Auto Ancillary · Founded 1996 · www.autolineind.com · BSE 532797 · NSE AUTOIND · ISIN INE718H01014
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Business
Autoline Industries Ltd. is an automotive ancillary company primarily engaged in the manufacturing and supply of various sheet metal components, assemblies, and sub-assemblies for the automotive industry. Its core business model revolves around acting as a Tier-1 and Tier-2 supplier to Original Equipment Manufacturers (OEMs) across passenger vehicles, commercial vehicles, and two-wheelers. The company makes money by designing, developing, and manufacturing these components and selling them to major automotive manufacturers as part of their supply chain for vehicle production.
Revenue Mix
Without specific financial disclosures, Autoline Industries' revenue typically comes from:
OEM Sales: Supplying components directly to automotive manufacturers for their production lines. This is usually the largest segment for auto ancillaries.
Product Categories: Revenue would be derived from various component types, such as body-in-white components, chassis parts, exhaust systems, brake parts, and other pressed components.
Aftermarket Sales: Supplying spare parts for vehicle maintenance and repairs, though often a smaller portion compared to OEM sales for core component manufacturers.
Specific breakdowns by customer type (e.g., 2-wheeler, PV, CV) or product line are not publicly provided in this context.
Industry
The Indian auto ancillary industry is diverse, encompassing a wide range of product categories and a mix of large integrated players, mid-sized specialists, and numerous small-scale units. It is characterized by intense competition, price sensitivity, and high dependence on OEM relationships. Autoline Industries likely positions itself as a reliable supplier of sheet metal and pressed components, competing on factors like quality, cost-effectiveness, delivery timelines, and engineering capabilities. Its positioning would be relative to other specialized sheet metal fabricators and component manufacturers in specific product segments rather than across the entire auto ancillary spectrum.
MOAT
Autoline Industries' competitive advantages, if present, would likely stem from:
Deep OEM Relationships: Long-standing relationships and trust with major automotive OEMs can create sticky customer bases and high switching costs for specific components.
Manufacturing Capabilities & Scale: Specialization in complex sheet metal fabrication, tool-making, and assembly processes, coupled with operational scale, can lead to cost efficiencies and quality consistency.
Design and Engineering Expertise: The ability to co-develop components with OEMs from concept to production, offering value-added engineering solutions.
Location Proximity: Strategic placement of manufacturing units near major OEM plants can reduce logistics costs and improve supply chain efficiency.
Growth Drivers
Growth in Indian Automotive Production: Overall expansion of the passenger vehicle, commercial vehicle, and two-wheeler segments in India.
New Product Launches: Successive new model introductions by OEMs require new component development and supply.
Increased Content Per Vehicle: Manufacturers aiming for higher safety, comfort, or emission standards may increase the complexity and number of components per vehicle.
Export Opportunities: Leveraging cost-effective manufacturing to supply global OEMs or aftermarket segments.
"Make in India" Initiative: Government focus on local manufacturing could favor domestic suppliers over imports.
Risks
Automotive Industry Cyclicality: Performance is heavily tied to the inherently cyclical nature of the automotive sector, making revenue and profitability susceptible to economic downturns.
Raw Material Price Volatility: Fluctuations in steel and other commodity prices can impact margins significantly if not effectively passed on to customers or hedged.
Customer Concentration: Heavy reliance on a few major OEMs for a substantial portion of revenue can create business risk if a key customer faces issues or shifts suppliers.
Technological Disruption: The transition to Electric Vehicles (EVs) and alternative propulsion systems could render some traditional components obsolete, requiring significant R&D and retooling investments.
Intense Competition & Pricing Pressure: The fragmented nature of the industry often leads to aggressive pricing, impacting profitability.
Regulatory Changes: Stricter emission norms, safety standards, or import/export policies can necessitate costly upgrades or changes in production.
Management & Ownership
Autoline Industries is likely a promoter-driven company, a common structure in India. The promoter group typically holds a significant stake, influencing strategic direction and long-term vision. Management quality would depend on their track record of navigating industry cycles, capital allocation, and adopting new technologies. Ownership structure usually involves the promoter group, institutional investors (if publicly listed and followed), and the public.
