TM

Winnebago Industries, Inc.WGO is focusing on operational improvements, product innovation and premium brand positioning to strengthen its competitive standing in the recreational vehicle market. The company's motorhome business is showing signs of recovery, while cost-cutting initiatives and improving cash flow could support earnings growth and shareholder returns. Shares of WGO are down 28.8% over the past year against the industry's 21.5% fall. Image Source: Zacks Investment Research Let's examine the factors supporting WGO's growth prospects. Winnebago's Motorhome RV segment is witnessing an operational recovery, supported by cost optimization, disciplined pricing and manufacturing efficiencies. In fiscal 2026, segment revenues rose 8.4% year over year to $1.26 billion, while operating income improved to $33.2 million from a $7.3 million loss. Operating margin expanded 320 basis points (bps) to 2.6%. Despite a 10.4% revenue decline in the fiscal fourth quarter sequentially, operating margin improved 250 bps to 2.4%. Winnebago continues to expand its product portfolio to attract customers across different recreational categories and price points. Recent launches include Grand Design's Lineage motorhomes, Winnebago's ARKA adventure motorhome and Thrive travel trailers, Newmar's Freedom Aire, Grand Design's Foundation destination trailer and Barletta's Sanza pontoon. The company is also investing in advanced construction technologies, including Omega Frame and composite roofing, to improve product differentiation. Winnebago's portfolio of premium brands, including Grand Design, Newmar, Chris-Craft and Barletta, remains a competitive advantage. Its strong brand positioning is reflected in a 14.7% share of RV retail dollar sales compared with a 10.4% unit share for the trailing 12 months through August 2026. Barletta is also gaining traction in the U.S. aluminum pontoon market. Its market share increased to 9.7% in fiscal 2026 from 9% in fiscal 2025 and 4.7% in fiscal 2021. Continued market share gains should support the company's growth prospects. Winnebago is pursuing operational efficiency through manufacturing consolidation, sourcing initiatives and expense control. In fiscal 2027, the company plans to consolidate Towable RV production from two assembly campuses to one and Motorhome RV production from four campuses to three. Operating expenses declined to $284 million in fiscal 2026 from $307.9 million a year ago, reflecting ongoing cost discipline. Management expects fiscal 2027 adjusted earnings of $1.65-$2.25 per share, with the midpoint indicating approximately 9% year-over-year growth. WGO's cash generation also strengthened, with operating cash flow rising 30.9% year over year to $168.7 million in fiscal 2026 and free cash flow increasing to $144.6 million from $89.5 million. Cash and cash equivalents reached $181.4 million. In August 2026, the company raised its quarterly dividend 3% to 36 cents per share and extended its $350 million revolving credit facility through 2031. With its motorhome business gaining momentum, brands strengthening their market positions and cost-saving initiatives taking shape, the company is building a foundation for recovery. Investors should consider buying the stock to benefit from its improving performance and long-term growth potential. Winnebago Industries, Inc. price-consensus-chart | Winnebago Industries, Inc. Quote WGO currently carries Zacks Rank #2 (Buy). Other top-ranked stocks include Honda Motor HMC, Lucid Group, Inc. LCID and Toyota TM. HMC sports a Zacks Rank #1 (Strong Buy), while LCID and TM carry a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for HMC's current-year earnings is pegged at $2.29 per share, indicating a 208.5% year-over-year increase. The estimate for earnings has moved northward over the past 60 days. The Zacks Consensus Estimate for LCID's current-year loss is pegged at $12.15 per share. Its earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, with the average negative earnings surprise being 30.3%. The Zacks Consensus Estimate for TM's current fiscal-year earnings is pegged at $20.3 per share, indicating a 3.5% year-over-year increase. The estimate for earnings has moved down over the past 30 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Winnebago Industries, Inc. (WGO) : Free Stock Analysis Report Toyota Motor Corporation (TM) : Free Stock Analysis Report Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report Lucid Group, Inc. (LCID) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

KOBE, Japan, Oct. 23, 2026 (GLOBE NEWSWIRE) -- Micware Co., Ltd. (Nasdaq: MWC) (the "Company" or "Micware"), a Japan-based provider of in-vehicle infotainment, navigation, and location-based software for automakers including Honda and Toyota, today announced that it will release its financial results for the six months ended August 31, 2026, on Tuesday, November 10, 2026, U.S. Eastern Time. The Company will host an English-language earnings call on Tuesday, November 10, 2026, at 5:00 p.m. U.S. Eastern Time (Wednesday, November 11, 2026, at 7:00 a.m. Japan Standard Time), followed by a Japanese-language earnings call on Wednesday, November 11, 2026, at 2:00 a.m. U.S. Eastern Time (4:00 p.m. Japan Standard Time). To attend these earnings calls, please use the information below for access. English-language Earnings Call Date: | November 10, 2026 Time: | 5:00 p.m. U.S. Eastern Time (Wednesday, November 11, 2026, at 7:00 a.m. Japan Standard Time) Pre-registration Link: | https://us06web.zoom.us/webinar/register/WN_RXbMwE5YRk-HATpIcrPoIw Japanese-language Earnings Call Date: | November 11, 2026 Time: | 2:00 a.m. U.S. Eastern Time (4:00 p.m. Japan Standard Time) Pre-registration Link: | https://us06web.zoom.us/webinar/register/WN_W_tnqRaERt-RLm88l27l6Q For participation in the earnings calls, pre-registration is required using the links above. Dial-in details and access instructions will be provided upon registration. Please join at least 15 minutes before the commencement of the calls to ensure timely participation. For those unable to participate, video replays will be available approximately one hour after the end of each live call. The replay of the English-language earnings call will be available until November 10, 2027 U.S. Eastern Time, while the replay of the Japanese-language earnings call will be available until November 11, 2027 U.S. Eastern Time. An archived webcast of the earnings calls will also be available at the Company's investor relations website at www.ir-micware.com. About Micware Co., Ltd. Micware Co., Ltd. (Nasdaq: MWC) is a Japan-based provider of in-vehicle infotainment, navigation, and location-based software for automakers including Honda and Toyota. These capabilities also form the foundation of its spatial intelligence business. Headquartered in Kobe and led by Founder and CEO Mr. Kenji Narushima since 2003, Micware operates 13 offices across Japan, the United States, Thailand, and Germany. Through a platform-based growth strategy, Micware aims to extend its software into advanced driver assistance and connected services with micAuto-PF, and to link real-world and virtual 3D spaces with DynaPlanet-PF. For more information, visit Micware's IR website at www.ir-micware.com and its LinkedIn page at www.linkedin.com/company/micware-company-limited. Forward-Looking Statements Certain statements in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may," or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC"). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the annual report on Form 20-F and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. For more information, please contact: Micware Co., Ltd. Investor Relations Department Email: [email protected] Public Relations Email: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected]

