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Rico Auto Industries Ltd

RICOAUTO

NSE

₹115.63-0.41%19 Oct 2026

Reports

Auto Spare Parts Accessories

Rico Auto Industries Ltd

RICOAUTO

NSE

₹115.63

-0.41%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Auto Spare Parts Accessories

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.

Rico Auto is an engineering company that makes the metal innards of vehicles - the precision-cast aluminium and iron parts inside engines, transmissions and brakes that most drivers never see. It started in 1983 as a clutch supplier to India’s early two-wheeler and car makers, and has since grown into a single-source partner that takes a component from a drawing all the way to a finished, tested assembly, for everyone from Maruti Suzuki to BMW. That same “concept to delivery” approach - own the design, the tooling, the casting, the machining and the logistics - is now being applied beyond cars, into railways and defence, using the same factory floors and engineering muscle.

Business segments

Four engines at different stages - a precision-components cash cow that feeds two specialist material and wheel platforms, and a defence-and-railways bet built on the same manufacturing backbone.

1. Aluminium and ferrous precision components: the factory that supplies the world’s carmakers

Rico earns its living by casting and machining roughly 400 different aluminium and iron parts - from clutch assemblies to electric-motor housings - and selling them directly to global automakers under long-term contracts.

Paid per part, with raw-material costs passed through - the company sells components to OEMs at a negotiated price per unit, and most customer contracts allow it to pass aluminium and other raw-material price changes directly to the buyer, which protects margins from metal-price swings. It is now moving three-quarters of its customers by value to monthly raw-material settlements, making those pass-throughs faster.
One roof, every step - Rico runs 15 fully integrated plants across eight Indian states, housing aluminium die casting, ferrous casting, precision machining and assembly under one roof, so a customer can hand over a design and receive a finished, tested component without the company ever outsourcing a critical step.
The customer list is the moat - the company supplies more than 35 global OEMs and Tier-1 names, including Toyota, Maruti Suzuki, BMW, Cummins, Bosch, Stellantis and Hero, and is a single source supplier for export and domestic customers. New confirmed orders worth roughly ₹720 crores in peak annual sales - on top of current production - have been won from Maruti, Tata, Toyota and others.
EVs are just another housing to machine - about 30% of recent new-order nominations by value were for electric and hybrid vehicles, and the company has been shipping EV parts since 2019, making transmission housings, motor housings and differential cases that use the same casting and machining skills as its ICE parts.
Capacity freed without building walls - new process technologies have released casting capacity in both aluminium and iron, so future growth in machining and assembly can be added with less fresh investment in foundry equipment.

2. Friction materials: the clutch-facing specialist India used to import

Rico claims to be the first in India to make paper-based friction material for clutches - a component competitors previously had to buy from abroad - and now supplies it from dedicated plants in Gurugram and Chennai.

An import substitute inside the clutch - the in-house R&D team developed the paper-type friction material indigenously, so Indian two-wheeler and CVT makers no longer need to source it from overseas suppliers.
Testing feeds production - the subsidiary runs a state-of-the-art R&D and test centre focused on clutch assemblies, CVT and brake-shoe friction, which lets it qualify new materials quickly for OEM programmes.

3. Two-wheeler alloy wheels: a lightweight platform for scooters and motorcycles

Through its 91.74%-held subsidiary Rico Jinfei Wheels, Rico casts aluminium alloy wheels for Hero, Bajaj and Honda - a business born from a Chinese joint venture and now consolidated under one roof.

Joint venture turned subsidiary - the wheel business began as a partnership with China’s Jinfei, and over time Rico bought control, later merging in its oil-and-water-pump unit and a casting entity to create a single alloy-wheel subsidiary.
Lightweight sells on two wheels - the wheels are designed for scooters, motorcycles and electric two-wheelers, where shaving weight off unsprung mass improves ride and range, making alloy an upgrade over steel.
Powered partly by the sun - the Manesar plant that makes the wheels carries 450 KW of rooftop solar, trimming energy costs and carbon footprint on every rim produced.

4. Aerospace, defence and railways: the non-auto bet on government contracts

Rico has taken its precision-machining capability into adjacent regulated industries - making fuse assemblies for the military, shooting ranges for the DRDO, and now cast-iron railway inserts approved by RDSO - through a dedicated subsidiary and a new in-house vertical.

