DIVGI TORQTRANSFER SYST L

Designs and manufactures transfer cases and drivetrain components, supplying them directly to passenger vehicle and pickup truck OEMs in India and abroad. The transfer case business makes up the largest share of FY26 revenue at Rs 183 crore (49%), with an installed capacity of 9,000 units per month and order wins covering 70,000 pickup units for Indonesia from Mahindra (Scorpio) and Tata (Yodha), plus an engagement with a Japanese OEM for an iconic pickup platform targeting H1 FY28 SOP. The components business, contributing Rs 112 crore (30%) of FY26 revenue, supplies ITM Assemblies, ECUs and PTU Assemblies for AWD SUV variants to a leading Indian OEM (~6,000 units/year from Q1 FY28) and is developing a 120kW/220Nm EV transmission with SOP targeted for April 2026 across four customer models. Exports, predominantly drivetrain components, accounted for Rs 66.9 crore (18%) of FY26 revenue, up 7.9x year-on-year, with a quarterly run rate of around INR19 crores, and a US subsidiary has been incorporated to support a potential local manufacturing footprint. Materials at 41.1% of revenue are the largest cost, followed by other operating expenses (29.6%) and employee costs (11.8%), with depreciation at 8.3% and capex at 12.6% reflecting the asset-heavy nature of precision component manufacturing. The operating base is the Shirwal plant near Pune, and the company has set a long-term aspiration of 12-15% CAGR over five years from the FY20 base, with a stated revenue potential of INR1,000 crore conditional on large order wins across its four verticals.