Slides
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26 October 2026 Q2 FY27 Earnings Presentation
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2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sona BLW Precision Forgings Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this presentation may contain certain forward-looking statements concerning the Company’s future business prospects and business profitability. Such forward- looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that are difficult to predict. These risks and uncertainties include, but are not limited to, the Company’s ability to manage growth, the fluctuations in earnings, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, the Company’s ability to manage its international operations, Government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company. © Sona BLW Precision Forgings Limited (Sona Comstar). Reproduction and distribution of this Presentation without the permission of Sona Comstar is prohibited. Disclaimer
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3 Our Management Mr. Vivek Vikram Singh MD & Group CEO Mr. Praveen Chakrapani Rao Group CTO Mr. V. Vikram Verma Whole Time Director and CEO, Driveline Business Mr. Sat Mohan Gupta CEO, Motor Business Mr. Rohit Nanda Group CFO Mr. Amit Mishra Head, Railway Business
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Business Performance Highlights Our Booth at Consumer Electronics Show 2026
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5 Q2 FY27 Financial Performance Highlights 15,464 mn | 35% Revenue | YoY Growth 3,562 mn | 23% EBITDA | YoY Growth 23.0% EBITDA Margin 6,061 mn | 129% BEV Revenue | YoY Growth 51% BEV Share in Automotive Product Revenue2 Notes: 1. PAT margin percentage calculated from PAT including non-controlling interest 2. Includes product revenue from PV, CV, OHV, E2W, E3W vehicle segments 2,234 mn | 29% PAT | YoY Growth 14.4% PAT Margin1
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6 H1 FY27 Financial Performance Highlights 28,568 mn | 43% Revenue | YoY Growth 6,588 mn | 34% EBITDA | YoY Growth 23.1% EBITDA Margin Notes: 1. PAT margin percentage calculated from PAT including non-controlling interest 2. ROCE = LTM EBIT/(Average tangible capital employed + capital deployed for acquiring NOVELIC) 3. ROE = LTM PAT/(Average tangible net worth + capital deployed for acquiring NOVELIC) 16.4% RoCE3 13.9% RoE4 4,039 mn | 36% PAT1 | YoY Growth 14.1% PAT Margin2
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Update on our Strategic Priorities Our Integrated Motor Controllers, EVTOL Gearbox, and AMR Drive Unit at CES 2026
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8 Update on our Strategic Priorities EPIC Mobility Global Market Significance TechnologyDiversification
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9 Sizeable and Increasing Presence in EPIC Mobility Notes: 1. Includes product revenue from PV, CV, OHV, E2W, E3W vehicle segments 2. Include BEV/PHEV and Robotics & Physical AI programs currently in serial production as well as in the orderbook; numbers in brackets to be read as (# of programs in fully ramped up production + # of programs in ramp-up + # of programs not yet in production) 48% H1 FY27 BEV Share in Automotive Product Revenue1 10,416 mn H1 FY27 BEV revenue 119% H1 FY27 BEV revenue YoY growth 71 (20+20+31)2 EPIC Mobility Programs2 awarded across 36 customers as at the end of Q1 FY27 75 (21+23+31)2 EPIC Mobility Programs2 awarded across 37 customers as at the end of Q2 FY27 +4
