported steady expansion.

The 2-wheeler segment recorded sales of 7.1 million units, growing at 18.2% Y-o-Y. The quarter saw a strong and a sustained revival in the volume of 2-wheelers. The revival was driven by improving rural sentiment, stable fuel prices and great festive demand along with GST Reforms Act.

The passenger vehicle segment also delivered a strong performance with total sales reaching 1.5 million units, up 19.2% growth year-over-year. Growth was led by sustained demand for utility vehicles and SUVs, supported by changing consumer preference and premiumization trends. The quarter also saw a revival in the entry-level small car demand aided by improved affordability and rate cuts in the GST.

EVs in India showed a robust growth in quarter 3 FY '26 with a growth of 20% with a year-onyear increase in volumes across electric cars and 2-wheelers. Charging infrastructure expansion, favorable policy support, localisation initiatives have led to growth in this segment.

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Now coming to the company's performance. I'm pleased to share that Talbros Automotive Components Limited has delivered another quarter of strong performance in Q3 FY '26. Our consolidated revenue grew by 8% to INR220 crores, driven by improved demand momentum following the recent GST reforms that have strengthened the consumer sentiment. We are seeing this momentum to be even stronger in quarter 4 and expect a higher growth in quarter 4.

I'd also like to add that we must see our divisions in different divisions, some divisions are export oriented, which had a low growth, some are purely towards passenger vehicles, which has a growth as high as 25%, and some businesses that related to the engine business at 12%. So that's something else we will clarify in the call going forward in the Q&A.

So you do see a growth of only 8% for the quarter. But division-wise, some are joint ventures, there is a higher growth. However, our EBITDA stood at INR39.8 crores, translating into a margin of 18%, one of our better performances till date, which is also one of the high numbers in the industry. The margin expansion is due to our operational efficiencies, disciplined cost management and a sharp product mix strategy.

Across all our businesses, the performance was encouraging. The Gaskets and Heat Shields division, which remains our largest contributor, delivered a double-digit growth. Our joint ventures Marelli Talbros Chassis Systems Limited and Talbros Marugo reported numbers growing at 25% quarter-over-quarter, again, led by deeper OEM penetration for our products.

The Forging division definitely had a slow quarter, which is, again, temporarily, I repeat, impacted by export-related factors in the European market, which is showing signs of recovery, and we're hoping for a better quarter 4 in Forging. We'll be happy to answer this separately in the Q&A.

Exports continue to be a key driver of our growth strategy. Over the 9-month period, contribution from exports came at 25%. Our export portfolio is well diversified within U.K. and Europe, accounting for nearly 80% of the exports. The recently signed India-linked EU free trade agreement opens up opportunities for the autocom industry, not only in exports but also technology collaborations and investment-led growth. This positions India as a trusted manufacturing and a sourcing partner for European OEMs at a time when global supply chains are undergoing realignment. Talbros is well placed to capitalize on this shift, leveraging our strong engineering capabilities, cost competitiveness, proven execution strength to deepen our growth in global automotive ecosystem.

We are now moving from a phase of order acquisitions to execution, where we'll be having higher growth numbers in the near future. This means ensuring that every order we have secured, whether in gaskets, forgings, chassis or EV components is delivered on time at scale and with a quality which benchmarks global standards. At the same time, we continue to secure new business opportunities, expanding our footprint in exports as well as EVs.

We secured new orders worth INR1,000 crores to be executed over the next five years, of which nearly INR700 crores are export orders, including large orders from very large OEMs, and about INR100 crores of these orders are for electric vehicle cars. These wins provide strong visibility

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and align us with the industry transition towards electrification. Commercialization of these products should begin in the year 2027.

Looking ahead, we are investing in capacity expansion to support this growth with utilization levels already high across divisions, approximately around 80% to 85%. We are looking to have a planned capex of about INR165 crores for the year '27, funded through internal accruals and borrowings. This will ensure that we are already ready to execute our orders. We at Talbros continue to maintain our hedge strategy, supplying to many, many segments, exports, the Indian market, EV, non-EV across all platforms.

Now I request Navin Juneja, to update you on the financial performance.

Navin Juneja:

Thank you, Anuj. Good afternoon, and a warm welcome to all the participants. Let me begin with the financial overview. Total revenue from operations for Q3 of FY '26 stood at INR220 crores as against INR204 crores in Q3 of FY '25 and for nine months of FY '26, it stood at INR648 crores as against INR634 crores in nine months of FY '25.

