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Sar Auto Products Ltd

SAPL

BSE

₹4,635.40-5.00%19 Oct 2026

Reports

Auto Gears

Sar Auto Products Ltd

SAPL

BSE

₹4,635.40

-5.00%

19 Oct 2026

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Auto Gears

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Sar Auto Products Ltd is a precision gears manufacturer that has spent over three decades quietly supplying the innards of automobile transmissions from a single industrial shed in Rajkot, Gujarat - a city that happens to be one of India’s densest engineering clusters. Incorporated in 1987, the company has since narrowed its focus entirely to one thing: making gears, gear boxes, and transmission components to German DIN standards, with most parts self-certified by its OEM (original equipment manufacturer) customers and fed straight onto their assembly lines. The recurring approach is simple - stay small, stay certified, and let the Rajkot ecosystem of raw-material suppliers and heat-treatment shops do the heavy lifting so the company can concentrate on machining and quality control.

Business segments

A single manufacturing engine, once flanked by a small real-estate sideline that has since been shut down - today the company is a pure-play gears operation serving OEMs and the aftermarket from one plant.

1. Precision gears and transmission components: the company’s entire business

Every rupee the company earns comes from cutting metal into gears, shafts, and synchronizer parts that go into vehicle transmissions, engines, and differentials - a single-segment manufacturer with no other operating business.

OEM-first, self-certified supply - the majority of parts are self-certified by the company’s OEM customers and are used directly at their assembly lines without incoming inspection, which means the company has earned enough trust to become an invisible extension of its customers’ factories.
A catalogue built around the transmission - the product range covers Spur Gears, Helical Gears, Straight Bevel Gears, Sprockets, Transmission Spline Shafts, Couplings, and Power Take-off Clutches, all of which end up inside Transmission, Engine, and Differential gear boxes for automobiles.
Beyond gears, the synchronizer suite - the company also machines Synchronizer Rings, Cones, Sleeves, and Hubs, plus Housings, for automotive, agricultural, and engineering applications, so it supplies not just the gears themselves but the parts that help them engage smoothly.
German standards as the quality floor - every part is manufactured and tested to DIN 7 through DIN 9 specifications, backed by an in-house lab for chemical and metallurgical analysis and a standard room that calibrates its own measuring devices, which lets the company promise defect prevention rather than catching mistakes later.
The Rajkot advantage - being located in an engineering hub gives the company fast access to OEM-approved raw-material suppliers and heat-treatment service providers stationed in the same city, along with a pool of skilled labour, so it can deliver faster without owning those upstream processes itself.
A lean permanent core - despite describing a workforce of 5 senior engineers and 25 skilled technicians working around the clock, the company carries only 6 permanent employees on its rolls, suggesting the shop floor runs largely on contract or temporary workers under a thin layer of technical supervision.
The aftermarket and export fringe - while OEM supply is the backbone, the company also sells into the organized aftermarket and has dabbled in exports, though export sales have been minimal and volatile - nil in FY25, just over Rs. 2 Lacs in FY24, and a spike to Rs. 162 Lacs in FY22 - with the recent drop attributed to geopolitical tensions.
The gear-box assembly ambition - the company has stated consistently for several years that it is on the threshold of manufacturing complete gear-box assemblies for automobiles and machine tools, and it actively seeks foreign technical collaborations with buyback arrangements to make that leap.

Group structure and partners

A standalone, promoter-run public company with no subsidiaries, no joint ventures, and no foreign collaborations - held together by a father-and-son management team and funded partly by director loans.

