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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹249 Cr.
Stock P/E
-2
P/B
-0.3
Current Price
₹18.6
Book Value
₹ -53.6
Face Value
2
52W High
₹28.7
52W Low
₹ 11.8
Dividend Yield
0%

Setco Automotive Overview

Business

Setco Automotive Ltd. is a prominent Indian manufacturer of LCV (Light Commercial Vehicle) and HCV (Heavy Commercial Vehicle) clutches and clutch components. The company's core business model revolves around designing, developing, and manufacturing highly engineered clutch systems for commercial vehicles. It primarily operates as a B2B supplier, serving Original Equipment Manufacturers (OEMs) in the automotive industry and the aftermarket segment. The company generates revenue by selling these clutch assemblies, cover assemblies, and clutch plates to vehicle manufacturers for new vehicle production and to the aftermarket for replacement and servicing needs.

Revenue Mix

Setco Automotive's revenue primarily stems from two major segments:

OEM Sales: Supplying clutch systems directly to commercial vehicle manufacturers for integration into new vehicles. This segment typically accounts for a significant portion of revenue, driven by new vehicle production cycles.

Aftermarket Sales: Providing replacement clutch components and assemblies through its distribution network to service centers, independent repair shops, and end-users. This segment offers relatively stable revenue and often higher margins.

While specific percentage contributions are not provided, both segments are crucial, with OEM sales often being volume-driven and aftermarket sales providing recurring revenue streams.

Industry

Setco operates in the highly competitive Indian auto ancillary industry, which is cyclical and closely linked to the broader economic performance and automotive sector growth. The commercial vehicle clutch segment requires specialized engineering and manufacturing capabilities. Setco Automotive holds a strong position as one of India's largest manufacturers of clutches for commercial vehicles, particularly in the medium and heavy commercial vehicle (M&HCV) categories. It competes with other domestic and international component manufacturers but maintains a significant market share and long-standing relationships with major Indian CV OEMs.

MOAT

Setco Automotive possesses several durable advantages:

Established OEM Relationships & Switching Costs: With a long history of supplying critical components like clutches, Setco has built deep, long-term relationships with major Indian commercial vehicle OEMs. For OEMs, switching suppliers for such critical, integrated components involves significant re-tooling, testing, and validation costs, creating high switching barriers.

Scale and Specialization: As a leading player in the CV clutch segment, Setco benefits from economies of scale in manufacturing, R&D, and procurement. This specialization allows for cost efficiencies and expertise in a niche segment.

Product Quality & Reliability: Clutches are crucial for vehicle performance and safety. Setco's reputation for quality and reliability, built over decades, is a significant advantage in a market where vehicle uptime is critical for commercial operators.

Growth Drivers

Commercial Vehicle Sector Growth: Infrastructure development, e-commerce boom, and overall economic expansion in India are expected to drive demand for new commercial vehicles, directly boosting OEM sales.

Vehicle Scrappage Policy: Government initiatives like the vehicle scrappage policy could lead to increased replacement demand for older commercial vehicles, supporting new vehicle sales.

Aftermarket Expansion: Continuous growth in the vehicle parc (total number of vehicles on road) in India ensures a steady demand for replacement clutch components.

New Product Development & Technology Upgrades: Investment in developing advanced, more efficient, and durable clutch systems can capture market share and cater to evolving OEM requirements and regulatory changes (e.g., emission norms).

Export Opportunities: Expanding into international markets for commercial vehicle clutches can provide additional growth avenues.

Risks

Automotive Industry Cyclicality: The auto ancillary sector is highly susceptible to the cyclical nature of the automotive industry, particularly the commercial vehicle segment. Economic downturns can significantly impact demand.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel, aluminum, and other metals can impact manufacturing costs and margins.

Competition: Intense competition from both domestic and international component manufacturers could put pressure on pricing and market share.

Customer Concentration: High dependence on a few large OEM customers means that any significant change in their production volumes or sourcing strategies could have a substantial impact.

Technological Disruption: While clutches are essential for internal combustion engine (ICE) vehicles, the long-term transition towards electric vehicles (EVs) could alter demand for traditional powertrain components, though commercial vehicle electrification might be slower.