EBITDA for Q3 of FY '26 stood at INR40 crores as against INR36 crores. For nine months '26, it stood at INR110 crores as against INR108 crores. EBITDA margin for Q3 of FY '26 stood at 18%, up by 60 basis points, among the highest margins in the industry. And for nine months of FY '26, it stood at 17%. PAT for Q3 of FY '26 stood at INR27 crores as against INR24 crores in Q3 of FY '25. And for nine months FY '26 it stood at INR73 crores as compared to INR68 crores in the same period last year, a growth of 7%.

Now coming to the division-wise performance. In the Gasket division in Q3 of FY '26, sales for the Gasket division stood at INR153 crores as against INR137 crores in Q3 of FY '25, which was up by 12% in the quarter. And for nine months of FY '26, our Gasket sales saw a growth of 4%, which stood at INR431 crores as against INR414 crores in nine months of FY '25. EBITDA for Q3 of FY '26 was at INR28 crores, which was up by 21% in the quarter. And for 9 months of FY '26, this segment saw EBITDA of INR74 crores, which was up by 6% on Y-o-Y basis.

Now coming to the Forging division. Revenue in Q3 of FY '26 was INR68 crores as against same flat growth in Q3 of FY '25 due to sluggish demand in exports, specifically JLR, which was not -- there were again no orders of JLR in the month of October until mid-November, that has affected our growth in this quarter. And for 9 months FY '26, revenue was INR219 crores as against INR221 crores in FY '25. EBITDA stood at INR12 crores in Q3 of FY '26 as against INR13 crores FY '25. EBITDA for 9 months of FY '26 stood at INR38 crores as compared to INR39 crores for the same period last year.

Now coming to Marelli Talbros Chassis Systems. Revenue for Q3 of FY '26 stood at INR90 crores as against INR72 crores, a growth of 25%. For 9 months FY '26 at INR243 crores versus INR209 crores, registering a growth of 16% on a Y-o-Y basis. EBITDA for Q3 of FY '26 stood at INR16 crores, a growth of 35% on a Y-o-Y basis and for 9 months FY '26, it stood at INR44 crores as against INR32 crores, a growth of 36% on Y-o-Y basis.

Now coming to the large joint venture of Talbros Marugo Rubber Private Limited. Revenue for TMR business in Q3 of FY '26 was INR39 crores as against INR32 crores, a growth of 25% on

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Y-o-Y basis and it stood at INR105 crores in 9 months of FY '26 as against INR96 crores, a growth of 9%. EBITDA of this division stood at INR5.6 crores in Q3 of FY '26, which was up by 48% on Y-o-Y basis. And for 9 months of FY '26, it was at INR13 crores, which was up by 9% on Y-o-Y basis.

Now this is all from our side, and I would now like to open the floor to the question and answer. Thank you.

Moderator: Thank you. We take our first question from the line of Shikha Mehta from Time & Tide Advisors.

Shikha Mehta: Congratulations on a decent set of numbers. I just had a few questions. I wanted to understand the numbers better. So can you help me understand in the Gaskets division, how much comes from exports and the same for Forgings?

Navin Juneja: Okay. I will just give you the numbers. In the Gaskets, 15% come from export. And the forging, my export percentage is around 55% is export.

Shikha Mehta: Got it. So is it the right way to understand that because a large portion comes from exports in Forging, that's why we've seen a slightly dampener quarter for Q3. And maybe going forward for the next quarter and Q1 of FY '27, we might see much better performance as exports start easing out.

Navin Juneja: Yes. I'll just give you more clarity on the Forging. Forging export is 56% and this is a direct export. And we have an indirect export of BMW and other European car manufacturers, which is to the extent of 30%. So 85% to 90% is export this business directly, indirectly. There is a little bit of tapering in demand in the BMW business this year, plus JLR, which we're directly exporting from here got impacted to some problem.

So it got impacted. And for three months, for possibly more than 2.5 months, there was no sales for our products. Now that problem has been resolved. Now it is back online. Plus the business of -- other business, OEM business like GKN and Dana, which were also little low. Dana was doing some restructuring was happening in that front. The company was sold to someone. So that has all been over. Now we are back on track.

So in this last quarter, Jan to March quarter, you can see a better number as compared to this quarter. And from next year, the growth should be decent one, definitely.

