Talbros Automotive Components is the flagship of a six-decade-old Indian group that began in 1956 making gaskets with British technology and has since built itself into one of the country’s most broadly hedged auto-component makers - it supplies every vehicle segment, every powertrain type, and over 30 global OEMs from a structure that pairs its own gasket and forging plants with 50/50 joint ventures that bring in the technology of Italian and Japanese specialists. The recurring approach is visible across the whole business: lock in a dominant domestic position in a critical, hard-to-substitute engine part, then use that relationship to pull through adjacent products and export orders from the same customers. # Business segments Four engines at different stages - a sealing-and-forging cash cow that commands half the domestic gasket market, two passenger-vehicle platforms built with global JV partners, and a green-materials bet under construction - each fed by the customer relationships of the one before. ## 1. Gaskets and heat shields: the market-leading sealing business that anchors the company **With roughly one in every two gaskets sold to Indian vehicle makers coming from Talbros, this division is the single-source supplier for five marquee customers and the springboard for every other part of the portfolio.** - **Half the market, three times the next player** - the division holds approximately 50% domestic market share in automotive gaskets, roughly three times that of its nearest competitor, and leads across two-wheeler, agri and off-highway, heavy commercial, and light commercial vehicle segments. - **Single-source supplier to global engine makers** - it is the sole supplier for five customers including Cummins, Bajaj, and John Deere, and has a co-design agreement with Cummins running to about 2030 that means as Cummins consolidates engine platforms internationally, Talbros supplies more gaskets per engine. - **Heat shields are the high-margin growth layer** - the heat-shield line adds noise reduction, emission control, and thermal insulation for new-generation engines including hybrids and EVs, and is built on an exclusive technology agreement with Japan’s Sanwa Packing, whose “Nimbus” aluminium shield weighs about half that of a conventional steel one. - **3,500 varieties from three plants** - the division makes 3,500 gasket varieties using 40 types of raw material, with roughly 30% of those materials imported on 12-month lead times from Germany, the US, and Japan, and it runs manufacturing facilities at Faridabad, Pune, and Sitarganj. ## 2. Forgings: the export-heavy machining engine **A one-stop hot-forging shop that has shifted from selling bare forgings to selling fully machined components, with more than half its revenue now coming from exports to names like JCB, DANA, and Jaguar Land Rover.** - **From forging to finished part** - the division has moved up the value chain by adding machining centres, ring rolling, and surface milling, so it now delivers ready-to-assemble components rather than raw forgings, with press capacities from 750 to 2,500 tons and the ability to handle parts from 150 grams to 30 kilograms. - **Exports are the majority** - 56% of the division’s revenue came from exports in FY26, up from about 48% four years earlier, with marquee customers including JCB in the UK, DANA and Carraro in Europe, and Jaguar Land Rover, and it has recently added Tier-1 customers in Brazil, Mexico, and Belgium. - **Casting-to-forging conversion wins orders** - the division specialises in replacing cast parts with single forged-and-machined components, such as a turbocharger bracket it developed as one piece to replace an assembly of three separate parts for a global OEM. - **21,000-tonne annual capacity at Bawal** - the single plant in Haryana runs at 85% utilisation and houses everything from die design and simulation through to a SCADA-controlled continuous heat-treatment line meeting the international CQ9 quality standard. ## 3. Marelli Talbros Chassis Systems: the passenger-vehicle suspension platform **A 50/50 joint venture with Italy’s Marelli that supplies roughly a third of Maruti Suzuki’s suspension products and two-thirds of Tata Motors’ control arms, and has just won a ₹1,000-crore export order for Europe and North America.** - **The ₹1,000-crore export breakthrough** - in April 2024 it secured a multi-year contract worth about ₹1,000 crore from a large European OEM to supply suspension arms for both ICE and EV platforms across the EMEA and NAFTA regions, to be produced from its joint venture’s Pune plant over eight years. - **Aluminium capability opens premium doors** - the JV has established aluminium stamping and welding capabilities, which lets it supply the premium car segment and body-in-white parts in both steel and aluminium, including front cradles for EVs. - **Just-in-time to the customer’s plant** - it operates from Pune, Faridabad, and Manesar and has expanded to Bangalore specifically to supply just-in-time to a customer facility, with a further warehouse planned at Kharkhoda. ## 4. Talbros Marugo Rubber: the anti-vibration and hose specialist **A 50/50 joint venture with Japan’s Marugo that has nearly tripled its revenue in five years and supplies more than 90% of Maruti Suzuki’s mounting mufflers and hangers.