Genuine Parts GPC continues to face operating challenges following its third-quarter 2026 earnings release, as elevated expenses and uneven automotive demand weigh on profitability. While the company's Industrial segment remains a growth driver, margin pressures and geopolitical disruptions are limiting its ability to translate sales gains into stronger earnings. The planned separation of its Automotive and Industrial businesses could also introduce high costs and execution risks. Shares of GPC are down 6.4% over the past year compared with the industry's 11.6% fall. Image Source: Zacks Investment Research Let's examine the key factors weighing on GPC stock. Genuine Parts continues to face elevated health care, freight, rent and wage expenses across its markets. Although pricing actions and sourcing efficiencies have helped offset product cost inflation, operating expenses continue to limit profitability. In the third quarter of 2026, adjusted gross margin expanded 70 basis points (bps) to 38.1%, but adjusted EBITDA margin remained flat at 8.4%, indicating that higher expenses absorbed the gross margin improvement. The pressure was more evident in the Automotive segment. North America Automotive EBITDA declined 2.9%, while its EBITDA margin contracted 40 bps to 7.6%. Despite restructuring savings, persistent supplier cost increases and elevated freight and fuel expenses could continue to constrain margin expansion through the end of 2026. The Iran conflict has increased operating expenses and weakened automotive demand across key markets. Management estimated the conflict reduced third-quarter 2026 EBITDA by $16 million, or 9 cents per share, while lowering EBITDA margin by approximately 20 bps. The cost burden has continued to accumulate. Fuel and diesel prices increased approximately 30% and 50%, respectively, year over year, while incremental conflict-related operating expenses reached around $35 million in the first nine months of 2026. Management expects an additional $15-$25 million in related costs in the fourth quarter. Continued geopolitical uncertainty could further increase energy, freight and supplier expenses while weighing on consumer spending. GPC's Automotive business faces an uncertain demand environment as consumers remain sensitive to fuel prices and weakening confidence. North America Automotive comparable sales growth slowed to 1.7% in the third quarter of 2026 from 2.6% in the second quarter. U.S. comparable sales increased just 1.8%, while NAPA retail comparable sales declined approximately 3%. International markets also recorded modest growth, with comparable sales increasing 1.3% in Canada, 1.1% in Europe and 0.7% in Australasia. However, these gains have not eliminated concerns about the underlying weakness in automotive retail demand. The combination of slower sales momentum and mounting operating expenses could further pressure Automotive profitability. Continued weakness in retail sales could make it harder for GPC to achieve a meaningful recovery in its Automotive business. Genuine Parts remains on track to separate its Automotive and Industrial businesses in the first quarter of 2027. Although the move is intended to sharpen strategic focus and allow each business to pursue distinct growth strategies, the transition is expected to bring substantial additional costs. Following the separation, the Automotive business is expected to absorb roughly $250 million in additional corporate costs and dis-synergies, while Industrial is expected to incur approximately $100 million. Separation-related costs totaled $21 million before taxes in the third quarter of 2026, bringing the nine-month total to roughly $55 million. These expenses primarily reflect advisory services, professional fees and other transition activities. The separation will also require distinct corporate functions, technology systems and capital structures, increasing execution requirements. Given persistent cost inflation, uneven automotive demand and rising separation expenses, Genuine Parts faces significant challenges to improving profitability. These headwinds, coupled with a narrower earnings outlook, could weigh on future performance, making selling GPC stock the prudent approach. Genuine Parts Company price-consensus-chart | Genuine Parts Company Quote GPC currently carries Zacks Rank #4 (Sell). Some better-ranked stocks in the Auto space are Honda Motor HMC, Lucid Group, Inc. LCID and Toyota TM. HMC sports a Zacks Rank #1 (Strong Buy), while LCID and TM carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for HMC's current-year earnings is pegged at $2.29 per share, indicating a 208.5% year-over-year increase. The estimate for earnings has moved northward over the past 60 days. The Zacks Consensus Estimate for LCID's current-year loss is pegged at $12.15 per share, 0.5% wider year over year. Its earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, with the average negative earnings surprise being 30.3%. The Zacks Consensus Estimate for TM's current fiscal-year earnings is pegged at $20.3 per share, indicating a 3.5% year-over-year increase. The estimate for earnings has moved down over the past 30 days. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Genuine Parts Company (GPC) : Free Stock Analysis Report Toyota Motor Corporation (TM) : Free Stock Analysis Report Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report Lucid Group, Inc. (LCID) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ford F heads into its upcoming third-quarter earnings report with encouraging underlying trends in its core truck and SUV businesses, despite a decline in overall U.S. vehicle sales. Ford's third-quarter U.S. sales fell 6.6% year over year to 509,764 vehicles, primarily reflecting the planned phase-out of Escape and Corsair. The strength of Ford's higher-value vehicle portfolio remains a key positive heading into earnings. F-Series sales increased 2.4% in September, while Super Duty production rose 4.4% to 110,275 units, marking its best quarterly performance in 19 years. Maverick Hybrid sales surged 59.6% to a record 27,793 units, and Bronco also recorded its strongest third-quarter sales. Demand for large SUVs, including Explorer and Expedition, further supports the company's product mix and pricing position. Additionally, active paid software subscriptions surpassed 1.7 million through September, increasing more than 40% year over year and strengthening the potential for recurring, higher-margin revenues. Although a temporary supplier issue affected F-150 production late in September, management expects the financial impact to remain within its existing 2026 adjusted EBIT