TALBROS AUTOMOTIVE COMPONENTS LTD ⚙️

AUTO COMPONENTS

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I am Shubhankar Jena, an independent securities market Researcher, passionate about deep company Analysis and sharing my
research. My goal is to provide financial knowledge to readers so they can make informed investment decisions
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financial advisor, and all information provided here is for educational purposes only.
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INDUSTRY ANALYSIS


GLOBAL AUTO COMPONENTS MARKET: $1,710.22B (2024) → $2,455.32B (2033), CAGR 4.1%
INDIA AUTO COMPONENTS MARKET: $74B (FY 2024) → $200B (FY 2030), CAGR ~18%
IN 2020, 91.55% OF AMERICAN HOUSEHOLDS HAD AT LEAST ONE VEHICLE
IN 2020, THE UNITED STATES HAD 831 REGISTERED VEHICLES PER 1,000 PEOPLE.
INDIA HAD 246 REGISTERED VEHICLES PER 1,000 PEOPLE
INDIA’S AUTO COMPONENT MANUFACTURING INDUSTRY CONTRIBUTES APPROXIMATELY 2.3% TO THE GDP 2023-24

TALBROS AUTOMOTIVE COMPONENTS LTD


TALBROS AUTOMOTIVE COMPONENTS IS ENGAGED IN THE BUSINESS OF MANUFACTURING GASKETS AND FORGING.
Gasket is used for sealing between engine parts to prevent any leakage.
Forging involves heating iron/steel to manufacture strong parts for vehicles
GASKET
50% MARKET SHARE IN GASKETS – 3X THE NEAREST COMPETITOR. IT IS MARKET LEADER IN 2W, AGRI & OFF LOADERS, HCV
& LCV SEGMENT. IT IS THE SINGLE SOURCE SUPPLIER TO 5 OF ITS CUSTOMERS
2W (TWO-WHEELERS) – TWO-WHEELED VEHICLES LIKE BIKES AND SCOOTERS.
AGRI & OFF LOADERS – VEHICLES USED IN FARMING AND HEAVY LIFTING, LIKE TRACTORS, HARVESTERS, AND
CONSTRUCTION MACHINES (JCB, LOADERS, CRANES).
HCV (HEAVY COMMERCIAL VEHICLE) – LARGE TRUCKS AND HEAVY COMMERCIAL VEHICLES, LIKE LONG-DISTANCE
TRUCKS, TANKERS, AND BIG BUSES.
LCV (LIGHT COMMERCIAL VEHICLE) – SMALL COMMERCIAL VEHICLES, LIKE PICKUP TRUCKS
SINGLE SUPPLIER – SOLE SUPPLIER FOR 5 COMPANIES.
GASKET ORDER BOOK – BUSINESS OF ₹60 CRORES IS FIXED EVERY YEAR.
FORGING
HOT FORGING (750 TO 2,500 TON PRESSES)
STRONG HOLD ABROAD TOO – IT SUPPLIES TO BIG TIER 1 COMPANIES.
FORGING ORDER BOOK – FIXED BUSINESS OF ₹90 CRORES EVERY YEAR.
REVENUE SPLIT H1FY24 – GASKET & HEAT SHIELD: 66% & FORGINGS: 34%
SEGMENTAL BREAK UP H1FY24 2 & 3 Wheelers: 21%, Passenger Vehicle: 33%, HCV & LCV: 25%, Agri & Off Loaders: 11%
Others: 10%
Type of Market- OEM: 62%, Exports: 25%, After Market: 3%, Others: 10%
Chassis Business- 84% sales in India, 16% exports to Europe.
(TALBROS का CHASSIS BUSINESS ऐसेपार्ट्स बनाता हैजो गाड़ियोोंकेचेडसस डसस्टम को मजबूत और सुरडित बनातेहैं। )
Got a contract of ₹92 crores from a European car company.
COMPANY’S MANUFACTURING PLANTS
4 Gasket Factories: Faridabad (2), Pune, Sitarganj
Materials Division: Sohna, Gurgaon
Forging Plant: Bawal, Rewari
CLIENTS
Maruti Suzuki (14%)
TATA Motors (8%)
Jaguar Land Rover, Bajaj Auto, Hero MotoCorp (7%)
Honda, BMW, JCB, Dana Italia SRL
The company can fulfill new orders with little extra cost as its factory is already running at high capacity

BUSINESS ANALYSIS


Talbros Automotive Components Ltd is a company that manufactures auto components and operates in the auto
components industry. Its main business is gaskets and forging.
Even though it is a small-cap company, it has big clients like Maruti Suzuki, Tata Motors, Jaguar Land Rover, Bajaj Auto, Hero
MotoCorp, Honda, BMW, and JCB.

