### **Overview** Pricol Limited, headquartered in Coimbatore, India, is a leading automotive technology and precision engineering company serving global OEMs since 1975. The company has transformed from a mechanical component manufacturer into a technology-driven solutions provider, focusing on intelligent driver-vehicle interactions, electrification, and digital transformation across mobility platforms. Pricol operates as a **Tier 1 supplier** in a **B2B model**, providing components directly to OEMs across two/three-wheelers, passenger vehicles (PV), commercial vehicles (CV), off-highway, and farm equipment sectors in India and over **45 international markets**. The company employs **over 8,500 people** and maintains a **fully deleveraged balance sheet**, positioning itself for sustainable growth and strategic expansion. --- ### **Business Segments and Operations** Pricol’s operations are organized into **three verticals**: 1. **Driver Information and Connected Vehicle Solutions (DICVS)** 2. **Actuation, Control & Fluid Management Systems (ACFMS)** 3. **Precision Products** The company supplies **over 5,200 product variants** (including subsidiaries), reflecting scale, diversification, and growing integration across vehicle systems. #### **Manufacturing & Global Presence** - **14 manufacturing plants**: 13 in India across Coimbatore, Manesar, Pantnagar, Pune, Sricity, Hosur, Oragadam, Nalagarh, Mysuru, Bhiwadi, Sanand, Satara, and one in **Indonesia**. - **International offices** in **Dubai, Tokyo, and Singapore**. - Strategic domestic and export-focused manufacturing with ongoing capacity expansion. --- ### **Product Portfolio & Market Position** Pricol offers **propulsion-agnostic solutions**, ensuring compatibility across internal combustion, electric, and future hydrogen/fuel-cell vehicles. This positions the company as a critical supplier during the EV transition. #### **Key Product Offerings** | Segment | Key Products | |--------|--------------| | **DICVS** | Smart Clusters (LCD, Hybrid, TFT), E-Cockpit, HUD, Telematics Control Units (TCU), BMS, Connected DIS, IVI systems | | **ACFMS** | Fuel Pumps (PMDC, BLDC), Oil & Water Pumps, Disc Brakes, E-Coolant Pumps, Cabin Tilting Systems, Chain Tensioners, E-Purge Valves | | **Precision Products** | Injection-moulded automotive plastics (post-acquisition of SACL) | #### **Notable Market Shares (as of early 2025)** - **Two-Wheeler DIS**: ~50% market share (largest globally) - **Commercial Vehicle DIS**: 58% - **Off-Road Vehicle DIS**: 96% - **Passenger Vehicle Clusters**: ~6.8% volume share, targeting 10% Pricol supplies to **over 28 EV OEMs**, including **Ather, Ola (excluded), and other startups**, and is recognized among **India’s Top 50 Innovative Companies** (CII). --- ### **Strategic Growth Initiatives** #### **1. New Technology & Innovation** - **E-Cockpit (PRICOL E-Cockpit Platform)**: - Hypervisor-based dual-OS (Android + QNX) system - Supports Full-HD multi-display integration (infotainment, clusters, HUD, e-mirrors) - Features: Phone projection, ADAS, 5G telematics, voice control, OTA updates - In advanced development, with production expected from **FY26** - **Battery Management System (BMS)**: - Co-developed with **BMS PowerSafe (Europe)** via a **technology licensing agreement** - 14S to 18S configurations ready for vehicle integration - **First LOI received from an Indian EV startup**, marking commercial entry - Recognized as a **Top 3 pure-play BMS supplier in Europe** - **Telematics & Connected Vehicle Solutions**: - TCU integrated with **Sibros** (OTA, deep logger, updater) deployed across 2W, CV, and off-highway vehicles - End-to-end cloud solution in final testing, targeting AIS 156 compliance by FY26 - **HMI Development**: - Strategic