ET Prime Special Series: Multibagger or IBC - Part 44: EV-agnostic products, but does this auto ancillary have the capacity to grow?

The story here is less about diversification and more about execution within a single product line. This is a business shaped by its origins as a demerged manufacturing unit rather than a greenfield entrant. Operating entirely in India, the company supplies its products to two-wheeler and passenger vehicle manufacturers. Capacity is largely utilised, leaving little room for volume upside without fresh investment. Audit disclosures add nuance through a pricing-related observation in a related-party transaction, even as the main opinion remains unqualified. As the auto sector shifts technologies, the company’s disclosures suggest product relevance continues, but without a clearly articulated growth roadmap tied to EV platforms.