  • It holds 50% market share in gaskets, which is 3 times more than its nearest competitor.
  • The company is a market leader in the 2-wheeler, agricultural & off-loader, HCV (Heavy Commercial Vehicles), and LCV
    (Light Commercial Vehicles) segments.
  • Talbros is the single-source supplier to 5 of its customers.
    Talbros Automotive Components Ltd (TACL) is a company that makes different types of automotive parts. The business is divided
    into four main segments.
    Gaskets & Heat Shields (Protecting the Engine & Exhaust)
  • TACL Standalone and Nippon Leakless Talbros Pvt Ltd work in this segment.
  • Gaskets help prevent oil, fuel, and coolant from leaking inside the engine.
  • Heat Shields protect other parts from the high temperature of the engine and exhaust system.
    Forgings (Strong Metal Parts)
  • TACL Standalone manages this segment.
  • Forging is a process that makes strong metal parts used in engine and transmission systems to handle high pressure and
    heavy loads.
    Chassis Components (Body & Structure Parts)
  • Marelli Talbros Chassis Systems Pvt Ltd works in this segment.
  • It makes suspension and steering parts that help vehicles run smoothly and stay stable on the road.
    Anti-Vibration Products & Hoses (Reducing Vibration & Carrying Fluids)
  • Talbros Marugo Rubber Pvt Ltd handles this segment.
  • Anti-vibration products help reduce vibrations from the engine and road, making the ride more comfortable.
  • Hoses are pipes that carry coolant, fuel, air, and oil inside the vehicle.
    GROWTH POTENTIAL:
    Talbros Automotive Components Ltd has huge growth opportunities because the auto components industry in India is growing at
    a CAGR of 18% every year.
  • The current market size is $74 billion (FY 2024) and is expected to reach $200 billion by FY 2030.
  • In the future, vehicle sales in India will increase significantly, directly boosting demand for the automotive components
    industry.
    BUSINESS MODEL: REVENUE SOURCES, MARKET SHARE, KEY PRODUCTS/SERVICES
    REVENUE SOURCES
  • Talbros automotive components ltd has two main revenue sources:
  • Gaskets & heat shields – 66% of total revenue
  • Forgings – 34% of total revenue
  • Top customers: maruti suzuki & tata motors contribute around 22% of the company’s total revenue.
    MARKET SHARE
  • TACL is a small company but has 50% market share in gaskets in India. It supplies to big automakers like Maruti Suzuki,
    Tata Motors, BMW, and Honda.
    KEY PRODUCTS
    Gaskets & Heat Shields (50%+ Market Share)
    Forgings (Engine & Suspension Parts)
    Chassis Systems (Control Arms, EV Focus)
    Anti-Vibration Parts & Hoses (Mounts, Bushings
  • In FY24, the company received new orders worth ₹980 crores. In the first nine months of FY25, it secured additional
    orders of ₹1,475 crores, and work has already started on some projects.
  • The company’s target is that in the coming years the contribution of EV in the company’s revenue will increase
  • ANNUAL REPORT