Shikha Mehta:

Got it, sir. Sir, another thing I wanted to understand is, of course, the auto market currently on the CV side, 2-wheeler side and on the PV side have been firing with growth of 18% to 20% in each segment. Of course, we have been hit because of the reasons mentioned above. But do you think for, say, the next year, we could grow at the industry rate or slightly better than the industry? Or is that something that might not happen for us?

Anuj Talwar:

I just want to answer your question, which I did in my opening speech also. If you look at the domestic passenger car segment, which has grown very healthily, our two joint ventures, Marelli Talbros and Talbros Marugo, which are only playing today predominantly in the Indian car

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segment, have grown by 25%. So we already got the growth there. You did not see that growth in forgings because we are export oriented and in Gasket and Heat Shields is a little bit muted because that's more towards heavy-duty, more towards light commercial vehicles, also the export to Jaguar Land Rover. So we are growing as per industry but we being not a 100% domestic business, you don't see that number and you don't decipher it division wise.

Shikha Mehta:

Navin Juneja:

Right, sir. So I was just trying to understand that going forward, with the FTA and, of course, the tariff reduction from U.S.A., maybe if our exports also are slightly more normalized, then can we see industry level growth overall in our numbers?

I think you are absolutely right. We have got very good traction happening with the European customers. And in fact, we have recently received an order of INR500 crores in the Forging division from Europe. So it's a big number. We are doing capex for that and the commercial production will start in the last quarter of the calendar year.

So this is a big number we are doing that. Plus the other business of Marelli, which was Stellantis business, which was delayed because of the various issues of design, testing, et cetera. The production of which also will start from April onward. It's more than INR120 crores to INR130 crores per annum business. So we are seeing big numbers here.

Shikha Mehta:

Navin Juneja:

Okay, sir. And lastly, could you also explain a bit on the EBITDA margin? We saw a very decent expansion in our margins. A, what was that due to? And b, I think we've maintained 17% to 18% guidance going forward. So maybe slightly on a longer-term basis, could this improve further by, say, 200 bps over the next 3 to 5 years? Or no this is...

So I can't give -- I wish it should be 20%. There are a lot of stuff we are controlling product mix that is a part of operation. It will keep on doing that. But going forward for the next 1 year, I will say it should be between 17% to 17.5% somewhere. It can be 1 quarter, if it comes down to 16.8%, please don't worry. It will come back again because some price increases happen, like currency has gone haywire.

We import a lot of stuff. So the price correction will happen in future quarter. And similarly, if metal prices came down in Forging division, we didn't pass that prices. But in the last quarter, we have to pass on. We hold it for 1 quarter. We can't hold it, plus the export of Europeet cetera, was reset again. So it keeps on going up and down. So -- but in the longer -- next year, we can say it's approximately 16.8% to 17.5% is my number.

Shikha Mehta:

Navin Juneja:

Got it, sir. And sir, a few other OEMs and auto ancillaries like us have been talking about localization of parts. Are we seeing that trend too? And are there certain products that we are looking to launch that are new or that are import substitutions going forward?

We are working on that. In fact, we have given to the OEM some of the products, which are at import substitution at a cheaper cost. They are in the process of testing but they are also in the - - that is primarily what happens only Gasket and nowhere else. So they are a little bit -- because testing is a long process there, again, engine testing, et cetera. We have given to our 2, 3 customers the product. They are in the process of testing. Whenever they approve, we will give them alternative local material. But anyway, we are not bothered about that because whenever

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there is a price increase or the exchange rate increase, they compensate us. But it's a matter of time, sometime in 6 months, sometimes 9 months, that is what. Full compensation we'll get.

Shikha Mehta: Okay, sir. And sir, lastly, are we doing any R&D or looking to enter in the non-auto segment? I know we've spoken about something a few years ago. Are we seeing anything on the non-auto segment currently?

Navin Juneja: We recently entered in the recycling business, as you know that. This, I think, directly or indirectly linked with auto. But the consumption is there in basically tire companies, manufacturing compound companies, et cetera, wherever it is in all segments, be it industrial, be it this home consumer like everywhere rubber is being used. So we have entered that. And at present, we are focusing on this sector only.

Shikha Mehta: Got it. And sir, my last question for today. We spoke about capex that we need to do to be ready for the next cycle of growth. I think we said that it would be around INR155 crores FY '27. So a, when would these lines come up by? And are we currently prepared to deliver to the robust demand that is currently present across the auto domestic sector?

