NSE: NDRAUTO · BSE: 543214
NDR AUTO COMPONENTS LTD
Manufactures seating systems and related auto components — seat frames, seat covers, complete seats, and a growing set of non-seating parts such as ambient lighting, shades, seat latches, and seat belt reminder systems — for passenger vehicle makers. Revenue in FY26 was ₹825.45 crore, up 15% year-on-year, with the highest-ever quarterly EBITDA margin of 11.90% recorded in Q4 FY26 and full-year EBITDA margin of 11.34%. The customer base is anchored by Maruti Suzuki, which accounts for the entire ₹650 crore order book (the highest in the company's history as of 31 March 2026) earned on incremental new models. A newly inaugurated plant in Penukonda, Andhra Pradesh — built with about ₹27.29 crore of investment — supplies KIA Motors via Hyundai Transys, with planned annual capacity of 50,000 five-seater frame sets and 28,000 seven-seater seat cover sets. Expansion into non-seating categories is backed by approved capex of ₹150 crore for new product lines, plus an additional ₹40-50 crore for executing the new order book, with production on seat belt reminder, seat latch, and seat insert lines starting January 2027. Management expects 40-50% growth in seat content per vehicle over five years from premiumisation trends such as artificial leather, power seats, and ventilated seats, and a Hayashi joint venture handles shade and ambient lighting work. The biggest cost is raw materials at 74.8% of revenue, followed by other operating expenses at 11.0% and employee cost at 3.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Seating systems (seat frames, seat covers, complete seats), Non-seating auto components (ambient lighting, shades, seat latches, seat belt reminder, seat inserts). Auto component supplier to passenger vehicle OEMs, asset-light on manpower but capex-intensive for new product lines.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 233 | 393 | 602 | 713 | 823 |
| EBITDA (ex other income) | 14 | 32 | 56 | 73 | 90 |
| margin % | 6.0 | 8.1 | 9.3 | 10.3 | 10.9 |
| Owners' profit | 15 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 25.04 | 47.27 | 32.55 | 22.39 | 26.04 |
| ROE % · ROCE % | 7.8 · 7.0 | 12.9 · 11.8 | 15.3 · 16.0 | 17.6 · 18.5 | 17.3 · 17.3 |
| Debt / equity (x) | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Cash from operations | 1 | 48 | 27 | 84 | 37 |
| Capex | (29) | (46) | (34) | (48) | (73) |
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 | 174 | 175 | 192 | 185 | 200 | 208 | 229 | 221 |
| Profit before tax | 14 | 15 | 17 | 15 | 17 | 16 | 21 | 19 |
| Net profit | 12 | 13 | 16 | 14 | 15 | 15 | 18 | 16 |
| EPS (₹) | 5.02 | 5.63 | 6.89 | 5.72 | 6.24 | 6.39 | 7.76 | 6.90 |
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 | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 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) | 24.9 | 25.3 | 58 of 119 | 52% |
| P/B | 4.5 | 3.2 | 78 of 117 | 33% |
| ROCE | 16.5 | 12.6 | 40 of 125 | 69% |
| ROE | 17.3 | 11.7 | 33 of 117 | 72% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 11.9 | 12.2 | 63 of 118 | 47% |
| Revenue growth | 19.6 | 20.2 | 60 of 113 | 47% |
| Profit growth | 20.6 | 24.4 | 60 of 115 | 48% |
| Market cap | 1614 | 1460 | 60 of 126 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · ICRA reaffirms A+ stable ratings on NDR Auto's Rs 100 crore facilities | credit debt | medium | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Investor Meeting Held With Spark PWM On September 24, 2026 | investor communications | low | — | — |
| 22 Sept 2026 · NDR Auto Components to meet Spark PWM on September 24 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · NDR Auto Components held investor meeting with Choice Institutional Equities | investor communications | low | — | — |
| 19 Aug 2026 · Analyst/Investor Meeting Scheduled with Choice Institutional Equities on Aug 24 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Q1 FY27 earnings: INR 221 cr revenue, 11.88% EBITDA margin, INR 650 cr order book | investor communications | medium | — | — |
| 13 Aug 2026 · Re-publication of Q1 FY27 results in Jansatta due to newspaper error | compliance | minimal | — | — |
| 12 Aug 2026 · NDR Auto submits newspaper copies of Q1 FY27 results | compliance | minimal | — | — |
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.