guidance of $10-$11 billion. However, electric vehicle sales were the weak spot. According to Electrek, Ford's U.S. EV sales plunged 80% year over year to 6,047 vehicles in the third quarter of 2026, Mustang Mach-E sales fell 72.4% to 5,574 units, while F-150 Lightning sales tumbled 97% to just 289 units. General Motors GM provides a useful comparison, as its third-quarter U.S. deliveries declined 5.5% to 670,974 vehicles, broadly reflecting the pressure on industry volumes. Nevertheless, GM's Silverado light-duty sales increased 13.3%, while Trax and Trailblazer posted gains of 16.3% and 51.1%, respectively. These results highlight that, much like Ford, GM continues to benefit from demand for selected trucks and affordable SUVs even as overall deliveries soften. It also witnessed a steep pullback in EV demand. Chevrolet Equinox EV deliveries plunged 92.4% year over year to 1,905 units, Blazer EV sales declined to 1,261 units and Silverado EV deliveries fell 58% to 1,655 units. Cadillac LYRIQ sales dropped 50.5%, while GMC HUMMER EV and Sierra EV sales decreased 72.9% and 50.8%, respectively. GM noted that its overall third-quarter sales decline partly reflected a substantially smaller EV market. The comparison becomes more nuanced when comparing Toyota TM, which delivered 633,223 vehicles in the United States during the third quarter, up 0.6% year over year, with Toyota division sales rising 0.5% and Lexus sales increasing 1.6%. Toyota's electrified vehicle sales, including hybrids, jumped 28.5% to 363,367 units and represented 57.4% of its total quarterly sales, underscoring the strength of its multi-path electrification strategy. Toyota also continues to benefit from a broad electrified lineup, with 32 electrified vehicle options available across the Toyota and Lexus brands. Shares of F have gained 1.49% in a year against its industry's 3.4% decline. Image Source: Zacks Investment Research Ford is currently trading at a forward 12-month price-to-earnings of 6.33X, lower than the industry's average of 82.96X. It carries a Value Score of A. Image Source: Zacks Investment Research The Zacks Consensus Estimate for fiscal 2026 earnings implies year-over-year growth of 70.6%. Image Source: Zacks Investment Research The consensus estimate for EPS for fiscal 2026 has been flat over the past 60 days. Image Source: Zacks Investment Research F currently carries a Zacks Rank of #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ford Motor Company (F) : Free Stock Analysis Report Toyota Motor Corporation (TM) : Free Stock Analysis Report General Motors Company (GM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- TMNA September electrified vehicle sales of 117,215, up 37.8 percent - Toyota division achieved an all-time best-ever electrification mix of 61% - 32 electrified vehicle options available between both Toyota and Lexus brands PLANO, Texas, Oct. 1, 2026 /PRNewswire/ -- Toyota Motor North America (TMNA) today reported September 2026 U.S. sales of 201,306 vehicles, up 8.4 percent on a volume basis and up 4.0 percent on a daily selling rate (DSR) basis compared to September 2025. Sales of electrified vehicles for the month totaled 117,215, up 37.8 percent on a volume basis and up 32.2 percent on a DSR basis, representing 58.2 percent of total sales volume. For the third quarter, TMNA reported sales of 633,223 vehicles, up 0.6 percent on a volume basis and up 0.6 percent on a DSR basis versus the third quarter of 2025. Sales of electrified vehicles for the third quarter totaled 363,367, up 28.5 percent on a volume basis and up 28.5 percent on a DSR basis, representing 57.4 percent of total sales volume. Toyota division posted September sales of 171,469 vehicles, up 7.9 percent on a volume basis and up 3.6 percent on a DSR basis. For the quarter, Toyota division reported sales of 540,167 vehicles, up 0.5 percent on a volume basis and up 0.5 percent on a DSR basis. Lexus division posted September sales of 29,837 vehicles, up 11.4 percent on a volume basis and up 6.9 percent on a DSR basis. For the quarter, Lexus division reported sales of 93,056 vehicles, up 1.6 percent on a volume basis and up 1.6 percent on a DSR basis. "Our third-quarter results reinforce a simple truth—customers want choices," said Andrew Gilleland, senior vice president, Automotive Operations Group, Toyota Motor North America. "From affordability to electrification, our multi-path strategy continues to meet customers where they are and give them options that fit their lifestyles. With solid momentum and disciplined inventory heading into Q4, we're well-positioned to finish the year strong." Highlights (volume basis unless otherwise noted) TMNA: - Third quarter sales up 0.6 percent - Third quarter electrified vehicle sales of 363,367, up 28.5 percent - September sales up 8.4 percent - September electrified vehicle sales of 117,215, up 37.8 percent - 32 total electrified vehicles currently available in dealerships between both the Toyota and Lexus brands - Among the lowest incentives among full-line manufacturers Toyota Division: - Third quarter sales up 0.5 percent - Third quarter electrified vehicle sales of 325,227, up 29.2 percent - September sales up 7.9 percent - September electrified vehicle sales of 104,105, up 36.6 percent Lexus Division: - Third quarter sales up 1.6 percent - Third quarter electrified vehicle sales of 38,140, up 23.1 percent - September sales up 11.4 percent - September electrified vehicle sales of 13,110, up 47.4 percent About Toyota Toyota (NYSE:TM) has been a part of the cultural fabric in North America for nearly 70 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our more than 1,800 dealerships. Toyota directly employs nearly 64,000 people in North America who have contributed to the design, engineering, and assembly of more than 50 million cars and trucks at our 14 manufacturing plants. In 2025, Toyota's plant in North Carolina began to assemble automotive batteries for electrified vehicles. For more information about Toyota, visit www.ToyotaNewsroom.com. Media contact: Derrick Brown [email protected] TOYOTA U.S. SALES SUMMARY September 2026 | -- CURRENT MONTH -- | -- CALENDAR YEAR TO DATE -- | | | | | | | | | 2026 | 2025 | DSR % | VOL % | 2026 | 2025 | DSR % | VOL % TOTAL TMNA | 201,306 | 185,748 | 4.0 | 8.4 | 1,876,614 | 1,865,876 | 0.6 | 0.6 TOTAL TOYOTA DIV. | 171,469 | 158,959 | 3.6 | 7.9 | 1,613,846 | 1,595,301 | 1.2 | 1.2 TOTAL LEXUS DIV. | 29,837 | 26,789 | 6.9 | 11.4 | 262,768 | 270,575 | -2.9 | -2.9 COROLLA | 19,365 | 18,457 | 0.7 | 4.9 | 195,141 | 179,983 | 8.4 | 8.4 SUPRA | 21 | 221 | -90.9 | -90.5 | 2,437 | 2,009 | 21.3 | 21.3 GR86 (INCL FR-S) | 460 | 652 | -32.3 | -29.4 | 5,642 | 8,107 | -30.4 | -30.4 MIRAI | 24 | 45 | -48.8 | -46.7 | 212 | 157 | 35.0 | 35.0 CROWN | 406 | 1,139 | -65.8 | -64.4 | 6,683 | 8,689 | -23.1 | -23.1 PRIUS | 3,169 | 3,813 | -20.2 | -16.9 | 29,223 | 46,777 | -37.5 | -37.5 CAMRY | 25,350 | 24,521 | -0.8 | 3.4 | 260,684 | 234,426 | 11.2 | 11.2 TOTAL TOYOTA DIV. CAR | 48,795 | 48,849 | -4.1 | -0.1 | 500,024 | 480,151 | 4.1 | 4.1 IS | 2,227 | 1,429 | 49.6 | 55.8 | 22,257 | 14,668 | 51.7 | 51.7 RC | 1 | 97 | -99.0 | -99.0 | 239 | 1,080 | -77.9 | -77.9 ES | 3,077 | 3,208 | -7.9 | -4.1 | 10,333 | 29,788 | -65.3 | -65.3 LS | 