Navin Juneja: Yes. Of course, we are already ready for that. The process has been started because this capex will happen from 1st January till 31st March '27. There is 15 months capex. The major capex is in the Forging business, we need to get ready for our new order. And this is the first one, which will happen very, very fast. And second is the Marelli capex of INR23 crores. –This is primarily for enhancing the capacity of the existing plants.

Plus we are planning to set up a new facility in Gujarat for this company to cater because we are getting orders, new orders we are getting from the customers who are based in Gujarat. So this facility, we are planning to set up by the year-end, next year-end or maybe 3 months later than that, '27, '28. So we are planning for that. This is major capex for that.

Moderator: We'll take our next question from the line of Preet from InCred AMC.

Preet: Sir, I have a couple of questions. First would be on the line of Gasket business. We have guided around we would be doing by FY '27, INR700 crores of business. We have around -- in first 9 months, we have done around 480 -- INR430 crores of business from this division. So we are expecting 370 -- INR270 crores of more business in the next 15 months. How would we be able to achieve this? And also, apart from this, we have received some more order of INR100 crores in Gasket business. When that will be flowing in our financials, if you could give some brief...

Anuj Talwar: To our Gasket business, we have done in the 9 months business of INR430 crores, okay? If we add INR160 crores, it should be between INR590 crores to INR600 crores for the year-end. And next year, it can be INR700 crores, we can achieve this number because there are new businesses of Kia, which we will start from this month. Next full year is there with us, plus new businesses we have entered export businesses, which will be converted to commercialization next year. And we are very hopeful to achieve that INR700 crores numbers.

Preet: And the INR100 crores of business, which we have got from the -- we have mentioned we have got INR1,000 crores of order in which we have INR100 crores of order for this Gasket business,

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INR250 crores of order in this Gasket business. When are we -- when will this flow in the financials?

Navin Juneja:

First of all, I'll tell you this INR250 crores in the Gasket and Heat Shields business is for a period of 5 years, okay? I suppose it will average INR50 crores per annum business, this is new business. It will not start from day 1. The development process will start, sample will go, et cetera. And the process, some business will start from July, some will start from October, some will start from January and 20% will start from '27.

So in the first year, you can't get 100% partly, 5 months business, 6 months business, 3 months business. It will come into full force in '27-'28. So it is like that. This -- execution of the order, start of production sometimes is 80%, I think 70% orders will be commercialized in next financial year. Commercialization will be in phases.

It will not happen all of sudden, every year it will go up. It will go in phases. And 30% order will be commercialized in '27, '28, is like that. And some orders which has been commercial in this year will be for 3 months, 4 months, 5 months, it will be for full year next year. It works like that.

Preet:

Got it. Got it. My next question, you have mentioned we have been guiding of around INR1,100 crores of revenue in 2027. And we are assuming around INR2,000 crores of order over the 5 years and full order flow will be from '27, '28. So that means INR200 crores of business would be adding '28. So is it reasonable to assume that by 2028, we would be doing around INR1,400 crores of top line?

Navin Juneja:

INR1,400 crores of top line in 2028.

Anuj Talwar: You're talking about Gasket and Forging?

Preet: Yes, Gasket and Forgings.

Anuj Talwar: For the only 2 companies.

Preet: Or is it fair to assume we will be doing INR2,000 crores of top line at the company level?

Navin Juneja: On the company basis definitely. Yes, yes, easily.

Preet:

And what kind of margins would...

Navin Juneja: I just mentioned the -- next year, margin will be 16.8% to 17.5%, in between somewhere.

Preet: So are we facing any headwinds due to commodity cost?

Navin Juneja: Commodity cost, we are not doing any hedging. We are not doing hedging. Commodity prices are okay. Steel is okay. We have major commodity steel, CRC sheets, etcetera. We are not using other metals. These are quite different, not much.

Moderator:

Preet, does that answer your question?

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Preet:

Yes.

Moderator: We'll take our next question from the line of Neil from Equitree Capital.

