NSE: RICOAUTO · BSE: 520008
RICO AUTO INDUSTRIES LTD
Manufactures automotive components supplied to passenger vehicle, two-wheeler and commercial vehicle OEMs in India, with a smaller railway components business. FY26 consolidated revenue was ₹2,477.73 cr, with the standalone entity contributing ₹1,836.44 cr and the rest coming through subsidiaries (including material subsidiary Rico Jenfei Wheels). Q3 FY26 consolidated revenue was ₹632 cr, up 14.1% year-on-year, with EBITDA margin at 10%. Electric and hybrid powertrain products account for around 7% of turnover, with management noting hybrid demand is expected to grow double-digit in FY27. The railway business, which had a FY26 revenue target of ₹60-70 cr that slipped, is being repositioned as a direct supplier to RDSO from Q2 FY27, with FY27 revenue guided at ₹60-65 cr; an electronic fuse tender was withdrawn by the government in favour of PSUs. Raw materials are the dominant cost at 60.9% of revenue, with employee costs at 8.3% and other operating expenses at 20.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Auto components, Railway components, EV and hybrid components. B2B auto component supplier exposed to domestic vehicle volumes and export demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,860 | 2,302 | 2,160 | 2,212 | 2,478 |
| EBITDA (ex other income) | 152 | 220 | 219 | 187 | 215 |
| margin % | 8.2 | 9.6 | 10.2 | 8.5 | 8.7 |
| Owners' profit | 24 | 51 | 38 | 21 | 51 |
| EPS, as reported (₹) | 1.75 | 3.77 | 2.88 | 1.58 | 3.73 |
| ROE % · ROCE % | 3.7 · 9.2 | 7.4 · 11.5 | 5.4 · 10.6 | 2.9 · 8.6 | 6.7 · 9.7 |
| Debt / equity (x) | 0.90 | 1.09 | 0.91 | 0.92 | 0.90 |
| Cash from operations | 189 | 160 | 247 | 183 | 326 |
| Capex | (190) | (200) | (171) | (159) | (296) |
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 | 576 | 552 | 545 | 543 | 627 | 629 | 677 | 755 |
| Profit before tax | 12 | 9 | 15 | 18 | 24 | 16 | 10 | (4) |
| Net profit | 7 | 2 | 7 | 17 | 18 | 11 | 7 | (3) |
| EPS (₹) | 0.47 | 0.14 | 0.54 | 1.24 | 1.31 | 0.80 | 0.44 | (0.27) |
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) | 45.2 | 25.3 | 91 of 119 | 24% |
| P/B | 1.8 | 3.2 | 31 of 117 | 72% |
| ROCE | 5.4 | 12.6 | 100 of 125 | 20% |
| ROE | 6.7 | 11.7 | 84 of 117 | 28% |
| Debt / Equity | 0.9 | 0.3 | 102 of 117 | 13% |
| EBITDA margin | 5.0 | 12.2 | 107 of 118 | 9% |
| Revenue growth | 38.9 | 20.2 | 11 of 113 | 91% |
| Profit growth | (120.2) | 24.4 | 108 of 115 | 6% |
| Market cap | 1394 | 1460 | 65 of 126 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Rico Auto publishes fifth physical securities transfer notice | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly dematerialisation certificate submitted to exchanges | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window closed from Oct 1, 2026 till Q2 results are declared | compliance | minimal | — | — |
| 8 Sept 2026 · Rico Auto AGM 2026: All 4 resolutions passed, dividend of Rs 0.55 per share declared | compliance | minimal | — | — |
| 8 Sept 2026 · Rico Auto AGM held; 4 resolutions passed, dividend of Re 0.55/share declared | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Rico Auto Q1FY27: Clarification on filing; standalone profit falls to Rs 0.16 cr | compliance | low | — | — |
| 1 Sept 2026 · Exchange seeks clarification from Rico Auto on Q1 FY27 results | compliance | medium | — | — |
| 20 Aug 2026 · Rico Auto files 4th newspaper notice on physical shares demat window | compliance | minimal | — | — |
| 19 Aug 2026 · Q1 FY27 call: revenue up 39%, margins under pressure, FY27 guidance raised | investor communications | medium | — | — |
| 13 Aug 2026 · Copies of newspaper publication of Q1 FY27 results submitted | 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.