2 | 44 | -95.6 | -95.5 | 150 | 894 | -83.2 | -83.2 LC | 104 | 50 | 99.7 | 108.0 | 1,124 | 1,004 | 12.0 | 12.0 TOTAL LEXUS DIV. CAR | 5,411 | 4,828 | 7.6 | 12.1 | 34,103 | 47,434 | -28.1 | -28.1 TOTAL TMNA CAR | 54,206 | 53,677 | -3.1 | 1.0 | 534,127 | 527,585 | 1.2 | 1.2 C-HR BEV | 894 | 0 | #N/A | #N/A | 7,215 | 3 | 240,400.0 | 240,400.0 BZ | 2,381 | 61 | 3,647.1 | 3,803.3 | 24,944 | 12,264 | 103.4 | 103.4 BZ WOODLAND | 686 | 0 | #N/A | #N/A | 2,600 | 0 | #N/A | #N/A RAV4 | 34,192 | 36,599 | -10.3 | -6.6 | 253,664 | 358,134 | -29.2 | -29.2 COROLLA CROSS | 9,776 | 6,386 | 47.0 | 53.1 | 90,131 | 73,341 | 22.9 | 22.9 CROWN SIGNIA | 2,056 | 1,057 | 86.7 | 94.5 | 17,983 | 16,277 | 10.5 | 10.5 VENZA | 1 | 4 | -76.0 | -75.0 | 11 | 703 | -98.4 | -98.4 HIGHLANDER | 3,733 | 4,083 | -12.2 | -8.6 | 42,950 | 42,677 | 0.6 | 0.6 GRAND HIGHLANDER | 11,594 | 10,494 | 6.1 | 10.5 | 108,511 | 99,833 | 8.7 | 8.7 4RUNNER | 8,996 | 8,844 | -2.4 | 1.7 | 107,987 | 67,001 | 61.2 | 61.2 SEQUOIA | 2,431 | 2,036 | 14.6 | 19.4 | 21,403 | 18,486 | 15.8 | 15.8 LAND CRUISER | 3,115 | 2,145 | 39.4 | 45.2 | 26,697 | 35,146 | -24.0 | -24.0 TOTAL TOYOTA DIV. SUV | 79,855 | 71,709 | 6.9 | 11.4 | 704,097 | 723,865 | -2.7 | -2.7 SIENNA | 9,778 | 7,802 | 20.3 | 25.3 | 84,770 | 75,876 | 11.7 | 11.7 TACOMA | 21,476 | 20,392 | 1.1 | 5.3 | 214,875 | 204,464 | 5.1 | 5.1 TUNDRA | 11,565 | 10,207 | 8.8 | 13.3 | 110,080 | 110,945 | -0.8 | -0.8 TOTAL TOYOTA DIV. PICKUP | 33,041 | 30,599 | 3.7 | 8.0 | 324,955 | 315,409 | 3.0 | 3.0 TOTAL TOYOTA DIV. TRUCK | 122,674 | 110,110 | 7.0 | 11.4 | 1,113,822 | 1,115,150 | -0.1 | -0.1 UX | 531 | 426 | 19.7 | 24.6 | 7,050 | 6,899 | 2.2 | 2.2 NX | 6,269 | 5,192 | 15.9 | 20.7 | 50,148 | 57,256 | -12.4 | -12.4 RZ | 578 | 86 | 545.2 | 572.1 | 10,214 | 5,339 | 91.3 | 91.3 RX | 9,370 | 8,682 | 3.6 | 7.9 | 89,824 | 80,427 | 11.7 | 11.7 TX | 4,466 | 4,418 | -3.0 | 1.1 | 42,674 | 39,546 | 7.9 | 7.9 GX | 2,700 | 2,602 | -0.4 | 3.8 | 23,205 | 28,244 | -17.8 | -17.8 LX | 512 | 555 | -11.4 | -7.7 | 5,550 | 5,430 | 2.2 | 2.2 TOTAL LEXUS DIV. TRUCK | 24,426 | 21,961 | 6.8 | 11.2 | 228,665 | 223,141 | 2.5 | 2.5 TOTAL TMNA TRUCK | 147,100 | 132,071 | 6.9 | 11.4 | 1,342,487 | 1,338,291 | 0.3 | 0.3 Selling Days | 25 | 24 | | | 229 | 229 | | DSR = Daily Selling Rate | | | | | | | | | | | | | | | | TOYOTA U.S. ELECTRIFIED VEHICLE SALES SUMMARY September 2026 | -- CURRENT MONTH -- | | -- CALENDAR YEAR TO DATE -- | 2026 | 2025 | DSR % | VOL% | 2026 | 2025 | DSR % | VOL% TOYOTA PRIUS HYBRID | 1,897 | 2,111 | -13.7 | -10.1 | 16,731 | 34,237 | -51.1 | -51.1 TOYOTA PRIUS PLUG-IN HYBRID | 1,272 | 1,702 | -28.3 | -25.3 | 12,492 | 12,540 | -0.4 | -0.4 TOYOTA COROLLA HYBRID | 2,814 | 2,365 | 14.2 | 19.0 | 36,734 | 37,135 | -1.1 | -1.1 TOYOTA CAMRY HYBRID | 25,350 | 24,515 | -0.7 | 3.4 | 260,671 | 234,368 | 11.2 | 11.2 TOYOTA C-HR BEV | 894 | 0 | #N/A | #N/A | 7,215 | 0 | #N/A | #N/A TOYOTA MIRAI | 24 | 45 | -48.8 | -46.7 | 212 | 157 | 35.0 | 35.0 TOYOTA CROWN | 406 | 1,139 | -65.8 | -64.4 | 6,683 | 8,689 | -23.1 | -23.1 TOYOTA SIENNA HYBRID | 9,778 | 7,801 | 20.3 | 25.3 | 84,765 | 75,867 | 11.7 | 11.7 TOYOTA 4RUNNER HYBRID | 2,289 | 2,127 | 3.3 | 7.6 | 26,152 | 13,600 | 92.3 | 92.3 TOYOTA HIGHLANDER HYBRID | 1,088 | 1,771 | -41.0 | -38.6 | 26,739 | 19,842 | 34.8 | 34.8 TOYOTA GRAND HIGHLANDER HYBRID | 7,798 | 5,329 | 40.5 | 46.3 | 65,201 | 48,563 | 34.3 | 34.3 TOYOTA SEQUOIA HYBRID | 2,431 | 2,036 | 14.6 | 19.4 | 21,403 | 18,486 | 15.8 | 15.8 TOYOTA LAND CRUISER HYBRID | 3,115 | 2,145 | 39.4 | 45.2 | 26,697 | 35,146 | -24.0 | -24.0 TOYOTA BZ BEV | 2,381 | 61 | 3,647.1 | 3,803.3 | 24,944 | 12,264 | 103.4 | 103.4 TOYOTA BZ WOODLAND BEV | 686 | 0 | #N/A | #N/A | 2,600 | 0 | #N/A | #N/A TOYOTA RAV4 HYBRID | 28,642 | 12,830 | 114.3 | 123.2 | 200,209 | 139,446 | 43.6 | 43.6 TOYOTA RAV4 PLUG-IN HYBRID | 5,544 | 1,952 | 172.7 | 184.0 | 32,228 | 16,776 | 92.1 | 92.1 TOYOTA COROLLA CROSS HYBRID | 1,821 | 2,214 | -21.0 | -17.8 | 13,905 | 24,594 | -43.5 | -43.5 TOYOTA CROWN SIGNIA | 2,056 | 1,057 | 86.7 | 94.5 | 17,983 | 16,277 | 10.5 | 10.5 TOYOTA VENZA HYBRID | 1 | 4 | -76.0 | -75.0 | 11 | 703 | -98.4 | -98.4 TOYOTA TACOMA HYBRID | 1,705 | 2,353 | -30.4 | -27.5 | 22,985 | 22,768 | 1.0 | 1.0 TOYOTA TUNDRA HYBRID | 2,113 | 2,637 | -23.1 | -19.9 | 20,574 | 22,065 | -6.8 | -6.8 LEXUS ES HYBRID | 2,489 | 1,472 | 62.3 | 69.1 | 5,133 | 13,671 | -62.5 | -62.5 LEXUS ES BEV | 586 | 0 | #N/A | #N/A | 2,083 | 0 | #N/A | #N/A LEXUS GS HYBRID | 0 | 0 | #N/A | #N/A | 0 | 0 | #N/A | #N/A LEXUS UX HYBRID | 531 | 426 | 19.7 | 24.6 | 7,050 | 6,899 | 2.2 | 2.2 LEXUS LX HYBRID | 316 | 261 | 16.2 | 21.1 | 2,868 | 1,987 | 44.3 | 44.3 LEXUS NX HYBRID | 2,359 | 2,089 | 8.4 | 12.9 | 22,699 | 23,002 | -1.3 | -1.3 LEXUS NX PLUG-IN HYBRID | 660 | 289 | 119.2 | 128.4 | 8,000 | 5,658 | 41.4 | 41.4 LEXUS RZ BEV | 578 | 86 | 545.2 | 572.1 | 10,214 | 5,339 | 91.3 | 91.3 LEXUS RX HYBRID | 4,052 | 2,915 | 33.4 | 39.0 | 37,448 | 29,546 | 26.7 | 26.7 LEXUS RX PLUG-IN HYBRID | 520 | 412 | 21.2 | 26.2 | 5,738 | 4,733 | 21.2 | 21.2 LEXUS TX HYBRID | 1,012 | 858 | 13.2 | 17.9 | 8,787 | 7,311 | 20.2 | 20.2 LEXUS TX PLUG-IN HYBRID | 7 | 83 | -91.9 | -91.6 | 953 | 689 | 38.3 | 38.3 LEXUS LS HYBRID | 0 | 5 | -100.0 | -100.0 | 1 | 34 | -97.1 | -97.1 LEXUS LC HYBRID | 0 | 0 | #N/A | #N/A | 5 | 9 | -44.4 | -44.4 TOTAL TMNA Electrified Vehicles | 117,215 | 85,090 | 32.2 | 37.8 | 1,038,114 | 892,402 | 16.3 | 16.3 TOTAL TOYOTA Electrified Vehicles | 104,105 | 76,194 | 31.2 | 36.6 | 927,135 | 793,524 | 16.8 | 16.8 TOTAL LEXUS Electrified Vehicles | 13,110 | 8,896 | 41.5 | 47.4 | 110,979 | 98,878 | 12.2 | 12.2 TOTAL TMNA SALES RATIO | 58.2 % | 45.8 % | | | 55.3 % | 47.8 % | | Selling Days | 25 | 24 | | | 229 | 229 | | View original content to download multimedia:https://www.prnewswire.com/news-releases/toyota-motor-north-america-reports-september-third-quarter-2026-us-sales-results-302896251.html

Toyota Boshoku has delivered a 35.0% share price gain over the past 5 years, even though shorter term returns have been softer. That track record raises a simple question for investors who focus on earnings: is today’s price still in line with what the business is making per share? The 35.0% rise over 5 years puts real weight on whether Toyota Boshoku’s current earnings power can carry that performance further or not. The group’s role as a key interior and seating supplier to the Toyota ecosystem can influence pricing power, capacity use and how much profit ultimately flows through to shareholders. The analysts covering Toyota Boshoku have run their own numbers. See what analysts think Toyota Boshoku's shares could be worth. The stock’s next move may depend on whether Toyota Boshoku’s current share price is well supported by its earnings profile today. If you are weighing Toyota Boshoku against other earnings focused opportunities, it can help to compare it with companies in our screener of 18 high quality undervalued stocks. The P/E ratio fits Toyota Boshoku because earnings are a central lens for a supplier tied closely into the Toyota group. On this metric, the shares trade around 18.8x earnings, which is higher than the Auto Components industry average of roughly 9.7x and also above the peer group on about 12.4x. That gap indicates that buyers today are paying a