SONACOMS Q2 FY27 Guidance vs Delivery (SONACOMS Management Mirror)

Sep'26 Qtr EBITDA Margin Reported at 23.2%, Meeting the 23-25% Band Guided in Mar'26 Qtr

For Sep'26 Qtr, the company reported an EBITDA margin of 23.2% in its Quarterly Financial Results and an absolute EBITDA of INR 3,562 million, noting that margins were affected by product mix shifts toward lower-margin assemblies and input cost inflation. This performance stands against the Jun'26 Qtr expectation that cost-mitigation and pass-throughs would become progressively more visible starting in Q2 FY27. However, the reported outcome meets the consolidated 23% to 25% EBITDA margin band initially guided in the Mar'26 Qtr. Moving forward, management reaffirmed this 23% to 25% medium-term margin band, guiding that margins will track near the ~23% level under normal operating conditions due to higher traction motor mix and elevated raw material prices, with arithmetic dilution from cost pass-throughs persisting until material prices cool down.