Dear Shareholders,
It gives me great pleasure to share our journey and progress through
this annual report, our first full year as a listed company. This milestone is more than
symbolic. It reflects our evolution from a strong, family-built business into a publicly
trusted enterprise, delivering value with consistency and conviction.
FY25 was not just a year of numbers but a year of validation. We
scaling up operations, strengthened fundamentals, explored new frontiers and delivered
record financial performance, all while staying true to our ethos of engineering
precision, operational excellence and Long-term strategic mindset.
Results that matter
We closed the year with consolidated revenue of 3,600 crore, reflecting
a growth of 20.2% over FY24. More meaningfully, our profitability expanded at a sharper
pace. EBITDA grew by 42.7% to 444 crore, and PAT grew by 42.5% to 248 crore. Our EBITDA
margin reached 12.3%, the highest in our history. These numbers are the outcome of our
discipline in execution, thoughtful scaling up and an organisation-wide focus on
efficiency.
Our earnings per share increased from 8.8 to 12.6, and our capital
structure improved further with debt-equity ratio came down to 0.38 from 0.42 in FY24,
reinforcing our strong financial foundation for the future growth.
Deepening the core
Our leadership in Advanced Braking Systems remained firm, with over 50
% market share. Revenue from this segment at 16 %, driven by enduring relationships with
leading OEMs and growing traction among electric two-wheeler customers.
The growth momentum was even stronger in our Aluminium Lightweighting
Precision Solutions business. This segment accounted for more than 45 % of our revenue and
grew by 28 % during the year. As lightweighting and thermal management become essential
across platforms, our aluminium engineering Capabilities are increasing in demand
domestically and internationally.
Safety Control Cables also delivered healthy growth of 14 %, backed by
stronger OEM penetration and deeper Independent Aftermarket reach.
Strengthening our foundation
This year, key investments began to deliver results. We commissioned
our 18th manufacturing facility in Bengaluru, improving access to OEMs in the South and
enhancing logistical efficiency. At our Karoli plant, production ramped up steadily,
supporting margin improvement through better utilisation.
We also commissioned a 9.9-megawatt solar power plant in Sirsa,
Haryana. This project will meet a part of our captive energy needs while reducing our
carbon footprint. These initiatives reflect our approach of building Smart and Sustainable
capacity that is prepared for the future.
Expanding horizons
FY25 also marked the beginning of two meaningful collaborations.
We entered into a joint venture with AISIN Group of Japan, a leading
global auto component manufacturer, to participate in the independent aftermarket segment
for components of passenger car products The early response, including at the Bharat
Mobility Global Expo, has been positive, and we are excited to scale this partnership in
the coming year.
In addition, we signed a technical collaboration with Kyushu Yanagawa
Seiki of Japan (KYSK) to produce high-pressure die-cast alloy wheels for two-wheelers.
This collaboration aligns with our aluminium expertise and allows us to enter a
fast-growing, design-led category.
Both alliances are long-term moves, aimed at strengthening our presence
across high-value and high-potential product segments.
Built for new mobility
While our products serve both ICE and EV platforms, we are seeing
increasing traction in the electric mobility space. Today, ASK supplies components to
nearly 80 % of India's top two-wheeler EV OEMs. Revenue from EV-linked products
contributes over 4 % to our overall revenue. As EV adoption increases, we are
well-positioned to grow with it.
Taking Indian quality global
Our exports contributed 4.1 % of total revenue this year. Despite a
slowdown in some international markets. Export is our key focus area and part of our
growth strategies.
Margins with meaning
Even in a year marked by input cost volatility and external
uncertainties, our EBITDA margin improved by 190 basis points, rising from 10.4 % in FY24
to 12.3 % this year. This progress was driven by better utilisation at new plants, tighter
cost control and continued operational excellence.
We believe these efficiencies will sustain and strengthen further as
our large-scale facilities stabilise and reach higher output levels.
The power of our people
More than any number or milestone, it is our people who drive the ASK
Journey forward. Across 18 plants and offices, our teams showed extraordinary focus,
discipline and pride in their work. We continued to invest in building a culture where
ownership is encouraged, safety is embedded, and integrity is uncompromised.
This people-first approach defines how we work with our customers, our
suppliers and our communities. It is what gives us our edge.
Looking ahead
In FY26, our focus will be on strengthening our leadership in the
two-wheeler systems space, scaling alloy wheels and passenger car components and executing
on our alliances with AISIN and KYSK. We will continue to build exports and invest in
renewable energy, digitised operations and smart capacity additions. Everything we do will
be guided by our commitment to grow responsibly and deliver enduring value.
To all our stakeholders, thank you. Your trust, partnership and belief
in our vision continue to inspire us. With your support, we are confident that ASK will
keep moving forward with focus, humility and ambition.
Warm regards,
Kuldip Singh Rathee
Chairman and Managing Director
ASK Automotive Limited