richer price for each yen of profit than they would across much of the sector. The Fair Ratio, which reflects what the P/E might look like after adjusting for Toyota Boshoku’s business mix, margins, market size and risk profile, sits below the current multiple, so the stock screens as overvalued on this framework. Anyone considering the shares needs to judge whether Toyota Boshoku’s role within the Toyota supply chain, and its own earnings quality, justify paying a premium to both the sector and this tailored reference point. Explore the numbers behind Toyota Boshoku's P/E valuation. Narratives for Toyota Boshoku pick up where the valuation ratios stop, spelling out which paths for future growth, margins and earnings would need to play out for the shares to look meaningfully higher or lower than today’s price, and they sit on Simply Wall St’s Community page. Rather than one static P/E or fair value line, they lay out the specific future those figures rely on so you can watch in real time whether that story is actually unfolding. A clear, number-driven narrative on Toyota Boshoku helps you pin down the specific growth, margin and execution assumptions that would make today’s P/E look reasonable. It gives you a reference map you can revisit as new results arrive, so you can see quickly whether Toyota Boshoku’s actual progress is matching the story you are using to justify the current price. Share your own Narrative for Toyota Boshoku and set out the assumptions behind your valuation. Before you lean too hard on the earnings story, it is worth knowing that Simply Wall St’s broader checks on Toyota Boshoku have flagged specific areas of concern that deserve a closer look. Take a closer look at 1 warning sign before settling on a valuation. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include 3116.T. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Toyota Motor stock has delivered a strong 5 year run, yet current valuation checks send a more muted signal, with a mixed overall value score even as market multiples point to some upside. Recent share price softness adds another layer for investors to weigh against the company specific developments around electric vehicles, efficiency plans and partnerships. Over the past 5 years the share price has gained about 84.0%, which puts recent short term weakness into a longer term context of solid shareholder returns. Toyota Motor's push on next generation electric vehicles in China and its battery supply link with LG Energy Solution can support earnings power, while pressure on margins and higher break even volumes may keep investors cautious about how much to pay for that growth. The broader valuation checks flag a mixed picture rather than a clear bargain or clear overvaluation, with the stock scoring 3 out of 6 on value. The issue now is whether Toyota Motor's current price still offers enough compensation for the risks around execution on electrification and efficiency compared with the returns already delivered. Scan 23 high quality undervalued stocks hand picked to highlight companies that, like Toyota Motor, show mixed valuation scores yet trade on market multiples that suggest potential upside. The P/E multiple is a useful yardstick for Toyota Motor because earnings remain a central anchor for how investors look at large, mature automakers. Toyota Motor currently trades on a P/E of 8.2x, compared with an auto industry average of 12.8x and a peer group average of 11.9x. That puts the stock on a noticeably lower earnings multiple than many competitors in the sector. The fair P/E ratio implied by the model is 16.7x, which is higher than all of those reference points and well above where Toyota Motor trades today. Despite the recent focus on efficiency under the new CEO and the push into next generation EVs in China, the market price still reflects a sizeable discount to this fair multiple. Taken at face value, the gap suggests investors are not paying a high price for the earnings that Toyota Motor is currently generating. On the P/E multiple alone, Toyota Motor stock appears undervalued compared with both its fair ratio and sector benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Toyota Motor pick up where the valuation puzzle leaves off and explain what growth, margin and earnings paths would need to occur for the stock to be worth meaningfully more or less than it is today. Rather than stopping at a single model output, they outline the future conditions that this figure relies on, so you can track how Toyota Motor's actual progress compares over time. These insights are available on Simply Wall St's Community page. Community views on Toyota Motor sit far apart, with one group focusing on efficiency and buybacks and another stressing execution and valuation risk. Bull case: 31% undervalued Read the full Bull Case to see why Toyota Motor could be undervalued Bear case: 46% overvalued Read the full Bear Case to see why Toyota Motor could be overvalued Do you think there's more to the story for Toyota Motor? Head over to our Community to see what others are saying! Toyota Motor screens as undervalued on its P/E multiple, with the market asking a lower price for its earnings than for many peers. The broader valuation checks are more mixed, which keeps the discount from looking like an obvious giveaway. For you as an investor, the real question is whether Toyota Motor can deliver on its efficiency and electrification plans in a way that convinces the market to re rate that multiple. The outcome of that execution debate is likely to matter more than where the current metrics sit today. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include 7203.T. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Electric vehicle makers Tesla (NASDAQ: TSLA) and China's BYD (OTC: BYDDY) may be the industry's most talked about companies because they're the industry's two biggest names. Yet, there's a third carmaker that both BYD and Tesla and their shareholders might want to start keeping a closer eye on since it's coming on strong within the electrified vehicle market. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » That's automobile maker Toyota Motor (NYSE: TM). Yes, that Toyota. Most investors probably know that Toyota has been tinkering with hybrids and even battery-only vehicles for a while now. What these investors might not fully appreciate is just how deep the world's biggest carmaker has waded into the electric vehicle market. For the quarter ended in June, 1.41 million (or 51.9%) of the 2.71 million automobiles that Toyota manufactured during that three-month stretch were electric rather than combustion-powered. The vast majority of these cars were hybrids, which are distinctly different from all of the EVs made by Tesla, and roughly half the so-called new-energy vehicles manufactured by BYD. Teslas are only powered by a rechargeable battery, whereas hybrids combine battery power with a combustion engine, making them practical even when recharging them is impractical. The thing is, Toyota's dedication to the continued development of its hybrid automobile business may be a brilliant one despite all the hype being generated by the proliferation of battery-only electric vehicles. For perspective, while sales