### **Company Overview** Talbros Automotive Components Limited (TACL), established in **1956**, is a leading Indian manufacturer of **automotive components** with over six decades of engineering expertise and a strong global footprint. The company operates as a diversified, multi-location enterprise, supplying critical auto parts across vehicle segments including two-wheelers, passenger vehicles (PVs), commercial vehicles (CVs), off-highway, and agricultural equipment. With a strategy focused on **technological innovation, vertical integration, and global expansion**, Talbros has evolved into one of the most **hedged and diversified auto component players** in India. The company leverages **three strategic international joint ventures** to deliver best-in-class products to OEMs and Tier-1 suppliers across domestic and global markets. --- ### **Business Segments & Product Portfolio** Talbros offers a broad and technologically advanced product range through a hybrid model of standalone operations and joint ventures: #### **1. Standalone Businesses** - **Gaskets & Heat Shields** - Market leader in gaskets with **~50% India market share** – three times ahead of its nearest competitor. - Supplies to major OEMs including **Cummins, Bajaj Auto, Hero MotoCorp, John Deere, Volvo-Eicher, Maruti Suzuki, and Tata Motors**. - **Single-source supplier** for five key customers, indicating strong integration and trust. - Holds an **exclusive contract with SANWA Japan** for lightweight **aluminum heat shields** used in modern internal combustion engines (ICE), hybrids, and electric vehicles (EVs). - Heat shield technologies offer **noise reduction, emission control, and extreme temperature insulation**, compliant with BS-VI and Euro-VII norms. #### **2. Forging Division** - A **one-stop solution provider** for hot forging (750 to 2,500-ton presses) with integrated in-house capabilities: - Die design, machining, heat treatment (normalizing, carburizing), and complete sub-assembly. - Key Products: King pins, dump ends, gear blanks, housing & yoke shafts, ring gears, companion flanges. - Notable Clients: **JCB UK (₹75 crore/year)**, **Dana Italy (₹17 crore/year)**, **Meritor North America (₹50 crore/year)**, **BMW Germany**, **Tata Motors**, **Carraro**, and **Sona Comstar**. - **Bawal facility** has an annual forging capacity of **21,000 metric tons**, producing components from 150 grams to 30 kg. - Shifting strategically toward **heavier, higher-margin forged components** for EVs, CVs, and off-highway segments. - **Exports account for ~50–55%** of forging revenues, with growing traction in Europe and North America. #### **3. Joint Ventures** - **Marelli Talbros Chassis Systems (MTCS)**: 50:50 JV with **Marelli Suspension Systems (Italy)** - Specializes in **chassis systems, suspension arms, links, BIW components**, and **EV cradle assemblies**. - A **market leader in control arms and links**. - Secured order of **~₹1,000 crores** for suspension arms from global OEMs (ICE & EV platforms) for delivery in EMEA and NAFTA. - **Pune plant** is fully operational and set to supply **Stellantis**. - **50% of orders now from electric vehicle platforms**, signaling deep penetration into the EV ecosystem. - **Talbros Marugo Rubber (TMR)**: 50:50 JV with **Marugo Rubber Industries (Japan)** - Focus: **Anti-vibration components, suspension bushes, hangers, and E20-compatible hoses**. - Supplies to **Maruti Suzuki, Daimler India, Suzuki Motors Gujarat**. - Holds **>90% market share in muffler mounts/hangers for Maruti**. - Pioneer in **E20 fuel hoses using FKM/ECO polymers**, aligning with India’s ethanol-blending targets. - **Lohum Talbros Carbon Pvt. Ltd.**: New 2025 JV with **Lohum Cleantech** - Entry into **sustainable materials** via **recovered carbon black (rCB)** and **devulcanized rubber**. - rCB market: ~$1.8B globally, growing at **>35% CAGR**; devulcanized rubber: ~$3.5B, growing at **10% CAGR**. - JV to launch **India’s first low-ash rCB (5% ash content)**—close to virgin quality and **25–30% cheaper**. - Talbros committed **₹9.95 crores (49%)** of initial ₹20 crore equity. - **Commercial operations to begin by July 2026**. Capex: **₹70 crores (40% equity + 60% debt)**. --- ### **Market Leadership & Strategic Advantages** - **Gaskets**: **50% market share**, dominant in two-wheelers, agri, off-road, and HCV/LCV segments. - **Heat Shields**: First mover in India with **Nimbus Heat Shields** (in partnership with Sanwa), targeting 90% of thermal management demand in BS-VI/EV vehicles. - **Exports**: Grown from **47% in FY18 to ~63% projected by FY27**, with strong presence in the UK, USA (13.5% of export revenue), Europe, Japan, and Australia. - **Vertical Integration**: Fully integrated design and manufacturing capabilities – from tooling to final machining and assembly – reduce lead times and enhance competitiveness. - **Sustainability & ESG Focus**: Active in **battery recycling, carbon black recovery, E20 compliance, and EV component development**. --- ### **R&D, Innovation & Strategic Focus** - **EV Penetration**: Actively developing components for **EV battery thermal management, NVH control, lightweighting, and BEV chassis modules**. - **Localization & PLI**: Benefiting from **‘Make in India’**, **PLI**, and **FAME-II** initiatives; increasing localization of high-value components. - **Capacity Expansion**: - **Pune facility** (gasket/heat shield): ~₹60–70 crores in revenue from FY26–27. - **New MTCS plant**: Commissioned in 2025, supports Stellantis and EV platform growth. - **Bawal expansion** for TMR (rubber business): 80,000 sq. ft. facility to support E20 and export hoses. --- ### **Geographic & Customer Diversification** - **OEM Focus**: 63% of revenue. - **Exports**: ~26–28% of revenue (as of FY25), targeting **35%+ by FY27**. - **Key Export Markets**: **UK (forgings, gaskets), USA, Germany, Italy, Japan, Belgium**. - **No single customer exceeds 10% of total revenue**, indicating well-distributed risk. - **Serves 30+ OEMs globally**, spanning **ICE, hybrid, PHEV, and EV platforms**.