Neil: Sir, I had a few questions. First was, sir, other income has seen a meaningful increase in Q3 on a Y-o-Y basis. So I wanted to understand from you whether this level is sustainable going forward or largely nonrecurring in nature? Navin Juneja: No, 80% is fixed. It will come. Like, 80% is sustainable, definitely 80%, 85% sustainable. Balance depends on the restatement of the foreign currency. Sometimes it's up, sometimes it's down. As per India we need to restate our export. So that is up and down, balance is fixed. Neil: Okay. Secondly, sir, as we can see ICE engines penetration are gradually declining in passenger vehicles over the next decade. So I wanted to understand if there's any structural demand trajectory for cylinder head or exhaust gaskets. Navin Juneja: Sorry, it's not declining. Anuj Talwar: There's no decline in ICE engines for trucks and heavy duty. Navin Juneja: Agreed. Neil: Okay. No, but then as the demand would be slowing down, do you see any change in strategy of the company in terms of Gaskets or Heat Shields? Navin Juneja: No, no, Heat shield, we are growing like crazy in Heat Shield. Anuj Talwar: If you look at it, we set up other companies like Forging, Chassis Rubber. So where the Gasket is now about 52% of the turnover. And let's say, 5 years, obviously, the growth will come from the Chassis division or the Forging division and the Rubber division, automatically the engine business will come down to, let's say, 40%, 42%.

Navin Juneja: But it will grow. Anuj Talwar: But it's going to grow still. Navin Juneja: It's still growing. In the last quarter, it grew by 12%. This quarter, again, it will grow. Neil: Okay. Sure. Sir, to follow up on that. So over the next 5 years, if I can get an understanding, among all the product categories, which vertical do you believe that it will structurally outgrow the others? Anuj Talwar: I think chassis, rubber, forging, and heat shield from the Gasket division. Neil: Okay. Is that a particular category you are quite hawkish on or are all 4 categories growing simultaneously? Anuj Talwar: That looks very strong next few quarters. So the domestic car business is very, very strong. So that -- the chassis business will do very well. And exports will pick up for sure as we just

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announced orders worth INR700 crores from exports out of INR1,000 crores. So we are very strong in the export segment as well. So we've given a guidance that we will touch export of 35%..

Neil:

Okay. Sir, one last question. Labor law change had an impact on a lot of companies this quarter. I guess you have mentioned in the results that the impact was quite negligible. However, if you can provide us an amount, how much would that be?

Navin Juneja:

Yes, it was -- I think -- yes, we did an actuarial valuation for the employee of the company. Whatever the liability we have provided in the books, my liability is less than that even. We have a cushion in that also.

Neil:

Okay. But is there a ballpark figure you could share with us?

Navin Juneja: Well, we provided a liability of INR2 crores, it is INR1.60 crores.

Moderator:

We'll take our next question from the line of Preet from InCred AMC.

Preet:

Sir, just wanted to understand qualitatively that for this INR1,000 crores of order we have mentioned that we have to be doing around INR155 crores of capex. So just wanted to understand, like already we have -- once it has happened with us regarding the cancellation of the order or postponement of the order. So how are we secured from this -- if we do this capex and orders do not flow through because of any other reason.

Navin Juneja:

Sir, first of all INR1,000 crores means INR200 crores per annum, okay, approximately. So for that, we are doing this capex -- because what capex we are doing, whatever the businesses we are looking next year numbers, we need to start the production, etcetera, etcetera. We are doing capex of this for that. I just explained the major is Forging, we got INR100 crores per annum order. We are doing a capex, which includes machine -- plant and machinery, also a little bit capex on building.

And for the balanced infrastructure like power, et cetera, we need to set up some stuff. We are doing capex for that. Out of INR85 crores capex, INR50 crores is in the machine, balance is in other stuff, which will take care of our INR100 crores order, plus we have the present capacity because this requires heavy presses for these parts, which we are going to manufacture. We are buying another new press of INR2,500 for that plus VMC and CNC machines required plus align capex to that.

And plus, we have a capacity to our existing machines also, which are from running from 700 to 2,500. We have some capacity lying idle, which we utilize for other businesses in that. For the Marelli capex, second is majorly Marelli capex. I just explained. A little bit capex we will do for new businesses we are getting.

Plus major capex will be again there for setting up a facility in Gujarat because we are securing some order from the customers who are based in Gujarat and want us to be there to provide them the support of just-in-time delivery. So these are the major capex, which will take care for next year, I'm talking about this capex is for next 1.5 to 2 years only.