No corporate parent, no siblings - the company has no holding company, subsidiary, or associate, and it operates without any joint ventures or foreign collaborations, making it a genuinely standalone entity listed on the BSE.
A family affair at the top - the Managing Director, Mr. Rameshkumar D. Virani, has over 43 years in the business and runs the company alongside his son, Mr. Shreyas R. Virani, who serves as Whole-Time Director and CFO, while the promoter group also includes three female family members.
A related-party customer woven into sales - Virani Estate Corporation, a partnership firm where both the Managing Director and Whole-Time Director are partners, bought Rs. 606.84 Lacs of automobile parts from the company in FY25 and also earned commission on sales, all conducted at arm’s length.
Funded by a director’s wallet - unsecured loans from directors are a source of capital alongside equity and bank borrowings.
The real-estate chapter that closed - in FY20, the company still reported a Construction segment that contributed Rs. 20 Lacs in external turnover, but from FY21 onward it has reported only the single manufacturing segment, indicating the real-estate sideline was exited or discontinued.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹2,209Cr

Close Price

₹4,635.40

Industry

Auto Gears

Price To Earnings

2,401.76

Price To Sales

126.93

Revenue

₹17Cr

Rev Gr TTM

Revenue Growth TTM

39.87%

PAT Gr TTM

PAT Growth TTM

283.33%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	5	6	5	4	4	4	2	2	2	4	6	5
Growth YoY Revenue Growth YoY%	63.0	113.2	46.5	0.5	-16.4	-37.9	-57.3	-40.3	-44.6	1.7	164.3	134.8
Expenses ExpensesCr	5	5	5	3	4	3	2	2	2	3	5	5
Operating Profit Operating ProfitCr	1	1	0	1	1	0	0	0	0	0	1	1
OPM OPM%	10.6	10.4	5.9	15.3	13.8	11.7	11.7	16.7	17.4	11.7	11.5	12.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	0	1	0	1	1
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-25.0	104.2	81.3	-3.2	-23.8	-69.4	-483.3	-60.0	-56.3	40.0	157.1	208.3
NPM NPM%	8.1	8.6	-1.1	7.9	7.4	4.3	-15.2	5.3	5.8	5.9	3.3	6.9
EPS EPS₹	0.9	1.0	-0.1	0.6	0.7	0.3	-0.7	0.2	0.3	0.4	0.4	0.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	5	6	5	4	4	4	2	2	2	4	6	5
Growth YoY Revenue Growth YoY%	63.0	113.2	46.5	0.5	-16.4	-37.9	-57.3	-40.3	-44.6	1.7	164.3	134.8
Expenses ExpensesCr	5	5	5	3	4	3	2	2	2	3	5	5
Operating Profit Operating ProfitCr	1	1	0	1	1	0	0	0	0	0	1	1
OPM OPM%	10.6	10.4	5.9	15.3	13.8	11.7	11.7	16.7	17.4	11.7	11.5	12.6
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	0	1	0	1	1
PBT PBTCr	0	0	0	0	0	0	0	0	0	0	0	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	0	0	0
Growth YoY PAT Growth YoY%	-25.0	104.2	81.3	-3.2	-23.8	-69.4	-483.3	-60.0	-56.3	40.0	157.1	208.3
NPM NPM%	8.1	8.6	-1.1	7.9	7.4	4.3	-15.2	5.3	5.8	5.9	3.3	6.9
EPS EPS₹	0.9	1.0	-0.1	0.6	0.7	0.3	-0.7	0.2	0.3	0.4	0.4	0.8

