CRAFTSMAN · Automobile and Auto Components
Craftsman Automation Ltd. reported revenue of ₹1,749 cr for January to March 2025, +58.3% on the year and +11.0% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹5,690 cr, +27.8% on the four before.
Operating profit (EBITDA) was ₹244 cr, a margin of 14.0%, −478 bps on the year and +132 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.6% to 20.6%, averaging 17.3%. Operating costs grew +67.6%, faster than revenue at +58.3%, so operating profit grew less than sales.
Net profit was ₹67.0 cr, −5.6% on the year and +415.4% on the quarter, with earnings per share of ₹27.99. Profit before other income, one-offs and tax fell 8.0%, so the profit growth came from the business itself. The tax rate was 12% against an average of 30% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹201 cr, −40.4% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹81.57 over the last four quarters, the stock at ₹10,963.00 trades at 134.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 12.0% against 33.8% over the previous quarters, worth about ₹16.5 cr of profit.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 14.0%, −478 bps on the year (+132 bps on the quarter).
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹68.0 cr, +47.8% on the year; 28% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,130 cr | ₹1,105 cr | ₹1,151 cr | ₹1,214 cr | ₹1,576 cr | ₹1,749 cr | ₹1,784 cr | ₹2,002 cr | ₹2,057 cr | ₹2,226 cr | ₹2,432 cr | ₹2,945 cr |
| YoY | — | — | +11% | +3% | +39% | +58% | +55% | +65% | +31% | +27% | +36% | +47% |
| EBITDA margin | 19.5% | 18.7% | 17.1% | 15.9% | 12.6% | 14.0% | 14.9% | 15.1% | 15.2% | 16.1% | 15.8% | 13.3% |
| Other income, % of PBT | 4% | 6% | 6% | 9% | −19% | −7% | −3% | 7% | 17% | 11% | 12% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 26% | 25% | 59% | 12% | 26% | 28% | 25% | 33% | 25% | 25% |
| Net profit | ₹81.0 cr | ₹71.0 cr | ₹59.0 cr | ₹62.0 cr | ₹13.0 cr | ₹67.0 cr | ₹70.0 cr | ₹91.0 cr | ₹107 cr | ₹116 cr | ₹151 cr | ₹153 cr |
| YoY | — | — | −27% | −40% | −84% | −6% | +19% | +47% | +723% | +73% | +116% | +68% |
| Core profit YoY | — | — | −26% | −42% | −65% | −8% | +28% | +55% | +219% | +90% | +82% | +59% |
| EPS | ₹34.61 | ₹29.50 | ₹22.30 | ₹25.86 | ₹5.42 | ₹27.99 | ₹29.18 | ₹38.09 | ₹44.90 | ₹48.80 | ₹57.56 | ₹58.57 |
| Flags | · | · | 1 | 1 | 1 | 3 | ✓ | 1 | 1 | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Craftsman Automation Ltd. reported revenue of ₹1,749 cr (+58.3% on the year) and net profit of ₹67.0 cr (−5.6% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −8.0% on the year, against −5.6% for reported profit.
3 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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