1. At a Glance – Blink and You Miss the Scale
If you still think ASK Automotive Limited is just a “brake-shoe company,” you’re already behind the curve. As of Q3 FY26, ASK Automotive is sitting on a market cap of ₹8,425 Cr, trading at ₹427, with a ROCE of 27.6% and ROE of 26.6%. That’s not small-cap jugaad efficiency—that’s industrial-grade capital discipline.
The latest quarter delivered ₹1,084 Cr in revenue (+18.5% YoY) and ₹79.9 Cr PAT (+21.3% YoY). Operating margins expanded to ~13%, debt remains manageable at ₹612 Cr, and the company is deep into a ₹450 Cr capex cycle that’s already sweating assets instead of hoarding excuses. Stock returns over the last 3 months are ugly (-14.9%), which means sentiment is crying while fundamentals are calmly sipping chai.
In short: the numbers say compounder, the chart says heartbreak. Which one should an investor listen to?
2. Introduction – India Rides Two Wheels, ASK Prints Brakes
India runs on two wheels. Office commute, Swiggy delivery, college romance, mid-life crisis—all of it happens on scooters and motorcycles. And wherever a two-wheeler stops safely without kissing the road, ASK Automotive is probably involved.
Founded in 1988, ASK didn’t chase glamour. It chased volume, OEM stickiness, and boring excellence. Result? ~50% market share in brake shoes and advanced braking systems for two-wheelers in FY24. That’s not leadership; that’s borderline monopoly vibes without attracting angry regulators.
What makes ASK interesting is not just dominance, but evolution. From brake shoes to aluminum lightweighting, from ICE to EV-agnostic components, from domestic OEMs to aftermarket and exports—this is a company that refuses to be a one-trick pony. While many auto ancillaries are still doing PowerPoint EV transitions, ASK is quietly increasing aluminum content and thermal management exposure.
Question for you: how many Indian auto ancillaries do you know that grow
profit faster than revenue and expand margins during capex?
3. Business Model – WTF Do They Even Do?
Let’s simplify ASK Automotive like you’re explaining it to a lazy but smart investor at 11:30 PM.
ASK makes things that make vehicles stop, move smoothly, and not fall apart.
Core Segments:
- Advanced Braking Systems (37.1%)
Brake shoes, brake pads, panels—high volume, safety-critical, OEM-trusted stuff. - ALPS – Aluminum Lightweighting & Precision Solutions (50.6%)
Crankcases, engine covers, ECU housings. This is where EV and margin dreams live. - Wheel Assembly, Safety Control Cables & Others (~12%)
Supporting cast that adds stability and cross-selling.
ASK sells mostly to OEMs (HMSI, Hero, Bajaj, TVS, Royal Enfield, Yamaha), with a growing aftermarket and export footprint. Switching costs are high, quality tolerance is low, and once you’re in, you don’t get kicked out easily.
In short: ASK is embedded into customer production lines. That’s the best real estate in manufacturing.
4. Financials Overview – Numbers Don’t Lie, Promoters Sometimes Do
Quarterly Performance (Q3 FY26 – Consolidated, ₹ Cr)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,084 | 915 | 1,054 | 18.5% | 2.9% |
| EBITDA | 141 | 111 | 137 | 27.0% | 2.9% |
| PAT | 79.9 | 66 | 80 | 21.3% | ~0% |
| EPS (₹) | 4.05 | 3.34 | 4.05 | 21.3% | 0% |
Annualised EPS = Q3 average × 4 rule applies
TTM EPS stands at ₹14.4, already baked into valuations.
Margins are expanding steadily, not explosively—exactly what you
