CRAFTSMAN AUTO Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 2.057 Crs., 30.5% growth YoY, Total Income is Rs. 2,085 Crs., 31.57% growth YoY, Gross Profit is Rs. 927 Crs., 24.4% growth YoY, EBITDA is Rs. 340 Crs., 63.78% growth YoY, EBITDA Margin is 16.30% Improved by 321 Basis points YoY, PBT Rs. 142 Crs, 355% growth YoY (which includes 3.68 Cr. one-time impact of New Labour Code), PAT Rs. 107 Crs, 728% growth YoY On QoQ basis Op. Revenue is flat to positive by 2.78%, Total Income is flat to positive by 3.67%, Gross Profit is flat to positive by 2.25%, EBITDA is up by 9.1%, PBT is up by 13.48% (which includes 3.68 Cr. one-time impact of New Labour Code) and PAT is also up by 17.88%. Management attributed Q3 weakness primarily to : • Start-up losses at the new Shoolagiri plant, • Seasonality / OEM shutdowns / December under-absorption • Short-term pass-through timing lag + FX/secondary aluminium volatility Management’s explicit growth outlook (by segment) : • Industrial & Engineering: “high single digit or low double digit.” • Powertrain: “similar number.” • Aluminium products: “high teens.” Management is prioritizing capability to capture large OEM programs, accepting temporarily higher leverage (2.55x) while targeting 1.5x steady state over time, aided by potential land monetization.