Pricol is an automotive technology company that designs and makes the parts of a vehicle a driver sees, touches, and relies on to keep the engine running - from the digital instrument cluster behind the steering wheel to the pumps moving fuel and coolant through the engine. It started in 1975 in Coimbatore as a mechanical-component maker and has deliberately climbed the technology ladder, moving from mechanical to electro-mechanical to electronic products, and now to software-defined, connected solutions. The recurring approach that explains everything else is a relentless shift up the value chain - adding more electronics, more software, and more intellectual property per part - so that a company that once made simple gauges now sells integrated e-cockpits and telematics systems to over 40 vehicle platforms across 16 countries. # Business segments Three engines at different stages - a dominant driver-information franchise going all-in on software, a precision-engineering workhorse built on manufacturing muscle, and a newly acquired plastics platform that turns the company’s biggest customer into a supplier relationship - each one moving the company further from commodity parts toward integrated systems. ## 1. Driver Information & Connected Vehicle Solutions: the technology flagship **This is the business that makes the screens, dials, and connected brains of a vehicle - and it commands roughly half the two-wheeler instrument-cluster market in India while racing to turn every display into a software-defined cockpit.** - **The dashboard is now a computer** - the product line has moved from mechanical dials to TFT and LCD clusters, heads-up displays, and full e-cockpit systems that run on a hypervisor with dual operating systems (Android and QNX), supporting multiple high-definition displays, navigation, and 5G telematics on a single platform called PCORE. - **Market leadership built platform by platform** - the company supplies instrument clusters to 40 vehicle platforms in India, holds more than 50% value market share in two-wheeler clusters, and over 70% in commercial-vehicle driver information systems, a position it has built without losing any major client. - **Software partnerships fill the capability gaps** - a deal with Sibros Technologies, a Silicon Valley firm founded by ex-Tesla engineers, pairs Pricol’s hardware with a cloud-based over-the-air update platform, creating a bundled connected-vehicle solution that is already running on two-wheelers, off-highway vehicles, and commercial vehicles for domestic and international customers. - **Backward integration into displays** - an exclusive collaboration with BOE Varitronix of Hong Kong aims to localise optical bonding of LCD and TFT displays in India, reducing import dependence and capturing cost arbitrage on a key input for instrument clusters. - **R&D spend is roughly twice the industry norm** - the company invests 4.5% to 5% of turnover in product and process engineering, employs about 380 people in development out of roughly 850 white-collar staff, and has filed 23 patents across 16 inventions, with 17 already granted. ## 2. Actuation, Control & Fluid Management Systems: the industrial backbone **This is the business of precision-engineered pumps, brakes, and controls - the mechanical and electro-mechanical parts that move fluids and translate driver input into vehicle action, built on decades of manufacturing know-how and cost discipline.** - **From engine-driven to electric** - the company has developed prototypes converting all its engine-driven pumps (oil, water, and cabin-tilt systems) to electrically driven versions, including a 58-litre-per-minute electric coolant pump and a larger 110-litre-per-minute variant, anticipating the shift to electric vehicles. - **Fuel pumps that handle ethanol** - a BLDC fuel-pump module compatible with hydrous ethanol was developed and entered mass production in December 2022 for an OEM’s export vehicles running on a 72.5% ethanol blend, meeting the demands of markets like Brazil. - **Disc brakes are the next frontier** - a test-worthy prototype of a disc-brake system for two-wheelers has been validated by an OEM customer and found to meet requirements, with development go-ahead received from multiple EV manufacturers. - **Global technology access through licensing** - a technology licence agreement with Domino S.r.l of Italy, founded in 1951, gives Pricol the right to manufacture and sell switches and throttles for two-wheelers in India and Southeast Asia, while a partnership with Dongguan Shenpeng of China brought electric-coolant-pump technology into the portfolio. - **In-house automation keeps costs down** - the company built its own four-axis and six-axis robots for assembly-line tasks like pointer pressing and machine tending, and developed a flexible automated water-pump assembly line with IoT traceability that handles pumps weighing from 8 to 80 kilograms. ## 3. Precision Products: the plastics platform bought from a customer **This is the injection-moulded plastics business acquired from a TVS Motor group company - it makes dashboards, radiator grills, fuel tanks, and trim parts, and it turns a major customer relationship into an integrated supply chain.** - **Bought, not built** - the business was acquired on a slump-sale basis from Sundaram Auto Components Limited, a wholly owned subsidiary of TVS Motor Company, by Pricol Precision Products Private Limited for ₹ 19,749.70 Lakhs, and commenced operations under Pricol on 1 February 2025. - **A ready-made revenue stream** - the acquired business had revenue of INR 727 crores in FY24, bringing immediate scale in high-performance injection-moulded parts across two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles. - **A Polymer Centre of Excellence is being built** - the company is strengthening mould design, tool-room capability, injection-moulding capacity, and process automation to move up the value chain in plastics, including lightweight polymer applications that increase content per vehicle. - **Beyond automotive, in small steps** - while the business is overwhelmingly automotive, Pricol has onboarded a couple of industrial customers for plastic components used in energy meters, opening a narrow but real diversification path. # Group structure and partners **A Coimbatore-headquartered parent listed in India, with a web of subsidiaries for global procurement and a growing list of technology partners that supply the intellectual property behind its most advanced products - and a recent demerger plan that will split the company into two separately listed entities.** - **The parent and its international arms** - Pricol Limited operates 14 manufacturing plants across India, with wholly owned procurement subsidiaries in Singapore (Pricol Asia Pte Ltd) and Dubai (Pricol Asia Exim DMCC), plus an Indonesian subsidiary (PT Pricol Surya Indonesia) that supplies instrument clusters to two-wheeler makers in Indonesia and Thailand. - **The demerger will create two listed companies** - under a scheme approved in June 2026, the Driver Information & Connected Vehicle Solutions business will be demerged into Pricol Autotech Limited, a newly incorporated subsidiary, with shareholders receiving one share of the new company for every share of Pricol Limited they hold; the remaining entity will focus on actuation, fluid management, and precision products. - **A competitor tried to buy in** - in February 2023, Minda Corporation, described by Pricol as a close rival serving multiple common customers, acquired 15.7% of Pricol’s shares through open-market purchases and sought regulatory approval to go up to 24.5%; Pricol challenged the move in court, and Minda eventually sold its stake. - **Technology partners span three continents** - beyond Sibros and BOE Varitronix, the partner roster includes Candera of Austria for HMI software (its tools are in over 500 million cars worldwide), BMS PowerSafe of France for battery-management systems, Heilongjiang Tianyouwei of China for e-cockpit and heads-up display technology, and Domino of Italy for switch and throttle designs.