Outlook
The outlook for Autoline Industries is closely linked to the trajectory of the Indian automotive industry. On the bull side, India's long-term growth potential in vehicle ownership, increasing per capita income, and government support for manufacturing could provide a robust demand environment. The company's established OEM relationships and manufacturing capabilities could enable it to capture growth in its specific product segments. However, the bear case highlights the significant challenges ahead. The ongoing transition to electric vehicles poses an existential threat to some traditional component manufacturers, requiring substantial adaptation and investment. Furthermore, intense competition, volatile raw material prices, and the inherent cyclicality of the auto sector mean that sustained profitability will require constant innovation, cost control, and strategic diversification.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 189 | 151 | 156 | 156 | 195 | 152 | 173 | 209 | 289 | 265 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 |
| Total Income | 190 | 152 | 157 | 157 | 196 | 153 | 174 | 210 | 292 | 267 |
| Total Expenditure | 172 | 135 | 141 | 139 | 175 | 138 | 156 | 190 | 261 | 246 |
| Operating Profit | 19 | 17 | 16 | 18 | 22 | 15 | 18 | 21 | 31 | 20 |
| Interest | 7 | 7 | 7 | 9 | 9 | 9 | 10 | 10 | 10 | 12 |
| Depreciation | 3 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 6 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -3 | -0 | 6 | 0 | 0 | 16 | 0 |
| Profit Before Tax | 8 | 5 | 5 | 1 | 8 | 7 | 3 | 5 | 30 | 2 |
| Provision for Tax | 0 | 0 | 0 | -0 | 1 | 6 | 0 | 0 | 0 | 0 |
| Profit After Tax | 8 | 5 | 5 | 1 | 7 | 1 | 3 | 5 | 30 | 2 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 8 | 5 | 5 | 1 | 7 | 1 | 3 | 5 | 30 | 2 |
| Adjusted Earnings Per Share | 2 | 1.4 | 1.3 | 0.2 | 1.5 | 0.1 | 0.6 | 1.1 | 6.7 | 0.4 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 311 | 359 | 385 | 452 | 316 | 285 | 568 | 650 | 654 | 659 | 824 | 936 |
| Other Income | 9 | 4 | 10 | 2 | 3 | 2 | 2 | 3 | 2 | 4 | 6 | 6 |
| Total Income | 320 | 363 | 394 | 455 | 319 | 286 | 570 | 652 | 656 | 663 | 830 | 943 |
| Total Expenditure | 312 | 354 | 388 | 445 | 329 | 276 | 522 | 611 | 602 | 590 | 745 | 853 |
| Operating Profit | 8 | 10 | 7 | 10 | -10 | 10 | 48 | 41 | 55 | 73 | 85 | 90 |
| Interest | 27 | 37 | 37 | 38 | 31 | 32 | 26 | 22 | 23 | 32 | 40 | 42 |
| Depreciation | 25 | 23 | 22 | 21 | 21 | 20 | 20 | 18 | 14 | 18 | 22 | 23 |
| Exceptional Income / Expenses | 5 | -34 | 0 | 44 | -4 | 0 | 6 | 9 | 0 | -4 | 22 | 16 |
| Profit Before Tax | -39 | -84 | -52 | -5 | -66 | -42 | 8 | 11 | 18 | 19 | 45 | 40 |
| Provision for Tax | 0 | -13 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 6 | 0 |
| Profit After Tax | -39 | -72 | -52 | -5 | -66 | -42 | 8 | 11 | 17 | 18 | 39 | 40 |
| Adjustments | 0 | 1 | 1 | 0 | 0 | 3 | 0 | 1 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | -39 | -71 | -52 | -5 | -66 | -39 | 8 | 11 | 16 | 18 | 39 | 40 |
| Adjusted Earnings Per Share | -29.4 | -44.5 | -24.7 | -1.7 | -24.4 | -12.6 | 2.1 | 2.9 | 4.2 | 4.2 | 8.5 | 8.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 25% | 8% | 24% | 10% |
| Operating Profit CAGR | 16% | 28% | 53% | 27% |