  • CORPORATE OVERVIEW
    COMPANY OVERVIEW:
  • 60+ Decades of Experience in Auto Component Manufacturing
  • 30+ Clientele of Original Equipment Manufacturers across the Globe
  • 2 Joint Ventures as International Technology Tie-ups
  • 50+ Years of Consistent Dividend Pay-out History
  • TACL serves various segments within the automobile industry, catering to Passenger Vehicles, Commercial Vehicles,
    Two-wheelers, Three-wheelers, Agricultural Machinery, Off-loaders, Industrial Vehicles, and more.
  • GASKETS – 47% Revenue Contribution from Gaskets
  • FORGING – 27% Revenue Contribution from Forging
  • HEATSHIELDS – 4% Revenue Contribution from Heatshields
  • TMR (Talbros Marugo Rubber Pvt Ltd) -6% Revenue Contribution from TMR
  • NLK (Nippon Leakless Talbros Pvt Ltd) – 3% Revenue Contribution from NLK
  • MTCS (Marelli Talbros Chassis Systems Pvt Ltd) – 13% Revenue Contribution from MTCS
    CHAIRMAN’S MESSAGE – Naresh Talwar
  • Indian automotive sector demonstrated remarkable resilience, with a total of 23.8 million (2.38 crore) vehicles sold,
    reflecting a 12.5% growth compared to the previous year.
  • Passenger Vehicle (PV) segment recorded an 8.4% increase in sales.
    Two-Wheeler sales grew by 13.3%.
    Commercial Vehicle (CV) segment remained stable, indicating a balanced growth trajectory.
  • Electric Vehicles (EVs)
    ✔ EV sales surged by 41%, surpassing 1.6 million (16 lakh) units.
    ✔ EV market penetration rate increased to 6.8%.
  • With projections indicating EVs could comprise over 40% of India’s automotive market by 2030
  • 2023-24 saw EV sales surpassing 1.7 Mn units
  • Our focus on expanding our EV portfolio has been fruitful, contributing to a growing share of our revenue.
  • Looking ahead, we aim to sustain this momentum, targeting a 13% CAGR in revenue growth through 2026-27 by
    expanding our gasket and heat shield business, increasing exports, and diversifying our portfolio.
  • focusing on expanding our presence in the electric vehicle sector
  • The Company took a strategic decision to divest its complete 40% ownership interest in its joint venture entity, Nippon
    Leakless Talbros, constituting 48,00,000 fully paid-up equity shares of 10/- each for 81.80 Crores The stake sale was
    successfully completed on January 25, 2024
  • We plan to increase our exports from 25% to 35% in the next three years by expanding into international markets.
    AWARDS & CERTIFICATION
  • ACMA Excellence Award (6 Categories) – Gold (Digitalisation, Manufacturing, Safety, Sustainability), Bronze (New
    Product Development), Export Appreciation
  • Overall Performance Award – Maruti Suzuki (2022-23)
  • Gold Certificate – MSME (Zero Waste & Zero Defect – ZED Program)
  • Platinum Award – Ashok Leyland (Quality Performance)
  • Appreciation Certificates – Suzuki Motors Gujarat (Quality Performance), Maruti Suzuki (Yield Improvement, Part
    Design & Development)
    The company has received many AWARDS & CERTIFICATION which means that the company is performing well in its
    business
    STATUTORY REPORTS
  • As per SIAM’s, the overall Auto segment grew by 9.62%
  • Passenger vehicle sales grew by 6.86%
  • Commercial vehicle grew by 2.97%
  • Two-wheeler sales grew by 10.33%
  • HCV sales grew by 3.48%
  • LCV sales grew by 2.68%
  • Two-wheeler segment, Scooter sales grew by 14.10%
  • Motorcycle sales grew by 8.70%
    BOARD’S REPORT:
  • 2023-24, Gasket and Heat Shield turnover of 501.98 Crores up by 17.42% as compared to financial year 2022-23 turnover of 427.50 Crores
  • Forging turnover of 276.28 Crores up by 25.77% as compared to financial year 2022-23 turnover of
    219.68 Crores
  • Your Company recorded all time high revenue from operations on standalone basis for the financial year
    2023-24 amounting to 778.27 Crores, 20.25% higher as compared to the last financial year 2022-23 with gross turnover of 647.18 Crores
  • Profit after tax (PAT) for the Company for financial year 2023- 24 was 129.06 Crores, 195.33% higher as compared to the PAT of 43.70 Crores in the previous year 2022-23.
  • Company has received multi years orders over ` 1,000 Crores from both, domestic and overseas customers
    across its business divisions, product segments and JVs. These orders are to be executed over a period of
