Master Components Ltd is a precision manufacturer that turns engineering plastics into the high-specification parts global brands build their products around - the enclosures, connectors, and under-the-hood components that must fit perfectly and never fail. Founded in 1999 by two tooling engineers who had spent decades at Crompton Greaves, the company has grown from a component supplier into a strategic development partner for OEMs (original equipment manufacturers) across electrical, automotive, and industrial sectors, and is now absorbing its sister mould-making firm to bring every stage of design, tooling, and production under one roof. The recurring approach is to own the full chain - mould design, multiple moulding technologies, assembly, and quality certification - so that customers get a single accountable partner rather than a fragmented supply base. # Business segments A single integrated engine - precision plastic components, sub-assemblies, and the moulds and tools that produce them - serving global OEMs across electrical, automotive, industrial, and healthcare end-markets from one manufacturing campus in Nashik. ## 1. Precision plastic components and sub-assemblies: the OEM's in-house factory, outsourced **The company makes the engineered plastic parts that go inside switchgear, cars, medical devices, and industrial equipment - designing the mould, producing the component, and assembling the finished sub-system, all under certifications that global buyers require.** - **Four moulding technologies under one roof** - it runs Thermoplastic Injection, Thermoset Injection, Transfer, and Compression Moulding on the same campus, so a customer needing parts from different plastic families gets a single supplier rather than having to qualify and manage several. - **Electrical is the anchor** - thermoset and thermoplastic components for switchgear, enclosures, and insulation form a substantial portion of the mix, supplied to long-standing OEM clients on typical payment terms of 30 to 45 days. The company won a Supplier Quality Award in 2024 from L&T (now Lauritz Knudsen, part of Schneider Electric), confirming it meets the exacting standards of a global electrical group. - **Automotive and industrial parts where failure is not an option** - components for interior, exterior, under-the-hood, and safety-critical applications are valued for their strength-to-weight ratio and thermal resistance, and are produced with the process controls that IATF 16949:2016 certification demands. - **Sub-assemblies turn parts into solutions** - the company does not just ship loose components; it assembles them into finished sub-systems for global clients running high-volume projects, which means it captures more value per order and becomes harder to replace. - **Healthcare and childcare are a growing niche** - working with its sister concern Master Nidavellir Aeromed, it produces parts for the Cradlewise Smart Crib, a next-generation baby monitor and sleep solution, demonstrating it can meet the traceability and cleanliness standards of medical and infant products. ## 2. Moulds, dies and tools: the engine that makes the engine **Before any plastic part can be moulded, a precision steel tool must be designed and cut - and the company now owns that capability outright through the amalgamation of its sister firm Master Moulds.** - **Bought, not just built** - Master Moulds Private Limited, a sister concern incorporated in 1997, is being merged into the listed entity with an appointed date of 1 October 2025 and a share exchange ratio of 40 Master Components shares for every 1 Master Moulds share, consolidating tool design and manufacturing under the same ownership as component production. - **Electrical switchgear drives the tooling order book** - roughly three-quarters of Master Moulds' clients are in the electrical and switchgear sector, with automotive at about 10%, biomedical at 5%, and the rest spread across other industries, and 95% of its revenue comes from India. - **One plant, 27 people, deep specialization** - Master Moulds operates from a single facility at Plot No. D-1/14, M.I.D.C., Ambad, Nashik, with 27 employees focused entirely on mould and die design and manufacture, giving the combined entity a dedicated toolroom without the distraction of serving external tooling customers at arm's length. # Manufacturing operations and technology base **The Nashik campus is being systematically upgraded with Japanese machinery, robotic automation, lean systems, and captive solar power - turning a job shop into a digitally managed production line.** - **Japanese injection moulding, scaled up twice** - during FY 2024-25 the company commissioned Shibaura machines with seven robotic arms for safe retrieval, gate cutting, and precise placement, and in June 2026 it added seven new Toyo Innovex machines across five model sizes at an investment of roughly ¥58.25 million, financed from borrowed funds, to cater to new and existing client requirements. - **Lean manufacturing with its own department** - a dedicated Lean Management and Digitalization Department, headed by Mr. Akshay Kulkarni, has rolled out ERP implementation, the first phase of the 5S workplace organization methodology, and extensive deployment of the Kanban system for inventory control and production flow. - **Certifications that open doors** - the company holds IATF 16949:2016 (the automotive quality standard), ISO 9001:2015, and a Certificate of Silver maturity under DIN SPEC 91436 from TÜV SÜD, which recognizes operational waste and recyclables management according to the zero waste principle. - **Raw material costs are partly hedged by customers** - key polymers are sourced from both large-scale producers and niche custom-formulation specialists under long-standing relationships, and in many cases customers provide compensation for raw material price increases, partially insulating the company from margin swings. - **Captive solar and off-site operations** - a 215 kW solar power system on the facility manages energy costs, while an Operation and Maintenance Agreement with Satish Industries provides operation, maintenance and management services for the company's Compression Moulding Machines located at Satish's nearby Ambad facility, extending capacity without adding fixed assets. # Group structure and partners **A promoter-led, debt-conscious manufacturer with no subsidiaries, two sister concerns being consolidated or collaborated with, and a new 50:50 joint venture to secure upstream raw-material capability.** - **No subsidiaries, two sister concerns** - the company has no subsidiaries. Master Moulds Private Limited and Master Nidavellir Aeromed Private Limited are sister concerns, with all related-party transactions conducted at arm's length. - **Bankers and asset base** - working capital lines are sanctioned from IDFC First Bank, secured by a mortgage on the leasehold land and building at the Ambad plant, with HDFC Bank also a banker; as of September 2025 the company carried total assets of Rs. 51.65 crore and a net worth of Rs. 32.44 crore on an unaudited basis. - **A joint venture to make its own raw material** - in May 2026 the company signed a 50:50 joint venture agreement with Prathamesh Industries (India) Limited to form a new entity that will manufacture, process, and compound Sheet Moulding Compound (SMC), Dough Moulding Compound (DMC), and other composites, with each party contributing Rs. 5,00,000 in cash and the JV targeted for completion by 30 September 2026. The JV gives Master Components a direct stake in the upstream material that feeds its compression moulding operations, with board control split equally and the right to nominate the CEO.