Sona Comstar Financial Breakdown: Revenue, Profit, Ratios
Sona BLW Precision Forgings Ltd (Sona Comstar, NSE: SONACOMS) reported its strongest quarter ever in Q2 FY27. Revenue, EBITDA, profit after tax (PAT), battery electric vehicle (BEV) revenue and BEV revenue share all hit record highs in the September 2026 quarter, and the stock touched a 52-week high of Rs 868 on 27 October 2026 after the results. This breakdown looks at the Q2 FY27 numbers, the FY23-FY26 trend from the company's annual report, balance-sheet strength, ratios, shareholding, dividends and how Sona Comstar compares with auto-ancillary peers.
Quick snapshot (Q2 FY27, consolidated): revenue from operations Rs 1,546.4 crore (+35.2% YoY); EBITDA Rs 356.2 crore (+23.3%) at a 23.0% margin; PAT Rs 223.4 crore (+29.9%) at a 14.4% net margin; BEV revenue Rs 606.1 crore (+129% YoY), a record 51% of automotive revenue.
Business overview
Sona Comstar, headquartered in Gurugram and founded in 1995, designs, manufactures and supplies mission-critical systems and components for electrified and non-electrified powertrains: precision-forged bevel gears, differential assemblies, starter motors, traction motors and motor controllers, plus sensors and, following its railway-equipment acquisition, railway components such as air springs. It supplies passenger-vehicle, commercial-vehicle, off-highway, electric two-wheeler and railway customers across India, North America, Europe and Asia. The investment story is the shift from a traditional driveline supplier to an EV and intelligent-mobility supplier — a shift Q2 FY27 made visible, with BEVs crossing half of automotive revenue for the first time.
Q2 FY27 results: a record quarter
The company announced results on 26 October 2026 for the quarter ended 30 September 2026. MD & Group CEO Vivek Vikram Singh called it "almost a perfect quarter" across financial performance, technology, new orders and cash generation, also noting the Driveline Division's 2026 Deming Prize for total quality management after a nine-year quality journey.
| Metric (consolidated) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 1,546.4 cr | Rs 1,144 cr | +35.2% |
| EBITDA | Rs 356.2 cr | Rs 289 cr | +23.3% |
| EBITDA margin | 23.0% | 25.2% | -220 bps |
| PAT | Rs 223.4 cr | Rs 172.7 cr | +29.9% |
| Net profit margin | 14.4% | ~15.1% | Lower |
| BEV revenue | Rs 606.1 cr | ~Rs 265 cr | +129% |
| BEV share of auto revenue | 51% | — | Record high |
For H1 FY27, revenue rose 43% YoY to Rs 2,857 crore, EBITDA rose 34% to Rs 658 crore at a 23.0% margin, and PAT rose 36% to Rs 403 crore at a 14.1% margin. Operating cash flow in H1 FY27 was about Rs 594 crore and free cash flow from operations about Rs 446 crore, per the company's concall summary — strong cash conversion alongside the profit growth.
Revenue and profit trend: FY23-FY26
Growth has been consistent, with revenue roughly doubling over four years in the company's annual-report series, while margins have cooled from the FY24 peak as the mix shifted toward traction motors and the company invested in capacity.
| Year (consolidated) | Revenue (Rs cr) | EBITDA (Rs cr) | EBITDA margin | PAT, adjusted (Rs cr) |
|---|---|---|---|---|
| FY23 | 2,676 | 696 | 26.0% | 395 |
| FY24 | 3,185 | 902 | 28.3% | 517 |
| FY25 | 3,555 | 975 | 27.4% | 601 |
| FY26 | 4,475 | 1,107 | 24.7% | 670 |
Figures from Sona Comstar's FY26 annual report (year-in-review and MD&A). FY26 PAT is adjusted for a one-time Rs 30.1 crore impact from the new labour code. Revenue grew about 26% in FY26, but EBITDA grew only about 13.5%, which is why the margin fell to 24.7% from 27.4% in FY25. The same pattern shows up in Q2 FY27: revenue up 35%, EBITDA up 23%, margin down to 23.0% from 25.2% a year ago. Management has maintained its 23-25% EBITDA margin guidance band and a medium-term revenue growth aspiration of about 25% CAGR.
Balance sheet strength and cash flow
- Net cash, not net debt: net debt-to-equity was -17.2% in FY26 (FY25: -48.4%) on the annual report's definition — debt less cash, bank balances and mutual-fund investments — meaning cash and liquid investments exceed debt.
- Interest coverage: 36.8x in FY26 (FY25: 27.5x).
- Liquidity: current ratio 3.4 in FY26 (FY25: 6.9), still comfortable.
- Cash generation: free cash flow from operations was Rs 290 crore in FY26 per the annual report, rising to about Rs 446 crore in H1 FY27 alone on concall figures.
- Working capital: working-capital turnover of 3.8x in FY26 (FY25: 5.0x) and receivables turnover of 4.8x (FY25: 5.2x).
Ratios: profitability is easing from a high base
| Ratio (annual report basis) | FY26 | FY25 |
|---|---|---|
| EBITDA margin | 24.7% | 27.4% |
| PAT margin | 14.1% | 16.9% |
| Return on equity (ROE) | 13.2% | 17.7% |
| Return on capital employed (ROCE) | 15.4% | 18.4% |
| Net debt to equity | -17.2% (net cash) | -48.4% (net cash) |
| Interest coverage | 36.8x | 27.5x |
| Current ratio | 3.4 | 6.9 |
Trailing-twelve-month EPS is about Rs 11 per share (face value Rs 10), and the stock trades at a trailing P/E of roughly 64-74x depending on vendor and date.
