BSE Auto Sector Regulatory Filings — April 27, 2026

Acquiring 51% in Nissin with FY26 rev +9% YoY to INR 30.4 cr (from 27.8 cr FY25) and EBITDA INR 10.3 cr (~34% margin, up from prior years), cash deal at INR 9.23 cr enhances coating/PVD capabilities

Boosted stake to 80.72% equity/89% voting in Carnot via Rs.6.72 cr deal at Rs.11,978/share, aligning with precision farming/telematics strategy despite sub's FY26 rev decline

Nissin target shows consistent growth +14% rev from FY24 (26.7 cr) to FY26 (30.4 cr), outperforming Carnot's decline, positions Motherson for ancillary expansion

Board meeting May 13, 2026 for FY26 results and dividend recommendation, trading window closed since Mar 25 signals disciplined insider activity

Carnot FY26 PAT Rs.1.17 cr on Rs.19.80 cr rev (6% margin) with net worth Rs.6 cr supports valuation at arm's length, related party deal enhances control

No regulatory approvals needed, closure by end Q1 FY27 (Jun 2026) via SAMIL/SMISL structure accelerates integration into auto supply chain

Analyst/investor call on results day (May 13) at www.cv.tatamotors.com provides direct guidance access, potential dividend signals capital return

M&M pays premium for control in telematics (Rs.11,978/share vs net worth Rs.6 cr implying >100% premium) while Motherson targets higher margin asset

2/3 filings are acquisitions in growing/strategic niches (coatings, farming tech), avg materiality 7.5/10 outperforms neutral Tata update

Nissin EBITDA margin ~34% (INR 10.3 cr on 30.4 cr rev) vastly superior to Carnot's ~6% PAT margin, relative outperformance in target quality

Carnot FY26 rev Rs.19.80 cr down 14% YoY from Rs.23.08 cr FY25 and 20% from Rs.24.81 cr FY24, signals weakening demand in precision farming

Additional 28.03% stake acquisition in declining sub (completion May 2026), mixed sentiment due to revenue contraction despite PAT positivity

Rs.6.72 cr for 28.03% at Rs.11,978/share on Rs.6 cr net worth implies significant premium, potential overpayment in related party deal

Trading window closed Mar 25 to 48hrs post-results (May 13+), limits visibility into management conviction pre-earnings

3-year revenue downtrend (FY24 24.81 cr > FY25 23.08 cr > FY26 19.80 cr), may pressure M&M's telematics strategy post-acquisition

50% of disclosed targets (Carnot) show YoY rev decline vs growth in Nissin, highlights execution risks in auto ancillary M&A

Deal executed Apr 27, 2026 at 6:11pm, indicative completion May 2026 amid sub decline raises near-term consolidation risk

51% stake in high-margin Nissin (34% EBITDA, +9% YoY rev) for INR 9.23 cr, becomes indirect WOS by Q1 FY27, taps thin film coating demand in auto

89% voting rights in Carnot post-Rs.6.72 cr deal enhances precision farming/telematics exposure, PAT Rs.1.17 cr supports turnaround potential

May 13, 2026 board for FY26 results + dividend, analyst call same day offers guidance on EV/commercial vehicles amid sector M&A wave

Nissin rev growth +9% YoY/ +14% 2Y vs Carnot decline, undervalued entry at INR 9.23 cr into PVD systems for auto ancillaries

Stake hike to 80.72% in 2015-incorporated Carnot aligns with auto-tech convergence, monitor May 2026 completion for revenue inflection

Dividend recommendation at May 13 meeting, first post-FY26 results, potential yield boost vs peers' M&A reinvestment

Motherson's growing target (30.4 cr rev) vs M&M's declining (19.8 cr), alpha in long ancillaries like coatings over farming tech

Acquisitions in telematics (Carnot) and coatings (Nissin) signal auto shift to precision/ advanced materials, position for EV supply chain

2/3 filings detail M&A (M&M +28% in telematics, Motherson 51% in coatings), targets avg FY26 rev INR 25 cr, diversifies auto/ancillaries beyond core [Bullish for growth]

50% targets declining (Carnot -14% YoY), 50% growing (Nissin +9% YoY/+14% 2Y), implies selective M&A with high margins (Nissin 34% EBITDA) as outlier [Caution on execution]

Avg 7.7/10 across deals, cash-funded (Rs.6.72 cr M&M, INR 9.23 cr Motherson), no regs needed for Motherson, prioritizes quick control in strategic niches [Actionable consolidation]

Tata dividend/results May 13 amid closed window, acquisition closes (M&M May, Motherson Q1 FY27), builds Q2 2026 catalyst density [Monitor returns]

Nissin ~34% EBITDA vs Carnot ~6% PAT, highlights premium for growth assets in auto supply chain evolution [Favor high-margin plays]

FY26 Q4/full year results + dividend decision, analyst call May 13, 2026; watch guidance vs peers' M&A momentum

Carnot stake completion May 2026 post-Apr 27 deal; monitor revenue stabilization post -14% YoY decline

Nissin 51% acquisition by end Q1 FY27 (~Jun 2026); track integration synergies from +9% YoY target growth

Reopens 48hrs post-May 13 results; watch insider activity for conviction on FY26 performance

Post-acquisition FY27 trends after 3Y rev downtrend (24.81 cr FY24 to 19.80 cr FY26); flag inflection

Sustain ~34% margins post-WOS conversion; compare to sector ancillary averages

Follow-on deals in auto-tech after M&M/Motherson; watch for valuation premiums like Rs.11,978/share Carnot

Recommendation at May 13 AGM prep; benchmark yield vs reinvestment in peers' acquisitions