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3	5	7	10	7	6	11	12	20	14	14	17
Growth Revenue Growth%	34.4	70.7	34.7	43.9	-30.9	-7.3	69.6	8.6	72.6	-30.3	2.7	39.9
Expenses ExpensesCr	3	4	6	8	6	5	9	10	18	12	12	15
Operating Profit Operating ProfitCr	0	1	1	1	1	1	2	2	2	2	2	2
OPM OPM%	6.8	23.3	17.0	15.1	18.7	22.3	18.6	16.8	9.7	13.3	13.5	12.7
Other Income Other IncomeCr	1	0	0	0	0	0	1	0	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	2	2	2
PBT PBTCr	0	0	0	0	0	1	1	1	2	1	1	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	1	1	1	0	1	1
Growth PAT Growth%	105.5	70.1	-46.7	105.8	-10.9	54.1	149.0	-45.2	88.9	-64.2	59.5	283.3
NPM NPM%	6.0	5.9	2.4	3.4	4.3	7.2	10.5	5.3	5.8	3.0	4.6	5.3
EPS EPS₹	0.4	0.6	0.3	0.7	0.6	0.9	2.4	1.3	2.5	0.9	1.4	1.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3	5	7	10	7	6	11	12	20	14	14	17
Growth Revenue Growth%	34.4	70.7	34.7	43.9	-30.9	-7.3	69.6	8.6	72.6	-30.3	2.7	39.9
Expenses ExpensesCr	3	4	6	8	6	5	9	10	18	12	12	15
Operating Profit Operating ProfitCr	0	1	1	1	1	1	2	2	2	2	2	2
OPM OPM%	6.8	23.3	17.0	15.1	18.7	22.3	18.6	16.8	9.7	13.3	13.5	12.7
Other Income Other IncomeCr	1	0	0	0	0	0	1	0	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	2	2	2
PBT PBTCr	0	0	0	0	0	1	1	1	2	1	1	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	1	1	1	0	1	1
Growth PAT Growth%	105.5	70.1	-46.7	105.8	-10.9	54.1	149.0	-45.2	88.9	-64.2	59.5	283.3
NPM NPM%	6.0	5.9	2.4	3.4	4.3	7.2	10.5	5.3	5.8	3.0	4.6	5.3
EPS EPS₹	0.4	0.6	0.3	0.7	0.6	0.9	2.4	1.3	2.5	0.9	1.4	1.9

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	8	8	8	8	9	9	10	11	12	13	13
Current Liabilities Current LiabilitiesCr	2	1	3	2	2	3	6	9	17	19	26
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	1	1	1
Total Liabilities Total LiabilitiesCr	14	14	16	15	15	17	22	25	35	37	45
Current Assets Current AssetsCr	11	8	9	9	9	11	15	13	22	21	28
Non Current Assets Non Current AssetsCr	3	5	7	7	6	6	6	12	13	16	17
Total Assets Total AssetsCr	14	14	16	15	15	17	22	25	35	37	45

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	8	8	8	8	9	9	10	11	12	13	13
Current Liabilities Current LiabilitiesCr	2	1	3	2	2	3	6	9	17	19	26
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0	0	1	1	1
Total Liabilities Total LiabilitiesCr	14	14	16	15	15	17	22	25	35	37	45
Current Assets Current AssetsCr	11	8	9	9	9	11	15	13	22	21	28
Non Current Assets Non Current AssetsCr	3	5	7	7	6	6	6	12	13	16	17
Total Assets Total AssetsCr	14	14	16	15	15	17	22	25	35	37	45

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	4	5	1	1	1	0	1	3	0	-3
Investing Cash Flow Investing Cash FlowCr	-1	-3	-4	0	-1	-1	-3	-4	-10	-7	-4
Financing Cash Flow Financing Cash FlowCr	1	0	1	0	0	1	4	2	10	3	9
Net Cash Flow Net Cash FlowCr	-1	0	1	1	0	1	1	-1	3	-4	1
Free Cash Flow Free Cash FlowCr	-2	1	2	1	0	0	-2	-3	-2	-3	-7
CFO To PAT CFO To PAT%	-409.1	1,274.0	2,978.8	408.3	231.7	249.3	9.7	105.8	267.3	83.8	-523.3
CFO To EBITDA CFO To EBITDA%	-355.4	323.7	410.1	90.7	53.5	80.3	5.5	33.6	161.4	18.8	-180.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	4	5	1	1	1	0	1	3	0	-3
Investing Cash Flow Investing Cash FlowCr	-1	-3	-4	0	-1	-1	-3	-4	-10	-7	-4
Financing Cash Flow Financing Cash FlowCr	1	0	1	0	0	1	4	2	10	3	9
Net Cash Flow Net Cash FlowCr	-1	0	1	1	0	1	1	-1	3	-4	1
Free Cash Flow Free Cash FlowCr	-2	1	2	1	0	0	-2	-3	-2	-3	-7
CFO To PAT CFO To PAT%	-409.1	1,274.0	2,978.8	408.3	231.7	249.3	9.7	105.8	267.3	83.8	-523.3
CFO To EBITDA CFO To EBITDA%	-355.4	323.7	410.1	90.7	53.5	80.3	5.5	33.6	161.4	18.8	-180.4