A defence licence opens doors - the 100% subsidiary AAN Engineering holds an AS 9100D aerospace certification and a Defence Industrial License for ammunition manufacturing, and is empanelled with HAL, BEL, BEML and multiple ordnance factories, giving it the right to bid on sensitive government work.
From fuses to firing ranges - AAN makes machined metal components for mechanical and electronic fuse assemblies at a capacity of 25,000 units a month, and also builds indoor containerised shooting ranges and baffle ranges using technology transferred from the DRDO.
Railways start on the same shop floor - the new Railways vertical manufactures cast and machined components for tracks, wagons and carriages at the existing Dharuhera plant, and dispatched its first lot just days before the company’s most recent earnings call.
A ₹200-crore order book in hand - the defence business alone holds about ₹200 crores of orders, with more bids in process, giving visibility on a revenue stream that is largely decoupled from auto-industry cycles.

Group structure and partners

Rico operates through a parent company that does the heavy manufacturing, flanked by subsidiaries that handle specialist materials, wheels, defence, overseas logistics and captive solar power.

The parent, Rico Auto Industries, runs the 15-plant precision-components engine and the new Railways vertical.
Rico Jinfei Wheels (91.74% held) now contains the alloy-wheel business and the former oil-and-water-pump unit after a series of mergers that simplified the group.
AAN Engineering (100%) is the defence and aerospace arm, holding the licences and empanelments needed to supply state customers.
Rico Friction Technologies (70%) runs the friction-materials operation.
Rico Auto Industries Inc. (100%) provides warehousing and last-mile delivery for North American, Mexican and Brazilian customers, while the UK subsidiary has changed its business model to direct supply after Brexit and incurred a loss.
Roop Ram Industries (26% associate) supplies 1.40 crore units of solar power a year under a long-term purchase agreement, saving the group roughly ₹1.80 crores annually.

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Balance Sheet

Cash Flow

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Balance Sheet

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Mkt Cap

Market Capitalization

₹1,578Cr

Close Price

₹116.61

Industry

Auto Spare Parts Accessories

Price To Earnings

51.14

Price To Sales

0.59

Revenue

₹2,689Cr

Rev Gr TTM

Revenue Growth TTM

21.35%

PAT Gr TTM

PAT Growth TTM

-0.52%

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	554	524	548	540	576	552	545	543	627	629	677	755
Growth YoY Revenue Growth YoY%	-5.2	-4.5	-9.1	1.1	4.0	5.4	-0.6	0.7	9.0	14.1	24.3	38.9
Expenses ExpensesCr	500	465	489	496	526	506	495	490	566	569	630	720
Operating Profit Operating ProfitCr	54	58	59	43	49	45	50	54	61	61	48	35
OPM OPM%	9.8	11.1	10.8	8.0	8.6	8.2	9.3	9.9	9.7	9.6	7.1	4.6
Other Income Other IncomeCr	3	4	3	3	4	2	3	1	1	-5	4	3
Interest Expense Interest ExpenseCr	14	16	13	13	14	14	15	13	12	13	16	15
Depreciation DepreciationCr	30	30	28	26	27	24	24	24	26	26	25	27
PBT PBTCr	13	16	21	7	12	9	15	18	24	16	10	-4
Tax TaxCr	6	5	4	1	5	7	8	2	7	5	3	-1
PAT PATCr	6	11	16	6	7	2	7	17	18	11	7	-3
Growth YoY PAT Growth YoY%	-19.2	9.4	-37.1	-1.2	2.0	-82.5	-54.8	196.4	169.7	503.8	-6.7	-120.2
NPM NPM%	1.2	2.0	3.0	1.1	1.1	0.3	1.4	3.1	2.8	1.8	1.0	-0.5
EPS EPS₹	0.5	0.7	1.2	0.4	0.5	0.1	0.5	1.2	1.3	0.8	0.4	-0.3

