Bonfiglioli Transmissions Limited reported a 38.2% year-on-year increase in profit after tax (PAT) to Rs 87.1 crore for the third quarter of calendar year 2026 (Q3 CY26), while revenue from operations grew 30.2% to Rs 660.2 crore. The company's earnings growth outpaced revenue growth, with operating profitability improving during the quarter.
EBITDA, excluding other income, increased 38% to Rs 128.9 crore, compared with Rs 93.4 crore in Q3 CY25. EBITDA margin expanded to 19.5% from 18.4% a year earlier. PAT margin also improved to 13.1% from 12.4%.
The growth in EBITDA and PAT was higher than the increase in revenue, indicating an improvement in profitability. However, the company's earnings release does not provide a detailed breakdown of individual expense categories to establish the specific factors behind the margin expansion.
This is Bonfiglioli Transmissions' first set of quarterly financial results since its listing on the stock exchanges. The company reported growth across its three principal business verticals – Industry & Automation, Off-Highway Mobility and Wind – with each recording its highest-ever quarterly revenue.
Industry & Automation, Off-Highway Mobility Drive Revenue
Industry & Automation accounted for 41.2% of Bonfiglioli's Q3 CY26 revenue, followed by Off-Highway Mobility at 31.2% and Wind at 25.7%. Other businesses contributed the remaining 1.9%.
Domestic operations accounted for 67.6% of quarterly revenue, while exports contributed 32.4%. According to the company's management, domestic and export markets registered year-on-year growth of 23.8% and 46.2%, respectively.
In Industry & Automation, the company attributed demand to increasing factory automation, the adoption of Industry 4.0 technologies and industrial and government capital expenditure.
For Off-Highway Mobility, demand drivers include localisation, import substitution and government support, alongside global original equipment manufacturers increasingly positioning India as an export base.
In the Wind segment, higher turbine capacities, new installations and replacement demand from Indian and international wind turbine manufacturers are expected to support business growth.
Nine-Month CY26 Revenue Increases 23%
For the nine months ended September 2026, Bonfiglioli reported revenue from operations of Rs 1,792 crore, an increase of 22.8% compared with Rs 1,459.2 crore in the corresponding period last year.
EBITDA rose 37.2% to Rs 353.4 crore, while PAT increased 40.7% to Rs 235.7 crore. EBITDA margin expanded to 19.7% from 17.6%, while PAT margin improved to 13.1% from 11.4%.
The revenue mix for the nine-month period comprised Industry & Automation at 42%, Off-Highway Mobility at 29.4% and Wind at 26.8%. Domestic sales accounted for 69.4% of revenue, with exports contributing 30.6%.
Bonfiglioli Maintains CY26 Growth Outlook
Bonfiglioli expects revenue growth of approximately 20% for calendar year 2026. For CY26-CY28, the company is targeting a revenue compound annual growth rate (CAGR) of around 15%, while maintaining EBITDA margins in the vicinity of 18.5%.
The company plans to pursue growth through new product introductions, market share gains, localisation and higher exports.
Bonfiglioli Transmissions manufactures gearboxes and drive solutions for OEMs and end-users across Industry & Automation, Off-Highway Mobility and Wind. The company operates three manufacturing facilities in Chennai and Pune, with a portfolio of more than 11,800 SKUs and a distribution network of 44 dealers across 31 cities in India.