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10 Existing Customer Helical Limited-Slip Differential Global OEM of EVs ₹7,000 mn addition in our orderbook H1 FY29 Start of Production For Electric Passenger Vehicles Existing Customer In Q2, we won orders for two new products, another order for integrated motor controller, & more volumes for existing programs Integrated Motor Controller Indian OEM of ICE and EV 2-Wheelers ₹3,800 mn addition in our orderbook H1 FY28 Start of Production Traction motors For Electric 2-wheelers (Additional Volumes in two existing programs) Indian OEM of ICE and EV 2Ws and 3Ws ₹12,500 mn addition in our orderbook H2 FY27 Start of Production Existing Customer For Electric 2-wheelers Rear Radar Sensor New Customer Indian OEM of ICE and EV 2-Wheelers ₹1,000 mn addition in our orderbook H2 FY28 Start of Production For Intelligent & Connected 2Ws
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11 Our Strategic Priorities EPIC Mobility Global Market Significance TechnologyDiversification
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12 Existing Customer Starter Motors North American OEM of PVs and EVs ₹3,300 mn addition in our orderbook H1 FY29 Start of Production Existing Customer Our non-electric program portfolio also continues to expand adding ₹6.6 billion in orderbook this quarter Differential Assembly Indian OEM of PVs, CVs, OHVs and EVs ₹1,600 mn addition in our orderbook H2 FY28 Start of Production Differential Gears North American and Indian Customers ₹2,000 mn addition in our orderbook H1 FY28 Start of Production Existing Customers For ICE Passenger Vehicles Multiple programs for ICE PVs and OHVs For ICE Passenger Vehicles
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13 Our net order book1 stands at ₹251 billion (5.6x FY26 revenue) Notes: 1. Net order book means the aggregate revenue from awarded programs which are either yet to start production or are yet to fully ramp up, in the next 10 years, after adjusting for the negative impact of all programs that are expected to reach end of life or be phased out. We ha ve also applied a discount to accommodate any unforeseen delays or changes in program launches that may happen in the future. 2. Railway business order book is based on the purchase orders received from the customers to be executed largely within next 12 months Automotive EV Automotive Non-EV ₹152 billion (61%) 44 ₹77 billion (31%) 126 ₹13 bn (5%) ₹9 bn (4%) 5# of Programs 240 bn 25 bn 36 bn 251 bn Orderbook at the end of Q1 FY27 Orders consumed from matured and ramp-up programs during Q2 FY27 Orders added for programs won in Q2 FY27 Orderbook at the end of Q2 FY27 Railway2 Robotics & Physical AI
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14 Our Strategic Priorities EPIC Mobility Global Market Significance TechnologyDiversification
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15 Diversified Revenue Mix FY26 H1 FY27 49% 49% 9% 7% 31% 29% 10% 14% PV CV Non-Automotive E2W/E3W By Market segmentBy Product 17% 22% 16%7% 10% 1% 10% 4% 2% 11% FY26 By Geography 51% 25% 14% 10% H1 FY27 51% 27% 17% 5% FY26 1% 1% Robotics and Physical AI 19% 19% 10%8% 14% 7% 7% 3% 1% 12% H1 FY27
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16 Our Strategic Priorities EPIC Mobility Global Market Significance TechnologyDiversification
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17 Our Technology Roadmap for E.P.I.C. Mobility Harnessing capabilities to continue our journey from components to subsystems to systems in all areas of EPIC mobility Note: The product images shown are for illustration purposes only and may not be an exact representation of the products Legacy Products Current Products Future Products EPIC Mobility Mechanical | Materials | Electrical | Electronics | Software 4-Wheeler HV e-Axle 2-Wheeler Integrated Motor-Controller eVTOL Propulsion Unit Industrial Robot Gearbox Autonomous Mobile Robot (AMR) Advanced Robotics Actuators Differential Gear Differential Assembly Steering Bevel