NDR Auto Components Ltd (NDRAUTO)
🎯 Key Takeaways
- NDR Auto Components is in a strategic expansion phase, transitioning from reliance on Maruti Suzuki to broader OEM diversification while scaling capacity. Management is targeting INR3,000 crore revenue by FY30 through new facilities and product diversification into ambient lighting, sunshades, and seat systems.
- Revenue declined 3.3% QoQ to ₹221 in Q1FY27.
- ⚠️ Ongoing losses in joint ventures and delayed plant commissioning could delay revenue realization from new capacity.
- Market Cap
- ₹1,704
- P/E Ratio
- 26.3
- P/B Ratio
- 4.76
- ROE
- 18.1%
- ROCE
- 24.3%
- Debt/Equity
- 0.00
- Div Yield
- 0.56%
- Promoter
- 73.1%
📖 The Story
NDR Auto Components is in a strategic expansion phase, transitioning from reliance on Maruti Suzuki to broader OEM diversification while scaling capacity. Management is targeting INR3,000 crore revenue by FY30 through new facilities and product diversification into ambient lighting, sunshades, and seat systems. Despite near-term margin pressure from JV losses and delayed plant commissioning, the company maintains strong ROCE and ROE, supported by a debt-free balance sheet. The narrative reflects a deliberate, capital-intensive growth trajectory rather than operational distress or stagnation.
📰 What's Happening
In Q1 FY27, NDR Auto Components inaugurated two new facilities — NDR Hayashi in Bangalore and NDR Auto South in Anantapur — and hosted the Suzuki Motor Corporation CEO, signaling strategic alignment with global OEMs. Management highlighted a stable order book of INR650 crore and EBITDA margin expansion to 11.88%, up from 11.01% YoY, driven by premium content and operational efficiencies. The company also approved an INR8 crore investment in a new subsidiary, NDR Auto Components South Private Limited, via rights issue and granted ESOPs to 66,641 employees. These moves underscore a focused push into sunshades and seat systems across Maruti Suzuki, Toyota, and Kia, reducing customer concentration risk.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 200 | 208 | 229 | 221 |
| Operating Profit | 17 | 17 | 21 | 19 |
| OPM % | 8.4% | 8.2% | 9.1% | 8.6% |
| Net Profit | 15 | 15 | 18 | 16 |
| EPS | ₹6.24 | ₹6.39 | ₹7.76 | ₹6.90 |
Revenue has shown sequential improvement, rising to INR221.45 crore in Q1 FY27 from INR200 crore in September 2025, with EBITDA margin stabilizing at 11.88% despite macro headwinds. Net profit reached INR16.40 crore in Q1 FY27, reflecting disciplined cost management and scale benefits. However, quarterly operating cash flow turned negative at INR-36 crore in March 2026, primarily due to capital investments. The company is reinvesting profits into capacity expansion, as evidenced by the INR8 crore subsidiary investment and ongoing plant inaugurations, indicating a shift from pure profitability to growth reinstatement.
🔮 Management Outlook & What's Next
Management has provided a clear long-term vision, targeting INR3,000 crore revenue by FY30, with new plants expected to contribute INR70-80 crore in revenue potential. They emphasized margin stability at 11-12% EBITDA and continued capacity expansion through FY27-FY30. In the Q1 FY27 earnings call, management highlighted order book strength and product diversification into ambient lighting and sunshades as growth levers. No specific near-term revenue guidance was given beyond FY30, but the focus remains on converting the order book while managing JV-related losses and commissioning delays.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 33 |
| Reserves | 279 | 249 | 334 | 300 |
| Borrowings | 32 | 36 | 0 | 52 |
| Total Liabilities | 486 | 420 | 563 | 532 |
| Fixed Assets | 153 | 145 | 269 | 245 |
| Investments | 63 | 64 | 83 | 76 |
| Total Assets | 486 | 420 | 563 | 532 |
The balance sheet remains exceptionally strong, with zero net debt and equity of INR24 crore and reserves of INR334 crore as of March 2026. Total assets grew to INR563 crore, up from INR486 crore a year ago, driven by investments in new facilities. The company funded its subsidiary expansion via a rights issue and retained earnings, avoiding external borrowing. This capital-light approach to growth, combined with robust reserves, suggests prudent capital allocation and low financial risk, despite ongoing tax disputes.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +37 |
| Investing | -59 |
| Financing | -14 |
| Net Cash Flow | -36 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 73.1% | 73.1% | 73.1% | 73.1% |
| FII | 0.2% | 0.1% | 0.1% | 0.1% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 20.3% | 20.4% | 20.8% | 20.6% |
| # Shareholders | 27,139 | 26,781 | 26,000 | 25,680 |
Promoter holding remains stable at 73.13% across all quarters, indicating confidence in long-term prospects. Institutional interest is minimal, with FII ownership flat at 0.08% in Q1FY27 from 0.18% in Q2FY26, and DII at 0.01%. Public shareholding has slightly declined to 20.65% from 20.77%, but the number of shareholders has increased to 25,680. There are no signs of institutional accumulation or significant exits, suggesting the stock is largely held by promoters and retail investors, with limited analyst or fund manager coverage.
