BSE: 544166
EMMFORCE AUTOTECH LIMITED
Manufactures precision-engineered drivetrain components — 4WD hubs, driveshafts, axle assemblies, cardan shafts and hydraulic gear pumps — for automotive and performance-racing vehicle customers, and is extending into agricultural components such as rotavator blades. Production runs from an integrated facility in Baddi, Himachal Pradesh spread over ~150,000 sq ft with 600+ personnel, supplemented by a wholly-owned forging subsidiary (EMSPL) that operates a 1,600-tonne press and an automated rotavator blade line. FY26 consolidated revenue was INR113 cr, up 27% YoY, with EBITDA of INR23 cr (~20% margin) and PAT of ~INR8 cr. The auto business is the larger contributor; FY27 revenue is guided at INR165 cr from auto and INR30 cr from agri. The product mix is heavily export-oriented — sales reach 20+ countries and the US business grew 39-40% YoY in H1 FY26. Customer concentration is high: the top customer accounts for 47% of revenue and the top-10 for 93%. An INR470 cr US export order entered full commercial production on 15 December 2025 and is expected to contribute ~INR60 cr annually for 8 years; the total multi-year order book exceeds INR500 cr. Installed capacity is ~INR350 cr (auto INR200 cr + agri INR150 cr), but utilisation is only 50-55% in auto and 8-10% in agri. Materials account for 59% of revenue, employees 14% and other operating expenses 14.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive drivetrain components, Agricultural components, Forging (subsidiary EMSPL). Asset-heavy precision auto components manufacturing in a scale-up phase, with high export tilt and concentrated customer base
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 81 | 88 | 113 |
| EBITDA (ex other income) | 15 | — | — |
| margin % | 17.9 | — | — |
| Owners' profit | 0 | — | — |
| EPS, as reported (₹) | 5.85 | 3.93 | 4.02 |
| ROE % · ROCE % | 43.8 · 33.0 | — · 14.0 | — · 13.1 |
| Debt / equity (x) | 2.11 | — | — |
| Cash from operations | (26) | (3) | 5 |
| Capex | (31) | (35) | (23) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 40 | 35 | 52 | 54 | 59 |
| Profit before tax | 6 | 4 | 7 | 7 | 5 |
| Net profit | 4 | — | — | — | — |
| EPS (₹) | 2.73 | 1.65 | 2.28 | 1.98 | 2.05 |
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) | 22.3 | 25.0 | 50 of 119 | 59% |
| ROCE | 10.8 | 12.6 | 76 of 125 | 40% |
| Revenue growth | 47.4 | 20.2 | 7 of 113 | 95% |
| Market cap | 364 | 1455 | 83 of 126 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate filing under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after H1 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Emmforce Autotech to attend Arihant Capital Rising Star 2026 conference | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Emmforce Autotech AGM: All 6 Resolutions Approved | board shareholder meetings | low | — | — |
| 28 Aug 2026 · AGM held Aug 28 - 6 resolutions passed, clean audit report | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 3rd AGM held via video conferencing, 6 resolutions passed | board shareholder meetings | low | — | — |
| 8 Aug 2026 · AGM notice and e-voting details published in newspapers | compliance | minimal | — | — |
| 8 Aug 2026 · Newspaper publication of 3rd AGM notice submitted to BSE | compliance | minimal | — | — |
| 7 Aug 2026 · Newspaper notice published for 3rd AGM on 28 August 2026 | compliance | minimal | — | — |
| 6 Aug 2026 · AGM on Aug 28: subsidiary loan of Rs 35 cr, MD reappointment, related party deals | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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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.