Box Transmission Gears Reduction Gearbox Auto eVTOL HV Inverters LV Suspension Motor-Controller Integrated Radar Sensor In-cabin Sensors Short-range Radar Sensors Zone Monitoring Sensors Starter Motor Traction Motors Auto LV Auto HV eVTOL Advanced Robotics Components Advanced Robotics Motors Dampers Couplers Friction Products Railway Brake Systems Railway Automatic Plug Door System Railway HVAC System Electric Control Panel Air Spring Product commercialized in Q2FY27 Hydraulic Motor Controller New product in category Limited Slip Differential New product in category Rear Radar Sensor
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Our Exhibition Booth at Indian Railway Equipment Exhibition (IREE) 2025 Q2 FY27 Financial Update
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Q2 FY27 Financials 19 Notes: 1. Revenue includes net gain from foreign exchange 2. PAT margin percentage calculated from PAT including non-controlling interest 1,728 2,234 14.9% 14.4% Q2 FY26 Q2 FY27 PAT (Rs. mn) PAT Margin (%) o Our revenue grew by 35% during the quarter o BEV Revenue grew by 129% and constituted 51% of automotive product sales o Our EBITDA grew by 23% while EBITDA margin was lower by ~2.3% o The margin was lower due to product mix and higher input prices partially offset by the positive impact of operating leverage o Profit after tax grew by 29% YoY o PAT margin was lower by ~0.5% due to lower EBITDA margin partially improved by lower depreciation cost as a % of revenue 11,435 15,464 2,647 6,061 Q2 FY26 Q2 FY27 Revenue (Rs. mn) BEV YoY: 35% 1 2 YoY: 29% 2,891 3,562 25.3% 23.0% Q2 FY26 Q2 FY27 EBITDA (Rs. mn) EBITDA Margin (%) YoY: 23%
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H1 FY27 Financials 20 Notes: 1. Revenue includes net gain from foreign exchange 2. PAT margin percentage calculated from PAT including non-controlling interest 4,916 6,588 24.6% 23.1% H1 FY26 H1 FY27 EBITDA (Rs. mn) EBITDA Margin (%) 19,944 28,568 4,752 10,416 H1 FY26 H1 FY27 Revenue (Rs. mn) BEV 2,975 4,039 14.6% 14.1% H1 FY26 H1 FY27 PAT (Rs. mn) PAT Margin (%) YoY: 43% o Our overall revenue grew by 43% during the first half of the year o BEV Revenue grew by 119% and constituted 48% of total automotive product sales o Our EBITDA grew by 34% while EBITDA margin was lower by ~1.5% o The margin was lower due to product mix and higher input prices partially offset by the positive impact of operating leverage o Profit after tax grew by 36% YoY o PAT margin was lower by ~0.5% due to lower EBITDA margin and lower net finance income partially improved by lower depreciation cost as a % of revenue and exceptional expenses in H1FY26 1 YoY: 36% 2 YoY: 34%
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FCFO of INR 4,456 mn in H1 FY27 21 12,690 (1,479)5,935 2,509 19,655 Opening Cash, FDs & Mutual Funds as on 1st Apr 2026 Net Cash Flow from Operations Capex Others Cash Movements Closing Cash, FDs & Mutual Funds as on 30th Sep 2026 Numbers in Rs. mn EBITDA 6,588 ∆ Working capital 440 Tax paid & Others (1,093) Dividend Payment (1,120) Borrowings 2,236 ESOPs 1,076 Interest Income & Others 317 Free Cash Flow from Operations: INR 4,456 mn
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Key Ratios 22 Note: 1) VA/Employee Cost (for manufacturing businesses only) = Material margin / (Employee cost + Manpower cost on hiring) 2) ROCE = LTM EBIT/(Average tangible capital employed + capital deployed for acquiring NOVELIC and Railway Business) 3) ROE = LTM PAT/(Average tangible net worth + capital deployed for acquiring NOVELIC and Railway Business intangibles); LTM PAT is adjusted for one-time impact of ₹301 mn due to the new labour code 4) Net Debt to EBITDA = Short-term & long-term debt less cash, bank balances & mutual fund investments / LTM EBITDA 5) Working