NDR Auto Components Q2FY26 Results: ₹200 Cr Sales, ₹14.8 Cr Profit, and a Fresh Set of JVs — When Seat Frames Become a Throne for Growth
1. At a Glance
Welcome to NDR Auto Components Ltd, where car seats aren’t just furniture — they’re a full-blown growth strategy. Incorporated in 2019, this young auto-component warrior has managed to seat itself firmly in the ₹2,340 crore market cap club, trading at ₹984 as of 6th November 2025. Over the past six months, the stock has zipped up 33.5%, though it took a small breather with just 3% growth in the last quarter.
The company’s Q2FY26 results show sales of ₹200 crore and PAT of ₹14.8 crore, marking YoY growth of 14.8% and QoQ growth of 24.4% — because apparently, even seat frames can outperform mutual funds these days. With a P/E of 40.2, ROCE of 22.8%, and ROE of 19.1%, the numbers scream “premium smallcap” louder than a Maruti test horn at Manesar.
Add to that — zero pledged shares, a debt-to-equity ratio of just 0.16, and new projects worth ₹24.86 crore approved this quarter with partners Fujikura and Fisher — and NDR Auto looks like it’s not just sitting pretty; it’s reclined, relaxed, and revving up for the long haul.
2. Introduction – From Garage to Growth Track
Imagine starting life in 2019 and competing with auto-component veterans older than your GST registration certificate. That’s NDR Auto Components for you — a millennial among boomers.
It began life humbly, making seat frames and trims for Maruti and Toyota, but now it’s out here doing joint ventures with century-old Japanese giants and supplying to Kia, Suzuki, and Toyota. If auto seats could talk, they’d probably say, “Move over Bharat Forge, this frame’s taken.”
In just six years, revenue jumped from ₹97 crore (FY20) to ₹752 crore (TTM FY25). Net profit? From ₹7 crore to ₹58 crore — a 52% CAGR over five years. While most startups struggle to achieve positive cash flow, NDR Auto generated ₹84 crore in operating cash last year — proof that its accounts team is more disciplined than a Japanese factory floor.
This quarter, NDR didn’t just release numbers — it released drama:
Announced two new projects (₹7.43 Cr and ₹17.43 Cr).
Committed ₹3 Cr investment into a subsidiary.
Dealt with a ₹5.02 crore tax demand, because what’s life without a small reminder from the IT department?
And all this while forming a brand-new JV with Hayashi Telempu, a $2.1 billion Japanese interiors giant.
The story so far? NDR Auto is turning from a seat-frame supplier into an auto interiors powerhouse — and it’s doing it faster than a Maruti hitting 80 on the Delhi-Jaipur highway.
3. Business Model – WTF Do They Even Do?
If you’ve ever sat inside a Brezza, Fronx, or Toyota Hyryder, chances are you’ve already experienced NDR Auto’s craftsmanship under your bum.
The company’s bread and butter are seat frames and seat trims, which account for roughly 60% and 40% of revenue respectively. Recently, they’ve been expanding into sunshades and Body-in-White (BIW) components — the skeletal structure of a car — because apparently, making just the seats wasn’t challenging enough.
How it makes money:
It manufactures and trades automotive components for four-wheelers and two-wheelers.
Major clients include Maruti Suzuki, Toyota, Suzuki Motorcycles, and Kia.
Plants are spread across Gurgaon, Pathredi, Surendranagar, and Bangalore, with new land banks in Aurangabad (26 acres) and Kharkhoda (10 acres) for future expansion.
Recently, sales to Kia began in January 2025, and to Toyota Hyryder in late FY25. This is not your average supplier — this is an OEM’s dream partner with an order book of ₹1,100–1,200 crore, and a Vision 2030 aiming for ₹3,000 crore revenue (because if you’re going to dream, might as well dream big enough to fill all your factories).
NDR’s business model is simple yet smart: build relationships with top OEMs, co-develop products via JVs, and scale without over-leveraging. In short, it’s like the Indian middle class — ambitious, capital-efficient, and slightly obsessed with Japanese quality.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
YoY (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹200 Cr
₹174 Cr
₹185 Cr
+14.8%
+8.1%
EBITDA
₹22 Cr
₹17 Cr
₹20 Cr
+29.4%
+10.0%
PAT
₹14.8 Cr
₹12 Cr
₹14 Cr
+24.4%
+5.7%
EPS (₹)
6.24
5.02
5.71
+24.3%
+9.3%
Commentary: When your quarterly profit grows faster than your car’s acceleration, you know something’s working. OPM stayed firm at 11%, proving that NDR’s operating efficiency isn’t just luck — it’s habit. PAT margins near 7.4% suggest they’ve mastered the art of extracting rupees per bolt.
5. Valuation Discussion – The Fair Value Range
Let’s take a classroom approach here. Current CMP = ₹984, EPS (TTM) =