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	73	43	78	135	155	117	226	421	894	952	943	2,209
Price To Earnings Price To Earnings	416.2	141.9	480.7	410.1	524.2	257.9	200.4	679.1	766.2	2,271.5	1,414.3	2,401.8
Price To Sales Price To Sales	24.7	8.4	11.4	13.7	22.8	18.5	21.2	36.2	44.6	68.2	65.7	126.9
Price To Book Price To Book	5.9	3.4	6.1	10.2	11.5	8.3	15.0	26.7	53.0	55.0	52.5	122.8
EV To EBITDA EV To EBITDA	357.9	34.9	64.2	88.0	118.1	79.7	111.8	216.0	463.1	513.6	492.4	1,055.7
Profitability Ratios Profitability Ratios
GPM GPM%	44.0	39.9	34.1	23.4	30.6	34.0	27.5	30.6	17.5	25.4	26.5	26.5
OPM OPM%	6.8	23.3	17.0	15.1	18.7	22.3	18.6	16.8	9.7	13.3	13.5	12.7
NPM NPM%	6.0	5.9	2.4	3.4	4.3	7.2	10.5	5.3	5.8	3.0	4.6	5.3
ROCE ROCE%	0.9	2.3	1.9	2.8	2.2	4.3	6.0	4.5	4.9	2.4	1.9	1.9
ROE ROE%	1.4	2.4	1.3	2.5	2.2	3.2	7.5	3.9	6.9	2.4	3.7	3.7
ROA ROA%	1.3	2.2	1.0	2.1	1.9	2.6	5.2	2.5	3.4	1.1	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	73	43	78	135	155	117	226	421	894	952	943	2,209
Price To Earnings Price To Earnings	416.2	141.9	480.7	410.1	524.2	257.9	200.4	679.1	766.2	2,271.5	1,414.3	2,401.8
Price To Sales Price To Sales	24.7	8.4	11.4	13.7	22.8	18.5	21.2	36.2	44.6	68.2	65.7	126.9
Price To Book Price To Book	5.9	3.4	6.1	10.2	11.5	8.3	15.0	26.7	53.0	55.0	52.5	122.8
EV To EBITDA EV To EBITDA	357.9	34.9	64.2	88.0	118.1	79.7	111.8	216.0	463.1	513.6	492.4	1,055.7
Profitability Ratios Profitability Ratios
GPM GPM%	44.0	39.9	34.1	23.4	30.6	34.0	27.5	30.6	17.5	25.4	26.5	26.5
OPM OPM%	6.8	23.3	17.0	15.1	18.7	22.3	18.6	16.8	9.7	13.3	13.5	12.7
NPM NPM%	6.0	5.9	2.4	3.4	4.3	7.2	10.5	5.3	5.8	3.0	4.6	5.3
ROCE ROCE%	0.9	2.3	1.9	2.8	2.2	4.3	6.0	4.5	4.9	2.4	1.9	1.9
ROE ROE%	1.4	2.4	1.3	2.5	2.2	3.2	7.5	3.9	6.9	2.4	3.7	3.7
ROA ROA%	1.3	2.2	1.0	2.1	1.9	2.6	5.2	2.5	3.4	1.1	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHANTIGEAR	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING
Market CapitalizationMkt CapCr	4,024	3,594	3,273	2,209	1,736	989	614
Close PriceClose₹	524.50	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	63.12	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	8.06	0.89	1.16	126.93	3.33	1.06	1.06
RevenueRevenueCr	499	4,024	2,818	17	522	931	581
Revenue Growth TTMRev Gr TTM%	-16.9%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%
PAT Growth TTMPAT Gr TTM%	-34.3%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%

	SHANTIGEAR	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING
Market CapitalizationMkt CapCr	4,024	3,594	3,273	2,209	1,736	989	614
Close PriceClose₹	524.50	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	63.12	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	8.06	0.89	1.16	126.93	3.33	1.06	1.06
RevenueRevenueCr	499	4,024	2,818	17	522	931	581
Revenue Growth TTMRev Gr TTM%	-16.9%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%
PAT Growth TTMPAT Gr TTM%	-34.3%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26