1. At a Glance
CIE Automotive India Ltd is what happens when a Spanish engineering powerhouse and an Indian manufacturing workhorse decide to have a baby that loves EBITDA more than Bollywood. As ofOctober 2025, the company trades at₹433, with amarket cap of ₹16,423 croreand the personality of a calm compounder that never trends on Twitter.
TheQ3CY25numbers prove this consistency fetish —Revenue ₹2,372 crore,PAT ₹214 crore, andOPM at 15%. The company runs a clean, almost debt-free balance sheet (Debt/Equity 0.07) and pays a tidy1.6% dividend yield— because Spanish parents believe in pocket money discipline.
But the real twist? Mahindra & Mahindra — once the proud Indian parent —sold out completelyby 2023, leaving the Spaniards fully in charge. Now it’s “Adiós Mahindra, Hola Madrid.”
2. Introduction – The Boring Genius of Auto Ancillaries
If you like fireworks, CIE Automotive India is not your type. If you like margin stability, cash generation, and quietly doubling profits every few years, this is your jam.
CIE is part ofCIE Automotive S.A., Spain, a global auto components behemoth with presence acrossforging, stamping, machining, casting, and aluminium technologies. In India, it acts as the group’sforging hub— producing everything from crankshafts and steering knuckles to gear shafts and battery trays.
The company doesn’t chase hype — it manufactures metal that actually keeps vehicles moving. And while its peers boast about “AI-powered mobility” and “sustainability through buzzwords,” CIE keeps it simple: build strong auto parts, make decent margins, repeat for decades.
Sure, it’s not glamorous, but neither is a piston — and try running your car without one.
3. Business Model – WTF Do They Even Do?
CIE India isn’t a supplier; it’s an entire auto parts buffet. Its six-course meal looks like this:
- Forgings (54%)– The crown jewel. Crankshafts, knuckles, spindles, steering shafts — basically the skeleton of every engine.
- Aluminium Casting (11%)– Crankcases, pump housings, turbo covers — the light metal cousins of forgings.
- Gears (11%)– Clutch hubs, transmission gears, e-drive components — the torque whisperers.
- Stamping (13%)– Skin panels, chassis parts, fuel tanks — turning flat metal into art.
- Casting (7%)– Differential housings, gear carriers — heavy-duty metal guts.
- Magnetic & Composites (3%)– Hard/soft magnets, bumpers, shields — a mix of material science and magic.
Add to that anEV portfoliothat includes:
- Motor housings and gearbox parts
- Battery trays and cooling tubes
- Electronics housings
Basically, if it rotates, cools, or carries current — CIE has a part in it.
With26 manufacturing facilities(including4 in Europeand1 in Mexico), it’s one of the few Indian component players that doesn’t need a visa to sell globally.
4. Financials Overview
| Metric | Latest Qtr (Q3CY25) | YoY Qtr (Q3CY24) | Prev Qtr (Q2CY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹2,372 Cr | ₹2,135 Cr | ₹2,273 Cr | 11.1% | 4.4% |
| EBITDA | ₹356 Cr | ₹331 Cr | ₹335 Cr | 7.5% | 6.3% |
| PAT | ₹214 Cr | ₹195 Cr | ₹206 Cr | 9.5% | 3.9% |
| EPS (₹) | 5.64 | 5.15 | 5.44 | 9.5% | 3.7% |
Commentary:This is what consistency looks like on a spreadsheet. OPM stays steady at ~15%, PAT margins hover near 9%, and there’s no melodrama. While most auto suppliers complain about “raw material headwinds,” CIE just adjusts its torque and moves on.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Method 1: P/E MultiplesEPS = ₹21.3 | Current P/E = 20.5×Peer median (auto component pack): ~30×
Fair range (assuming mean reversion):₹400 – ₹550/share
Method 2: EV/EBITDAEV = ₹16,657 Cr | EBITDA = ₹1,327 Cr | EV/EBITDA = 12.6×Peers (Endurance, Bharat Forge) trade at 14–16×.Fair range:₹460 – ₹510/share
Method 3: DCF (10% CoE, 5% growth)Implied fair value ≈₹420 – ₹480/share
📜Disclaimer:These fair value ranges are purely educational. Actual value may depend on whether auto demand shifts from ICE to EVs or to rickshaws running on optimism.
6. What’s Cooking – News, Triggers, and Mild Drama
2025 has been an eventful but disciplined year for CIE:
- Restructuring Europe:Sold four underperforming German forging subsidiaries to Mutares SE for ₹223 crore — trimming fat like a keto diet.
- Green Push:Invested inAMP Energy, ReNew Green, and Ijya Renewablesto set up 5–7 MW captive solar plants. Because even crankshaft manufacturers now need ESG points.
- Leadership Change:Sunil Narkebecame CEO (March 2024). He’s known for operational focus and caffeine-free meetings.
- EV Orders:75% of new European orders are for EV parts; Metalcastello subsidiary now gets half its revenue from EV projects.
- M&M Exit:Mahindra’s 11.4% stake exit made CIE Spain the undisputed ruler — fewer board meetings, more Spanish flair.
No scandals, no wild acquisitions — just clean manufacturing, renewable energy, and quiet European profits.
7. Balance Sheet – The Spanish Fortress
| Year | Assets (₹ Cr) | Liabilities (₹ Cr) | Net Worth (₹ Cr) | Borrowings (₹ Cr) |
|---|---|---|---|---|
| CY21 | 9,821 | 9,821 | 5,197 | 1,487 |
| CY22 | 9,920 | 9,920 | 5,098 | 985 |
| CY23 | 9,753 | 9,753 | 5,988 | 855 |
| CY24 | 9,749 | 9,749 | 6,576 | 570 |
| Q2CY25 | 10,112 | 10,112 | 6,933 | 486 |
Auditor’s Whisper:Every year the debt drops faster than auto sales in a recession. At ₹486 crore, leverage is negligible. Fixed assets and reserves are rising, meaning they’re reinvesting profits rather than splurging on vanity projects (looking at you, flashy EV startups).
8. Cash Flow
