Business Highlights

  • Strong customer demand with improving revenue and profitability growth led by strong execution and efficiencies
  • Order book as on June 30, 2026 stands at ₹650 crore
  • New ambient lighting order wins contributing to diversification of order book
  • New JV NDR Hayashi Automotive India Pvt Ltd commenced operations in Bangalore for sunshade production
  • NDR Auto Components South plant inaugurated in Ananthpur, optimally positioned to cater to OEMs in South India
  • The Board of Directors approved grant of ESOPs to key employees of NDR Auto Group
  • Outlook remains strong with thrust on deepening present OEM relationships, partnering with new OEMs, and expanding product portfolio with new disruptive offerings

Financial Performance - Q1 FY27 Consolidated

Income Statement

  • Revenue from operations: ₹221.45 crore (19.56% YoY increase from ₹185.22 crore in Q1 FY26)
  • Other income: ₹1.10 crore
  • Total income: ₹222.55 crore

Expenses Breakdown

  • Cost of materials consumed: ₹160.20 crore (73.00% of revenue)
  • Changes in inventories: ₹2.26 crore
  • Employee benefits expense: ₹7.87 crore (3.54% of revenue)
  • Finance costs: ₹0.74 crore (0.33% of revenue)
  • Depreciation and amortization: ₹6.38 crore (2.87% of revenue)
  • Other expenses: ₹25.76 crore (11.58% of revenue)
  • Total expenses: ₹203.23 crore

Profitability Metrics

  • Share of profit from associate: ₹2.36 crore
  • Share of loss from joint ventures: ₹(0.58) crore
  • Profit before tax: ₹21.10 crore (9.48% of revenue, compared to ₹17.43 crore in Q1 FY26)
  • Tax expense: ₹4.70 crore (22.26% of PBT)
  • Profit after tax: ₹16.40 crore (7.37% of revenue)
  • EBITDA: ₹26.44 crore (11.88% margin, compared to 11.01% in Q1 FY26)

Key Ratios

  • ROCE: 35.34% as on June 30, 2026 (not accounting for non-productive land and surplus cash)
  • Zero debt company with all capex funding through internal accruals

Project Expansion Update

Five expansion projects totaling ₹149.80 crore investment:

1. Seat Insert Support Fabric - NDR Auto Safety, Manesar

  • Total cost: ₹21.89 crore
  • Capacity: 6 million pieces per annum
  • Expected SOP: January 2027
  • Status: Project under implementation

2. Seat Trim & Frames - NDR Auto Components South, Ananthpur

  • Total cost: ₹22.56 crore
  • Capacity: 0.17 million pieces per annum (new facility)
  • Expected SOP: July 2026
  • Status: Sales to start in Q2 FY27

3. Ambient Light, Carpet, Sun Shades - NDR Hayashi Automotive, Bengaluru

  • Total cost: ₹80.49 crore
  • Capacity: 0.185 million pieces per annum (new facility)
  • Expected SOP: June 2026
  • Status: Sunshade production has commenced; ambient lighting under implementation

4. Seat Latch - NDR Auto, Pathredi

  • Total cost: ₹17.43 crore
  • Capacity: 3 million pieces per annum
  • Expected SOP: January 2027
  • Status: Project under implementation

5. Seat Belt Reminder System - NDR Auto, Gujarat

  • Total cost: ₹7.43 crore
  • Capacity: 1.5 million pieces per annum
  • Expected SOP: January 2027
  • Status: Project under implementation

Management Structure

Board of Directors

  • Chairman: Mr. Rohit Relan
  • Co-Chairman: Mr. Pranav Relan
  • Whole-Time Director: Mr. Ayush Relan
  • Whole-Time Director: Mr. Rishabh Relan
  • Director: Mr. Wadhwa
  • Independent Director: Ms. Shyamla Khera
  • Independent Director: Ms. Vanita Chhabra
  • Executive Director and Company Secretary: Rajat Bhandari (DIN: 02154950)

Key Senior Management

  • Group CEO: Rajiv Arora (30+ years experience with Tier 1 Auto ancillary company)
  • Group CFO: Vikram Krishna Rathi (Chartered Accountant and MBA with 20+ years auto ancillary experience)
  • Operations Head: Kathirvel Mani (29+ years experience in auto ancillary sector)
  • Group CTO: Akira Furukawa (34+ years experience, worked at Suzuki Japan, Suzuki Hungary and MSIL India)

Product Portfolio and Operations

  • Products: Seat Frames, Seat Trims, Sun Shades and Ambient Lighting
  • End-to-end assembling of automobile seats for 2 and 4 wheelers
  • Growing Body In White (BIW) business
  • Manufacturing facilities located in Gurgaon, Pathredi, Bangalore and Gujarat
  • Supplies to popular models including Grand Vitara, Brezza, Fronx, Dzire, Vitara, Gixxer, Burgman

Joint Ventures

  • Bharat Seats Limited: Joint venture with Maruti Suzuki India Limited and Suzuki Motor Corporation, Japan (28.66% equity holding)
  • Toyota Boshoku Relan India Private Limited: Joint venture with Toyota Boshoku Asia Company Limited (50% equity)
  • Toyo Sharda India Private Limited: Joint venture with Toyo Seat, Japan
  • NDR Hayashi Automotive India Pvt. Ltd.: Joint venture with Hayashi Telempu Corporation, Japan (formed 2025)

Sector Outlook

  • Healthy domestic automobile demand with continued recovery in passenger vehicle segment
  • Resilient export opportunities
  • Multiple growth drivers including increasing vehicle content, new model launches, premiumization, and OEM capacity expansion
  • Stable production schedules across major OEMs supported by healthy retail demand
  • Moderating commodity prices expected to gradually translate to lower raw material prices