STERLING TOOLS LIMITED

Makes fasteners and related components for the Indian automotive industry, supplying to passenger vehicle, two-wheeler and commercial vehicle OEMs. The standalone fastener business is the core revenue driver, with FY26 revenue of INR 725.9 crore growing 11.4% year-on-year and EBITDA margins of 15.3%, up from 14.5% in the prior year. The fastener segment sells into established auto OEMs and added Tata Passenger Vehicles as a new customer in FY26, with INR 64 crore of new business wins for the year. Through its wholly-owned subsidiary Sterling E-Mobility Solutions (SEM), the group also sells motor control units, on-board chargers, DC-DC converters, high-voltage DC contactors and integrated 4-in-1/5-in-1 power electronics for electric two-wheelers, three-wheelers, buses and trucks. SEM is engaged across 28+ active customer programs but is currently loss-making — it absorbed a bad-debt provision of INR 21 crore in Q4 FY26 and its EBITDA breakeven has now been pushed to FY28 after EV adoption timelines slipped 3-5 years behind earlier expectations. On a consolidated basis, FY26 revenue was INR 827.8 crore with EBITDA margin of 11.76%, the gap to standalone margins reflecting the drag from SEM's losses. Materials are the largest cost at 39.7% of revenue, with steel treated as a pass-through with a 1-3 month lag, while employee costs account for 11.8%.