#### **Overview** ASK Automotive Limited is India’s **largest manufacturer of brake shoes and advanced braking systems (ABS) for two-wheelers**, commanding an estimated **~50% market share in the OEM segment**. With over **three decades of experience**, the company has established itself as a leader in safety-critical, precision-engineered automotive components. It is listed on the **NSE (symbol: ASKAUTOLTD)** and **BSE (symbol: 544022)** and has transitioned into a high-growth, innovation-driven publicly traded company. --- #### **Business Segments** ASK operates across **three strategic business segments**, each aligned with key structural trends in mobility: 1. **Advanced Braking Systems (ABS)** - Core product line and market leader in two-wheeler brake shoes, disc brake pads, and brake panel assemblies. - Supplies to OEMs, Original Equipment Spares (OES), and Independent Aftermarket (IAM). - Offers **52 proprietary friction formulations**, enhancing performance, safety, durability, and noise reduction. - Powertrain-agnostic products serve both **internal combustion engine (ICE)** and **electric vehicles (EVs)**. 2. **Aluminium Lightweighting Precision Solutions (ALPS)** - **Largest revenue contributor (~45% of total revenue)** and fastest-growing segment. - Focus on **lightweighting and thermal management** to support EVs and emission norms. - Products include EV motor housings, battery enclosures, swing arms, ECU bodies, and structural components. - Leverages expertise in **high-pressure die-casting (HPDC)**, machining, painting, and assembly. - Serves automotive (2W, 4W, CV, EV) and **non-automotive applications** (power tools, outdoor equipment). 3. **Safety Control Cables (SCC)** - Supplies a wide range of cables: **brake, throttle, speedometer, clutch, seat lock, fuel lid, choke, and temperature controller cables**. - Serves **two-wheeler OEMs and the Independent Aftermarket (IAM)**. - Business grew **over 14% YoY (FY25)** and contributed **4% of total revenue**, supported by a technical collaboration with **HSH Safety Control Cables (Taiwan)**. --- #### **Strategic Growth Initiatives** ASK Automotive is actively transforming into a **diversified, forward-looking mobility technology company**, focusing on: - **Electric Vehicles (EVs):** - Supplies to **80% of organized electric two-wheeler OEMs** in India (e.g., Ola, Ather, Revolt). - EV-related revenue grew **133% YoY in FY24**. - Higher **content per vehicle in EVs** (30–50% more aluminium) due to lightweighting and thermal management needs. - **Export Expansion:** - Exports to **14 countries under its own brand** and **42 countries through joint venture ASK FRAS-LE Friction**. - FY24 export revenue: **Rs. 1,466 crore (+58% YoY)**. - Despite near-term headwinds from geopolitical risks and U.S. tariffs, expects **20% YoY export growth in FY26**. - **Geographic Capacity Expansion:** - Operates **18 manufacturing facilities** across India (Haryana, Rajasthan, Karnataka, Gujarat, Himachal Pradesh, Uttarakhand). - Strategic proximity to OEM hubs ensures **just-in-time delivery** and logistical efficiency. - Two new major facilities: - **Karoli, Rajasthan Mega Plant**: - Investment: **Rs. 4.9 billion (as of Mar 2025)**. - Commenced commercial operations in FY24; **ramping up capacity utilization**. - Achieved **positive EBITDA in Q1 FY26**; expected **60% capacity by Q2 FY26**, becoming **cash positive**. - **Bengaluru, Karnataka (18th Plant)**: - Commissioned on **14 January 2025**, third facility in South India. - Already generating **positive EBITDA in Q1 FY26**. - Designed to serve growing southern OEM demand and improve regional supply chain. --- #### **Corporate Structure & Strategic Alliances** ASK has strengthened its technological leadership through **five global technical collaborations** and **two joint ventures**: | **Partnership** | **Partner** | **Purpose** | |----------------|-------------|-----------| | **AISIN ASK India Pvt Ltd** | AISIN Group (Japan) | Joint venture (51% ASK) to market and sell **passenger car parts** in the **Independent Aftermarket (IAM)** across India, Nepal, Sri Lanka, and Bangladesh. | | **ASK FRAS-LE Friction Pvt Ltd** | Fras-le (Brazil) | Joint venture in **friction materials** segment; turned profitable in FY24 (Rs. 16.5 crore profit vs. Rs. 5.89 crore loss in FY23). | | **Sunroof Cables JV** | TD Holding | First-mover in **domestic sunroof cable manufacturing**, targeting import substitution and future exports. | | **HPDC Alloy Wheels** | LIOHO (Taiwan) & Kyushu Yanagawa Seiki (Japan) | Technical collaborations to develop **high-pressure die-cast alloy wheels** for two-wheelers, using advanced HPDC technology. | --- #### **Technology & Innovation** - **In-House R&D & Engineering Capabilities** - Dedicated **design center**, **tool room**, and **70+ engineers** in R&D. - Over **480 engineers** across operations. - Capabilities in **concurrent engineering**, **virtual simulation**, **data logging**, and **automated inspection systems**. - R&D focus: **EV structural components, thermal management, friction technology, and HPDC processes**. - **High-Pressure Die Casting (HPDC)** - Over **200 HPDC machines**; capacity to cast components from **0.1 kg to 5 kg** using up to **1650-ton machines**. - Entering **HPDC alloy wheels** for 2-wheelers — a **first in India**, with potential market size of **Rs. 2,000 crore**. - Competitive advantage: **lighter, stronger wheels** vs. traditional gravity die-cast. - Products under validation with domestic OEMs; commercial production launched in **Q4 FY25**, scaling in **FY26**. --- #### **Sustainability & ESG Initiatives** - Commissioned a **9.9 MWp solar power plant in Sirsa, Haryana**, to meet a significant portion of captive energy needs and reduce carbon footprint. - Focus on **energy efficiency**, **zero waste-to-landfill**, and **cleaner production**. --- #### **Key Customers & Market Reach** - **Major OEMs**: Honda, Hero MotoCorp, Bajaj Auto, TVS Motors, Suzuki, Yamaha, Royal Enfield, Ola, Ather, Maruti Suzuki, Mahindra, Piaggio, Polaris (exports), Aptiv, Bombardier. - **Aftermarket**: 400+ dealer network across India; expanding IAM presence. - Supplies to **domestic, export, and global OEMs**, with a diversified customer base across **ICE, EVs, CVs, and 4W segments**. --- #### **Leadership & Vision** - **Chairman & Managing Director**: **Kuldip Singh Rathee**. - Leadership vision: Position ASK as a **leading technology-driven mobility solutions provider** in India and globally. - FY25 marked the company’s **first full year as a listed entity**, reflecting maturity, operational excellence, and strong financial performance.