Divgi TorqTransfer Systems is fundamentally a transmission house - it designs and builds the gearboxes and torque-splitting devices that turn engine power into wheel motion, for everything from diesel pickups to electric hatchbacks. It learned the trade over two decades as a joint-venture fabricator for BorgWarner, then became independent in 2016 and set out to build a proprietary Indian technology stack from scratch. The recurring approach is what the company calls an “informed orchestra conductor”: instead of inventing every sub-technology, it curates and permutes proven global technologies into consolidated powertrain solutions faster and cheaper than conventional transmission giants, then manufactures them at scale.
Business segments
Five engines at different stages - a four-wheel-drive cash cow, a components export business scaling fast, an electric-vehicle platform built from zero, a manual-transmission revival play, and an automatic-transmission bet under construction - each built with the capabilities and cash flows of the one before.
1. Transfer cases: the company’s strategic backbone
It is India’s only independent maker of four-wheel-drive transfer cases, supplying nearly every domestic SUV and pickup that sends power to all four wheels.
- Sole non-OEM producer in India - the company is the only supplier outside of vehicle manufacturers themselves that designs and builds transfer cases in the country, and it is also India’s sole exporter of chain-driven and electronic shift-on-the-fly models.
- Anchored by Mahindra and Tata - key customers include Mahindra (the anchor) and Tata Motors, with the company serving as the exclusive transfer-case supplier for Mahindra’s Scorpio pickup and Tata’s Yodha pickup exported to Indonesia.
- From army trucks to global pickups - it delivered 1,500 sophisticated transfer cases for armour-plated Indian Army tactical vehicles, and has won a nomination from a leading Japanese OEM to develop transfer cases for an iconic global pickup platform, with production targeted for FY28-29.
- Torque-on-demand with a mechanical lock - a next-generation system engages all four wheels automatically for fuel economy on road, then adds a mechanical lock for off-road terrain, developed for anchor customer Mahindra.
- Built at Bhosari since 1996 - the transfer-case line runs at the Bhosari plant in Pune, with capacity utilisation at roughly 60% as of FY25, leaving room for the new export programmes.
2. Components and exports: the global value-chain play
What began as piece-part supply to BorgWarner has become an integrated engineering and programme-management business shipping high-precision shafts, bearings and gear sets to Tier-1 customers across three continents.
- Not just parts - solutions - the business delivers integrated engineering, manufacturing and supply-chain management, not merely machined components, drawing on in-house metallurgy, heat-treatment and specialty coating know-how.
- A 30-year relationship that keeps growing - BorgWarner remains a cornerstone customer, while relationships with Magna and other Tier-1s are expanding across multiple plants.
- Exports jumped sixfold in a year - export revenue rose from ₹10.8 crores to ₹66.9 crores, lifting the export share of total revenue from 5% to 18%, with a medium-term target of 20-25%.
- Warehouses on the customer’s doorstep - two regional distribution centres in Charleston (USA) and Silao (Mexico), plus a newly incorporated US subsidiary in Delaware, let the company hold safety stock near customers and build trust through local presence.
3. EV transmissions: India’s largest electric gearbox platform
The company built India’s first mass-produced indigenous EV transmission and now supplies the mechanical heart of Tata Motors’ entire electric passenger-car range from a dedicated, purpose-built plant.
- Full in-house design capability - it is the only supplier in India that can conceive, design, develop, manufacture and supply ground-up EV transmissions, with a proprietary portfolio spanning 10 kW to 150 kW.
- Exclusive to the market leader - Tata Motors, India’s largest EV maker by volume, sources its mass-production EV transmissions exclusively from Divgi, covering the Tiago, Tigor, and Punch electric models.
- Zero noise complaints - the company has achieved zero parts-per-million defects on NVH (noise, vibration, harshness), a critical pain point in electric powertrains, earning a 100% scorecard from Tata Motors.
- A plant built for the purpose - the Shirwal facility, commissioned in FY24, is India’s largest dedicated EV transmission plant and houses the country’s first high-speed dynamometer for EV transmission testing.
- Widening the net - it is prototyping transmissions for the three-wheeler electrification segment, has won business from MG Motors, and is shortlisted as one of three global vendors to supply an entire geared set to one of America’s largest OEMs.
4. Manual transmissions and synchronizers: the revival engine
A legacy precision-machining business is being repositioned around proprietary six-speed gearboxes that the company licenses to vehicle makers rather than just building to their prints.
- License, don’t just supply - the company has developed a new-generation 6-speed manual transmission for SUVs and pickups and is offering it to OEMs under a licensing model that lets them industrialise production in their own factories.
- Fixing someone else’s problem - it is engaged with a leading Indian OEM to take over supply of a full manual transmission for light and medium trucks, brought in specifically to resolve quality and delivery failures.
- A 100,000-unit opportunity in waiting - the company is positioned to win a high-volume manual-transmission programme of up to 100,000 units per year, pending the OEM’s outsourcing decision.
- Synchronizers for the domestic market - single, dual and triple-cone synchronizers are produced at the Sirsi plant and supplied to Tata Motors and Force Motors.
- Fungible production lines - the manual-transmission business shares manufacturing flexibility with transfer-case and synchronizer operations, letting the company shift capacity across product lines.
5. Automatic transmissions: the technology-barrier bet
The company is trying to do what no Indian firm has done - localise a proven automatic transmission from a global OEM and eventually design the next generation in India, breaking dependence on Japanese, Korean and European imports.
- Imports dominate the market today - Indian OEMs buy automatic transmissions almost entirely from Japan, Korea and Europe with negligible local content, and have been unable to persuade overseas suppliers to manufacture in India.
- A technology-transfer agreement in advanced talks - the company is completing due diligence on manufacturability and supply-chain integrity for a proven automatic transmission, aiming for deep localisation of key subsystems from day one of production.
- Proof-of-concept on an Indian SUV - it is working to demonstrate the technology on one of the latest successful vehicle platforms of an Indian OEM, with a 3-5 year vision to design the next-generation transmission with additional features in India.
- Built on a German foundation - the company already holds an exclusive technology-transfer agreement with Hofer Powertrain of Stuttgart for dual-clutch automatic transmissions, and has supplied automatic transmission systems to Russian and Chinese automakers.
Group structure and partners
A single listed entity with a newly incorporated US subsidiary, bound together by deep multi-decade relationships with BorgWarner, Mahindra and Tata, and a gateway to Japanese OEMs through Toyota Tsusho.
- One company, four plants, one new subsidiary - Divgi TorqTransfer Systems Ltd is the sole legal entity, listed on NSE and BSE since March 2023, with a wholly owned US subsidiary incorporated in Delaware in June 2026 to handle North American business development, sales and distribution.
- The Toyota Tsusho gateway - a five-year exclusive distribution agreement signed in 2021 with the Toyota Group’s parts-distribution arm opens doors to Japanese OEMs and markets across Japan, South Korea, Thailand, Indonesia and China.
- BorgWarner: the transformational partner - the 30-plus-year relationship, described as the company’s most transformational collaboration, provides access to global drivetrain technology and credibility with worldwide OEMs.
- Mahindra and Tata: the domestic anchors - long-term strategic partnerships with both Indian giants extend into global markets including Indonesia, South Africa and the US for Mahindra, and across a broad spectrum of EV transmission development for Tata.
- Technology collaborators and overseas offices - partnerships with Hofer Powertrain, FEV and a German automotive player support technology exchange and prototype validation, while local presence in Germany and South Korea, plus marketing consultants in Europe and South Korea, provide local presence.