### **Company Overview** NDR Auto Components Limited (NACL), incorporated in March 2019, is a fully focused auto component manufacturer and a flagship enterprise of the **Rohit Relan Group**. The company operates in the automotive seating and structural components sector, specializing in the design, development, and manufacturing of sheet metal and trim-based systems for both four-wheelers and two-wheelers. It was formed through the demerger of the automotive seating business from **Sharda Motor Industries Limited (SMIL)** in 2019–2020. As of November 2025, NDR Auto Components is a publicly listed entity on the **National Stock Exchange (NSE)** and **Bombay Stock Exchange (BSE)**, and has evolved from a seating solutions provider into a **multi-product, multi-customer auto ancillary player** with global partnerships and expanded product offerings. --- ### **Core Business & Capabilities** - **Primary Segment**: Manufacturing of seat frames, seat trims, Body-in-White (BIW) components, and associated trim systems for passenger vehicles and two-wheelers. - **Fully Integrated Manufacturing**: The company operates a vertically integrated infrastructure with in-house capabilities in: - Sheet metal fabrication - Pipe bending - Press shop operations - Robotic and manual welding - CNC cutting - Stitching and trim assembly - **In-House R&D & Testing**: NDR maintains a **state-of-the-art test and validation laboratory** for product reliability and safety, conducting 34 critical tests per seat, including flammability, abrasion, tensile strength, and color fastness. It also holds a patent (No. 416842) for a replaceable trim design developed for railways. - **Production Capacity**: The company operates **four main facilities** in: - Gurgaon (Haryana) – 650,000 unit/year - Pathredi (Haryana) – 250,000 unit/year - Bangalore – 250,000 unit/year - Gujarat (Surendranagar) – 250,000 unit/year **Total seating capacity**: ~1.4 million units per annum, with additional BIW, sun shade, and ambient light lines under development. --- ### **Key Customers & OEM Relationships** - **Maruti Suzuki**: - Supplies 30–33% of Maruti’s seating requirements (one of the largest suppliers). - Key supplier for models: **Grand Vitara, Fronx, Brezza, Wagon R, Alto, Dzire, Ciaz, Hyryder, Urban Cruiser, Sx4, Jimny**. - The Gujarat facility is strategically located near Maruti’s plant. - **Bharat Seats Ltd**: - Long-standing, three-decade joint venture between **Maruti Suzuki India Limited** and **Suzuki Motor Corporation, Japan**. - NDR supplies seating components to Bharat Seats, which assembles final seating systems. - NDR holds a **28.66% stake** in Bharat Seats. - **Toyota Boshoku & Toyota Kirloskar Motors**: - Supplies seat trims; has joint ventures with Toyota Boshoku. - Toyota models: **Hyryder, Urban Cruiser**. - **Suzuki Motorcycles**: - Supplies seating for **Access** and **Gixxer** models. - **Kia Motors**: - Appointed **Tier-2 supplier via Hyundai Transys**. - Seat trim supply began in **January 2025** from the Bangalore plant. - KIA is NDR's **third major OEM**, following Maruti and Toyota. - **Bellsonica**: Minor but growing order volume. - **New Market Entry**: Exploring expansion into **North American and European OEM supply chains** post domestic capacity expansion. --- ### **Strategic JVs & Global Partnerships** NDR has forged high-value strategic alliances with global automotive leaders: - **Suzuki Motor Corporation (Japan)** - **Maruti Suzuki India** - **Toyo Seats (Japan)** - **Toyota Boshoku** – JV: **Toyota Boshoku Relan India Private Limited** - **Fujikura Ltd (Japan)** – Technical license for **Seat Belt Reminder System (SBRS) sensors** - **Fisher Dynamics (USA)** – Licensing for **car seat latches** - **Hayashi Telempu (Japan)** – 50:50 JV with INR 33.3 crore investment each - Revenue: $2.1B (2024), 40+ locations, 3,700+ employees - Focus: NVH control, cabin comfort, and interior systems - Secured first order from **Toyota** for **ambient lighting systems** (interior lights for shift lever, door trims, instrument panel) - **Hyundai Transys** – Tier-2 supplier relationship for KIA seating - **Toyota Tsusho India (TTI) & Toyotsu Vehitecs Co.