NSE: TALBROAUTO · BSE: 505160
TALBROS AUTO. COMP. LTD
Manufactures gaskets, heat shields and forged automotive components for vehicle makers in India and abroad. The Gasket and Heat Shield division, which contributed 52% of consolidated FY26 revenue, holds a 50% share of the Indian gasket market and supplies to two-wheeler, agricultural, off-highway and commercial vehicle OEMs; its heat-shield line for EV and hybrid engines generated INR 48 crores in FY26. The Forging division supplies forged components to OEMs and booked INR 500 crores of new orders from a European car maker, with Q4 FY26 division revenue of INR 76.2 crores. Two joint ventures sit alongside the standalone business: Marelli Talbros Chassis (chassis components, FY26 revenue INR 346 crores, +21% YoY) and Talbros Marugo (rubber/anti-vibration products). A new JV with Lohum Cleantech will trade, manufacture and refine recovered Carbon Black and devulcanized rubber from July–October 2026. Raw materials at 52.7% of revenue are the dominant cost, followed by employee cost at 11.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gasket and Heat Shield division (52%), Forging division, Marelli Talbros Chassis JV, Talbros Marugo JV, Lohum Talbros JV. Diversified auto-components manufacturer across gaskets, heat shields and forgings, with multiple JVs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 577 | 647 | 778 | 827 | 870 |
| EBITDA (ex other income) | 76 | 87 | 157 | 130 | 137 |
| margin % | 13.1 | 13.5 | 20.2 | 15.7 | 15.7 |
| Owners' profit | 45 | 56 | 0 | 0 | 104 |
| EPS, as reported (₹) | 36.36 | 45.08 | 17.82 | 15.30 | 16.87 |
| ROE % · ROCE % | 14.9 · 18.7 | 15.1 · 17.8 | 20.5 · 24.5 | 14.9 · 16.9 | 14.0 · 15.5 |
| Debt / equity (x) | 0.30 | 0.24 | 0.16 | 0.13 | 0.10 |
| Cash from operations | 52 | 57 | 67 | 80 | 85 |
| Capex | (34) | (42) | (60) | (54) | (41) |
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 | 215 | 201 | 206 | 207 | 213 | 214 | 237 | 238 |
| Profit before tax | 26 | 24 | 28 | 24 | 24 | 28 | 33 | 32 |
| Net profit | 23 | 24 | 27 | 22 | 23 | 27 | 32 | 30 |
| EPS (₹) | 3.79 | 3.86 | 4.31 | 3.60 | 3.74 | 4.41 | 5.12 | 4.86 |
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) | 19.6 | 25.3 | 42 of 119 | 65% |
| P/B | 3.0 | 3.2 | 53 of 117 | 55% |
| ROCE | 13.8 | 12.6 | 57 of 125 | 55% |
| ROE | 14.0 | 11.7 | 44 of 117 | 63% |
| Debt / Equity | 0.1 | 0.3 | 38 of 117 | 68% |
| EBITDA margin | 17.9 | 12.2 | 27 of 118 | 78% |
| Revenue growth | 15.3 | 20.2 | 77 of 113 | 32% |
| Profit growth | 35.2 | 24.4 | 47 of 115 | 60% |
| Market cap | 2191 | 1460 | 55 of 126 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance filing: Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Independent Director Rahul Bhutoria appointed for five-year term | management changes | medium | — | — |
| 26 Sept 2026 · 69th AGM voting results - all 7 resolutions passed with high majority | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Talbros Auto 69th AGM: Rs 0.75 dividend declared for FY26, profit after tax crosses three digits | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Newspaper publication of addendum to 69th AGM notice | compliance | minimal | — | — |
| 16 Sept 2026 · Rahul Bhutoria appointed as Independent Director at Talbros Auto | management changes | medium | — | — |
| 16 Sept 2026 · Talbros adds Independent Director appointment to 69th AGM agenda | management changes | medium | — | — |
| 16 Sept 2026 · Talbros Auto Components appoints Rahul Bhutoria as Independent Director | management changes | medium | — | — |
| 9 Sept 2026 · Talbros Auto to attend Arihant investor conference on Sep 28 | board shareholder meetings | low | — | — |
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.