of battery-electric vehicles (or BEVs) within the United States grew slightly to 1.26 million cars in 2025, according to data from the National Automobile Dealers Association (NADA), hybrid sales quietly but decisively topped that figure at 2.05 million, up 27.6% year over year. And the U.S. market hasn't been particularly receptive to either alternative to conventional combustion-powered automobiles. Of the roughly 90 million cars that were sold worldwide last year, industry research outfit Imarc reports nearly 16.3 million were hybrids, up 24.8% year over year, easily outpacing sales and sales growth of battery-only EVs. Electric vehicle market leaders Tesla and BYD only delivered 3.86 million BEVs between them last year, for reference. Moreover, Imarc expects hybrid automobile sales to reach nearly 126 million units per year by 2034, once consumers recognize this option sidesteps most of the concerns that are crimping interest in battery-only EVs here and abroad. Already the leading name of the hybrid market with last fiscal year's sales of over 4.6 million hybrid cars, Toyota stands ready to capture at least its fair share of this growth. Only time will tell whether hybrids will displace battery-only EVs, or if there's room for both options. What is clear is that the demand for hybrids is very real, and growing, posing at least an indirect threat to Tesla, which is already contending with a formidable BYD on the electric vehicle front. In the meantime, BYD is also becoming a respectable contender in the hybrid business that's proving a marketable alternative to BEVs. Arguably more than anything, though, Toyota may be an investment prospect that too many investors are looking right past, assuming it's no longer relevant. It very much is. Before you buy stock in Toyota Motor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Toyota Motor wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $430,571!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,399,268!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 28, 2026. James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends BYD Company. The Motley Fool has a disclosure policy. Toyota's Electrified Vehicles Now Make Up Nearly 52% of Its Quarterly Volume was originally published by The Motley Fool

Archion Corporation, the newly-established holding company for Japanese truck-makers Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Hino Motors, reported its maiden quarterly financial results, for the first quarter of the current fiscal year and its outlook for the full year. The company was established at the beginning of Japan’s current fiscal year, on 1 April 2026, as the 100% shareholder of both Hino Motors and MFTBC. The truck-makers’ former parent companies, Toyota Motor Corporation and Daimler Truck AG, each own 25% of Archion’s equity, with the remaining 50% of shares publicly traded on the Tokyo Stock Exchange. Combined Hino and MFTBC revenues increased by 14% year-on-year to JPY 597.9 billion (US$ 3.76 billion) on a like-for-like basis in the April-June quarter of 2026, while operating earnings rose by 32% to JPY 29 billion before ‘preliminary bargain purchase’ gains. Including the preliminary bargain purchase gains, applicable because “the fair value of the net assets acquired exceeded the purchase consideration transferred at the time of the integration,” operating profit rose elevenfold year-on-year to JPY 262.3 billion, while net profits were up fourteenfold to JPY 262.3 billion. Total vehicle sales rose by 14% year-on-year to 60,000 units in the April-June quarter, up from 52,000 units a year earlier, supported by “strong products, improved product offering and supply following the launch of new heavy-duty and light-duty truck models.” Combined Hino and MFTBC registrations in Japan rebounded by 21% to 18,880 vehicles from weak year-earlier levels, while sales in Southeast Asia surged by 51% to 22,000 units, driven by a “large-scale order from the Indonesian government” and a strong rebound by Hino in Thailand. Deliveries in the Middle East plunged by 82% year-on-year to around 1,000 units due to the Middle East conflict. The company noted that it “has been able to selectively supply vehicles and parts by establishing alternative logistics routes, including overland transportation and the use of alternative ports, in cooperation with local partners.” "Archion reports strong maiden Q1 results" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

This article first appeared on GuruFocus. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lumax Industries Ltd (BOM:517206) reported a strong 32.6% year-on-year revenue growth to INR1,223 crore, driven by robust performance across all automotive segments. The company's order book stands at a healthy INR2,500 crore, with approximately 90% LED composition, providing strong revenue visibility for future quarters. EBITDA grew by 34% year-on-year to INR113 crore, with margins holding steady at 9.2% despite external headwinds, reflecting effective cost discipline. LED lighting now accounts for 63% of total revenue, up from 61% last year, and the company is actively developing proprietary standard lighting modules for the Indian market. The company is expanding capacity with a new Bangalore plant for Maruti and Toyota, and brownfield projects at Sanam and Bhaval, positioning for future growth. Revenue from key customers like Maruti and Tata Motors grew strongly by 43% and 68% year-on-year, respectively, driven by multiple new model launches. The ongoing West Asia crisis has led to high crude oil prices, shipping disruptions, and rupee volatility, creating significant external headwinds for the company. EBITDA margins were negatively impacted by approximately 120-130 bps due to commodity and other costs, with recovery expected only in the next quarter. The company's efforts to implement monthly price amendments with OEMs have not succeeded, as most customers still prefer quarterly or six-monthly adjustments. The commercial vehicle segment remains a small part of the business at 5% of revenue, with limited growth due to standardized products and lower technology adoption. The HVAC business with Honda has underperformed, with volumes not meeting estimates, and the company sees limited material significance from this segment. Localization of key electronic components like connectors remains low at around 24%, and the company faces challenges in the Indian tooling ecosystem. Warning! GuruFocus has detected 4 Warning Sign with BOM:517206. Is BOM:517206 fairly valued? Test your thesis with our free DCF calculator. Q: What is the company's long-term growth and margin guidance, and how does the current order book support this outlook? A: Anmol Jain, Joint Managing Director, stated that the company is confident of delivering above-industry growth over the next three to five years, with a CAGR of 15% to 20%. From a current base of INR 4,500-5,000 crore, the company expects to reach upwards of INR 9,000 crore in revenue by FY30-31. For the current fiscal year, the EBITDA margin guidance remains intact at 10.5% to 11%, with an endeavor to hit upwards of 13% EBITDA within three to four years. The order book stands at approximately INR 2,500 crore, with 