1. At a Glance
NDR Auto is the quiet seat-making ninja of the auto components world — they don’t make engines roar, but they make sure your backside is comfortable while it happens. Born in 2019, they’ve already bagged an₹1,100–₹1,200 crore order book, supply big names like Maruti, Toyota, and Kia, and are pushing into Body in White (BIW) components. With aROCE north of 22%, debt lower than your sedan’s fuel gauge after payday, and a promoter stake above 73%, this is a small-cap growing like it just discovered protein shakes.
2. Introduction
In the hierarchy of auto components, engine makers get the fame, alloy wheel guys get the style points, and seat makers… get overlooked. NDR Auto is trying to change that — not with TikTok dances but with a steady diet of OEM orders, JVs with Japanese big shots, and expansion into premium interiors.
They makeseat frames, seat trims, sunshades, and have an emerging BIW play. They’ve locked in business with Maruti Suzuki (Grand Vitara, Brezza, Fronx, eVitara, Alto, Wagon R, Dzire), Toyota (Hyryder, Urban Cruiser), Suzuki (Access, Gixxer), and Kia. Sales to Kia started Jan 2025, sunshade deliveries to Toyota began Q3 FY25.
Behind the scenes, they’ve built amulti-location manufacturing footprintin Gurgaon, Pathredi, Surendranagar, and Bangalore — strategically close to OEM plants. With annualised revenue already at ₹727 crore in FY25, management’s aiming for ₹3,000 crore by FY2030, with half of that growth expected from joint ventures and M&As.
3. Business Model (WTF Do They Even Do?)
NDR Auto is a Tier-1 & Tier-2 supplier for seating and interior systems. Their portfolio:
- Seat Frames & Trims:Metal and fabric structures for 4W and 2W seating systems.
- Sunshades:OEM-grade shades for SUVs and premium sedans.
- BIW Components:Structural parts for SUVs (like Jimny).
Revenue mix FY25:
- Seat Frames: ~60%
- Seat Trims: ~40%
JVs as Growth Engines:
- Hayashi Telampu (50:50)— advanced interior products (ambient lighting order for Toyota in
- bag).
- Bharat Seats (28.66% stake)— long-standing Maruti supplier.
- Toyota Boshoku Relan India (50:50)— supplies Toyota Boshoku’s auto components in India.
- Toyo Sharda India (JV)— high-tensile seat frames and devices.
4. Financials Overview
| Metric | Latest Qtr (₹ Cr) | YoY Qtr (₹ Cr) | Prev Qtr (₹ Cr) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 185 | 171 | 192 | 8.12% | -3.65% |
| EBITDA | 20 | 17 | 21 | 17.65% | -4.76% |
| PAT | 14 | 12 | 16 | 18.00% | -12.50% |
| EPS (₹) | 5.71 | 4.84 | 6.89 | 17.98% | -17.15% |
Commentary:Margins at 11% OPM show they’ve built cost control into the DNA. QoQ softness reflects seasonal OEM schedules, not structural weakness.
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- TTM EPS: ₹23.25
- Industry P/E: ~26.4
- FV Range (P/E 28–32 for high-growth small-cap) → ₹651–₹744
Method 2: EV/EBITDA
- TTM EBITDA: ₹76 crore
- EV/EBITDA range (20–24 for high ROCE niche supplier) → EV: ₹1,520–₹1,824 crore
- Net debt: ₹32 crore → FV equity range: ₹1,488–₹1,792 crore → Per share: ₹625–₹752
Method 3: DCF (simplified)
- FCF growth 20% for 5 years, WACC 11%, terminal growth 4% → ~₹680–₹760/share
Educational FV Range:₹650 – ₹750(For educational purposes only and not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- Fresh Orders:Kia seating systems (Jan 2025), Toyota sunshades (Q3 FY25).
- JV Play:₹66.6 crore Hayashi Telampu