Segment split: BEV is now the bigger half
| Q2 FY27 revenue mix | Value / share | What it means |
|---|---|---|
| BEV revenue | Rs 606.1 cr, 51% of auto revenue | Up 129% YoY; first time above half of auto revenue |
| Non-BEV (ICE + other auto) | ~49% of auto revenue | Still large, but growing far slower than BEV |
| New business won in Q2 | Rs 3,600 cr | 3 BEV programmes, 1 intelligent/connected programme, 3 ICE programmes |
| Net order book (end-Q2 FY27) | Rs 25,100 cr | Second-highest quarter-end level; ~5.6x FY26 revenue |
| EV + robotics/physical AI share of order book | 65% | Future revenue skewed to new technologies |
Standout Q2 wins included a Rs 700 crore helical limited-slip differential order for an electric passenger-vehicle platform (production from H1 FY29), a Rs 380 crore integrated motor controller order for an electric two-wheeler platform (H1 FY28), Rs 1,250 crore of additional traction-motor volumes (H2 FY27), a Rs 100 crore rear-radar sensor order for two-wheelers, and a new railway product — air springs for passenger coaches. The company also commercialised three new products in the quarter.
Shareholding pattern (September 2026)
| Holder | Share (Sep 2026) | Note |
|---|---|---|
| Promoters (Aureus Investment Pvt Ltd) | 27.91% | Down 0.10 pp from 28.01% in June 2026; no pledge reported |
| Mutual funds | 37.74% | Up 1.06 pp in the quarter |
| Foreign institutional investors (FIIs) | ~24.15% | Down from 32.85% in March 2024 |
| Total institutional holding | 65.09% | Down 0.13 pp in the quarter |
The ownership story is a domestic-institution takeover: FIIs have trimmed steadily since 2024 while mutual funds, flush with SIP inflows, have bought.
Dividend history
Sona Comstar declared a dividend of Rs 3.40 per share for FY26, a yield of roughly 0.4% at recent prices. The payout is modest because the company reinvests heavily in capacity and technology — the trade-off for a growth stock is income forgone for expansion, and investors should not buy this stock for dividend yield.
Peer comparison
Trailing P/E figures below are indicative (vendor snapshots around late October 2026; they move daily with prices). Sona Comstar is the most expensive of the set on earnings, reflecting its EV growth premium — but its EBITDA margin (23-25%) is also well above most traditional ancillaries.
| Company | Approx. trailing P/E | Note |
|---|---|---|
| Sona Comstar (SONACOMS) | ~64-69x | EV-led growth; 23.0% Q2 EBITDA margin |
| Samvardhana Motherson | ~36x | Scale leader; lower margin, diversified |
| Bosch Ltd | ~55x | Premium tech supplier; strong brand |
| Uno Minda | ~50x | Auto components + electronics growth |
| Schaeffler India | ~43x | Bearings + driveline; steady compounder |
Key risks to watch
- Margin pressure: EBITDA margin has fallen from 28.3% (FY24) to 24.7% (FY26) and 23.0% in Q2 FY27, on product mix, steel/copper prices and freight costs.
- Valuation: at roughly 64-74x trailing earnings, the stock prices in years of 25% growth; any EV-demand slowdown or order delay could de-rate it.
- Order-book conversion: Rs 25,100 crore of orders must convert on schedule; key programmes start only in H2 FY27 to H1 FY29.
- Customer and geography concentration: as an OEM supplier across the US, Europe, India and China, it is exposed to global auto cycles, tariffs and currency moves.
- Capex intensity: heavy capacity spending (about Rs 1,540 crore in FY26 on one analysis) must earn its keep through the new EV and robotics programmes.
FAQs
What is Sona Comstar's Q2 FY27 profit? Consolidated PAT was Rs 223.4 crore in Q2 FY27, up 29.9% YoY, on revenue from operations of Rs 1,546.4 crore.
How much of Sona Comstar's revenue comes from EVs? BEV revenue was Rs 606.1 crore in Q2 FY27, up 129% YoY and a record 51% of automotive revenue.
Is Sona Comstar debt-free? On the annual report's net-debt definition it is net cash: net debt-to-equity was -17.2% in FY26, with interest coverage of 36.8x.
What is Sona Comstar's order book? The net order book stood at Rs 25,100 crore at end-Q2 FY27, with EV and robotics/physical-AI programmes making up 65% of it.
What dividend did Sona Comstar pay for FY26? Rs 3.40 per share, a yield of roughly 0.4%.
Conclusion
Sona Comstar's Q2 FY27 was a genuine inflection point: the EV business is no longer a side story but the majority of automotive revenue, the order book is at its second-highest level ever, and cash generation strengthened. The counterweight is equally clear — margins are drifting down from their FY24 peak and the stock's premium valuation assumes the 25% growth aspiration is delivered. For readers tracking the EV supply chain, the numbers to watch next quarter are BEV share, EBITDA margin against the 23-25% guidance band, and conversion of the Rs 25,100 crore order book into revenue.
Disclaimer: This article is for educational purposes only and is not investment advice. Figures are sourced from the company's Q2 FY27 results announcement, FY26 annual report, exchange filings and financial-data portals, and may differ slightly by vendor or reporting basis. Please consult a SEBI-registered investment adviser before making investment decisions.
Related reading: Axis Bank Financial Breakdown: Revenue, Profit & Ratios and TCS Financial Breakdown: Revenue, Profit & Ratios.
Sources: Sona Comstar Q2 FY27 results announcement (26 Oct 2026) and FY26 annual report (MD&A, year-in-review); Business Standard and Economic Times Q2 coverage; Equitymaster shareholding and fact sheet (Sep 2026); peer P/E snapshots (Meyka/Finnhub, late Oct 2026).