The company supplies aluminum castings, suspensions, transmissions, braking, and battery management systems to 2W and 3W OEMs in India, and serves 4W OEMs and the 2W aftermarket in Europe, and also offers advanced embedded electronics, particularly in BMS for automobiles (including EVs), energy storage systems and battery packs through its subsidiary Maxwell Energy Systems. The company has strong order wins worth ₹1,636.5 cr in EV products with expanding capacities in brakes, battery packs, alloy wheels.
Cyborg Score Rationale
Recent Q3 FY26 results show Rs 1,283 Cr orders in India with 24% of India orders being EV-related. In Q2 FY26, the company demonstrated robust financial performance with a 12% increase in profit after tax. Market position as the largest aluminum die-casting player with geographic diversification provides solid competitive advantage, though margin pressures from raw materials remain a challenge.
Top Insights
Strong order wins worth ₹1,636.5 cr in EV products with expanding capacities in brakes, battery packs, alloy wheels
Company received an addendum to its Eligibility Certificate under the 2019 Package Scheme of Incentives and is now eligible for Rs. 858.3 crore in incentives
The recent announcement mandating Anti-Lock Braking systems in all 2-wheelers provides further tailwind to growth plans
Company has a low return on equity of 13.3% over last 3 years
Named Competitors
Automotive Components — Auto ancillary supplier competing in 2W/3W segment
Transmission & Suspension — Auto components manufacturer in ancillaries sector
Braking Systems — Global automotive control systems supplier
Recent Developments
(Feb 2026) Q3 FY26 earnings call held; Rs 1,283 Cr orders in India with 24% EV-related
(Feb 2026) Eligibility Certificate amended for Rs 858.3 crore in incentives under Package Scheme
(Jan 2026) Strong order pipeline worth ₹1,636.5 cr with expanding EV product capacities
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