Auto.Corp.of Goa - Auto.Corp.of Goa

📊 BSE: 505036 🏢 Auto Components & Equipments 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 13.05% to INR 675.62 Cr. The Bus Segment revenue increased by 15.81% to INR 591.97 Cr, driven by passenger vehicle demand. The Pressing Segment revenue decreased by 5.89% to INR 68.76 Cr due to lower raw material prices and subsequent selling price adjustments.

Geographic Revenue Split

Domestic sales dominate the mix, while exports accounted for 2,038 bus units out of 7,265 total units sold, representing 28.05% of total volume.

Profitability Margins

Net Profit After Tax (after OCI) margin improved from 6.27% to 6.96% YoY. Profit after tax stood at INR 46.97 Cr compared to INR 37.42 Cr in the previous year, a 25.52% increase.

EBITDA Margin

EBITDA margin (Profit before Interest, Depreciation, Tax and OCI) improved to 9.95% in FY25 from 9.39% in FY24, reflecting better operational efficiency.

Capital Expenditure

Not explicitly disclosed in INR Cr, though the Pressing Segment is identified as capital intensive where capacity utilization is the primary driver of profitability.

Credit Rating & Borrowing

The Debt-Equity ratio increased by 19% to 0.34 in FY25 from 0.28 in FY24. Finance costs remained negligible at 0.01% of total revenue.

⚙️ Operational Drivers

Raw Materials

Sheet metal and bus body components; material costs (including stock changes) represent 68.70% of total revenue, amounting to INR 464.15 Cr.

Key Suppliers

Not disclosed, though the company is a key supplier to major OEMs like Tata Motors (implied by board directorships).

Capacity Expansion

The company sold 7,265 buses in FY25, an 11.58% increase from 6,511 units in FY24. Specific installed capacity in units was not disclosed.

Raw Material Costs

Raw material costs were 68.70% of revenue (INR 464.15 Cr) in FY25, slightly up from 68.17% in FY24. Procurement strategies involve adjusting selling prices based on raw material price movements.

Manufacturing Efficiency

Employee cost efficiency improved, reducing to 7.26% of revenue (INR 49.05 Cr) from 8.05% YoY, despite a reduction in permanent headcount from 452 to 433.

Logistics & Distribution

Not disclosed, but the company focuses on infrastructure development to reduce logistics costs as part of its macro outlook.

📈 Strategic Growth

Expected Growth Rate

13.05%

Growth Strategy

Growth is targeted through electrification (EV bus bodies), leveraging government initiatives like the Scrappage policy, PLI scheme, and FAME, and expanding in the commercial vehicle passenger segment.

Products & Services

Bus bodies (including electric vehicle bus bodies) and sheet metal components/pressings for the automotive industry.

Brand Portfolio

ACGL (Automobile Corporation of Goa Limited).

New Products/Services

Electric vehicle (EV) bus bodies are a key new focus area, aligned with government electrification initiatives.

Market Expansion

Export markets are a significant focus, with 2,038 units exported in FY25, representing 28.05% of total bus sales volume.

Strategic Alliances

The company maintains a key supplier relationship with major OEMs; Girish Wagh (Executive Director at Tata Motors) serves as a Non-Executive Director.

🌍 External Factors

Industry Trends

Shift toward green mobility (EV buses), increased public transport investment, and regulatory support through the Scrappage policy and PLI schemes.

Competitive Landscape

Operates in a cyclical industry driven by OEM demand and government transport policies.

Competitive Moat

Moat is built on being a key supplier to major OEMs and specialized expertise in bus body manufacturing, which is reinforced by the transition to EV bodies.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (estimated at 6.5% for FY25) and government infrastructure spending.

Consumer Behavior

Rising demand for public transportation and a shift toward sustainable/electric mobility solutions.

Geopolitical Risks

Global uncertainties are noted as factors that could impact operations, though domestic demand remains the primary driver.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by the Vehicle Scrappage policy, Production Linked Incentive (PLI) scheme, and FAME (Faster Adoption and Manufacturing of Electric Vehicles).