90% LED composition, and roughly 60% of this order book is expected to go into SOP in FY28. Q: Can you explain the margin performance in Q1 FY27 and the impact of commodity costs and price recoveries? A: Deepak Jain, Chairman and Managing Director, explained that the company had hoped for monthly price amendments from OEMs to recover from commodity volatility, but this has not happened for most of the industry. As a result, there was a 120-150 bps margin reduction in Q1 due to these recoveries not being realized. Ravi Tautia, CFO, added that the company is maintaining its full-year EBITDA guidance of 10.5% to 11% as recoveries are under discussion with OEMs. Anmol Jain supplemented that Q2 margins are expected to be higher, above 10%, as Q1 realizations are expected to be realized in Q2. Q: What is driving the strong growth in the "other customers" segment, and what is the customer diversification strategy? A: Ravi Tautia, CFO, clarified that the significant growth in the "others" category is primarily from the Skoda Volkswagen business, which started from their facility. Anmol Jain added that the company is focusing on under-penetrated customers like TVS and Suzuki Motors (SMIPL) as future growth drivers. He emphasized that the Indian auto industry is concentrated among four to five key players per segment, and Lumax has a top wallet share with most of them, covering 92% of the passenger car market and about 85% of the two-wheeler market through its group companies. Q: What is the company's strategy regarding localization, and what are the expected benefits? A: Ravi Tautia, CFO, detailed that localization is primarily focused on electronics, with key components being LED modules, SMT (already 100% localized), bare PCBs (currently 40-50% localized, expected to reach 70-80% in 2-3 years), and connectors (currently 24% localized, expected to reach 40-50%). He expects localization efforts to yield a benefit of 70-90 basis points to the business in the next 2-3 years. Deepak Jain added that while the company will prioritize localization, it will not insource everything, instead working with supplier partners, and noted the challenges in the Indian tooling ecosystem. Q: What is the current content per vehicle for lighting products, and how is this expected to evolve? A: Anmol Jain, Joint Managing Director, stated that the current content per vehicle for a passenger car is between INR 15,000 to 20,000 on average, with some outliers reaching almost INR 30,000. He foresees this increasing by at least 50% over a four to five-year horizon, potentially reaching INR 22,000 to 25,000, driven by new technologies such as dynamic lighting and projectors, though he noted there will be pressure to reduce prices from global levels. Q: What is the CapEx guidance for FY27, and what is the breakdown? A: Ravi Tautia, CFO, revised the FY27 CapEx guidance upwards to INR 200-250 crore, up from the previous INR 150-250 crore, due to new order wins over the last four months. He clarified that maintenance CapEx will continue to be around INR 40-50 crore, with the rest going towards new business. For FY28, the guidance is currently estimated at INR 150-200 crore, though Anmol Jain noted it is premature to give a firm FY28 guidance. Q: What is the outlook for the mold revenue business in FY27? A: Ravi Tautia, CFO, stated that the company expects healthy growth in mold revenue compared to the last financial year, targeting INR 250-300 crore versus INR 180-185 crore last year. However, he noted that the actual realization depends on SOP timelines from customers, with the majority of mold revenues planned for H2, specifically in Q3 or Q4. Q: How is the company positioned for the EV transition, and what is the strategy for EV content per vehicle? A: Deepak Jain, Chairman and Managing Director, emphasized that lighting is powertrain agnostic, so the company is well-positioned regardless of EV adoption. He noted that as vehicles become more electric, there will be a greater need for energy efficiency and lightweighting, which increases the value creation opportunity for lighting products. He also mentioned that the company is seeing opportunities in the EV space, with the order book currently having 12% EV composition, and expects this to grow as the market evolves. Q: Can you provide more color on the competitive landscape and where the company is gaining market share? A: Deepak Jain, Chairman and Managing Director, stated that competition intensity will increase as the Indian market grows. However, the company's strategy is to remain embedded with the top four or five OEMs in every sector, which hold 80-90% market share. He noted that the company is gaining share in the two-wheeler segment, particularly with HMSI and TVS, and expects Suzuki to become a growth driver. In the passenger vehicle segment, the market is dominated by global players, and the company is focusing on increasing wallet share with customers like Maruti Suzuki, which is expected to grow from less than 30% to 35-40%. Q: What is the status of the HVAC business, and are there plans to expand into other non-lighting products? A: Anmol Jain, Joint Managing Director, stated that the HVAC business for Honda generated about INR 18-20 crore on an annualized basis, with peak For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus. Revenue: Topline significantly down compared to plan due to unforeseen headwinds, with a 30-40% hit on transfer case revenue. EBITDA: Maintained above 20% despite the topline hit. Segment Performance - Transfer Cases: Revenue hit of 30-40% due to quality and logistics issues at two growth customers (MG Motor and Mahindra). Segment Performance - Synchro Business: Significant reduction as Toyota transitions from ICE to hybrid regime. Segment Performance - EGEA Drive (EV business with Tata): In pilot production during Q1, with significantly higher numbers expected in Q2. New Business Awards: Announced INR 220 crore lifecycle new business from Mahindra for a new last mile mobility EV product, plus new awards for four-wheel drive and component applications. Warning! GuruFocus has detected 6 Warning Signs with BOM:543812. Is BOM:543812 fairly valued? Test your thesis with our free DCF calculator. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Despite a significant drop in topline, EBITDA margin remained above 20%, demonstrating the underlying strength of the business model. The company has secured new business awards worth approximately 720 crore rupees, including a 220 crore EV transmission order from Mahindra and a new four-wheel drive vehicle model. The new facility at Shirwal is coming on stream, with state-of-the-art equipment including a high-power transmission dynamometer, enhancing validation and development capabilities. The EV transmission business with Tata Motors is ramping up, with no quality issues in the first 2,000 units and positive feedback, and capacity for 10,000 units per month. The company is benefiting from the 'China plus one' sourcing strategy, with new export orders from BorgWarner for Ford, Chrysler, Toyota, and Audi applications, and a strong pipeline of opportunities. The company has a rich product portfolio and customer diversification, including new components for Toyota's hybrid models and Mahindra's three-wheeler EVs, reducing dependence on any single segment. Q1 FY24 revenue was significantly down due to unforeseen headwinds, including quality and logistics issues at two growth customers (MG Motor and Mahindra), leading to a 30-40% hit in transfer case sales. The Toyota business is undergoing a transition from ICE to hybrid, resulting in a significant reduction in synchronizer revenue, with only about 40% recovery from new hybrid content. Export business has been impacted by geopolitical issues, particularly the Russia-Ukraine war, leading to a halt in UAZ business, and the company does not expect recovery in FY24 or FY25. The new facility at Shirwal faced issues with imported equipment from South Korea, which may delay the full ramp-up of EV production. The company's growth in the near term is dependent on the normalization of customer schedules, which may take longer than expected, especially for MG Motor due to logistics issues from China. The company has not yet secured business for Maruti Suzuki's Jimny, as the OEM has chosen to go with imported content, limiting potential growth in that segment. Q: Can you provide a timeline for the execution of the four new orders totaling around ?720 crore, and are there more orders in the pipeline due to the China Plus One sourcing strategy?A: Jitendra Divgi, Managing Director, explained that the BorgWarner business will start ramping up in January, with revenue kicking in from Q4 of this fiscal year and peaking next financial year. The Mahindra component business is ramping up rapidly and should reach steady state by September or October. The new four-wheel drive product and the EV transmission award from Mahindra will start in the final quarter of this year, with benefits driving growth in FY25. He also confirmed a rich pipeline, with approximately ?300 crore worth of business under development and launch, and even more in the quoting stage, spanning new customers like Ashok Leyland, JCB, and European EV companies. Q: What caused the significant drop in revenue during Q1 FY24, and was it related to any quality issues with your products?A: Jitendra Divgi clarified that the drop was due to unforeseen headwinds, including quality and logistics issues at two customers (Mahindra and MG Motor) that were not related to Divgi's products. Hirendra Divgi, Executive Director, emphasized that the quality issue at Mahindra was on their engine side due to another supplier, leading them to ration engine production to more profitable models. Additionally, the Toyota business is transitioning from the old ICE regime to a new hybrid, which reduced synchronizer volumes. The company expects the situation to recover in Q2 and return to normalcy from Q3 onwards. Q: What is the outlook for the export business, which declined significantly in FY23, and how will the IPO funds be utilized?A: Jitendra Divgi stated that the export decline was due to geopolitics (Russia/China) and life cycle changes in North America. The company has quoted on over ?200 crore of new export business and expects to breach the ?100 crore mark by next year. Regarding IPO funds, Hirendra Divgi explained that the primary raise was revised from ?200 crore to ?180 crore due to timing and supplier delivery constraints. The unspent funds are committed to CapEx rollout for this year and next year, as per SEBI guidelines, and are on track. The funds will be used to fill the new Shirwal plant with equipment and support new business awards. Q: Who are your key competitors in India and globally, and what is the competitive landscape for your products?A: Jitendra Divgi stated that in the four-wheel drive segment, the company is without peer in India, with competition primarily from Japan and the US. In EV transmissions, there is competition from Indian component makers, but Divgi's ability to design, develop, and manufacture complete transmission solutions sets it apart. He noted that the company is currently India's largest EV transmission system maker with the largest capacity. The company is also developing a dual-clutch automatic transmission, which will be a game-changer, with one other credible competitor in India. The strategy is to maintain a diverse product portfolio to avoid being cornered by competition in any single segment. Q: What is the potential revenue from the Tata Motors contract, and what is the capacity in place?A: Jitendra Divgi confirmed that the company has put in place capacity for almost 10,000 EV transmissions per month, covering three different models (Tiago, Tigor, and Punch). The average price realization on these transmissions is between ?10,000 and ?11,000. This represents the current awarded business with Tata, with additional opportunities being pursued. Q: What is the impact of the Toyota business transition from ICE to hybrid, and how will you compensate for the lost revenue?A: Jitendra Divgi explained that the company used to supply four synchronizer parts to Toyota with an aggregated value of close to ?8,000 for a volume of about 10,000 per month. As Toyota transitions to hybrid, Divgi now supplies a sun gear with a price realization of about ?300, with current volumes of 12,000 going to 16,000 next year. This represents about a 40% recovery of the lost revenue. However, the company has secured an exclusive arrangement with Toyota Tsusho, a $70 billion company, to reach out to the universe of Japanese OEMs, and has opened an office in Seoul to connect with Korean OEMs like Hyundai. Q: Is the company considering opportunities in the bus segment, given the government's focus on electrification?A: Jitendra Divgi stated that the bus segment is currently not in focus due to the reward-to-effort ratio being less attractive compared to the passenger car and light commercial vehicle markets, which are global. He emphasized the need to prioritize the company's most precious resourcethe energy of its peopleon opportunities that will help realize the promise to shareholders. The company is focusing on cars, SUVs, and light commercial vehicles, including three-wheelers, where the EV market is evolving rapidly. Q: Will the company supply components for Mahindra's upcoming EV models, such as the Thar EV?A: Jitendra Divgi confirmed that there is a lot of work going on in the background on EV models, not just for the Thar but also other models at Mahindra. He stated that the company will make the necessary disclosures at the right time. Q: Is there any update on the business with Maruti Suzuki for the Jimny model?A: Jitendra Divgi stated that there are no updates on the Jimny business. The discussions were through Toyota, but Suzuki or Maruti has at this juncture preferred to go ahead with their imported content. Q: What is the status of the Russia (UAZ) business, and can we expect any revenue from it in FY24?A: Jitendra Divgi clarified that due to the continuing war and sanctions, the UAZ business has not returned and is not part of the recovery plan until March. It is not even in the budget for FY25. He emphasized that it would not be prudent to jeopardize the company's prospects in the US and Europe by violating sanctions. For the complete transcript of the earnings call, please refer to the full earnings call transcript.