Capital Turnover (WCTR) = LTM Revenue/ Average net working capital 6) Fixed asset turnover (FATR) (for manufacturing businesses only) = LTM Revenue/ Average Tangible net block 7) ROCE, WCTR and FATR have been normalized by annualizing Railway Business EBIT and turnover respectively 18.4% 15.4% 16.4% Mar-25 Mar-26 Sep-26 RoCE (%) 5.0 3.8 4.6 Mar-25 Mar-26 Sep-26 Working Capital Turnover 17.7% 13.2% 13.9% Mar-25 Mar-26 Sep-26 RoE (%) 3.4 2.9 3.4 Mar-25 Mar-26 Sep-26 Fixed Asset Turnover 5.8 4.9 4.7 Mar-25 Mar-26 Sep-26 VA/Employee cost (2.73) (0.93) (1.17) Mar-25 Mar-26 Sep-26 Net Debt to EBITDA
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Q&A Demonstration of our AMR Platform at Consumer Electronics Show 2026
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Appendix Cross Sectional View of Hub Type EV Traction Motor
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16 120 223 183 221 399 697 910 1,135 1,348 1,174 1,492 2,207 2,807 2,616 3,309 3,456 3,653 5,033 6,088 6,992 10,380 15,663 21,306 26,756 31,866 35,545 44,752 57,136 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 H1 FY 27 (ann.) FY17–FY21 Avg. EBITDA margin 27.2% Revenue CAGR 33.8% Phase - 4 • Became publicly listed • Acquisition of NOVELIC and Railway Business • 12 plants • 34 products Our story so far… 25 FY12– FY16 Avg. EBITDA margin 25.0% Revenue CAGR 10.6% FY99– FY11 Avg. EBITDA margin 21.5% Revenue CAGR 50.6% FY99 – H1 FY27 annualized Avg EBITDA margin 25.3% Revenue CAGR 33.9% Phase - 3 • Acquisition of Comstar • 47 Customers (37+10) • 9 Plants (5+4) • 10 Products (5+5) Phase - 2 • 22 Customers • 2 Plants • 2 Products Phase - 1 • 18 Customers • 2 Plants • 1 Product Revenue in INR millions 28,568 H1FY27 H1FY27 (Ann.) FY22–H1FY27 Ann. Avg. EBITDA margin 25.1% Revenue CAGR 24.1%
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One Vision To become one of the World’s most Respected and Valuable Mobility Technology companies for our Customers, Employees & Shareholders. 26
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Guided by Values 27 23% GrowthAgility Vitality Frugality 20% Returns 26% MarginsIntegrity 5-year Revenue CAGR 5-year Avg. EBITDA 5-year Avg. ROE1 Note: 1) ROE = 5-year average of PAT/5-year average of (Average tangible net worth + capital deployed for acquiring NOVELIC and Railway Business); For a 5-year period of FY22 to FY26
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Established Global Presence to Serve Customers Locally 28 Notes: 1. Data Source: a) BofA Global Automobiles Report; b) Ricardo Report; c) EV-Volumes; d) Vahan Database; Company Analysis Belgium Genk Germany Cologne Manufacturing Plants12 R&D Centres5 Tool & Die Shop1 Warehouses8 India Location Key Products Gurugram Differential gears Manesar Differential assemblies Faridabad Brakes, Suspension, Couplers Pune Differential gears Chennai Starter motors, Traction motors & controllers Hosur, Sanand, Rudrapur, Mehsana China Location Key Products Hangzhou Suspension motors USA Location Key Products Tecumseh, MI Starter motors Ypsilanti, MI 7 of the world’s top 10 PV OEMs1a 8 of the world’s top 10 tractor OEMs1b 3 of the world’s top 10 CV OEMs1b 3 of the world’s top 10 EV OEMs1c 3 of the Indian top 10 Indian e-2-Wheeler OEMs1d Engineering Capability Centres3 Serbia Belgrade Novi Sad Niš Mexico Location Key Products Irapuato Starter motors Silao Differential assemblies
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234 2,057 5,042 6,707 8,859 12,235 11,542 20,832 2% 14% 25% 26% 29% 36% 35% 48% FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 ann. BEV Segment Revenue (Rs. mn) BEV Revenue Share (%) 29 BEV revenue and BEV revenue share1 over the years Notes: 1. Includes product revenue from PV, CV, OHV, E2W, E3W vehicle segments 10,416 H1FY27 H1FY27 (Ann.)
