NSE: RACLGEAR · BSE: 520073
RACL GEARTECH LIMITED
Manufactures precision gears, gearboxes, and transmission assemblies for automotive customers, with 75% of FY26 revenue from exports (69% Europe, 29% India/Asia Pacific, 2% US/Canada) and the balance from the domestic market. The product mix is led by commercial-vehicle parts at 20% of revenue, recreational-vehicle parts at 18%, and passenger-car parts at 13%, with the remaining share from motorcycle, EV and other programmes. Recent customer wins include a 350cc five-speed gearbox for Royal Enfield (start of production Aug-Sep 2026), a 15-part programme with Kawasaki Japan (SOP Oct 2027), BMW's electric-vehicle projects Titan and Venus (mass production from Oct-Nov 2026), electric power steering for the US market with ZF Rane (Project Crystal), a US shift drum programme of 150,000 sets per annum, and a BHEL empanelment in defence/aerospace with supplies commenced. Operations sit in India with a German subsidiary, RACL Geartech GmbH. The largest cost lines in FY26 were other operating expenses at 37.9% of revenue, raw materials at 29.6%, and employee costs at 11.0%, with depreciation at 6.8% and capex at 10.0% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Commercial-vehicle components (20%), Recreational-vehicle components (18%), Passenger-car components (13%), Other automotive programmes. Precision-engineered auto-components manufacturer, export-heavy, with India-Germany operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 271 | 358 | 410 | 415 | 490 |
| EBITDA (ex other income) | 57 | 82 | 96 | 83 | 107 |
| margin % | 21.1 | 22.8 | 23.4 | 19.9 | 21.8 |
| Owners' profit | 0 | 37 | 39 | 24 | 49 |
| EPS, as reported (₹) | 22.17 | 34.72 | 36.54 | 22.02 | 42.04 |
| ROE % · ROCE % | 18.2 · 20.7 | 22.3 · 26.6 | 19.2 · 22.9 | 10.5 · 18.1 | 13.9 · 21.3 |
| Debt / equity (x) | 1.23 | 1.21 | 1.38 | 1.33 | 0.64 |
| Cash from operations | 12 | 60 | 35 | 57 | 92 |
| Capex | (57) | (62) | (93) | (45) | (49) |
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 | 106 | 113 | 87 | 101 | 120 | 137 | 132 | 132 |
| Profit before tax | 8 | 9 | 9 | 11 | 16 | 21 | 17 | 17 |
| Net profit | 7 | 7 | 7 | 8 | 12 | 16 | 12 | 9 |
| EPS (₹) | 6.07 | 6.07 | 6.03 | 7.01 | 10.48 | 14.17 | 10.61 | 7.55 |
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) | 32.0 | 25.3 | 71 of 119 | 41% |
| P/B | 4.8 | 3.2 | 82 of 117 | 29% |
| ROCE | 14.7 | 12.6 | 50 of 125 | 61% |
| ROE | 13.9 | 11.7 | 47 of 117 | 60% |
| Debt / Equity | 0.6 | 0.3 | 90 of 117 | 23% |
| EBITDA margin | 24.3 | 12.2 | 12 of 118 | 91% |
| Revenue growth | 31.5 | 20.2 | 26 of 113 | 78% |
| Profit growth | 7.8 | 24.4 | 76 of 115 | 34% |
| Market cap | 1673 | 1460 | 59 of 126 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Brazil export order for engine timing gears | business updates | high | — | — |
| 9 Oct 2026 · Newspaper advertisement copies filed with NSE and BSE | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly compliance certificate on dematerialization of shares | compliance | minimal | — | — |
| 30 Sept 2026 · RACL Geartech closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 30 Sept 2026 · Newspaper ad issued for duplicate share certificates | compliance | minimal | — | — |
| 18 Sept 2026 · CMD interview link shared on NDTV Profit's X account | investor communications | low | — | — |
| 18 Sept 2026 · Intimation of NDTV Profit TV interview with CMD | business updates | low | — | — |
| 16 Sept 2026 · Clarification on sudden rise in trading volume | general | low | — | — |
| 15 Sept 2026 · 43rd AGM voting results - all 3 resolutions passed with over 99.98% approval | board shareholder meetings | low | — | — |
| 15 Sept 2026 · RACL Geartech replies to exchange on share volume movement | 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.