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	554	524	548	540	576	552	545	543	627	629	677	755
Growth YoY Revenue Growth YoY%	-5.2	-4.5	-9.1	1.1	4.0	5.4	-0.6	0.7	9.0	14.1	24.3	38.9
Expenses ExpensesCr	500	465	489	496	526	506	495	490	566	569	630	720
Operating Profit Operating ProfitCr	54	58	59	43	49	45	50	54	61	61	48	35
OPM OPM%	9.8	11.1	10.8	8.0	8.6	8.2	9.3	9.9	9.7	9.6	7.1	4.6
Other Income Other IncomeCr	3	4	3	3	4	2	3	1	1	-5	4	3
Interest Expense Interest ExpenseCr	14	16	13	13	14	14	15	13	12	13	16	15
Depreciation DepreciationCr	30	30	28	26	27	24	24	24	26	26	25	27
PBT PBTCr	13	16	21	7	12	9	15	18	24	16	10	-4
Tax TaxCr	6	5	4	1	5	7	8	2	7	5	3	-1
PAT PATCr	6	11	16	6	7	2	7	17	18	11	7	-3
Growth YoY PAT Growth YoY%	-19.2	9.4	-37.1	-1.2	2.0	-82.5	-54.8	196.4	169.7	503.8	-6.7	-120.2
NPM NPM%	1.2	2.0	3.0	1.1	1.1	0.3	1.4	3.1	2.8	1.8	1.0	-0.5
EPS EPS₹	0.5	0.7	1.2	0.4	0.5	0.1	0.5	1.2	1.3	0.8	0.4	-0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,007	1,038	1,209	1,393	1,401	1,470	1,860	2,302	2,160	2,212	2,478	2,689
Growth Revenue Growth%	-25.2	3.1	16.5	15.2	0.6	4.9	26.5	23.8	-6.2	2.4	12.0	21.4
Expenses ExpensesCr	908	927	1,078	1,249	1,287	1,381	1,702	2,081	1,938	2,024	2,255	2,485
Operating Profit Operating ProfitCr	99	111	131	144	114	89	158	221	222	188	223	204
OPM OPM%	9.8	10.7	10.8	10.3	8.1	6.0	8.5	9.6	10.3	8.5	9.0	7.6
Other Income Other IncomeCr	10	15	12	13	16	14	13	18	12	12	2	3
Interest Expense Interest ExpenseCr	20	17	19	27	31	39	42	54	58	56	55	56
Depreciation DepreciationCr	47	46	54	58	80	80	91	112	119	102	101	104
PBT PBTCr	41	63	70	72	19	-16	38	74	57	43	69	47
Tax TaxCr	11	12	12	21	2	-2	14	23	18	21	17	15
PAT PATCr	30	52	58	51	17	-14	24	51	39	21	52	32
Growth PAT Growth%	-80.7	73.9	12.3	-12.0	-67.3	-184.3	268.9	114.7	-23.7	-45.0	144.8	-0.5
NPM NPM%	3.0	5.0	4.8	3.7	1.2	-1.0	1.3	2.2	1.8	1.0	2.1	1.2
EPS EPS₹	2.2	3.8	4.3	3.7	1.2	-1.1	1.8	3.8	2.9	1.4	3.7	2.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,007	1,038	1,209	1,393	1,401	1,470	1,860	2,302	2,160	2,212	2,478	2,689
Growth Revenue Growth%	-25.2	3.1	16.5	15.2	0.6	4.9	26.5	23.8	-6.2	2.4	12.0	21.4
Expenses ExpensesCr	908	927	1,078	1,249	1,287	1,381	1,702	2,081	1,938	2,024	2,255	2,485
Operating Profit Operating ProfitCr	99	111	131	144	114	89	158	221	222	188	223	204
OPM OPM%	9.8	10.7	10.8	10.3	8.1	6.0	8.5	9.6	10.3	8.5	9.0	7.6
Other Income Other IncomeCr	10	15	12	13	16	14	13	18	12	12	2	3
Interest Expense Interest ExpenseCr	20	17	19	27	31	39	42	54	58	56	55	56
Depreciation DepreciationCr	47	46	54	58	80	80	91	112	119	102	101	104
PBT PBTCr	41	63	70	72	19	-16	38	74	57	43	69	47
Tax TaxCr	11	12	12	21	2	-2	14	23	18	21	17	15
PAT PATCr	30	52	58	51	17	-14	24	51	39	21	52	32
Growth PAT Growth%	-80.7	73.9	12.3	-12.0	-67.3	-184.3	268.9	114.7	-23.7	-45.0	144.8	-0.5
NPM NPM%	3.0	5.0	4.8	3.7	1.2	-1.0	1.3	2.2	1.8	1.0	2.1	1.2
EPS EPS₹	2.2	3.8	4.3	3.7	1.2	-1.1	1.8	3.8	2.9	1.4	3.7	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	14	14
Reserves ReservesCr	457	510	550	602	607	592	620	676	707	716	766
Current Liabilities Current LiabilitiesCr	308	335	413	499	549	747	923	822	802	854	858
Non Current Liabilities Non Current LiabilitiesCr	120	104	98	208	255	288	238	429	370	414	500
Total Liabilities Total LiabilitiesCr	902	966	1,078	1,327	1,428	1,644	1,795	1,943	1,895	2,002	2,142
Current Assets Current AssetsCr	355	369	442	534	560	734	765	766	703	755	707
Non Current Assets Non Current AssetsCr	547	597	636	793	868	909	1,030	1,177	1,192	1,247	1,435
Total Assets Total AssetsCr	902	966	1,078	1,327	1,428	1,644	1,795	1,943	1,895	2,002	2,142