** – Collaboration to develop **seat insert fabric** with technical support from TTI --- ### **Recent Product & Technology Expansion (2024–2025)** NDR is actively diversifying beyond seating into **higher-value, technology-intensive systems**: - **Seat Belt Reminder System (SBRS)**: - License from **Fujikura Ltd** for sensor integration into front and rear seats. - Investment: **₹7.43 crore** for dedicated SBRS line (Gujarat plant). - Content value per vehicle: **₹200–1,000** (based on sensor count). - Expected SOP: **January 2027** – capacity: **1.5 million units/year**. - **Seat Latches**: - Licensing agreement with **Fisher Dynamics**. - Content value per vehicle: **₹400–500**. - Investment and facility to be set up in **Pathredi**. - SOP: **January 2027** – capacity: **3 million units/year**. - **Sun Shades**: - New product line developed via **Technical Assistance Agreement** with Hayashi Telempu. - Supplies to **Maruti Suzuki** and **Toyota Kirloskar**. - Production started: Q2 FY25. - **Ambient Lighting Systems**: - JV with Hayashi Telempu has secured **Toyota order**. - Manufacturing setup in **Bangalore** (NDR Hayashi Automotive). - SOP: **April 2026**. - **Seat Insert Fabric**: - New wholly-owned subsidiary: **NDR Auto Components Safety Systems Pvt. Ltd** (incorporated May 2025). - Project: 6 million units/year fabric line in **Manesar**. - Investment: **₹21.89 crore**. - SOP: **July 2027**. - Target revenue: **₹100 crore by FY28–29**; payback: **2.4 years**. --- ### **Capacity Expansion & Capital Investment (2025–2027)** - **Total Expansion Investment**: **₹149.8 crore** across new projects and facilities. - **Anantapur, Andhra Pradesh**: - New facility for **seat trims and frames**. - Proximity to **KIA plant**. - Commercial production: **July 2026**. - **Bangalore**: - Facility for **ambient lights, carpets, sun shades**. - Operated by NDR Hayashi Automotive. - SOP: **April 2026**. - **Land Acquisitions**: - **Kharkhoda (Haryana)**: ~10 acres acquired near Maruti’s plant. - **Chhatrapati Sambhajinagar**: 25 acres approved for purchase at **₹37.63 crore**. - **Anantapur (Exploration ongoing)**: For strategic proximity to KIA. --- ### **Growth Momentum & Financial Performance** - **Revenue Growth**: - FY20: **₹105.8 crore** - FY25 (E): **₹717.1 crore** - Growth CAGR (5Y): **~46%**, driven by OEM partnerships, product diversification, and volume ramp-up. - **Margins & Efficiency**: - EBITDA Margin: **6% (FY20) → >10% (FY25)** - Return on Capital Employed (RoCE): **4.95% (FY20) → 32.29% (FY25)** - **Profit Drivers**: - In-house production of previously outsourced components (SBRS, latches). - High regulatory content uplift (e.g., 3-point seat belts in entry-level cars). - Increased seating content (content per vehicle expected to rise from ~3.5% to **4–4.5%**). - Regulatory tailwinds: BS6, safety norms, and seat belt reminder mandates. --- ### **Order Book & Demand Visibility** - **Current Order Book (Nov 2025)**: **₹400–450 crore**. - Includes: - ₹100 crore from new seating programs - ₹50 crore from BIW component wins - Strong visibility into FY27 due to multi-year OEM contracts and new model launches. --- ### **Industry Position & Competitive Advantage** - **Key Strengths**: - Strategic proximity to OEM plants (Maruti, KIA, Toyota, Hyundai). - High production scale and **80–85% utilization** (with brownfield expansion headroom). - **Integrated, vertically aligned** manufacturing reduces dependency on vendors. - Long-term partnerships with global Tier-1s and OEMs. - **Competitors**: - Maruti chain: **Krishna Maruti** - Hyundai-KIA chain: **Saddle**, unnamed Korean supplier - **Edge**: Proximity + scale + cost efficiency allows **equal or better quality at lower cost**.