| PAT CAGR | 117% | 52% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 10% | -8% | 7% | 3% |
| ROE Average | 23% | 17% | 18% | -30% |
| ROCE Average | 18% | 15% | 14% | 4% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 126 | 74 | 66 | 107 | 41 | 22 | 61 | 75 | 136 | 153 | 197 |
| Minority's Interest | 60 | 60 | 65 | 62 | 62 | 62 | 65 | 64 | 0 | 0 | 0 |
| Borrowings | 137 | 157 | 147 | 88 | 49 | 65 | 28 | 31 | 53 | 127 | 135 |
| Other Non-Current Liabilities | 13 | -9 | -2 | -11 | -11 | -3 | -9 | -6 | -7 | -7 | 4 |
| Total Current Liabilities | 163 | 212 | 207 | 268 | 278 | 276 | 332 | 265 | 319 | 410 | 407 |
| Total Liabilities | 499 | 493 | 484 | 514 | 419 | 422 | 476 | 430 | 565 | 748 | 743 |
| Fixed Assets | 223 | 240 | 221 | 205 | 187 | 169 | 150 | 141 | 148 | 234 | 346 |
| Other Non-Current Assets | 53 | 19 | 27 | 26 | 29 | 28 | 27 | 31 | 61 | 112 | 77 |
| Total Current Assets | 223 | 235 | 236 | 283 | 203 | 224 | 293 | 258 | 199 | 245 | 321 |
| Total Assets | 499 | 493 | 484 | 514 | 419 | 422 | 476 | 430 | 565 | 748 | 743 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5 | 4 | 0 | 2 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | -16 | 44 | -17 | 19 | 23 | 7 | -53 | 76 | 11 | 66 | 10 |
| Cash Flow from Investing Activities | 19 | -5 | 7 | 4 | -3 | -0 | 5 | 2 | -51 | -128 | -26 |
| Cash Flow from Financing Activities | -3 | -40 | 13 | -25 | -19 | -7 | 47 | -79 | 52 | 62 | 17 |
| Net Cash Inflow / Outflow | -0 | -0 | 2 | -2 | 1 | -1 | -0 | 0 | 11 | 0 | -0 |
| Closing Cash & Cash Equivalent | 4 | 4 | 2 | 0 | 1 | 0 | 0 | 0 | 11 | 1 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -29.36 | -44.45 | -24.7 | -1.71 | -24.37 | -12.57 | 2.13 | 2.85 | 4.21 | 4.18 | 8.49 |
| CEPS(Rs) | -10.96 | -30.21 | -14.34 | 6.03 | -16.68 | -6.92 | 7.33 | 7.23 | 7.83 | 8.32 | 13.3 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 94.24 | 45.33 | 30.26 | 38.5 | 14.11 | 6.76 | 15.44 | 19.02 | 33.14 | 33.94 | 41.89 |
| Core EBITDA Margin(%) | -0.39 | 1.42 | -0.77 | 1.65 | -3.98 | 3 | 8.14 | 5.93 | 7.98 | 10.4 | 9.55 |
| EBIT Margin(%) | -3.32 | -12.25 | -3.9 | 7.22 | -10.97 | -3.48 | 5.87 | 5.01 | 6.22 | 7.77 | 10.28 |
| Pre Tax Margin(%) | -11.29 | -21.68 | -13.23 | -1.08 | -20.88 | -14.71 | 1.35 | 1.63 | 2.71 | 2.91 | 5.43 |
| PAT Margin (%) | -11.32 | -18.45 | -13.26 | -1.09 | -20.88 | -14.71 | 1.35 | 1.62 | 2.55 | 2.75 | 4.67 |
| Cash Profit Margin (%) | -4.21 | -12.43 | -7.62 | 3.6 | -14.26 | -7.53 | 4.9 | 4.34 | 4.67 | 5.45 | 7.32 |
| ROA(%) | -7.69 | -14.49 | -10.71 | -0.99 | -14.14 | -9.96 | 1.71 | 2.33 | 3.35 | 2.76 | 5.17 |
| ROE(%) | -27.63 | -72.87 | -76.9 | -5.91 | -92.89 | -141.78 | 19.34 | 15.88 | 16.43 | 13.14 | 22.88 |
| ROCE(%) | -3.44 | -15.39 | -5.03 | 10.17 | -12.54 | -4.46 | 13.02 | 12.07 | 14.26 | 13.39 | 17.82 |
| Receivable days | 30.57 | 39.55 | 45.69 | 36.1 | 40.99 | 45.88 | 49.87 | 52.3 | 52.9 | 66.73 | 69.25 |
| Inventory Days | 165.93 | 150.86 | 154.94 | 139.1 | 187.58 | 196.11 | 101.13 | 91.36 | 60.04 | 33.09 | 38.7 |
| Payable days | 120.6 | 113.61 | 78.95 | 42.11 | 64.85 | 100.04 | 50.43 | 27.17 | 34.98 | 60.17 | 62.7 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 25.25 | 24.84 | 27.27 | 16.74 | 5.78 |