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	14	14	14	14	14	14	14	14	14	14	14
Reserves ReservesCr	457	510	550	602	607	592	620	676	707	716	766
Current Liabilities Current LiabilitiesCr	308	335	413	499	549	747	923	822	802	854	858
Non Current Liabilities Non Current LiabilitiesCr	120	104	98	208	255	288	238	429	370	414	500
Total Liabilities Total LiabilitiesCr	902	966	1,078	1,327	1,428	1,644	1,795	1,943	1,895	2,002	2,142
Current Assets Current AssetsCr	355	369	442	534	560	734	765	766	703	755	707
Non Current Assets Non Current AssetsCr	547	597	636	793	868	909	1,030	1,177	1,192	1,247	1,435
Total Assets Total AssetsCr	902	966	1,078	1,327	1,428	1,644	1,795	1,943	1,895	2,002	2,142

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	35	75	86	128	117	23	216	160	247	193	326
Investing Cash Flow Investing Cash FlowCr	-14	-67	-79	-181	-133	-102	-199	-233	-103	-135	-286
Financing Cash Flow Financing Cash FlowCr	-22	-8	-1	69	2	80	-24	77	-153	-57	-42
Net Cash Flow Net Cash FlowCr	0	0	6	16	-14	1	-7	4	-9	1	-3
Free Cash Flow Free Cash FlowCr	-33	7	-6	-81	-17	-95	16	-40	93	51	33
CFO To PAT CFO To PAT%	118.3	145.5	147.6	250.8	700.2	-161.2	909.9	313.4	634.9	901.9	621.2
CFO To EBITDA CFO To EBITDA%	35.6	67.5	65.3	89.1	102.7	25.6	137.1	72.2	111.3	102.5	145.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	35	75	86	128	117	23	216	160	247	193	326
Investing Cash Flow Investing Cash FlowCr	-14	-67	-79	-181	-133	-102	-199	-233	-103	-135	-286
Financing Cash Flow Financing Cash FlowCr	-22	-8	-1	69	2	80	-24	77	-153	-57	-42
Net Cash Flow Net Cash FlowCr	0	0	6	16	-14	1	-7	4	-9	1	-3
Free Cash Flow Free Cash FlowCr	-33	7	-6	-81	-17	-95	16	-40	93	51	33
CFO To PAT CFO To PAT%	118.3	145.5	147.6	250.8	700.2	-161.2	909.9	313.4	634.9	901.9	621.2
CFO To EBITDA CFO To EBITDA%	35.6	67.5	65.3	89.1	102.7	25.6	137.1	72.2	111.3	102.5	145.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	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	457	763	1,064	859	271	481	428	912	1,965	818	1,358	1,578
Price To Earnings Price To Earnings	16.5	14.8	18.4	17.0	16.3		18.1	18.6	51.3	38.3	26.9	51.1
Price To Sales Price To Sales	0.5	0.7	0.9	0.6	0.2	0.3	0.2	0.4	0.9	0.4	0.6	0.6
Price To Book Price To Book	1.0	1.5	1.9	1.4	0.4	0.8	0.7	1.3	2.7	1.1	1.7	2.0