    next 5 years covering the Company’s product lines – gaskets, heat shields, forgings and chassis. These orders
    will help us increase our share with existing customers and new customers across geographies thereby
    gaining market share in coming years.
  • The revenues in Gaskets and Heat Shield division are expected to grow by 13% CAGR till financial year 2026-
    27 to ` 700 Crores.
  • The Revenue in Forging business expected to grow by 23% CAGR till financial year 2026-27 to ‘500 Crores.
  • Along with this, your Company also has increased focus on EV business
  • INDIA – largest tractor producer, the second-largest bus manufacturer, and the third-largest heavy truck
    producer
  • One major factor poised to shape its future is the shift towards electric vehicles (EVs). With the Government
    targeting a 30% EV penetration by 2030, a surge in demand is expected.
  • CREDIT RATING – CARE Ratings on October 3, 2023. GOOD
  • CORPORATE SOCIAL RESPONSIBILITY – The amount of ` 88.32 Lacs was spent by the Company during the
    Financial Year 2023-24
  • management believes that the mitigation plans for identified risks are in place and may not threaten the
    existence of the Company. (GOOD)
    MANAGEMENT DISCUSSION AND ANALYSIS:
  • INDIA – largest tractor producer, the second-largest bus manufacturer, and the third-largest heavy truck
    producer
  • Government aiming for a 30% EV penetration by 2030, a surge in demand is highly anticipated.
  • Management expressed confidence in achieving the revenue target of ₹2,200 crores for FY27 despite
    current market challenges.
    •
    DOMESTIC SALES TREND FOR AUTOMOBILES
    AUTO COMPONENT INDUSTRY WORLDWIDE SIZE (IN US$ BN)
  • PLI SCHEME- Automobile and Auto Components: The Production Linked Incentive (PLI) Scheme for
    Automobile and Auto components boats a budget of ` 25,938 Crore spanning five years from FY 2022-23 to
    2026-27
  • The scheme primarily targets Zero Emission Vehicles (ZEVs), including battery electric vehicles and hydrogen
    fuel cell vehicles
  • Company clientele of over 30 OEMs across multiple geographies
  • Company Regularly Dividend Payout for over 50 years
    SWOT ANALYSIS
    STRENGTHS:
  • 65 Years + Experience Auto Components Industry
  • Gaskets 50% Market Leader
  • 30+ OEM Clientele Over Worldwide
  • Strong OEM relationships across PV, CV, exports, off-highway.
  • Tech tie-ups & JVs for top-quality products.
  • Consistent export orders, expanding global reach.
  • Advanced manufacturing & diverse product portfolio.
  • High-quality standards, global certifications, repeat business.
    WEAKNESS:
  • Talbros faces a limited presence in supplying components to the electric vehicle industry. However, to
    overcome this issue, it is actively expanding its product categories to diversify its presence across the
    automobile industry
    OPPORTUNITIES:
  • EV growth: Supplying parts for hybrid & EVs globally.
  • Strong domestic EV orders: Expanding in India’s EV market.
  • Diversification: Expanding into non-auto sectors.
  • Exports: Growing global automotive component demand.
  • R&D & innovation: Focus on new tech & embedded systems.
  • Govt support: PLI, Make in India, FAME-II benefits.
  • India as Auto R&D hub: Rising industry investments.
  • Ethanol blending (E20): ₹150 Cr orders from PV OEMs.
    THREATS:
  • Commodity price volatility: Needs hedging & risk management.
  • Global crises impact: Requires contingency & diversification plans.
  • Supply chain disruptions: Localisation to safeguard operations.
    LOW CAPEX AND HIGHCAPACITY UTILIZATION
  • Strong order pipeline, expecting to fulfill orders with minimal capex.
  • Gaskets division (85% capacity utilization) → ₹8-9 crore capex.
  • Forgings division (82-83% capacity utilization) → ₹7-8 crore capex.
  • Capex includes both maintenance and growth expansion.
    GOVERNMENT SUPPORT:
  • PLI SCHEME- Automobile and Auto Components: The Production Linked Incentive (PLI) Scheme for
    Automobile and Auto components boats a budget of ` 25,938 Crore spanning five years from FY 2022-23 to
    2026-27
  • Government aiming for a 30% EV penetration by 2030, a surge in demand is highly anticipated
  • Lithium-Ion Battery: Custom duty exemption on EV battery manufacturing. Expected reduction in electric
    vehicle costs.

