Sona Comstar’s Q4 profit hits record ₹164 crore despite revenue dip, EV order book surges to ₹24,200 crore

Sona BLW Precision Forgings Limited (Sona Comstar) posted its highest-ever quarterly net profit of ₹164 crore in its fourth quarter of FY25—up 10% year-on-year—even as revenue dipped 2% to ₹868 crore due to model transitions at a key customer. To the uninitiated, Sona Comstar is one of the suppliers to Tesla, although the company has never publicly disclosed its exact relationship with the Elon Musk-helmed automaker, and did not specify who the key customer was.

Despite a temporary revenue setback, Sona Comstar’s Battery Electric Vehicle (BEV) business grew 8% in the quarter from the year-ago period, contributing 35% of total fourth quarter revenue. The company’s full-year BEV revenue rose 38%, lifting its share of the annual topline to 36%. Total consolidated revenue for FY25 stood at ₹3,555 crore, up 12% year-over-year, while net profit rose 16% to ₹601 crore.

The company added ₹1,630 crore to its order book in the fourth quarter alone, including a marquee deal with a North American EV Original Equipment Manufacturer (OEM) for rotor-embedded differential systems and a commercial vehicle steering bevel box order. With these wins, Sona Comstar’s net order book swelled to ₹24,200 crore, its highest ever, with EV programs making up 77%. The number of awarded EV programs grew to 58 across 32 global customers, including high-growth new-age OEMs. This strategic pivot has resulted in BEV revenue growing 52-fold since FY20.

“We ended the year with a few large order wins, closing the year with an all-time high net order book. We have commercialized a new product, the Steering Bevel Box, leveraging our strengths in forging and machining to develop the solution for a new application outside the driveline,” said Vivek Vikram Singh, MD and CEO, Sona Comstar, in a statement.

In a bold diversification move, the company announced it is developing components and subsystems for humanoid robots, which are projected to see explosive growth over the next decade. Leveraging its core competencies in driveline systems, embedded electronics, radar sensors, and motors, Sona Comstar is targeting up to 60% of the total bill of materials for humanoid robots, which are expected to cost $35,000–$50,000 (₹29.57 lakh to ₹42.26 lakh) each.

“With substantial advancements in AI, 3D perception, and control technologies, coupled with decreasing compute costs, we expect rapid adoption of humanoid robots over the next decade. We are leveraging our core capabilities to develop components and sub-systems for these humanoid robots,” said Singh.

While the fourth quarter EBITDA dipped 5% to ₹235 crore, margins remained healthy at 27.1%. FY25 EBITDA grew 8% to ₹975 crore, with an annual margin of 27.4%. Free cash flow stood at ₹360 crore, despite investments in new technologies and repayment of debt. Adjusted return on equity has improved to 17.9%.