EV To EBITDA EV To EBITDA	6.4	8.4	9.5	8.1	5.5	11.4	6.3	7.4	11.8	7.9	9.3	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	29.7	26.8	26.0	24.0	28.5	31.8	30.3	28.7	29.4	22.4	21.7	21.7
OPM OPM%	9.8	10.7	10.8	10.3	8.1	6.0	8.5	9.6	10.3	8.5	9.0	7.6
NPM NPM%	3.0	5.0	4.8	3.7	1.2	-1.0	1.3	2.2	1.8	1.0	2.1	1.2
ROCE ROCE%	9.5	11.3	11.7	10.5	5.0	2.0	6.5	8.8	8.2	6.9	8.2	8.2
ROE ROE%	6.3	9.9	10.3	8.3	2.7	-2.3	3.8	7.4	5.4	2.9	6.7	6.7
ROA ROA%	3.3	5.3	5.4	3.9	1.2	-0.9	1.3	2.6	2.1	1.1	2.5	2.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	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	457	763	1,064	859	271	481	428	912	1,965	818	1,358	1,578
Price To Earnings Price To Earnings	16.5	14.8	18.4	17.0	16.3		18.1	18.6	51.3	38.3	26.9	51.1
Price To Sales Price To Sales	0.5	0.7	0.9	0.6	0.2	0.3	0.2	0.4	0.9	0.4	0.6	0.6
Price To Book Price To Book	1.0	1.5	1.9	1.4	0.4	0.8	0.7	1.3	2.7	1.1	1.7	2.0
EV To EBITDA EV To EBITDA	6.4	8.4	9.5	8.1	5.5	11.4	6.3	7.4	11.8	7.9	9.3	11.2
Profitability Ratios Profitability Ratios
GPM GPM%	29.7	26.8	26.0	24.0	28.5	31.8	30.3	28.7	29.4	22.4	21.7	21.7
OPM OPM%	9.8	10.7	10.8	10.3	8.1	6.0	8.5	9.6	10.3	8.5	9.0	7.6
NPM NPM%	3.0	5.0	4.8	3.7	1.2	-1.0	1.3	2.2	1.8	1.0	2.1	1.2
ROCE ROCE%	9.5	11.3	11.7	10.5	5.0	2.0	6.5	8.8	8.2	6.9	8.2	8.2
ROE ROE%	6.3	9.9	10.3	8.3	2.7	-2.3	3.8	7.4	5.4	2.9	6.7	6.7
ROA ROA%	3.3	5.3	5.4	3.9	1.2	-0.9	1.3	2.6	2.1	1.1	2.5	2.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RICOAUTO	IMPAL	ISTLTD	ASAL
Market CapitalizationMkt CapCr	1,578	1,263	720	654
Close PriceClose₹	116.61	1,012.20	616.90	412.00
IndustryIndustry	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories
Price To EarningsPE	51.14	12.91	4.37	21.91
Price To SalesPS	0.59	1.44	5.47	0.67
RevenueRevenueCr	2,689	875	132	971
Revenue Growth TTMRev Gr TTM%	21.4%	11.1%	13.8%	28.3%
PAT Growth TTMPAT Gr TTM%	-0.5%	17.5%	3.1%	94.6%

	RICOAUTO	IMPAL	ISTLTD	ASAL
Market CapitalizationMkt CapCr	1,578	1,263	720	654
Close PriceClose₹	116.61	1,012.20	616.90	412.00
IndustryIndustry	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories
Price To EarningsPE	51.14	12.91	4.37	21.91
Price To SalesPS	0.59	1.44	5.47	0.67
RevenueRevenueCr	2,689	875	132	971
Revenue Growth TTMRev Gr TTM%	21.4%	11.1%	13.8%	28.3%
PAT Growth TTMPAT Gr TTM%	-0.5%	17.5%	3.1%	94.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26