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RACL Geartech Ltd

RACLGEAR

NSE

₹1,471.10-3.57%19 Oct 2026

Reports

Auto Gears

RACL Geartech Ltd

RACLGEAR

NSE

₹1,471.10

-3.57%

19 Oct 2026

SOICxStockScans Reports

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Auto Gears

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

RACL Geartech is a manufacturer of high-precision gears and transmission parts that has spent four decades climbing the value chain - from selling replacement parts in the domestic aftermarket to becoming a Tier 1 system supplier for some of the world’s most demanding vehicle makers. It started commercial production in 1989 and won its first export order from Japan’s Kubota Tractors in 2005, becoming the first manufacturer to export gears to Japan. The recurring approach is to invest in general-purpose, non-dedicated machinery and deep in-house engineering so it can solve complex problems for customers across two-wheelers, passenger cars, commercial trucks and now electric vehicles - a philosophy management calls being “India's largest technology hub for providing complex gear manufacturing solutions”.

Business segments

A single precision-engineering engine that powers vehicles from motorcycles to electric sports cars - built on transmission gears and shafts, now extending into complete EV drivetrain assemblies and electric power steering systems, all made with the same in-house gear-cutting and machining backbone.

1. Transmission gears and assemblies: the precision heart of the powertrain

The company cuts, grinds, heat-treats and assembles the gears and shafts that sit inside vehicle transmissions - and increasingly supplies the entire gearbox as a single system rather than loose parts.

From blank to finished assembly under one roof - every gear-making process - cutting, precision machining, heat treatment, welding and sub-assembly - happens in-house, which lets the company make everything from low-end three-wheeler components to aircraft parts without depending on outside shops.
The machinery is the moat - gear manufacturing requires expensive, imported equipment from Japan, Europe and the US, plus a long learning curve that creates a barrier to entry; the company’s machines include a Gleason power skiving machine from Switzerland and a Kapp Niles gear grinding machine from Germany, both absorbed into production in 2020.
A customer list that reads like a global motorcycle showroom - most global premium motorcycle brands, barring one or two, buy gears, gearboxes and transmission assemblies from RACL; customers include KTM, Kawasaki, Husqvarna (a BMW group company) and Royal Enfield, for which it is developing gears for the 350cc five-speed gearbox.
Shifted the revenue mix toward higher-value segments - two-wheeler share has fallen from 40-45% to 30% of turnover, while passenger cars (which began at zero in FY23) reached 13% and commercial vehicles rose from 7-8% to 20%, spreading the business across roughly 29 active customers and more than 1,600 SKUs.

2. Electric vehicle drivetrain systems: the bet on a gear-driven electric future

The company has moved from selling individual gears to designing and manufacturing entire safety-critical assemblies for electric cars - a leap that turned it into an exclusive Tier 1 supplier to a premium German carmaker.

Won a global bid for a part the carmaker rarely outsources - RACL competed against companies from China, India and Europe to become the exclusive supplier of a Parking Lock Mechanism (a mechanical device that stops an electric car from rolling back) for BMW AG’s electric vehicles, a project known internally as Project Titan.
Built a dedicated cleanroom-grade factory for one customer - a new facility called ‘UDYAM’ at Gajraula runs on 100% green electricity, is fully air-conditioned for contamination-free manufacturing, and operates as a digital smart factory with zero paper and end-to-end traceability from the steel mill to the finished assembly.
A second BMW nomination followed the first - Project Venus will supply drive train parts for an electric sports car, with peak annual revenue projected to reach Rs. 130 Crores by 2029; over 4,000 sets have already been dispatched for vehicle validation and mass production is on track for October 2026.
Even bicycles are going electric and geared - the company received a nomination from a German customer to supply gears for pedal-assisted electric bicycle gearboxes, a patented project being developed at the Noida plant as its first export order in the premium e-bicycle domain.

3. Electric power steering systems: the North American truck and car entry

The company is designing and prototyping precision gear assemblies for electric power steering - a new product category that opens the door to high-volume passenger car and commercial truck platforms in North America.

Joint development with a global steering giant - RACL signed a strategic nomination with ZF Rane (a ZF Group company) to develop ring gears, sun gears, drive gears and planetary gear assemblies for electric power steering systems on a leading American OEM’s pickup truck platform.
Prototypes are already in validation - approximately 600 sets manufactured at the Gajraula plant are under testing at the customer’s facilities in Mexico and the US, with the project known as Project Crystal.
A second ZF nomination targets commercial trucks - the company also won a business nomination to supply critical steering components for electric power steering systems used in North American commercial trucks, with first samples in final validation and start of production expected in FY 2027-28.

