PRICOL LIMITED

Manufactures automotive components and sub-systems for two-wheeler, passenger car and commercial vehicle OEMs in India. The largest segment is Driver Information and Connected Vehicle Solutions (DICVS), which made up about 61% of FY26 consolidated turnover at ₹2,424.63 cr, and which supplies instrument clusters, driver information displays and connected vehicle solutions to OEMs such as TATA Motors (whose 75-80% of cars are equipped with Pricol clusters). Other businesses include the P3L subsidiary (FY26 revenue of ₹924 cr, 9.24% EBITDA margin, on track to double turnover in 3 years), the Actuation, Control and Fluid Management Systems (AC-FMS) line that grew ~30% in FY26, and a Precision Products business. Q1 FY27 consolidated revenue was ₹1,083.58 cr (+23.46% YoY), with two-wheeler revenue up 28% against industry growth of ~23%. The polymer division, which has a current turnover capacity of ₹1,000 cr that is being scaled to ₹2,000 cr post-capex, posted ₹249 cr of Q1 FY27 revenue at 7.8% EBITDA and is the most exposed to raw-material cost spikes. A scheme of demerger has been approved to spin off DICVS into a separately listed entity called Pricol Autotech Limited, with shareholders receiving one Pricol Autotech share for every one Pricol share held; Pricol would retain ACFMS and Precision Products. A ₹700 cr capex programme over 18-24 months is split as ₹400 cr into polymer, ₹150-180 cr into DICVS and ~₹120 cr into AC-FMS. The biggest cost driver is raw materials at 68.2% of revenue, with polymers, aluminium and semiconductors each seeing sharp cost inflation in Q4 FY26.