Investor meet transcript: exports, localisation and e-mobility in focus

Investor meet transcript out.

Mon 5 Oct 2026

Export mix - Europe

50% to Europe intercompany partners

Export mix - Southeast Asia

25% Southeast Asia

Export mix - China

13% to China

Export share of business outlook

15%-20%

Localisation level

up to about 80%, from 60%-65% three-four years back

What was shared

The company shared the transcript of its investor group meeting held on Monday, September 28, 2026. The management team answering questions included Mr. Harsha Kadam, Managing Director and Chief Executive Officer, Ms. Hardevi Vazirani, Director – Finance and Chief Financial Officer, and Ms. Gauri Kanikar, Head, Investor Relations.

Exports

• The export mix is 50% to Europe intercompany partners, 25% to Southeast Asia, and the remaining to China and the Americas — a spread described as consciously built to lower the impact of geopolitical disturbances.
• Earlier, the company was largely dependent only on Europe; over the last two years it developed other markets.
• Management said it is not pushing the export share of business to 25% - 30%; with the domestic base growing, that base is the denominator, and exports are expected to stay between 15% and 20%.
• The domestic market is growing at 14% to 15% for the company.
• Exports are mainly bearings, since automotive customers keep their own supply base wherever they operate.
• 13% of exports go to China, which management cited as evidence of cost competitiveness.
• A participant framed the export run-rate as keeping the company at INR 350 crores to INR 400 crores at the end of the year.

Localisation

• Localisation was 60% - 65% about three to four years back and is now hovering at about 80%.
• Management said it does not set a localisation target; the number is an outcome, and the customer strategy drives what gets localised.
• Localisation has extended to the steel sector and to wind product applications, with buildings being expanded there.
• On e-mobility, the company is in Phase 2 of localisation of e-axles, with buildings built and production lines being set up.

Capacity and demand

• Management said the decision on where to set up a production line follows the location of highest demand for a specific product, because a line built only for exports carries higher risk if demand drops.
• When demand is good, the company leverages capacity by running 21 shifts and through efficiency improvement in the plants.

Automotive technologies

• Management said the 29% - 30% growth seen in the automotive space came substantially from the internal combustion engine part as well.

What this means for a reader

The transcript sets out management's own commentary on export mix, localisation levels and automotive growth, along with the questions participants asked. It is a record of a discussion rather than a set of new projections or commitments.

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