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Systematix Research Report
Sona BLW Precision Forgings Ltd.'s Q2 FY23 operating performance was 5% ahead of consensus and our estimates, as Ebitda margin surprised positively. The significant ramp up in battery electric vehicle revenues continued; this segment now accounts for 25% of sales in H1 FY23 (versus 14% in FY21).
Sona Comstar won new orders in electric vehicles (six during H1 for differential assemblies with final gear and traction motors) and has built a strong order book of Rs 205 billion for the next 10 years.
The company has fortified its position in traction motors and controllers through multiple technology collaborations (IRP Systems, Enedym and C-motive tech).
It now has a product offering (under mass production and / or prototype under testing) across vehicle segments.
We see Sona Comstar as a direct play on global electrification, as the addressable market for DA and traction motor increases 50 times to $5 billion by CY30.
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