1. At a Glance – Seat Frames, Big Frames, Bigger Ambitions
NDR Auto Components Ltd is what happens when a niche auto-ancillary quietly compounds while the market is busy chasing EV buzzwords. As of early Feb 2026, the stock trades around ₹732, down ~25% over three months (yes, Mr. Market has moods), with a market cap of ~₹1,755 Cr.
Despite the recent price sulk, the business numbers are doing bhangra. Q3 FY26 revenue came in at ₹208 Cr (+18.9% YoY) with PAT of ~₹15.7 Cr (+17.2% YoY) and operating margins holding firm at ~11%.
Five-year numbers? Sales CAGR of ~49%, profit CAGR of ~52%. ROCE at ~22.8%, ROE ~19%, debt-to-equity a chill 0.16. Promoters hold ~73%, with zero pledging—always a good sign in an industry where leverage can quietly ruin marriages.
The headline? A relatively young listed company, sitting deep inside Maruti, Toyota, Kia supply chains, with a ₹1,100–1,200 Cr order book, and a management team openly saying, “₹3,000 Cr by FY30.” Ambitious? Yes. Impossible? Not really.
So… is this a boring seat maker, or a future interior systems powerhouse? Let’s open the bonnet.
2. Introduction – Born in 2019, Acting Like a Veteran
Incorporated in 2019, NDR Auto Components looks like a COVID baby on paper—but behaves more like a seasoned industry insider. That’s because this isn’t some first-generation jugaad factory. It’s part of the Relan family ecosystem, deeply connected with Bharat Seats, Toyota Boshoku, and Japanese OEM culture.
The company focuses on seat frames, seat trims, sunshades, and increasingly, Body-in-White (BIW) components. Translation: metal-heavy, precision-driven, OEM-trusted parts that don’t change suppliers easily unless something goes very wrong.
What’s interesting is timing. While many auto ancillaries chased EV-only narratives, NDR doubled down on volume ICE platforms—Maruti, Toyota, Suzuki—exactly the segment still printing cash in India.
Add to that:
- New business wins with Kia (Jan 2025 onward)
- Sunshade supplies to Toyota Hyryder from Q3 FY25
- Land banking near Maruti (Kharkhoda) and Toyota (Aurangabad)
This isn’t random growth. This is OEM adjacency strategy 101.
But the real question: can a seat-frame company really scale without margin pain? Let’s see what they actually do.
3. Business Model – WTF Do They Even Do?
At its core, NDR Auto makes the skeleton and skin of your car seat.
Products:
- Seat Frames (~60% of FY25 revenue)
- Seat Trims (~40%)
- Sunshades
- BIW components (early but growing)
Seat frames are capital-intensive, welding-heavy, and margin-stable. Trims are more labour/process driven but sticky. Together, they form a nice risk-balanced portfolio.
Manufacturing Footprint:
- Gurgaon, Haryana – Trim plant
- Pathredi, Haryana – Sheet metal
- Surendranagar, Gujarat – Integrated seat frame & trim
- Bangalore, Karnataka – Integrated facility
Multiple plants near OEM hubs = lower logistics cost + better OEM love.
Customers:
- Maruti Suzuki – Grand Vitara, Brezza, Fronx, Dzire, Wagon R, Alto, Jimny (BIW)
- Toyota – Hyryder, Urban Cruiser
- Suzuki 2W – Access, Gixxer
- Kia – Syros
If Maruti sneezes, NDR catches a cold. Luckily, Maruti hasn’t had a fever in years.
Now the kicker—JVs.
4. Financials Overview – Growth Without Gym Supplements
Quarterly Comparison (Consolidated, ₹ Cr)
| Metric | Latest Q (Dec-25) | YoY Q (Dec-24) | QoQ (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 208 | 175 | 200 | +18.9% | +4.1% |
| EBITDA | 23 | 19 | 22 | +21% | +4.5% |
| PAT | 15 | 13 | 15 | +17% | +2.5% |
| EPS (₹) | 6.38 | 5.63 | 6.24 | +13% | +2.2% |
Annualised EPS (Q3 Rule)
Average of Q1, Q2, Q3 EPS ×
