1. At a Glance
A 5-year-old company born from the mother womb of SMIL (Samvardhana Motherson), NDR Auto is no backseat driver. With seat frames, trims, rapid revenue growth and a new JV with Japan’s Hayashi Telempu, this ₹2,500 Cr smallcap has its foot slammed on the accelerator.
2. Introduction with Hook
You know you’re doing something right when you go from “just assembling car seats” to being one of the fastest-growing listed auto ancillaries in India—with a JV partner from Japan and a CAGR that could give startup bros a complex.
- 5-Year Sales CAGR: 49%
- 5-Year PAT CAGR: 52%
- ROCE FY25: 22.8%
We’re not saying it’s a hidden gem… but your car seat may have been made by them and you had no clue.
3. Business Model (WTF Do They Even Do?)
- Core Ops: Seat frames, trims, automotive seating systems for passenger vehicles and utility vehicles.
- Clients: Hyundai, Kia, Maruti, Tata, Toyota (NEW via Hayashi JV).
- Subsidiary DNA: Originated from Motherson Sumi Systems.
- Revenue Model: Contract manufacturing + proprietary design capability + trading.
- Now: Transitioning from Indian OEM dependency to global exposure via JV.
4. Financials Overview
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | Net Profit (₹ Cr) | ROCE (%) | ROE (%) |
|---|---|---|---|---|---|
| FY22 | 233 | 15 | 15 | 10% | 13% |
| FY23 | 393 | 33 | 28 | 17% | 17% |
| FY24 | 602 | 56 | 39 | 19% | 19% |
| FY25 | 713 | 73 | 53 | 22.8% | 19.1% |
Commentary:
Operating margins are expanding alongside rising revenue. FY25 confirms scalability.
5. Valuation
- CMP: ₹1,062
- EPS FY25: ₹22.38
- P/E: 47.7 (Steep, but growthy)
- Book Value: ₹127 → P/B = 8.36
- Industry Median P/E: 28
Fair Value Range (EduFair™):
₹850 – ₹1,400
Based on 30–45x FY25 earnings and expansion visibility from the Hayashi JV.
6. What’s Cooking – News, Triggers, Drama
- Hayashi Telempu JV: ₹66.6 Cr 50:50 JV targeting ₹300–400 Cr in 5 years. Focus: Ambient lighting, premium trims.
- Toyota India Order Win: First order already secured via JV.
- Land Acquisition: 26.39 acres in Maharashtra for expansion.
- EPS CAGR (3-yr): 51%
- Shareholding Buzz: Promoters increased stake in FY25.
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹6 Cr | ₹12 Cr | ₹24 Cr |
| Reserves | ₹212 Cr | ₹242 Cr | ₹279 Cr |
| Debt | ₹34 Cr | ₹31 Cr | ₹32 Cr |
| Total Assets | ₹344 Cr | ₹396 Cr | ₹486 Cr |
Key Points:
- Solid equity raise.
- Debt minimal.
- Asset base growing steadily to support topline surge.
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash |
|---|---|---|---|---|
| FY23 | ₹48 | ₹-35 | ₹-5 | ₹8 |
| FY24 | ₹27 | ₹-6 | ₹-8 | ₹13 |
| FY25 | ₹84 | ₹-42 | ₹-12 | ₹29 |
Interpretation:
Cash flows now match profitability. FY25 = textbook growth phase, not just Excel optimism.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| OPM (%) | 8% | 9% | 10% |
| ROCE (%) | 17% | 19% | 22.8% |
| ROE (%) | 17% | 19% | 19.1% |
| Debt/Equity | 0.14 | 0.12 | 0.11 |
| Cash Conv. Cycle | -14 | -4 | -11 |
Verdict:
Healthy ratios. Working capital efficiency improving. This is rare in auto ancillaries, usually bloated with receivables.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT | EPS |
|---|---|---|---|---|
| FY22 | ₹233 Cr | ₹15 Cr | ₹15 Cr | ₹6.26 |
| FY24 | ₹602 Cr | ₹56 Cr | ₹39 Cr | ₹16.26 |
| FY25 | ₹713 Cr | ₹73 Cr | ₹53 Cr | ₹22.38 |
Comment:
Consistent growth across top and bottom line. EPS nearly 4x in 3 years.
11. Peer Comparison
| Company | CMP (₹) | P/E | ROCE (%) | ROE (%) | OPM (%) |
|---|---|---|---|---|---|
| Bosch | 37,845 | 55.49 | 21.11 | 15.55 | 12.77 |
| Schaeffler India | 4,225 | 65.08 | 25.67 | 19.17 | 18.40 |
| Uno Minda | 1,078 | 66.15 | 18.88 | 17.56 | 11.17 |
| Endurance Tech. | 2,692 | 45.80 | 18.21 | 15.47 | 13.42 |
| NDR Auto | 1,062 | 47.7 | 22.85 | 19.06 | 10.29 |
Verdict:
They’re in the same P/E club as MNC giants, despite being a 5-year-old domestic firm. That’s the market’s way of saying “impressive”.
12. Miscellaneous – Shareholding, Promoters
| Shareholder Type | Mar 2023 | Mar 2025 |
|---|---|---|
| Promoters | 73.95% | 73.13% |
| FIIs | 0.00% | 0.06% |
| Public | 26.06% | 26.80% |
| Shareholders | ~8,400 | ~24,600 |
Meme-worthy Fact:
Shareholder count 3x’d in 2 years. Retail junta has clearly found this momo stock.
13. EduInvesting Verdict™
This one’s got the underdog energy of an early-stage Uno Minda. Clean cap table, growing export capability, asset-light + margin-accretive JV, and strong cash flows. Yes, the P/E is hot, but growth seems hotter. It’s one of those “auto ancillaries you wish you bought before the institutional bros wake up”—unless the Hayashi JV fails to scale. Watch the order book and capacity expansion updates like a hawk. For now, they’re comfortably buckled in for the next growth ride.
Metadata
– Written by EduInvesting | 14 July 2025
– Tags: NDR Auto Components, Hayashi JV, Auto Ancillary, Smallcap, Seat Maker, Toyota, High ROCE, Explosive Growth
