posted record financial performance in FY26 and the March quarter, even as a dispute within the promoter family over control of the Sona Group—often pegged at around ₹30,000 crore—has escalated into a legal battle.
The Gurugram-based mobility technology firm reported Q4 revenue of ₹1,272 crore, up 47 per cent year-on-year, with EBITDA rising 32 per cent and net profit growing 17 per cent. For FY26, revenue rose 26 per cent to ₹4,475 crore, while EBITDA growth moderated to about 13.5 per cent. Battery electric vehicle (BEV) contribution touched a record 39 per cent in Q4, with all key operating metrics, including revenue, EBITDA, net profit and EV share, at their highest-ever levels for the quarter.
The dispute between the family of late chairman Sunjay Kapur, including his mother Rani Kapur and widow Priya Sachdev Kapur, centres on control of Aureus, the promoter entity that holds shareholding in the listed company.
The legal battle has culminated with the Delhi High Court ordering status quo on the estate and the Supreme Court nudging mediation, leading to a 3.5 per cent uptick in share price, suggesting investor focus remains on fundamentals. Speaking to businessline, Managing Director and Group CEO Vivek Vikram Singh drew a clear distinction between ownership-level developments and business execution.
“There is zero impact on operations, on strategy, on governance, on how the company is run,” Singh said, adding that the dispute sits “two levels above” the listed entity. He also pushed back against widely cited estimates of the dispute’s scale. “There is a lot of confusion around the ₹30,000 crore number… I don’t know how anybody came to that number,” he said.
To underline the point, Singh pointed to the company’s history of evolving shareholding. “When I joined, 50 per cent was with the Kapur family, 25 per cent with JM Financial and 25 per cent with Mitsubishi. Then Blackstone came in at 66 per cent and later exited,” he said. “Shareholders keep changing… what happened to the company’s trajectory? Nothing, really.”
The company’s ownership structure—marked by around 72 per cent public shareholding—and a board with a majority of independent directors provide additional insulation, he said. “Retail shareholders get spooked… because they don’t know how to tell noise from signal.”
From weak start to record finish
As the conversation shifted to business, Singh described FY26 as a year of recovery and acceleration. “Q4 was our best-ever quarter… after a terrible first quarter, everything seems like an upside,” he said. The rebound builds on a longer-term trajectory. “We’ve grown revenue about 6.4 times in seven years… despite Covid, semiconductor shortages and geopolitical disruptions,” he added.
Growth drivers: EV, products, orders
Singh outlined three clear drivers of growth: electrification, new product ramp-ups and steady order inflows. “Our growth is coming from electrification, new products launched over the last two years, and new orders ramping up,” he said. Global trends continue to reinforce this trajectory, with EV adoption accelerating across markets. “Electrification is one of the few things that gains from disruption. Whenever supply chains are disrupted or oil prices rise, EV adoption accelerates—and that benefits us,” he said.
Order book and diversification
Sona Comstar ended FY26 with a net order book of about ₹23,700 crore, representing a 10-year pipeline of expected revenue. “It’s a 10-year order book… what we expect to add in revenue over the next decade,” Singh said.
The company operates across 67 EV programmes, with 35 customers, and has diversified beyond passenger vehicles into two- and three-wheelers, commercial vehicles and non-automotive segments such as railways.
Capacity in place, capex calibrated
The company has adopted a measured investment approach, with capital expenditure of about ₹350–400 crore in FY26 even as revenue growth outpaced investments. “We have built capacity ahead of demand. If customers scale, they will not have to worry about capacity constraints from our side, we are ready,” Singh said. With significant headroom in existing capacity, particularly in traction motors, the company is positioned for growth without immediate large-scale capex.
From components to software-led systems
Sona Comstar’s evolution from a single-product supplier to a mobility technology platform remains central to its strategy. “We started as a one-product company… today we operate across mechanical, electrical, electronics and software,” Singh said.
“The suspension motor we make has 2 million lines of code,” he added, highlighting the increasing role of software in mobility systems. The company has also expanded into adjacent segments such as railways, with new product launches including HVAC systems and control panels.
Acquisitions: Capability over capacity
With a strong balance sheet and cash reserves, the company continues to evaluate inorganic opportunities, but with a clear filter. “We have never done acquisitions for capacity,” Singh said. “If my product is better in quality, performance and price, why do I need to buy someone else’s?” He said potential deals would be guided by criteria such as long-term relevance, global competitiveness and strong returns, reinforcing a disciplined capital allocation approach.
Noise vs signal
Looking ahead, Singh outlined key priorities, including entry into high-voltage traction motors and inverters, scaling up suspension motor revenues, expanding the railways business and pursuing selective acquisitions. For Singh, the promoter dispute remains a distraction—but not a determinant. “Worrying about macro is like chewing bubblegum to solve calculus problems—it has zero correlation.”
“We want to build a business that grows despite disruption—and one that grows faster when disruption happens,” Singh said to sign off the interview.