1. At a Glance
Pricol Ltd is the auto component player that makes sure you don’t drive blind—literally. They build instrument clusters, sensors, pumps, and allied auto parts, holding55–60% of India’s instrument cluster marketand an eye-watering65% share in the 2-wheeler segment. From Hero to Honda, Bajaj to Royal Enfield, almost every desi biker is staring at a Pricol speedometer while pretending to do 120 on the highway. With revenues of ₹2,967 Cr in FY25, profits of ₹171 Cr, and a global #2 position in instrument clusters, this Coimbatore-based firm has quietly become the dashboard whisperer of the auto world.
2. Introduction
Pricol’s story reads like a mix of small-town grit and auto-industry survival. Founded in 1974, headquartered in Coimbatore (aka “Detroit of the South, but with filter coffee”), the company spent decades quietly supplying instrument panels and gauges to OEMs before leveling up into a global contender.
But unlike flashy EV startups, Pricol’s business is old-school manufacturing—steel, plastics, R&D labs, and lots of sweaty work at 8 factories. Yet it has reinvented itself: from simple speedometers, it now pushes connected vehicle solutions, telematics, and battery management systems. Think of it as your speedometer learning to gossip with your phone.
Still, life isn’t all smooth roads. Exports tanked 65% between FY20 and FY24 (thanks to divesting foreign subsidiaries), and aftermarket share remains tiny since auto parts like clusters don’t need frequent replacement. To fix this, Pricol went on an expansion spree: a ₹600 Cr capex plan, buyingSundaram Auto Components’ injection molding businessfor ₹215 Cr, and divesting its low-margin wiping business for ₹20 Cr. It’s the auto version of “Marie Kondo-ing” the portfolio—if the part doesn’t spark joy (or profits), sell it.
3. Business Model (WTF Do They Even Do?)
Pricol isn’t an automaker—it’s the sidekick. It makes auto components that OEMs slap into vehicles before handing keys to you. Here’s the mix:
- Driver Information & Connected Vehicle Solutions:Instrument clusters, telematics, sensors, BMS. Basically, everything that blinks and beeps in your car/bike. (68% of revenue.)
- Actuation, Control & Fluid Systems:Fuel pumps, disc brakes, water/oil pumps, wiping systems. (20% of revenue.)
- Switches & Sensors:The unsung heroes of modern vehicles. (12% of revenue.)
Customer Mix:
- Domestic OEMs (89%):TVS, Hero, Bajaj, Royal Enfield, Honda. If it’s a 2W in
- India, chances are Pricol is behind its dashboard.
- Exports (6%):Serves 16 markets, but pulled back heavily due to unprofitable ventures.
- Aftermarket (5%):Minor, since clusters last longer than most relationships.
So Pricol is basically a “Tier-1 supplier on steroids”—OEMs rely on them, and riders rely on their products not conking off at 90 km/h.
4. Financials Overview
| Metric | Jun 2025 (Latest Qtr) | Jun 2024 (YoY Qtr) | Mar 2025 (Prev Qtr) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹895 Cr | ₹620 Cr | ₹769 Cr | 44.4% ↑ | 16.4% ↑ |
| EBITDA | ₹99 Cr | ₹80 Cr | ₹80 Cr | 23.8% ↑ | 23.8% ↑ |
| PAT | ₹49.9 Cr | ₹45.9 Cr | ₹35.1 Cr | 9.5% ↑ | 42.1% ↑ |
| EPS (₹) | 4.09 | 3.74 | 2.87 | 9.4% ↑ | 42.5% ↑ |
Commentary:A blockbuster quarter—sales up 44%, profits up 42% QoQ. But YoY profit growth lagged revenue, thanks to higher depreciation & interest from acquisitions. Translation: topline sprinting, bottom line panting.
5. Valuation (Fair Value RANGE only)
- P/E Method:EPS (₹14.1). Industry P/E ~27. FV = 27 × 14.1 = ₹380. Current P/E is 31.5.
- EV/EBITDA Method:EBITDA FY25 ~₹331 Cr. EV/EBITDA 14–16× → EV = ₹4,630–₹5,300 Cr. Minus net debt ₹135 Cr → Equity FV ~₹4,500–₹5,200 Cr. Per share FV ~₹370–₹420.
- DCF Method:Assume 15% growth for 5 years, WACC 11%, terminal growth 3% → FV ~₹400–₹480.
Educational FV Range:₹370 – ₹480.Disclaimer: This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Acquisition of Sundaram Auto Components’ injection molding business (₹215 Cr):Expands plastics capacity
