CIE Automotive India Limited Q3 2026 Earnings Recap

CIE India’s shares fell 4.9% after earnings, with investors likely focused on margin compression in India and management’s expectation that market growth will slow as the effect of GST cuts fades. India’s Q3 EBITDA margin declined to 16.3% from 17.3% a year earlier amid raw-material, energy, and consumables cost pressure.

Key Takeaways

• India Q3 sales rose 18% year on year to INR 18 billion, but EBITDA margin fell 1.0 percentage point to 16.3%; management cited inflation-related price pressure.
• Management expects relative slowing in Indian market growth over the next few quarters as the impact of GST cuts diminishes; tractor growth had already slowed appreciably.
• Europe remained a drag on sales: Q3 revenue fell 4% year on year to INR 7.6 billion amid a stagnant auto market, while EBITDA margin improved to 16.3% from 14.1% following restructuring.
• Consolidated Q3 sales increased 11% year on year to INR 25.6 billion; EBITDA, EBIT, and EBT each grew 11%–14%.
• Nine-month consolidated PAT rose 17% year on year to INR 7.3 billion. Management also said CY26 India capex will be almost double last year’s level.