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CIE Automotive consolidated revenue for Q3CY26 came in at ₹2,633 crores

ICICIdirect Research 23 Oct 2026 DISCLAIMER

News: CIE Automotive consolidated revenue for Q3CY26 came in at ₹2,633 crores, up 11% YoY. EBITDA for the quarter stood at ₹374 crores (up 5% YoY) with corresponding EBITDA margins at 14.2% (down 70 bps QoQ). CIE India sales were up 18% YoY at ₹ 1,801 crore and EBITDA margins at 16.3% (down 100 bps YoY) due to material cost increase amid geopolitical situation, while European operations witnessed a revenue of ₹757 crore (down 4% YoY) with EBITDA margins at 16.3% (up 220 bps due to recovery after restructuring).

View: Overall outlook remains constructive, particularly for India, where strong order visibility( addition of ₹970 crores orderbook in 9MCY26), delayed project ramp-ups and capacity additions are expected to support growth over the coming years. The company expects most Indian automotive segments to remain reasonably healthy, although the pace of growth is likely to moderate from recent highs and tractors may underperform. Management expects India growth Capex in CY26 to be almost double the previous year's level, with a similar investment level planned for CY27; reaching approximately 8% of sales compared with the historical norm of around 5%. In Europe, the near-term environment remains difficult because of weak automotive demand, electrification and the decline in Mexican volumes. However, restructuring benefits have already translated into materially improved margins, and management remains focused on preserving profitability rather than pursuing revenue growth The stock continues to be inexpensive on the valuations front and trades at ~15x PE and ~8.5x EV/EBITDA on trailing basis.

Impact: Positive

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