Sona Comstar targets 20% revenue growth on strong EV order book momentum

Sona Comstar, based in Haryana, is focusing on new acquisitions as it manages a robust order book of Rs 23,700 crore, primarily fueled by its electric vehicle (EV) business. The company expects its EV segment to surpass growth in other areas, supported by strong demand and customer ramp-ups.

Key Highlights

• Sona Comstar holds a Rs 23,700 crore order book, mainly from its EV business
• Company targets over 20 percent overall revenue growth for FY26
• The EV segment could grow 1.5 to 2 times faster than other segments
• 70 percent of orders are EV-related, with strong demand for traction motors and controllers
• The company maintains high capacity utilisation and explores new acquisitions

EV Business Drives Revenue Growth

The company aims for overall revenue growth of at least 20 percent. According to CFO Rohit Nanda, the EV segment could grow at 1.5 to 2 times this rate, depending on market conditions. In the fourth quarter of the financial year 2025-26 (FY26), Sona Comstar reported a 14 percent increase in net profit, reaching Rs 186.9 crore, compared to Rs 163.7 crore in Q4 FY25.

Currently, 70 percent of the company’s order book consists of EV-related business. Nearly half of this is linked to electric passenger vehicles, while about 10 percent comes from the two-wheeler and three-wheeler EV segment. Traction motors and controllers remain the main drivers of this demand in the Indian market.

Despite earlier concerns about a slowdown in the EV sector, Sona Comstar’s domestic EV business continues to perform well. Two- and three-wheelers, which now account for 10 percent of overall revenue in FY26, are expected to be the strongest contributors to future EV growth.

Capacity, Investments, and Market Outlook

The company’s export business, which includes differential gears and assemblies, experienced a temporary slowdown due to the underperformance of one customer model. However, management reports that recovery has begun. Sona Comstar is also exploring inorganic growth opportunities, supported by a cash reserve of Rs 1,100–1,200 crore.

On the production side, Sona Comstar states it has enough capacity for EV motors and controllers for at least the next year. Utilisation levels for gearing remain high, at nearly 80 percent, prompting continued investment in this area. The company also plans to increase production of suspension motors, a new and advanced product, as demand is expected to rise with the launch of a new vehicle by a customer.

Also Read: Schaeffler India stays positive despite supply chain and cost challenges

CarBike 360 Says

​Sona Comstar’s strong EV order pipeline positions it well to capitalise on the global shift toward electrification. With consistent investments in advanced technologies and strategic partnerships, the company is aligning itself with future mobility trends.