Group structure and partners

RACL operates two Indian plants, a wholly owned Austrian subsidiary that handles European warehousing and invoicing, and a growing network of technical and energy partnerships that lower costs and add design capability.

The parent company, RACL Geartech Ltd, is listed on the NSE and BSE and runs two manufacturing plants: the mother plant at Gajraula, Uttar Pradesh, and a second 32,000-square-foot plant at Noida, inaugurated in February 2024.
A wholly owned subsidiary, RACL Geartech GmbH, was incorporated in Austria in 2019 to provide business support, warehousing and local invoicing for EU customers such as KTM; the parent guarantees the subsidiary’s liabilities under a tripartite agreement with KTM AG.
The company invested in Sunsure Solarpark Ten Private Limited for captive solar power; supply began in November 2024, delivering 6 million units of renewable energy annually and meeting more than 40% of the Gajraula plant’s electricity needs from clean energy.
A technical collaboration with AARK Engineering GMBH of Germany adds product design, prototyping, virtual simulation and testing capabilities, letting RACL design products from inception rather than only manufacturing to customer drawings.
The company completed vendor registration with Bharat Heavy Electricals Limited (BHEL) under the pre-qualified material suppliers category, opening a potential route into the industrial and heavy equipment segment.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹1,736Cr

Close Price

₹1,472.40

Industry

Auto Gears

Price To Earnings

34.39

Price To Sales

3.33

Revenue

₹522Cr

Rev Gr TTM

Revenue Growth TTM

28.21%

PAT Gr TTM

PAT Growth TTM

78.13%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	102	113	106	109	106	113	87	101	120	137	132	132
Growth YoY Revenue Growth YoY%	15.8	17.0	11.3	23.1	4.5	-0.5	-17.8	-7.5	13.4	21.8	50.8	31.5
Expenses ExpensesCr	78	86	83	89	86	89	68	82	96	106	102	100
Operating Profit Operating ProfitCr	24	27	23	20	20	24	19	19	24	31	29	32
OPM OPM%	23.3	23.7	22.0	18.2	18.5	21.2	21.9	18.7	20.3	22.8	22.2	24.1
Other Income Other IncomeCr	2	2	1	1	4	0	5	8	6	4	5	0
Interest Expense Interest ExpenseCr	6	6	7	7	8	7	7	8	5	5	9	6
Depreciation DepreciationCr	6	6	6	7	7	8	8	8	8	8	9	9
PBT PBTCr	14	17	12	6	8	9	9	11	16	21	17	17
Tax TaxCr	3	5	3	2	2	3	2	3	4	5	5	8
PAT PATCr	10	12	8	4	7	7	7	8	12	16	12	9
Growth YoY PAT Growth YoY%	3.5	0.4	-12.0	-52.6	-36.0	-45.6	-22.7	99.0	84.3	149.1	90.0	7.8
NPM NPM%	10.1	10.6	7.9	3.8	6.2	5.8	7.5	8.2	10.0	11.9	9.4	6.7
EPS EPS₹	9.5	11.2	7.8	3.9	6.1	6.1	6.0	7.0	10.5	14.2	10.6	7.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	102	113	106	109	106	113	87	101	120	137	132	132
Growth YoY Revenue Growth YoY%	15.8	17.0	11.3	23.1	4.5	-0.5	-17.8	-7.5	13.4	21.8	50.8	31.5
Expenses ExpensesCr	78	86	83	89	86	89	68	82	96	106	102	100
Operating Profit Operating ProfitCr	24	27	23	20	20	24	19	19	24	31	29	32
OPM OPM%	23.3	23.7	22.0	18.2	18.5	21.2	21.9	18.7	20.3	22.8	22.2	24.1
Other Income Other IncomeCr	2	2	1	1	4	0	5	8	6	4	5	0
Interest Expense Interest ExpenseCr	6	6	7	7	8	7	7	8	5	5	9	6
Depreciation DepreciationCr	6	6	6	7	7	8	8	8	8	8	9	9
PBT PBTCr	14	17	12	6	8	9	9	11	16	21	17	17
Tax TaxCr	3	5	3	2	2	3	2	3	4	5	5	8
PAT PATCr	10	12	8	4	7	7	7	8	12	16	12	9