| Price/Book(x) | 0.39 | 1.24 | 2.04 | 1.34 | 0.72 | 5.99 | 3.48 | 3.73 | 3.47 | 2.06 | 1.17 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.78 | 0.86 | 0.97 | 0.79 | 0.66 | 1.11 | 0.76 | 0.68 | 0.95 | 0.85 | 0.64 |
| EV/Core EBITDA(x) | 31.81 | 32.12 | 54.45 | 35.92 | -20.7 | 30.76 | 9.08 | 10.76 | 11.42 | 7.68 | 6.26 |
| Net Sales Growth(%) | -38.6 | 15.45 | 7.08 | 17.56 | -30.05 | -9.98 | 99.66 | 14.31 | 0.68 | 0.67 | 25.13 |
| EBIT Growth(%) | 51.63 | -316.47 | 67.74 | 312.02 | -206.34 | 71.46 | 436.93 | -2.47 | 24.95 | 25.85 | 65.52 |
| PAT Growth(%) | 31.6 | -84.22 | 27.16 | 90.55 | -1234.52 | 36.59 | 118.37 | 36.95 | 58.43 | 8.53 | 112.57 |
| EPS Growth(%) | 36.35 | -51.4 | 44.43 | 93.09 | -1327.97 | 48.4 | 116.91 | 34.22 | 47.56 | -0.73 | 102.98 |
| Debt/Equity(x) | 1.59 | 3.09 | 3.93 | 2.11 | 4.9 | 9.38 | 4.02 | 2.3 | 1.48 | 1.95 | 1.66 |
| Current Ratio(x) | 1.37 | 1.11 | 1.14 | 1.06 | 0.73 | 0.81 | 0.88 | 0.97 | 0.62 | 0.6 | 0.79 |
| Quick Ratio(x) | 0.39 | 0.34 | 0.31 | 0.41 | 0.18 | 0.26 | 0.39 | 0.36 | 0.46 | 0.43 | 0.52 |
| Interest Cover(x) | -0.42 | -1.3 | -0.42 | 0.87 | -1.11 | -0.31 | 1.3 | 1.48 | 1.77 | 1.6 | 2.12 |
| Total Debt/Mcap(x) | 4.02 | 2.49 | 1.93 | 1.57 | 6.84 | 1.57 | 1.15 | 0.62 | 0.43 | 0.95 | 1.42 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.39 | 33.39 | 33.39 | 30.14 | 29.17 | 32.6 | 32.6 | 32.6 | 32.6 | 32.6 |
| FII | 0.15 | 0.06 | 0.04 | 0.02 | 0.08 | 0.14 | 0.2 | 0.29 | 0.34 | 0.6 |
| DII | 19.52 | 19.24 | 19.24 | 17.13 | 17.13 | 16.3 | 16.2 | 16.2 | 6.25 | 5.63 |
| Public | 46.93 | 47.3 | 47.33 | 52.71 | 53.62 | 50.96 | 51 | 50.91 | 60.8 | 61.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.3 | 1.3 | 1.3 | 1.3 | 1.26 | 1.48 | 1.48 | 1.48 | 1.48 | 1.48 |
| FII | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 |
| DII | 0.76 | 0.75 | 0.75 | 0.74 | 0.74 | 0.74 | 0.73 | 0.73 | 0.28 | 0.26 |
| Public | 1.83 | 1.84 | 1.84 | 2.28 | 2.31 | 2.31 | 2.31 | 2.31 | 2.76 | 2.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.9 | 3.9 | 3.9 | 4.32 | 4.32 | 4.54 | 4.54 | 4.54 | 4.54 | 4.54 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +25% | +8% | +24% | +10% |
| Operating Profit CAGR | +16% | +28% | +53% | +27% |
| PAT CAGR | +117% | +52% | — | — |
| Share Price CAGR | +10% | -8% | +7% | +3% |
| ROE Average | +23% | +17% | +18% | -30% |
| ROCE Average | +18% | +15% | +14% | +4% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.39 | 33.39 | 33.39 | 30.14 | 29.17 | 32.6 | 32.6 | 32.6 | 32.6 | 32.6 |
| FII | 0.15 | 0.06 | 0.04 | 0.02 | 0.08 | 0.14 | 0.2 | 0.29 | 0.34 | 0.6 |
| DII | 19.52 | 19.24 | 19.24 | 17.13 | 17.13 | 16.3 | 16.2 | 16.2 | 6.25 | 5.63 |
| Public | 46.93 | 47.3 | 47.33 | 52.71 | 53.62 | 50.96 | 51 | 50.91 | 60.8 | 61.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.3 | 1.3 | 1.3 | 1.3 | 1.26 | 1.48 | 1.48 | 1.48 | 1.48 | 1.48 |
| FII | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 |
| DII | 0.76 | 0.75 | 0.75 | 0.74 | 0.74 | 0.74 | 0.73 | 0.73 | 0.28 | 0.26 |
| Public | 1.83 | 1.84 | 1.84 | 2.28 | 2.31 | 2.31 | 2.31 | 2.31 | 2.76 | 2.78 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 3.9 | 3.9 | 3.9 | 4.32 | 4.32 | 4.54 | 4.54 | 4.54 | 4.54 | 4.54 |
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