FINANCIAL STATEMENT

P&L STATEMENT



  • BALANCE SHEET
  • The company’s reserves are continuously growing.
  • The company’s debt has decreased compared to the past few years, which is a very positive sign.
  • The value of the company’s fixed assets is continuously growing, with the highest contribution coming from
    Plant & Machinery.
  • The company is continuously increasing its investments in its business
  • The company’s non-current assets value increased from ₹311 crore in the past year to ₹485 crore in the
    current year, reflecting a 55.99% growth.
  • The major contributors to the increase in non-current assets are Property, Plant & Equipment, Investments
    and other financial assets which is a positive sign for the company.
  • The company’s Other Financial Assets increased 3,400% because it kept ₹68 crore in bank deposits for more
    than 12 months, compared to just ₹1 crore last year.
  • The company’s Current Assets increased from ₹344 crore last year to ₹370 crore this year, which is a positive
    sign
  • The company’s Total Assets increased from ₹655 crore last year to ₹856 crore this year, showing strong
    growth in its asset base.
  • The company’s Equity Share Capital remains constant, indicating no new shares were issued during the year.
  • The company’s Other Equity increased from ₹355 crore last year to ₹524 crore this year, reflecting a 46.71%
    growth. The major contributor to this increase is Retained Earnings.
  • The company’s Total Equity increased from ₹367 crore last year to ₹537 crore this year, showing strong
    financial growth.
  • The company’s Long-Term Liabilities increased from ₹23 crore last year to ₹50 crore this year, indicating a
    rise in long-term obligations.
  • The company’s Long-Term Debt reduced from ₹6 crore to ₹3 crore, which is a good sign. It had loans from
    three banks and has fully repaid two of them.
  • The company’s Long-Term Lease Liabilities were ₹0 last year but increased to ₹9 crore this year. This means
    the company has likely acquired property on lease.
  • The company has doubled its Long-Term Emergency Fund (Provisions) from ₹1 crore last year to ₹2 crore this
    year, strengthening its financial safety net.
  • The company’s Short-Term Debt increased slightly from ₹80 crore to ₹82 crore, which is not a significant rise
    and is a good sign.
  • The company’s Current Liabilities increased slightly from ₹264 crore last year to ₹269 crore this year, which is
    not a significant rise.
    Overall, the balance sheet looks strong and positive:
  • The company’s assets have increased, showing growth.
  • It has purchased property, indicating business expansion.
  • Current Liabilities can be easily covered by Current Assets, ensuring good liquidity.
  • Debt is lower than Equity, which is a healthy financial sign.
    P&L STATEMENT
  • The company is continuously increasing its sales every year.
  • The operating profit is also continuously growing every year.
  • The company’s interest income has decreased, which is a very positive sign.
  • The Company Net Profit Continuously growing every year
  • The company’s sales growth over the last 3, 5, and 10 years has consistently been above 10%, which
    is a very positive sign.
  • The company’s Profit growth over the last 3, 5, and 10 years has consistently been above 10%, which
    is a very positive sign.
  • The company’s Sales increased from ₹647 crore last year to ₹778 crore this year, reflecting a 20%
    growth.
    Gasket segment grew by 16.92%.
    Forging segment grew by 26.47%.
    This shows overall strong business growth across key segments
  • The company’s Other Income doubled from ₹6 crore last year to ₹12 crore this year, reflecting 100%
    growth. The main contributors to this increase are Fixed Deposits with Banks & Related Parties.
  • The company’s Total Revenue increased from ₹653 crore last year to ₹790 crore this year, reflecting
    a 20.98% growth, which is a strong positive sign.
  • The company’s Total Expenses increased from ₹594 crore last year to ₹702 crore this year, reflecting
    business growth and higher operational costs.
    Cost of Materials Consumed – ₹35,317.02 crore → ₹41,158.83 crore (major increase).
    Other Expenses – ₹13,806.99 crore → ₹16,001.17 crore (significant rise)
  • The company’s Tax Expenses increased from ₹15 crore last year to ₹37 crore this year, showing a
    rise in tax liability, likely due to higher profits.