Management & Ownership

Setco Automotive is promoted and led by the Founder family, which has a long-standing history and experience in the automotive component manufacturing sector. The ownership structure typically involves significant promoter holding, alongside institutional investors (domestic and foreign), and public shareholders. The management team is expected to leverage its deep industry knowledge and established relationships to navigate the complexities of the auto ancillary business.

Outlook

Setco Automotive benefits from its strong market position and established relationships as a leading supplier of commercial vehicle clutches in India. The anticipated growth in India's commercial vehicle sector, driven by infrastructure development and economic activity, bodes well for its OEM business. Furthermore, a growing vehicle parc supports stable aftermarket demand. However, the company operates in a cyclical industry prone to raw material price volatility and intense competition. While its core product (clutches) is less immediately impacted by EV disruption compared to other powertrain components, the long-term industry transition remains a factor to monitor. Maintaining technological leadership, diversifying customer base, and exploring export opportunities will be key to sustaining growth amidst these inherent industry challenges.

Setco Automotive Share Price

Live · BSE / NSE · Inception: 1982
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Setco Automotive Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 146 165 177 166 160 177 211 179 179 197
Other Income 1 1 0 1 6 2 3 1 1 1
Total Income 146 166 177 167 166 179 214 180 180 197
Total Expenditure 134 140 155 147 140 148 170 157 155 168
Operating Profit 13 26 22 20 26 31 44 23 25 30
Interest 45 47 46 49 52 57 58 58 61 62
Depreciation 9 9 9 8 8 8 8 8 7 6
Exceptional Income / Expenses 0 0 -2 -0 -0 0 0 -1 1 0
Profit Before Tax -41 -29 -34 -37 -35 -34 -22 -44 -41 -39
Provision for Tax 0 0 -6 -2 0 0 -1 -2 -0 18
Profit After Tax -41 -29 -28 -35 -35 -34 -22 -42 -41 -57
Adjustments 7 5 5 6 6 6 4 7 15 6
Profit After Adjustments -34 -24 -24 -29 -29 -29 -18 -35 -27 -51
Adjusted Earnings Per Share -2.5 -1.8 -1.8 -2.2 -2.2 -2.1 -1.4 -2.6 -2 -3.8

Setco Automotive Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 552 589 570 574 680 470 359 435 546 641 719 766
Other Income 4 6 0 23 6 5 9 10 4 3 12 6
Total Income 556 596 570 597 686 476 368 445 550 643 730 771
Total Expenditure 488 515 511 514 583 435 369 451 505 568 609 650
Operating Profit 68 81 59 83 103 41 -1 -6 45 75 121 122
Interest 26 33 51 50 53 57 59 108 155 180 217 239
Depreciation 16 19 30 32 34 32 34 37 38 35 32 29
Exceptional Income / Expenses 0 0 0 0 0 -5 -33 -102 -13 -2 -1 0
Profit Before Tax 26 28 -22 0 17 -54 -127 -254 -161 -141 -129 -146
Provision for Tax 5 6 -8 1 17 -4 -4 3 31 -6 -3 15
Profit After Tax 21 23 -14 -1 -1 -50 -123 -257 -192 -135 -126 -162
Adjustments 0 0 5 5 3 5 3 33 39 22 21 32
Profit After Adjustments 21 23 -9 4 3 -45 -120 -224 -153 -113 -105 -131
Adjusted Earnings Per Share 1.5 1.7 -0.7 0.3 0.2 -3.3 -9 -16.8 -11.5 -8.4 -7.9 -9.8

Setco Automotive Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 202 214 189 179 166 105 -24 -207 -357 -471 -577
Minority's Interest 9 9 8 8 5 0 -3 -33 -73 -96 -117
Borrowings 152 191 174 136 89 130 172 684 783 922 1072
Other Non-Current Liabilities 10 9 -31 -37 -20 -25 -13 -21 8 1 11
Total Current Liabilities 224 317 352 397 443 435 428 178 206 184 170
Total Liabilities 598 740 693 684 683 644 560 601 566 541 559
Fixed Assets 185 200 330 321 317 301 282 308 285 257 231
Other Non-Current Assets 165 239 64 32 34 79 65 89 86 86 88
Total Current Assets 249 302 299 331 332 264 213 204 196 197 240
Total Assets 598 740 693 684 683 644 560 601 566 541 559

