Sona BLW Precision Forgings Limited
3,683words
15turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs,
2%
5%
10%
27.1%
18.8%
8%
35%
₹19 million
12%
16%
27.4%
Guidance — 12 items
Notes
opening
“PAT includes an impact of ₹19 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest 5 FY25 Financial Performance Highlights 35,545 mn | 12% 9,753 mn | 8% 6,012 mn | 16% Revenue | YoY Growth EBITDA | YoY Growth PAT1 | YoY Growth 27.4% EBITDA Margin 16.9% PAT Margin2 18.4% RoCE2 17.7% RoE3”
Notes
opening
“IEA Global EV outlook – 2024 (before subsidies and purchase tax exemptions) 9 Sizeable and Increasing Presence in EVs 36% 25% 26% 29% 14% 6.0x 6,707 5,042 2,057 1.4x 12,235 8,859 3.9x 42 30 15 1.1x 54 58 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Revenue Share from BEV BEV segment revenue 57 (15+14+28)1 EV Programs1 awarded across 32 customers as at the end of Q3 FY25 +1 FY21 FY23 FY22 FY25 Cumulative No.”
Notes
opening
“of EV FY24 Programs awarded 58 (15+16+27)1 EV Programs1 awarded across 32 customers as at the end of Q4 FY25”
Notes
opening
“Billion) 47 (31) 226 47 179 242 55 187 At the end of FY24 Orders Consumed during the year Orders Added during the year At the end of FY25 EV Non-EV”
Notes
opening
“Company Analysis 20 Q4 & FY25 Financial Update Cross Sectional View of Hub Type EV Traction Motor Q4 FY25 Financials Revenue (Rs.”
Notes
opening
“Revenue includes net gain from foreign exchange PAT margin percentage calculated from PAT including non-controlling interest 22 FY25 Financials Revenue (Rs.”
Notes
opening
“Revenue includes net gain from foreign exchange PAT margin percentage calculated from PAT including non-controlling interest 23 FCFO of INR 3,597 mn in FY25 Numbers in Rs.”
Note
opening
“EBITDA margin 25.0% Revenue CAGR 10.6% Industry CAGR 1.7% FY99– FY11 Avg.”
Note
opening
“EBITDA margin 21.5% Revenue CAGR 50.6% Industry CAGR 16.1% 697 910 1,135 1,348 1,174 1,492 2,207 2,807 2,616 3,309 3,456 3,653 35,545 31,866 FY17– FY25 Avg.”
Note
opening
“EBITDA margin 27.4% Revenue CAGR 28.8% Industry CAGR 4.7% 26,756 21,306 15,663 12,201 6,992 6,088 5,033 16 9 9 Y F 120 223 183 221 0 0 Y F 1 0 Y F 2 0 Y F 3 0 Y F 399 4 0 Y F 5 0 Y F 6 0 Y F 7 0 Y F 8 0 Y F 9 0 Y F 0 1 Y F 1 1 Y F 2 1 Y F 3 1 Y F 4 1 Y F 5 1 Y F 6 1 Y F 7 1 Y F 8 1 Y F 9 1 Y F 0 2 Y F 1 2 Y F 2 2 Y F 3 2 Y F 4 2 Y F 5 2 Y F”
Risks & concerns — 2 flagged
PAT includes an impact of ₹19 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest 5 FY25 Financial Performance Highlights 35,545 mn | 12% 9,753 mn | 8% 6,012 mn | 16% Revenue | YoY Growth EBITDA | YoY Growth PAT1 | YoY Growth 27.4% EBITDA Margin 16.9% PAT Margin2 18.4% RoCE2 17.7% RoE3
— Notes
Net order book means the aggregate revenue from awarded programs which are either yet to start production or are yet to fully ramp up, in the next 10 years, after adjusting for the negative impact of all programs that are expected to reach end of life or be phased out.