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Preet: INR155 crores over the period of two years? Navin Juneja: No. capex, which we have to look -- to take care of my sales for the next year and for '25, '26, '27, and partly for '26, '27, '28. Preet: We are going to do this capex in the year FY '27 or now? Navin Juneja: No, we will start -- we already started and it will be over by the December of this calendar year and at least for the... Preet: And we have guided around INR70 crores of capex in FY '27 for the rest of business. So that INR70 crores stays intact and it is different from this INR150 crores, right? Navin Juneja: No, this figure of INR150 crores includes everything. Preet: okay. This includes everything... Navin Juneja: Yes. This is a new number, okay? Preet: And we are going to take a debt for this? Navin Juneja: For the forging and the stand-alone business required a capex of around INR115 crores. So we don't have immediate cash flow for that. We will take a little bit of debt to take care of the shortterm requirement. Preet: Okay. And what... Navin Juneja: INR25 crores, INR30 crores only. Preet: INR25 crores, INR30 crores? Navin Juneja: Yes. Moderator: We'll take our next question from the line of Ravi Shah from Drs Capital. Ravi Shah: So basically, first of all, congrats on a good set of numbers for the Gaskets and JV business. My first question would be, sir, on the stand-alone business. So revenue growth there has been relatively muted compared to some of the peers in the industry. So what are the factors, which are contributing to the sluggishness in the stand-alone business? Is it the environment or is it the customer concentration? Or is it the product mix? Just wanted some clarity there. Navin Juneja: So regarding the stand-alone business, my Gasket business primarily cater to the agri commercial vehicles, LCV, MCV and agri off-roader, okay? So we have gone up by 12% overall. If we break that -- my sale of agri commercial vehicle has gone much higher. 2-wheeler, we have to see where we are catering. I'm catering to Cummins and catering to Tata Motors and catering to Volvo.

These are the three major players in the CV industry. I'm not catering to Ashok Leyland. If you see the growth of these 3, we are in par in this segment. And plus in agri, we are -- John Deere,

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we are there in a major way and Sonalika and Escorts. So my growth is also 15%, 18% in that segment. But my growth is a little flattish in the export segment in this because we are primarily exporting aftermarket business to U.S. That has a little bit impacted to extent of INR6 crores, INR7 crores in this quarter. But now on the order, we are back on track, and we can see a decent growth.

On the 2-wheeler segment, please, I'm only in Bajaj and Hero Motor. Bajaj, I am 100%, which is marginally over 6%, 7% and Hero Motor I'm 30%. I'm not there in TVS and all this, et cetera, which they have grown much higher. So we have to see where we are. And Heat Shield go in Maruti and Hyundai. We have grown there the way they have grown. We are single source. But if you see the other joint ventures, they are in Maruti and Tata Motor. So they have grown the way they have grown.

Ravi Shah:

Sir, I'll just move on to the next question. So how do you see the demand trends across Gaskets, Forgings and other division? So are we receiving more client interest? For the next 2, 3 quarters how are you looking at this panning out?

Navin Juneja: Sorry, I want to add one more thing. There were inventory also lying at the customer end, which has now been depleted. Now we are getting this quarter, we can see better growth as compared to last quarter. Definitely better because 1.5 months has gone, we know where we are.

Ravi Shah: Got it. So this applies to Gaskets Forging segment as well? How is the demand in Gaskets and Forging segment?

Navin Juneja:

This quarter, in Gasket business, I'm expecting a growth of 15% as compared to last year in Q4 versus Q4, if I talk about. In Forging business, I'm expecting growth of 5% because it starts moving now and it was flattish last year. In Marugo business, I'm expecting again 10% plus growth in this business. And in Marelli also 20% growth in this business. This is the last quarter what I expect compared to last year.

Anuj Talwar:

Strong Quarter 4 as we are saying to you. Strong demand.

Ravi Shah:

And sir, this will connect to my last question would be what would -- given our current order book size and the industry outlook, what is the revenue growth guidance we are targeting for FY '26 and FY '27?

Navin Juneja: So I am targeting double-digit revenue growth definitely for next financial year but I can't give you an exact number. We are in the process of preparation of sales budget, et cetera. So in May when we'll come out with the audited results, we will give you guidance for that.

Moderator: Thank you. As there are no further questions from the participants, I now hand over the call to management for closing comments. Over to you, sir.

Anuj Talwar: Thank you all for participating in the call. As mentioned to you, India is looking good, for us international is looking even better, and I think our Q4 will be stronger than Q3. Exports will also pick up in a big way. Thank you.

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Talbros Automotive Components Limited February 12, 2026

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Moderator:

Thank you, members of the management team. On behalf of Talbros Automotive Components Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.

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