DIVGIITTS
Divgi Torq share price & financials
- Price
- ₹856.7
- Market cap
- ₹3.9k Cr
- Calls analysed
- 7
Divgi Torq Q1 FY27
What went well
- Revenue of ₹141.8 crores, up 85% YoY and 25% sequential growth over Q4 FY26.
- EBITDA at ₹41.6 crores, with margins of 29.4%, showing 118% YoY growth and 50% sequential growth.
- PAT at ₹25.2 crores, reflecting 183% YoY growth and 63% sequential growth.
What to watch
- E-gear drive business remained relatively subdued at ₹5.7 crores for the quarter.
- Transition from imported EV platforms to localized production took longer than anticipated.
What Divgi Torq does
Divgi TorqTransfer Systems designs, develops and manufactures torque-transfer and transmission systems for passenger cars, commercial vehicles, utility vehicles and agricultural machinery, spanning 4WD/AWD transfer cases, torque couplers, synchroniser systems, automatic locking hubs, manual transmissions and EV transmissions. It operates as a Tier-1 driveline supplier, engineering and manufacturing to OEM specifications for customers such as Tata Motors and Mahindra & Mahindra and supplying global Tier-1 players including BorgWarner under long-standing technology and manufacturing partnerships. The company also machines precision components for global Tier-1 customers and exports transfer cases and components across North America, Europe and Asia-Pacific. It traces its lineage to a 1995 BorgWarner joint venture (Divgi Warner), becoming a fully independent, India-owned company (Divgi-TTS) in 2016.
Segments
- Transfer Case
- E-Gear Drive
- Components
- Others
- Manufacturing plants
- 4 (two in Pune, one in Shirwal - Satara district, one in Sirsi, Karnataka)
- Export market presence
- 11 countries across North America, Europe, Asia-Pacific and South Africa (US, Mexico, UK, Germany, Portugal, Indonesia, Japan, Thailand, China, South Korea, South Africa)
- Key OEM & Tier-1 relationships
- Tata Motors, Mahindra & Mahindra, BorgWarner, Toyota Tsusho
- Quality/safety certifications
- ISO 14001:2015 (environment), ISO 45001:2018 (occupational safety), IATF 16949:2016 (automotive quality)
- Technology collaborators
- Hofer Powertrain (Stuttgart), FEV Group, BorgWarner
- Academic/knowledge partnerships
- IIT Bombay, COEP Technological University, BITS Pilani
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 3 delivered 2 missed 11 open- Total Export Revenue missed said Q3 FY25 Promised: INR 80-90 crores in FY26 Q1 FY27: Target for FY26 is now in the past.
- EV Volumes delayed said Q4 FY26 Promised: Doubling of EV volumes after new model production starts in July 2026 Q1 FY27: EV segment was subdued (INR 5.7 cr) as vehicle testing for the new program got delayed due to OEM preoccupation.
- Long-term Revenue Target on track said Q4 FY25 Promised: INR 1,000 crores in next 2-3 years Q1 FY27: Reaffirmed as a key goal: 'our first order of business is to work out a roadmap to get to the first 1,000.'
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 90.3%, net profit up 177.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 54 | 53 | 58 | 72 | 83 +54% | 91 +72% | 108 +86% | 137 +90% |
| EBITDA | 11 | 9 | 9 | 14 | 17 +55% | 18 +100% | 22 +144% | 37 +164% |
| Net profit | 8 | 5 | 5 | 9 | 11 +38% | 12 +140% | 15 +200% | 25 +178% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +78.8% 1Y
1Y: ₹664.65 on 10 Sept 2025 → ₹1,188.3. High ₹1,301.05 (14 Aug 2026), low ₹581.75 (22 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +14.5%
- 12 Aug
- Q4 FY26
- −2.1%
- 2 Jun
- Q3 FY26
- +13.2%
- 13 Feb
- Q2 FY26
- +0.2%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹271 Cr | ₹254 Cr | ₹219 Cr | ₹354 Cr |
| Operating profit | ₹75 Cr | ₹53 Cr | ₹38 Cr | ₹71 Cr |
| Operating margin | 27.5% | 20.9% | 17.4% | 20.1% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹13 Cr | ₹20 Cr | ₹25 Cr | ₹30 Cr |
| Net profit | ₹50 Cr | ₹39 Cr | ₹24 Cr | ₹47 Cr |
| Net margin | 18.6% | 15.4% | 11.0% | 13.3% |
| Cash from operations | ₹41 Cr | ₹32 Cr | ₹35 Cr | ₹41 Cr |
| Free cash flow | ₹-28 Cr | ₹-45 Cr | ₹9 Cr | ₹-3 Cr |
| ROCE | 15.0% | 10.0% | 6.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹14 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹289 Cr | ₹326 Cr | ₹536 Cr | ₹565 Cr | ₹593 Cr | ₹620 Cr |
| Borrowings | ₹1 Cr | ₹0 Cr | ₹3 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr |
| Other liabilities | ₹69 Cr | ₹68 Cr | ₹93 Cr | ₹63 Cr | ₹80 Cr | ₹94 Cr |
| Total liabilities | ₹366 Cr | ₹408 Cr | ₹646 Cr | ₹644 Cr | ₹689 Cr | ₹731 Cr |
| Fixed assets | ₹105 Cr | ₹112 Cr | ₹117 Cr | ₹227 Cr | ₹252 Cr | ₹260 Cr |
| Capital work in progress | ₹6 Cr | ₹28 Cr | ₹93 Cr | ₹26 Cr | ₹15 Cr | ₹18 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹254 Cr | ₹268 Cr | ₹437 Cr | ₹392 Cr | ₹423 Cr | ₹454 Cr |
| Total assets | ₹366 Cr | ₹408 Cr | ₹646 Cr | ₹644 Cr | ₹689 Cr | ₹731 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.30 pp while DIIs added +0.20 pp. The shareholder count shrank 14% to 17,929.