  • The company’s Net Profit increased from ₹55 crore last year to ₹109 crore this year, reflecting a
    98.18% growth, which is a very strong performance.
  • GPM/OPM/NPM is Good
    Overall P&L Statement looks strong:
  • Sales grew 20% to ₹778 crore (Gasket +16.92%, Forging +26.47%).
  • Other Income doubled (₹6cr → ₹12cr) due to Fixed Deposits.
  • Total Revenue up 20.98% (₹653cr → ₹790cr).
  • Expenses increased (₹594cr → ₹702cr) – Materials & Other Costs rose.
  • Tax Expenses up (₹15cr → ₹37cr) due to higher profits.
  • Net Profit doubled (₹55cr → ₹109cr, +98.18%).
  • EPS increased from ₹9 last year to ₹17 this year, showing strong earnings growth!
    Strong growth, higher profitability, and business expansion!
    CASH FLOW STATEMENT
    CFO- CASH FLOW FROM OPERATION
  • The company’s Cash Flow from Operations (CFO) has consistently been positive and growing every
    year. Additionally, CFO has been higher than net profit continuously, except for this year when it
    was slightly lower.
  • CFO positive: ₹56 crore last year to ₹66 crore this year, which is good.
  • However, CFO is lower than Net Profit, which is not a good sign.
  • In the last 4-5 years, CFO was higher than Net Profit, which was a positive trend.
    CFI- CASH FLOW FROM INVESTING ACTIVITIES
  • Company purchased Property, Plant & Equipment, increasing from ₹42 crore last year to ₹60 crore
    this year This indicates business expansion and investment in assets, which is a good sign.
  • Total investing increased from ₹37 crore last year to ₹51 crore this year. This indicates growthfocused investments, which is a positive sign.
    CFF- CASH FLOW FROM FINANCING ACTIVITIES
  • Financial activities are negative, which is a good sign as the company used cash for debt repayment
    and dividend payments.
  • Compared to last year, ₹1 crore more was spent, showing a focus on reducing debt and rewarding
    shareholders.
    OVERALL, THE FINANCIAL STATEMENT IS GOOD. THE ONLY ISSUE IS THAT CFO IS LOWER THAN NET PROFIT.
    EVERYTHING ELSE IS FINE.
    SINCE 2020, THE COMPANY’S PERFORMANCE HAS BEEN CONSISTENTLY STRONG.NO SIGNS OF WEAKNESS,
    OVERAL VERY GOOD.
    QUARTERLY RESULT
  • If quarterly sales are continuously growing every quarter, then there is not even a single problem in it.
  • If Operating Profit are continuously growing every quarter, then there is not even a single problem in it.
  • The company’s interest income is consistently the same.
  • If Net Profit are continuously growing every quarter, then there is not even a single problem in it.
    THE COMPANY’S QUARTERLY PERFORMANCE HAS BEEN CONSISTENTLY STRONG NO SINGLE
    WEAKNESS, OVERAL VERY GOOD.
  • Promoter holding has increased, not Sell—this is a good sign.
  • FII holding has increased they have not sold. This is a good sign.
  • DII holding is decreasing, they are not buying – not good.
  • Vijay Kedia sir held his stake in the public category for 3 years and then sold it. Currently, famous investor Dolly Khanna
    still holds her stake – Good.
    CREDIT RATINGS
    Credit Rating Analysis of Talbros Automotive Components Ltd (TACL)
  1. Company’s Credit Rating
  • Long-Term Bank Facilities: CARE A+; Stable (Reaffirmed)
  • Short-Term Bank Facilities: CARE A1+ (Reaffirmed)
  1. Reasons for Good Credit Rating
  2. Strong Financial Performance
    o Revenue grew 21% YoY in FY24, reaching ₹781.59 crore (compared to ₹648.31 crore in the previous
    year).
    o EBITDA margin improved to 15.15% from 13.73% in FY23.
    o PAT margin increased to 14.07%, up from 8.57% in FY23.
  3. Low Debt Levels
    o Debt-to-Equity Ratio is only 0.18x, indicating low financial risk.
    o Interest Coverage Ratio of 8.93x, showing strong ability to meet interest obligations.
  4. Strong Customer & Product Portfolio
    o Major clients include Bajaj Auto, Tata Motors, Hero MotoCorp, and other leading automobile
    manufacturers.
    o Talbros holds a 50% market share in India’s gasket industry.
  5. Strategic Partnerships & Expansion
    o Strong global partnerships with Fiat Group (Italy), Marugo Rubber (Japan), and others.
    o Export business is expanding, strengthening the company’s global presence.
  6. Cash Flow & Liquidity
    o Projected cash flow of ₹100.57 crore in FY25, with only ₹6.16 crore in debt repayment obligations.
    o Bank balance of ₹69.34 crore, ensuring strong liquidity.
  7. Potential Risk Factors for Downgrade

