Sona BLW Precision Forgings Ltd (Sona Comstar) is sharpening its pivot towards electrification, backed by a robust and increasingly EV-heavy orderbook that is beginning to redefine the company’s long-term growth trajectory.

As of the end of FY26, the company’s net orderbook stood at ₹237 billion, equivalent to 5.3 times its annual revenue, offering strong visibility over the next several years. What stands out is the composition. Nearly 70% of this orderbook is linked to electric vehicle programmes, signalling a structural shift in the business rather than a cyclical upswing.  

The scale of this transition is also visible in programme wins. Sona Comstar now has 67 EV programmes across 35 customers globally, reflecting both deeper integration with OEMs and a widening geographic footprint. In the fourth quarter alone, the company secured multiple EV and hybrid driveline programmes across Europe and other key markets, strengthening its future revenue pipeline.  

Electrification Moves to the Centre

Electrification is now central to Sona Comstar’s revenue mix. In Q4 FY26, battery electric vehicle (BEV) revenue accounted for 39% of its automotive product revenue, while for the full year the share stood at around 35%.

This marks a sharp rise over the past few years, underscoring the company’s alignment with global electrification trends. While it continues to maintain a diversified presence across hybrid and ICE-linked products, the increasing contribution from EVs points to a clear shift in strategic focus.

Strong Growth, Some Margin Pressure

Financially, Sona Comstar delivered a strong performance in FY26, with revenue growing 26% year-on-year to ₹44,751 million. EBITDA rose 13% to ₹11,069 million, although margins moderated to 24.7%, reflecting an adverse product mix and higher costs.

The fourth quarter saw even stronger momentum, with revenue rising 47% year-on-year and EBITDA growing 32%. However, margins were impacted by commodity inflation, product mix changes and base effects, including incentives recognised in the previous year.  

Profitability for the year was also affected by a one-time impact related to the implementation of the new labour code.

Moving Beyond Components

Beyond electrification, Sona Comstar is also repositioning itself along the value chain. The company is transitioning from being a component supplier to a provider of integrated systems spanning mechanical, electrical, electronics and software domains.

Its technology roadmap now includes integrated motor controllers, radar sensors, e-axles and propulsion systems for emerging applications such as eVTOL, alongside drive units for autonomous mobile robots. This shift reflects a broader ambition to participate in the evolving architecture of software-defined and electrified mobility.

The company has also been expanding into non-automotive segments, including railways and industrial applications, further diversifying its revenue base.

Long-term Play

With a large and EV-skewed orderbook, increasing programme wins and a clear move towards higher-value technologies, Sona Comstar’s next phase of growth appears firmly tied to electrification and advanced mobility solutions.

While near-term margin pressures remain a watchpoint, the company’s strategic direction suggests it is positioning itself not just for growth in volumes, but for relevance in the next generation of mobility.