Growth YoY PAT Growth YoY%	3.5	0.4	-12.0	-52.6	-36.0	-45.6	-22.7	99.0	84.3	149.1	90.0	7.8
NPM NPM%	10.1	10.6	7.9	3.8	6.2	5.8	7.5	8.2	10.0	11.9	9.4	6.7
EPS EPS₹	9.5	11.2	7.8	3.9	6.1	6.1	6.0	7.0	10.5	14.2	10.6	7.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	190	212	204	271	358	410	415	490	522
Growth Revenue Growth%		11.8	-4.1	33.2	32.1	14.3	1.4	18.0	28.2
Expenses ExpensesCr	159	171	153	214	277	314	330	383	405
Operating Profit Operating ProfitCr	31	41	51	57	82	96	85	107	117
OPM OPM%	16.2	19.4	25.1	21.1	22.8	23.4	20.5	21.8	22.4
Other Income Other IncomeCr	1	1	4	4	9	6	10	22	14
Interest Expense Interest ExpenseCr	6	8	8	12	21	24	32	30	25
Depreciation DepreciationCr	8	11	16	16	19	25	30	34	35
PBT PBTCr	17	22	30	33	51	53	33	66	71
Tax TaxCr	8	5	7	9	14	14	9	17	22
PAT PATCr	10	17	23	24	37	39	24	49	50
Growth PAT Growth%		73.7	38.4	1.8	56.6	5.3	-39.7	105.9	78.1
NPM NPM%	5.1	8.0	11.5	8.8	10.4	9.6	5.7	10.0	9.5
EPS EPS₹	9.3	15.3	21.8	22.2	34.7	36.5	22.0	42.0	42.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	190	212	204	271	358	410	415	490	522
Growth Revenue Growth%		11.8	-4.1	33.2	32.1	14.3	1.4	18.0	28.2
Expenses ExpensesCr	159	171	153	214	277	314	330	383	405
Operating Profit Operating ProfitCr	31	41	51	57	82	96	85	107	117
OPM OPM%	16.2	19.4	25.1	21.1	22.8	23.4	20.5	21.8	22.4
Other Income Other IncomeCr	1	1	4	4	9	6	10	22	14
Interest Expense Interest ExpenseCr	6	8	8	12	21	24	32	30	25
Depreciation DepreciationCr	8	11	16	16	19	25	30	34	35
PBT PBTCr	17	22	30	33	51	53	33	66	71
Tax TaxCr	8	5	7	9	14	14	9	17	22
PAT PATCr	10	17	23	24	37	39	24	49	50
Growth PAT Growth%		73.7	38.4	1.8	56.6	5.3	-39.7	105.9	78.1
NPM NPM%	5.1	8.0	11.5	8.8	10.4	9.6	5.7	10.0	9.5
EPS EPS₹	9.3	15.3	21.8	22.2	34.7	36.5	22.0	42.0	42.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	11	11	11	11	11	12
Reserves ReservesCr	56	74	97	121	157	194	215	340
Current Liabilities Current LiabilitiesCr	84	89	97	132	174	243	291	253
Non Current Liabilities Non Current LiabilitiesCr	46	48	66	87	103	132	120	96
Total Liabilities Total LiabilitiesCr	196	222	271	351	444	580	637	701
Current Assets Current AssetsCr	100	112	121	162	198	265	304	349
Non Current Assets Non Current AssetsCr	96	111	150	189	246	315	333	353
Total Assets Total AssetsCr	196	222	271	351	444	580	637	701

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	11	11	11	11	11	11	12
Reserves ReservesCr	56	74	97	121	157	194	215	340
Current Liabilities Current LiabilitiesCr	84	89	97	132	174	243	291	253
Non Current Liabilities Non Current LiabilitiesCr	46	48	66	87	103	132	120	96
Total Liabilities Total LiabilitiesCr	196	222	271	351	444	580	637	701
Current Assets Current AssetsCr	100	112	121	162	198	265	304	349
Non Current Assets Non Current AssetsCr	96	111	150	189	246	315	333	353
Total Assets Total AssetsCr	196	222	271	351	444	580	637	701

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	33	39	12	60	35	56	92
Investing Cash Flow Investing Cash FlowCr	-31	-26	-49	-56	-76	-93	-46	-53
Financing Cash Flow Financing Cash FlowCr	11	-7	10	44	18	56	-10	-34
Net Cash Flow Net Cash FlowCr	0	0	0	0	2	-1	1	6
Free Cash Flow Free Cash FlowCr	-12	7	-10	-44	-16	-57	13	43
CFO To PAT CFO To PAT%	195.4	196.1	165.9	49.4	160.3	89.6	236.8	187.6
CFO To EBITDA CFO To EBITDA%	62.2	80.9	76.4	20.7	73.5	36.8	66.2	85.9