INDUSTRY OVERVIEW

  • The current market size of the auto components industry in India is $74 billion. By 2023, it is expected to grow at a CAGR of 18% and reach $200 billion. This means that the auto components industry will experience significant growth.
  • In India, only about 250 out of 1,000 people own a vehicle, which is much lower than in developed countries. This means the automobile industry in India will grow a lot in the future.
  • INDIA’S AUTO COMPONENT MANUFACTURING INDUSTRY CONTRIBUTES APPROXIMATELY 2.3% TO THE GDP 2023-24
  • The Indian government’s target is to achieve 30% EV penetration by 2030.
  • To boost the auto components industry, the Indian government has introduced the PLI Scheme for Automobiles and Auto Components. This scheme has a budget of ₹25,938 crore and will run for five years from FY 2022-23 to 2026-27.
  • Overall, India’s auto components industry has a very high growth potential.

TALBROS AUTOMOTIVE COMPONENTS LTD – कंपनी विश्लेषण

कंपनी का परिचय

Talbros Automotive Components Ltd की स्थापना 1956 में हुई थी। यह एक छोटी लेकिन तेजी से बढ़ने वाली कंपनी है, जिसकी मार्केट कैप ₹2,000 करोड़ से कम है। इसका ग्रोथ करने का अवसर बहुत अधिक है।

कंपनी मुख्य रूप से दो प्रमुख उत्पादों – Gaskets और Forging – का निर्माण करती है। भले ही यह एक छोटी कंपनी है, लेकिन गैसकेट व्यवसाय में इसका बाजार हिस्सेदारी 50% है, जिससे यह इस क्षेत्र में एक मजबूत खिलाड़ी बन जाता है।

Talbros का कुल राजस्व का 47% गैसकेट्स से और 27% फोर्जिंग से आता है। कंपनी के पास भारत और अंतरराष्ट्रीय बाजार में 30+ क्लाइंट हैं, जिससे इसका व्यवसाय स्थिर बना रहता है। Talbros के पास 65+ वर्षों का अनुभव है, जो इसे एक भरोसेमंद कंपनी बनाता है।

कंपनी 2-व्हीलर्स, कृषि उपकरण, ऑफ–लोडर्स, और HCV & LCV सेगमेंट के लिए उत्पाद बनाती है। आने वाले समय में EV सेक्टर तेजी से विकसित होगा, इसलिए कंपनी इस सेक्टर पर विशेष ध्यान दे रही है।

ग्राहक आधार और ऑर्डर बुक

Talbros को हर साल ₹60 करोड़ का फिक्स ऑर्डर सिर्फ गैसकेट्स के लिए मिलता है, और 5 कंपनियां पूरी तरह से इसके उत्पादों पर निर्भर हैं। इसके सबसे बड़े ग्राहक Maruti Suzuki (14%) और Tata Motors (8%) हैं।

मैन्युफैक्चरिंग क्षमता

Talbros के पास वर्तमान में 8 मैन्युफैक्चरिंग प्लांट्स हैं, जो इसकी उत्पादन क्षमता को मजबूत बनाते हैं।

प्रबंधन और नेतृत्व

Chairman Naresh Talwar की बात करें तो अब तक उनके ऊपर कोई भी धोखाधड़ी के आरोप नहीं लगे हैं, जो कंपनी की विश्वसनीयता को दर्शाता है। उनके नेतृत्व में कंपनी एक बड़े ग्रोथ विजन पर काम कर रही है। उनका लक्ष्य है कि अगले 3 वर्षों में एक्सपोर्ट को 25% से बढ़ाकर 35% तक ले जाना और 2027 तक कंपनी की राजस्व वृद्धि को 13% CAGR तक बढ़ाना।

भविष्य की रणनीति और EV सेक्टर पर फोकस

EV सेक्टर पर कंपनी का ध्यान बढ़ रहा है, क्योंकि 2030 तक भारत में EV का मार्केट शेयर 40% तक पहुंचने की उम्मीद है। यह Talbros के लिए एक बड़ा अवसर है।

कंपनी को अब तक कई अवॉर्ड्स और सर्टिफिकेट्स मिल चुके हैं, जो दर्शाते हैं कि इसके ग्राहक कंपनी से संतुष्ट हैं।