** - **Near-total share of a critical Maruti Suzuki part** - the JV’s market share for mounting mufflers and hangers with Maruti Suzuki exceeds 90%, and roughly 90% of its revenue comes from the passenger-vehicle segment, with Maruti Suzuki as the predominant customer. - **Exports go back to the Japanese parent’s network** - 44% of revenue came from exports in FY26, and the JV has been exporting to Marugo Japan for Fuso, Mitsubishi, and Suzuki since 2015, effectively making it a low-cost manufacturing base for its Japanese partner’s global supply chain. - **Complete in-house compounding and moulding** - the Bawal plant runs everything from compound mixing and metal preparation through to injection moulding and extrusion under one roof, with an indigenously developed RFID-based traceability system that tracks every part through the process. - **E20-compatible and EV-ready hoses** - the JV has developed fuel hoses in FKM and ECO polymers that are compatible with E20 ethanol-blended fuel, and has introduced battery hoses specifically designed for electric vehicles. ## 5. Lohum Talbros Carbon: the circular-economy bet on recycled materials **A newly formed 49:51 joint venture with Lohum Cleantech that will manufacture recovered carbon black and devulcanized rubber - a small upfront commitment that gives Talbros a foot in two high-growth sustainability markets.** - **Recycled substitute for a $27-billion virgin material** - recovered carbon black can replace virgin carbon black in rubber compounds, and while the virgin market is roughly $27 billion globally, the recycled subset is a $1.8-billion market growing at over 35% a year. - **Devulcanized rubber reuses tyre waste** - the process breaks the carbon-sulphur bonds in used rubber so it can be re-compounded, addressing a global devulcanized rubber market of about $3.5 billion that is growing at over 10% annually on the back of OEM sustainability targets. - **Talbros brings the customer access, Lohum brings the process** - Lohum has in-house technology for producing high-quality recovered carbon black and devulcanized rubber, while Talbros contributes its deep OEM relationships and market access to pull the materials into the automotive supply chain. - **Small initial cheque, long lock-in** - Talbros’ equity commitment for the first year is ₹9.95 crores, and the JV has a five-year lock-in from incorporation with a right of first refusal on any partner’s share sale, with business commencement expected between July and October 2026. # Group structure and partners **The company runs its own gasket and forging plants and shares ownership of three joint ventures with global technology leaders - two that are already operating at scale, and one that is about to start up.** - **Standalone parent with two divisions** - Talbros Automotive Components Ltd houses the Gasket & Heat Shield and Forging divisions, operating plants at Faridabad, Pune, Sitarganj, and Bawal, plus an R&D centre at Faridabad and a materials division in Gurgaon. - **Marelli Talbros Chassis Systems (50/50)** - a JV with Magneti Marelli S.p.a (Milano) (a Fiat-group company with over €6 billion in annual revenue), established in 2012, making chassis and suspension components from Pune, Faridabad, and Manesar. - **Talbros Marugo Rubber (50/50)** - a JV with Marugo Rubber Industries of Japan, which began in 2013, making anti-vibration products and hoses from a plant in Bawal that was relocated and expanded from Manesar in FY24. - **Lohum Talbros CarbonTech (49:51)** - a JV with Lohum Cleantech, incorporated in February 2026, for recovered carbon black and devulcanized rubber; business yet to commence, with a five-year lock-in and right of first refusal between partners. - **Divested two-wheeler gasket JV** - the former 40% stake in Nippon Leakless Talbros, which made gaskets for Honda and Hero, was sold to the Japanese partner in January 2024 for ₹81.80 crores, with proceeds redirected into the forging, chassis, and gasket businesses. - **Exclusive heat-shield technology tie-up** - a Technical Assistance Agreement with Japan’s Sanwa Packing Industry, signed in November 2020, gives Talbros exclusive access to the “Nimbus” lightweight aluminium heat-shield technology for automotive applications in India. - **Captive solar power vehicle** - in February 2026 the company acquired a 26% stake in CleanMax Kaziranga, a special purpose vehicle set up under the group captive model of the Electricity Act to generate and supply solar power to its Haryana manufacturing units.