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	33	39	12	60	35	56	92
Investing Cash Flow Investing Cash FlowCr	-31	-26	-49	-56	-76	-93	-46	-53
Financing Cash Flow Financing Cash FlowCr	11	-7	10	44	18	56	-10	-34
Net Cash Flow Net Cash FlowCr	0	0	0	0	2	-1	1	6
Free Cash Flow Free Cash FlowCr	-12	7	-10	-44	-16	-57	13	43
CFO To PAT CFO To PAT%	195.4	196.1	165.9	49.4	160.3	89.6	236.8	187.6
CFO To EBITDA CFO To EBITDA%	62.2	80.9	76.4	20.7	73.5	36.8	66.2	85.9

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	71	58	264	664	982	1,274	807	1,414	1,736
Price To Earnings Price To Earnings	7.3	3.4	11.3	27.8	26.2	33.6	35.3	29.9	34.4
Price To Sales Price To Sales	0.4	0.3	1.3	2.5	2.7	3.1	1.9	2.9	3.3
Price To Book Price To Book	1.1	0.7	2.5	5.0	5.9	6.5	3.7	4.2	4.9
EV To EBITDA EV To EBITDA	4.7	3.2	7.3	14.5	14.5	16.3	13.2	15.3	17.3
Profitability Ratios Profitability Ratios
GPM GPM%	35.1	38.7	43.5	38.2	39.9	40.2	39.4	40.0	40.0
OPM OPM%	16.2	19.4	25.1	21.1	22.8	23.4	20.5	21.8	22.4
NPM NPM%	5.1	8.0	11.5	8.8	10.4	9.6	5.7	10.0	9.5
ROCE ROCE%	16.7	19.0	18.0	15.4	19.4	15.6	12.0	16.3	16.3
ROE ROE%	14.7	19.9	21.7	18.2	22.4	19.2	10.5	13.9	13.9
ROA ROA%	5.0	7.6	8.7	6.8	8.4	6.8	3.7	7.0	7.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	71	58	264	664	982	1,274	807	1,414	1,736
Price To Earnings Price To Earnings	7.3	3.4	11.3	27.8	26.2	33.6	35.3	29.9	34.4
Price To Sales Price To Sales	0.4	0.3	1.3	2.5	2.7	3.1	1.9	2.9	3.3
Price To Book Price To Book	1.1	0.7	2.5	5.0	5.9	6.5	3.7	4.2	4.9
EV To EBITDA EV To EBITDA	4.7	3.2	7.3	14.5	14.5	16.3	13.2	15.3	17.3
Profitability Ratios Profitability Ratios
GPM GPM%	35.1	38.7	43.5	38.2	39.9	40.2	39.4	40.0	40.0
OPM OPM%	16.2	19.4	25.1	21.1	22.8	23.4	20.5	21.8	22.4
NPM NPM%	5.1	8.0	11.5	8.8	10.4	9.6	5.7	10.0	9.5
ROCE ROCE%	16.7	19.0	18.0	15.4	19.4	15.6	12.0	16.3	16.3
ROE ROE%	14.7	19.9	21.7	18.2	22.4	19.2	10.5	13.9	13.9
ROA ROA%	5.0	7.6	8.7	6.8	8.4	6.8	3.7	7.0	7.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING	SHIVAMAUTO
Market CapitalizationMkt CapCr	3,594	3,273	2,209	1,736	989	614	365
Close PriceClose₹	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30	15.76
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	0.89	1.16	126.93	3.33	1.06	1.06	0.85
RevenueRevenueCr	4,024	2,818	17	522	931	581	428
Revenue Growth TTMRev Gr TTM%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%	-0.8%
PAT Growth TTMPAT Gr TTM%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%	-52.9%

	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING	SHIVAMAUTO
Market CapitalizationMkt CapCr	3,594	3,273	2,209	1,736	989	614	365
Close PriceClose₹	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30	15.76
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	0.89	1.16	126.93	3.33	1.06	1.06	0.85
RevenueRevenueCr	4,024	2,818	17	522	931	581	428
Revenue Growth TTMRev Gr TTM%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%	-0.8%
PAT Growth TTMPAT Gr TTM%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%	-52.9%