Multibagger or IBC - Part 23: Game-changing certifications could put this small-cap on every long-term investor’s radar

What began as a small regional venture in the 1960s is today a listed small-cap backed by a major group. Certifications in aerospace and railways reflect ambitions beyond domestic markets, while exports now account for close to 10% of revenues. The numbers reflect a sharp turnaround: Sales rising 3x since FY21, profits climbing 5x, and return on capital touching 35%. With low trading volumes on the BSE, patience is key, but for long-term investors the OEM base, EV readiness, and steady R&D investments offer a compelling case. This series on auto ancillary companies works with the assumption that, from the whole set of auto ancillary companies, some multibagger stocks will emerge. And some companies in this space risk going bankrupt.