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30 75 EPIC mobility programs across 37 different customers1 Notes: 1. 4 customers are present in more than one geography 2. Europe geography includes the UK 24 68 37 Europe2 3 7 1 5 5 Customers Asia 3 3 3 2 6 Customers +x denotes the change during Q2 FY27 Programs in fully ramped-up production Programs in ramp-up or not yet in production Programs for Driveline business Programs for Motor business Programs for Robotics and Physical AI business 1 +2 +1 +1 North America 9 15 23 9 Customers 1 India 6 31 15 20 22 Customers 2 +1
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Market Shares for Differential Gears and Starter Motors 31 Passenger Vehicles Commercial Vehicles Tractors 55-60%2 80-90%2 75-85%2 While we dominate the Indian market for Differential Gears Notes: 1. Data Source: Ricardo, CRISIL, Company Analysis 2. As per CRISIL report dated Feb 2021 4.6% Global Market Share of Starter Motors1 Global Market Share of Differential Gears 1 6.3%CY204.5%CY19 5.0% CY21 CY202.5%CY19 3.0% CY21 4.1% 7.2%CY22 CY22 4.2% 8.1%CY23 CY23 8.8%CY24 CY24 4.4% 8.7%CY25 CY25 4.2%
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32 *Product under development Inter-Axle Gear Set Coupling/ Sleeves 13 12 Differential Bevel Gears 6 5 5 6 7 Epicyclic Geartrain 8 8 12 Intermediate Gears 1 2 2 1 Traction Motor* Controller* 3 Starter Motor 4 4 Input/Rotor Shaft Integrated Motor Controller Module (for Predictive Active Suspension) 11 Electronically Locking Differential (EDL) Spool Gears 13 Short Range Radar SensorsIn-Cabin Radar Sensors 9 9 10 10 7 Commercial Vehicles Passenger Vehicles Differential Assembly 14 Steering Bevel Box 15 Park Gear Limited Slip Differential (LSD) 15 Product Summary
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33 Product Summary *Product under development Off Highway Vehicles Buses 3 Traction Motor* 2 Controller* Differential Bevel Gears 1 4 In-Cabin RADAR Sensors 7 Starter Motor 5 Spiral Bevel Gears Portal Axle Gears 98 1 1 2 Differential Assembly Differential Bevel Gears 2 In-Cabin Radar Sensors ControllerTraction Motor 34 4 3 Light Commercial Vehicles /3-Wheeler (Cargo) Short Range Radar Sensors 6 6 5 5 Short Range Radar Sensors 7 Steering Bevel Box 7 Hydraulic Motor Controller 7
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34 Product Summary *Product under development Advanced Robotics Drive Motor Controller 2 3 2 Electric 2-Wheelers Electric 3-Wheelers 4 3 Short Range Radar Sensors 1 1 5 Integrated Drive Motor & Controller Hub Wheel Motor AGV/AMR Drive Unit* Zone Monitoring Sensors 1 3 4 Short Range Radar Sensors 2 Gearbox* 6 Integrated Hub Motor & Controller* eVTOL Reduction Gearbox* 5 eVTOL Motor* Frameless Motors* 4 7 6 4 eVTOL 2
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35 Product Summary *Product under development Railways 2 Friction Products AAR-H Coupler Dampers Axle Mounted Disc Brake System 1 Microprocessor Controlled Brake System Bogie Mounted Brake System Electro Pneumatic Brake System Automatic Coupler Semi Automatic Coupler Semi Permanent Coupler 4 3 6 7 8 9 11 10 5 12 Wheel Mounted Disc Brake System Air Spring 13 14 Electric PanelsHVAC System