partnerships with **Candera (Austria)** and **CGI Studio** to accelerate next-gen HMI software development using an indigenous tool --- #### **2. Strategic Partnerships & Licensing** - **Domino S.r.l. (Italy)**: - **Technology licensing agreement (not JV)** for **advanced handlebar controls** (throttles, switches) for 2W/3W vehicles - Targets Indian and Southeast Asian markets - Enables co-development and potential access to European aftermarket - Two **large Indian OEMs as anchor customers** – production starts in **~24 months** - **TYW (China)**: Co-development of **E-Cockpits, HUDs, and DIS solutions** - **Dongguan Shenpeng (China)**: Mass production of **Electric Coolant Pumps (ECP)** for EVs and hybrids - **PVCMT India**: Exclusive supply of **BLDC fuel pumps** --- #### **3. Mergers, Acquisitions & Backward Integration** - **Acquisition of SACL (Sundaram Auto Components)**: - Slump sale completed Jan 2025 via subsidiary **Pricol Precision Products Pvt Ltd (P3L)** - Adds **6 injection molding plants**, enhancing capabilities in automotive plastics - Targets scaling plastics into a standalone vertical; opens export opportunities - Annual revenue: ~₹800 crores, EBITDA: ₹70 crores (3.5x multiple) - **Backward Integration**: - **Optical bonding & screen manufacturing facility** under development - Aims to reduce import dependence, achieve cost parity with rivals - **Not for standalone revenue**, but to improve margin and resilience --- ### **Key Product Launches (Near-Term)** - **Hybrid LCD + TFT Cluster** for **TVS Ntorq** – Launch in **Q2 FY26** - **Disc Brake System**: - In production for **EV startups** for 6 months - Expansion to **major OEMs from Q1 FY26**, driven by **ABS mandate (Jan 2026)** for 100cc+ 2-wheelers - Initial capacity: ₹120 crores/year → expandable to ₹300 crores - **E-Cockpit for major OEM**: SOP expected in **FY26** - **BMS systems**: Customer vehicle integration in progress --- ### **Export Strategy & Global Footprint** - **Exports: ~7–8% of total sales** (dominated by ACFMS: fuel/oil/water pumps) - Major export customers: **Caterpillar, Harley-Davidson, Polaris, Generac, Kohler, PSA, JCB, Claas, Volvo** - Export growth drivers: - Heavy-duty pumps for US/Europe - Digital clusters (e.g., supply to PSA Morocco) - **Strategic goal**: Increase exports to **20% of revenue by FY27** - Back-to-back **FOREX indexing agreements** with customers mitigate currency risk (3–6 month lag) --- ### **EV & Electrification Roadmap** Pricol is **EV-ready**, with a portfolio that spans: - **BLDC/PMDC fuel pumps** (100% ethanol-compatible) - **Electric coolant/oil/water pumps** in mass production/testing - **Disc brakes** compliant with ABS norms - **BMS, TCUs, e-cockpits** for smart, connected EVs - Propulsion-agnostic clusters deployed across **all vehicle types** The company is **prototyping electric versions** of traditional engine-driven products (oil, water, CTS pumps) and has **dedicated an entire plant** to EV cluster manufacturing. --- ### **Competitive Strengths** 1. **Technology Leadership**: - Indigenous R&D platforms (P CORE, Pricol E-Cockpit) - Advanced testing (HIL/SIL, NABL-accredited Reliability Lab) - ASPICE CL2 compliance in software development 2. **Vertical Integration & Localization**: - In-house capabilities: PCB assembly, plastic molding, screen bonding, automation - Reduced import dependency and better cost control 3. **Customer Diversification & Stickiness**: - Global OEMs: **Tata, Hero, Honda, BMW, Ducati, Harley-Davidson, JCB, Caterpillar** - No reliance on aftermarket; long product lifecycle ensures stability 4. **Strategic Positioning in Global Value Chain**: - Supplier to Tier 1s and OEMs across geographies - Positioned to benefit from both ICE performance vehicles and EV adoption