— Notes
Speaking time
12
2
1
Opening remarks
Notes
1. 2. PAT includes an impact of ₹19 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest 5 FY25 Financial Performance Highlights 35,545 mn | 12% 9,753 mn | 8% 6,012 mn | 16% Revenue | YoY Growth EBITDA | YoY Growth PAT1 | YoY Growth 27.4% EBITDA Margin 16.9% PAT Margin2 18.4% RoCE2 17.7% RoE3
Notes
1. 2. 3. 4. PAT includes an impact of ₹144 million in exceptional expenses related to potential acquisition opportunities PAT margin percentage calculated from PAT including non-controlling interest ROCE = LTM EBIT/ Average tangible capital employed + capital deployed for acquiring NOVELIC ROE = LTM PAT/ Average tangible net worth + capital deployed for acquiring NOVELIC 6 Update on our Strategic Priorities Tool and Die Shop in our Gurgaon Plant Update on our Strategic Priorities Electrification Global Market Significance Diversification Technology 8 We believe electrification is an inevitable trend lead by tech innovations addressing major consumer concerns EVs with ultra-fast charging technology can be charged faster, as fast as 5 minutes in some cases Innovation in battery chemistry and economies of scale in manufacturing has led to reduction in battery prices Price parity between EVs and ICE vehicles is expected to reach by 2030 in all major markets 1000 147 126 300 67 90 64 in 202
Notes
1. Include only BEV and PHEV programs currently in serial production as well as in the orderbook; numbers in brackets to be read as (# of programs in fully ramped up production + # of programs in ramp-up + # of programs not yet in production) 10 We have secured another program from a high-end new age EV OEM and commercialized a new product - Steering Bevel Box Rotor Embedded Differential Sub-Assembly and Epicyclic Geartrain Steering Bevel Box For Electric Passenger Vehicles For Commercial Vehicles Existing Customer Existing Customer North American New Age OEM of Electric PVs Global OEM of Commercial Vehicles ₹15,200 mn addition in our orderbook Q4 FY26 Start of Production ₹1,100 mn addition in our orderbook Q3 FY26 Start of Production 11 Our Strategic Priorities Electrification Global Market Significance Diversification Technology 12 Orders worth ₹47 billion were added to our orderbook during FY25 Net Orderbook (Rs. Billion) 47 (31) 226 47 179 242 55 187 At the end of FY24 Orders Consu
Notes
1. 2. As per CRISIL’s market size estimates for CY23 & CY24 Across light vehicles; as per CRISIL’s market size estimates for CY23 & CY24 32 7 Programs won in FY25 New customers added in FY25 Global Market Share of Differential Gears 8.1% 8.8% CY231 CY241 Global Market Share of Starter Motors 4.2% 4.4% CY232 CY242 13 Our net order book1 stands at ₹242 billion (6.8x FY25 revenue) 232 bn Orderbook at the end of Q3 FY25 7 bn Orders consumed from matured and ramp-up programs during Q4 FY25 17 bn Orders added for programs won in Q4 FY25 242 bn Orderbook at the end of Q4 FY25 EV: ₹187 billion (77%)
Non-EV
₹55 billion (23%) # of Programs # of Customers 58% 21 10 PV 10% 13 11 9% 9 9 7% 19 11 6% 25 9 10% 65 21 2W &3W CV &OHV PV CV OHV
Notes
1. Net order book means the aggregate revenue from awarded programs which are either yet to start production or are yet to fully ramp up, in the next 10 years, after adjusting for the negative impact of all programs that are expected to reach end of life or be phased out. We have also applied a discount to accommodate any unforeseen delays or changes in program launches that may happen in the future. 14 Our Strategic Priorities Electrification Global Market Significance Diversification Technology 15 Diversified Product Revenue Mix – By Powertrain Battery EV increasing as 36% of our revenue continues to be our dominant and secular theme Our pure ICE dependence continues to reduce steadily going from 18% in FY22 to 9% in FY25 FY22 FY23 FY24 FY25 25% 26% 31% 18% 26% 21% 38% 15% 29% 24% 37% 10% 36% 21% 34% 9% Battery EV Micro-hybrid / Hybrid Power source Neutral ICE Dependent 16 Diversified Revenue Mix By Geography 5% 1% 26% 40% By Product 5% 1% 1% 3% 10% 24% FY24 FY24 28% 6% 0.3% 24% 41%