- Promoters
- 60.6%
- FIIs
- 1.9%
- DIIs
- 26.2%
- Public
- 11.4%
Since Jun 2025
- Public −0.30 pp
- DIIs +0.20 pp
- FIIs +0.10 pp
How it drifted, 12 quarters
Over this window FIIs fell from 3.6% to 1.9% — −1.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.5%, FIIs 3.6%, DIIs 25.5%, Public 10.4%.Dec '23: Promoters 60.5%, FIIs 3.6%, DIIs 25.1%, Public 10.9%.Mar '24: Promoters 60.5%, FIIs 2.9%, DIIs 25.4%, Public 11.2%.Jun '24: Promoters 60.5%, FIIs 2.7%, DIIs 24.9%, Public 11.9%.Sep '24: Promoters 60.5%, FIIs 1.7%, DIIs 25.7%, Public 12.1%.Dec '24: Promoters 60.5%, FIIs 1.7%, DIIs 25.8%, Public 12.0%.Mar '25: Promoters 60.6%, FIIs 1.8%, DIIs 25.9%, Public 11.8%.Jun '25: Promoters 60.6%, FIIs 1.8%, DIIs 26.0%, Public 11.7%.Sep '25: Promoters 60.6%, FIIs 1.8%, DIIs 25.9%, Public 11.7%.Dec '25: Promoters 60.6%, FIIs 1.7%, DIIs 25.9%, Public 11.8%.Mar '26: Promoters 60.6%, FIIs 2.0%, DIIs 26.0%, Public 11.5%.Jun '26: Promoters 60.6%, FIIs 1.9%, DIIs 26.2%, Public 11.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- LIC Mf Multi Cap Fund Mutual fund +0.17 pp 1.43% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Divgi Torq above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Divgi Holding Pvt Ltd | 51.68% | unchanged |
| Oman India Joint Investment Fund Ii VC / PE | 12.19% | unchanged |
| ICICI Prudential Transportation And Logistics Fund Mutual fund | 7.25% | −0.08 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 3.77% | unchanged |
| Entrust Family Office Legal And Trusteeship Services Pvt Ltd | 2.69% | −0.31 pp |
| Hirendra Bhaskar Divgi | 2.40% | unchanged |
| Jitendra Bhaskar Divgi | 2.39% | unchanged |
| Jayashri Mohan Divgi | 2.33% | unchanged |
| LIC Mf Multi Cap Fund Mutual fund | 1.43% | +0.17 pp |
| Eastspring Investments India Fund Global fund house | 1.42% | unchanged |
| Suraj Sanjay Divgi | 0.88% | unchanged |
| Harshvardhan Bharat Divgi | 0.88% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in DIVGIITTS
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹137 Cr
- 1 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹137 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹137 Cr | held | Mar '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +30%
- vs est. average cost
- Held by funds
- ₹137 Cr
- 1 schemes · ≈ 2.6% of the company
Shares held by these funds 0%
Aug '23 11.53 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1188, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹135 — downside of 89%.
- Growth the price implies
- 36.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -2.2% a year
- net profit, FY23–FY26 · EPS -5.3%
- The gap
- 0.4 pp
- -89% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Divgi Torq
Guides on how to read this kind of business and the numbers that matter.