⚖️ Peer Comparison — Auto Ancillaries
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MOTHERSON | 1.72 L Cr | 39.3 | 13.9% | — | 0.39 |
| BOSCHLTD | 1.39 L Cr | 58.9 | 21.7% | — | 0.00 |
| UNOMINDA | 67,968 | 56.5 | 19.3% | — | 0.37 |
| SONACOMS | 50,152 | 72.0 | 15.2% | — | 0.04 |
| ENDURANCE | 37,982 | 39.2 | 17.3% | — | 0.15 |
| EXIDEIND | 35,024 | 37.6 | 9.8% | — | 0.08 |
| SANSERA | 27,796 | 79.5 | 14.3% | — | 0.15 |
| CRAFTSMAN | 27,589 | 52.5 | 14.7% | — | 1.02 |
| ZFCVINDIA | 26,550 | 10.7 | 18.3% | — | 0.00 |
| SUNDRMFAST | 24,520 | 40.1 | 17.4% | — | 0.14 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Ongoing losses in joint ventures and delayed plant commissioning could delay revenue realization from new capacity. 2. Tax demands of INR366.89 crore remain under appeal, posing a potential contingent liability. 3. Low institutional interest may limit liquidity and analyst coverage, increasing price volatility. 4. Heavy reliance on Maruti Suzuki for order book conversion exposes the company to OEM-specific demand fluctuations despite diversification efforts.
📋 Recent Filings
- Announcement2026-09-28NDR Auto Components announced that its trading window will close on October 1, 2026, and remain shut until 48 hours after the unaudited Q2 results for…
- 🔴 Announcement2026-09-24NDR Auto Components held a virtual investor meeting on September 24, 2026 with Spark PWM Private Limited, discussing operational updates and market po…
- 🔴 Announcement2026-09-22NDR Auto Components Ltd announced its schedule for upcoming analyst and investor meetings, listing one virtual one-on-one session with Spark PWM Priva…
- Announcement2026-08-24NDR Auto Components held an analyst meeting on August 24, 2026, featuring one-on-one sessions with institutional investors, including Choice Instituti…
- Announcement2026-08-19NDR Auto Components Limited announced its schedule for upcoming analyst and investor meetings, listing one virtual one-on-one session with Choice Inst…
- 🔴 Financial Results2026-08-17NDR Auto Components reported Q1 FY27 revenue of INR221.45 crore and EBITDA of INR26.44 crore with PAT at INR16.40 crore. The company inaugurated new f…
- Announcement2026-08-11NDR Auto Components held an investor call on August 11, 2026 to discuss Q1 FY26 performance and product strategy. Management highlighted growth in key…
- 🔴 Financial Results2026-08-10NDR Auto Components reported Q1 FY2026 revenue of **₹22,480.72 crores** and net profit of **₹1,472.18 crores**, up 21.1% and 31.5% YoY respectively, w…
- 🟡 Board Meeting2026-08-10The Board approved unaudited Q1 FY26 standalone and consolidated results, including Rs 8 crore investment in a new subsidiary via rights issue and ESO…
- 🔴 Financial Results2026-08-10NDR Auto Components reported a 19.56% YoY revenue increase to Rs. 221.45 crore for Q1 FY27, driven by premium content and operational efficiencies, wi…
🧠 Analyst's Read
NDR Auto Components is executing a capital-intensive, multi-year expansion to diversify its customer base and product portfolio, supported by strong fundamentals and a debt-free balance sheet. While near-term growth depends on order book conversion and plant ramp-ups, management's long-term targets and margin discipline provide a credible foundation. Investors should monitor the pace of plant commissioning, JV performance, and resolution of tax disputes as key near-term catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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