राजस्व और ग्रोथ अनुमान

  • Gaskets और Heat Shield डिवीजन का राजस्व 2026-27 तक 13% CAGR से बढ़कर ₹700 करोड़ होने का अनुमान है।
  • Forging व्यवसाय का राजस्व 2026-27 तक 23% CAGR से बढ़कर ₹500 करोड़ तक पहुंचने की उम्मीद है।

इससे यह साफ होता है कि कंपनी अपने भविष्य को लेकर आत्मविश्वास से भरी हुई है।

भारत में ऑटो सेक्टर के अवसर

  • भारत दुनिया का सबसे बड़ा ट्रैक्टर उत्पादक है।
  • भारत दूसरा सबसे बड़ा बस निर्माता है।
  • भारत तीसरा सबसे बड़ा भारी ट्रक उत्पादक है।

इसका मतलब है कि भारत में ऑटो सेक्टर की ग्रोथ के लिए बड़े अवसर मौजूद हैं। सरकार भी PLI स्कीम के जरिए ऑटो कंपोनेंट इंडस्ट्री को बढ़ावा दे रही है, जिससे यह सेक्टर और तेजी से विकसित हो सकता है।

संभावित जोखिम

कंपनी की स्थिति काफी मजबूत है, और इसमें कोई बड़ा जोखिम नहीं दिखता जो इसे गिरावट की ओर ले जाए। हालांकि, कुछ बाहरी कारक (External Factors) जैसे ग्लोबल मंदी, सप्लाई चेन की दिक्कतें, या सरकार की नीतियां कुछ चुनौतियां पैदा कर सकती हैं।

मजबूत वित्तीय स्थिति

  • कंपनी के पास बहुत कम कर्ज (Debt) है।
  • कंपनी बिजनेस को बढ़ाने के लिए निवेश कर रही है।
  • टॉपलाइन (Revenue) और बॉटमलाइन (Net Profit) दोनों ग्रो कर रहे हैं।
  • CFO (Cash Flow from Operations) पॉजिटिव है और लगातार बढ़ रहा है।
  • Sales Growth और Profit Growth 10% से अधिक की दर से बढ़ रहे हैं।

शेयरहोल्डिंग पैटर्न और प्रमोटर की स्थिति

  • Promoters के पास कंपनी का 58% शेयर है, जो पिछले कुछ वर्षों में बढ़ा है।
  • Promoters ने अपना कोई भी शेयर गिरवी (Pledge) नहीं रखा है, जिससे यह साबित होता है कि कंपनी की वित्तीय स्थिति मजबूत है।
  • Dolly Khanna जैसे बड़े निवेशकों ने भी कंपनी में निवेश किया है, जो इसकी ग्रोथ क्षमता को दर्शाता है।

क्रेडिट रेटिंग और वैल्यूएशन

  • कंपनी को अच्छी क्रेडिट रेटिंग मिली है, जिससे इसकी वित्तीय स्थिति स्थिर बनी रहती है।
  • फिलहाल कंपनी थोड़ी Overvalued है, लेकिन ज्यादा नहीं। लॉन्ग–टर्म इन्वेस्टमेंट के लिए सही समय पर एंट्री लेना जरूरी होगा।

निष्कर्ष

TALBROS AUTOMOTIVE COMPONENTS LTD एक छोटी लेकिन तेजी से बढ़ती हुई कंपनी है, जिसकी बाजार हिस्सेदारी और वित्तीय स्थिति मजबूत है। प्रमोटर्स की हिस्सेदारी अधिक, कर्ज कम, और बड़े निवेशकों की रुचि इसे एक मजबूत निवेश अवसर बनाती है। कंपनी की ग्रोथ रणनीति, EV सेक्टर पर फोकस, और ऑटो सेक्टर में बढ़ती मांग इसे भविष्य के लिए एक संभावनाशील स्टॉक बनाते हैं।


My name is Shubhankar Jena, and I am an independent securities market
researcher. I have recently researched TALBROS AUTOMOTIVE
COMPONENTS LTD. TACL is a strong company in the Auto Components
industry. The company’s, business quality, and financial position are all strong.
It has good inside ownership, and all Important ratios are positive. The company
is Low Debt, and there are many other good things about it. Overall, the
company is good, but it is currently Little overvalued. We can wait until it
becomes undervalued
.
Shubhankar Jena
The Research was Conducted by Shubhankar Jena

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