ASK AUTOMOTIVE LIMITED

Manufactures auto components for India's two-wheeler industry across three product segments — advanced braking systems, aluminium light-weighting precision solutions (ALPS), and safety control cables. All three segments outgrew the 2W industry's 11.8% production growth in FY26, with ALPS up 30%, braking up 17%, and cables up 14%. Customers are two-wheeler OEMs and the independent aftermarket, the latter growing 24.7% in FY26 after the GST rate cut from 28% to 18%. New product ramps include alloy wheels at the Karoli plant (currently at 65% utilisation, supplying a Japanese customer from H2 FY27), sunroof components and a cable joint venture, while the low-margin wheel assembly business has been wound down to nil from April 2026. FY26 consolidated revenue was Rs. 4,176 crore with EBITDA of Rs. 551 crore at a 13.1% margin. Materials — particularly aluminium — are the dominant input at 67.2% of revenue; an aluminium price spike in March 2026 shaved 80 bps off Q4 margin and was passed through via price hikes from April onwards. The company is investing in captive solar (9.9 MW operational in Sirsa, 11.55 MW due in Bikaner in Q2 FY27) with Rs. 400 crore of FY27 capex earmarked for new capacity.