NSE: ASKAUTOLTD · BSE: 544022
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Advanced braking systems, Aluminium light-weighting precision solutions (ALPS), Safety control cables, Independent aftermarket, Alloy wheels (new ramp). Auto components supplier tied to the two-wheeler production cycle, with an expanding aftermarket leg.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,995 | 3,601 | 4,176 |
| EBITDA (ex other income) | 301 | 432 | 531 |
| margin % | 10.0 | 12.0 | 12.7 |
| Owners' profit | 174 | 0 | 0 |
| EPS, as reported (₹) | 8.81 | 12.56 | 15.08 |
| ROE % · ROCE % | 21.3 · 21.2 | 23.7 · 24.7 | 22.7 · 23.7 |
| Debt / equity (x) | 0.42 | 0.38 | 0.50 |
| Cash from operations | 303 | 360 | 301 |
| Capex | (285) | (346) | (484) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 974 | 915 | 850 | 891 | 1,054 | 1,084 | 1,147 | 1,358 |
| Profit before tax | 88 | 85 | 73 | 87 | 102 | 105 | 96 | 115 |
| Net profit | 67 | 66 | 58 | 66 | 80 | 80 | 72 | 85 |
| EPS (₹) | 3.41 | 3.34 | 2.92 | 3.35 | 4.05 | 4.05 | 3.63 | 4.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.8 | 25.0 | 81 of 119 | 32% |
| P/B | 8.7 | 3.3 | 106 of 117 | 10% |
| ROCE | 21.1 | 12.6 | 23 of 125 | 82% |
| ROE | 22.7 | 11.7 | 12 of 117 | 91% |
| Debt / Equity | 0.5 | 0.3 | 77 of 117 | 35% |
| EBITDA margin | 12.0 | 12.2 | 61 of 118 | 49% |
| Revenue growth | 52.4 | 20.2 | 5 of 113 | 96% |
| Profit growth | 28.8 | 24.4 | 53 of 115 | 54% |
| Market cap | 11341 | 1455 | 27 of 126 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · ASK Automotive to host Q2 and H1 FY27 earnings call on Nov 4, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on Nov 3, 2026 to consider Q2 FY27 results | results | low | — | — |
| 12 Oct 2026 · ASK Automotive appoints Krishan Swaroop Malik as President-Operations ALPS | management changes | medium | — | — |
| 8 Oct 2026 · RTA certificate confirms no demat or remat requests in Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · GST inspection at ASK Automotive Bhiwadi unit; no material impact | regulatory legal | high | — | — |
| 30 Sept 2026 · President of Advanced Breaking Systems retires from ASK Automotive | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 21 Sept 2026 · ASK Automotive sanctions Rs 100 Crore inter-corporate loan to subsidiary | credit debt | medium | — | — |
| 19 Sept 2026 · ASK Automotive management to attend Nuvama CEO Forum in Mumbai | investor communications | low | — | — |
| 11 Sept 2026 · ASK Automotive ESG rating upgraded to 69.0 by SES | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.