Setco Automotive Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 5 9 3 9 5 11 11 14 21 17 14
Cash Flow from Operating Activities 13 73 43 92 109 92 26 -127 48 69 89
Cash Flow from Investing Activities -118 -111 -16 18 -26 -56 -17 -98 -11 -7 -5
Cash Flow from Financing Activities 107 33 -19 -111 -74 -32 -6 232 -40 -64 -77
Net Cash Inflow / Outflow 3 -6 7 -1 8 5 3 7 -4 -2 6
Closing Cash & Cash Equivalent 9 3 9 5 11 11 14 21 17 14 20

Setco Automotive Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.55 1.74 -0.65 0.28 0.22 -3.33 -8.98 -16.77 -11.46 -8.42 -7.86
CEPS(Rs) 2.73 3.11 1.24 2.34 2.47 -1.29 -6.7 -16.45 -11.5 -7.51 -7.05
DPS(Rs) 0.6 0.8 0.65 0.8 1 0 0 0 0 0 0
Book NAV/Share(Rs) 12.95 13.86 14.12 13.38 12.36 7.81 -1.81 -15.49 -26.72 -35.19 -43.11
Core EBITDA Margin(%) 11.01 11.92 9.7 10.43 14.26 7.55 -2.8 -3.64 7.38 11.31 15.19
EBIT Margin(%) 9.04 9.94 4.77 8.78 10.19 0.62 -18.93 -33.52 -1.17 5.98 12.28
Pre Tax Margin(%) 4.5 4.57 -3.63 0.08 2.46 -11.49 -35.37 -58.42 -29.54 -22.07 -17.98
PAT Margin (%) 3.55 3.68 -2.24 -0.17 -0.08 -10.54 -34.32 -59.19 -35.24 -21.09 -17.58
Cash Profit Margin (%) 6.3 6.69 2.74 5.39 4.85 -3.66 -24.94 -50.58 -28.19 -15.69 -13.11
ROA(%) 3.93 3.42 -1.9 -0.14 -0.08 -7.47 -20.48 -44.36 -32.96 -24.41 -22.97
ROE(%) 12.39 12.79 -7.28 -0.52 -0.32 -36.75 -307.22 0 0 0 0
ROCE(%) 12.55 11.52 4.85 8.63 12.65 0.56 -14.28 -29.38 -1.2 7.42 16.71
Receivable days 46.56 55.58 70.57 78.96 63.12 60.29 46.79 36.8 27.12 22.69 28.1
Inventory Days 78.83 80.91 84.78 94.6 93.47 142.1 159.98 102.7 78.48 71.69 67
Payable days 55.07 71.13 105.87 124.09 118.84 185 198.4 134.14 109.84 107.86 104.41
PER(x) 31.11 16.76 0 182.03 153.18 0 0 0 0 0 0
Price/Book(x) 3.72 2.1 2.44 3.85 2.67 0.72 -7.76 -0.89 -0.2 -0.18 -0.48
Dividend Yield(%) 1.25 2.75 1.88 1.55 3.03 0 0 0 0 0 0
EV/Net Sales(x) 1.72 1.33 1.54 1.86 1.17 1 1.77 2.12 1.7 1.65 1.91
EV/Core EBITDA(x) 13.91 9.7 14.81 12.86 7.73 11.58 -453.13 -155.08 20.7 14.05 11.34
Net Sales Growth(%) 33.22 6.88 -3.36 0.77 18.54 -30.88 -23.61 21.08 25.42 17.43 12.17
EBIT Growth(%) 27.06 17.94 -53.1 75.52 36.31 -95.8 -2435.28 -114.41 95.61 698.05 130.25
PAT Growth(%) 13.09 11.11 -159.37 92.91 43.45 -8994.42 -148.81 -108.83 25.33 29.71 6.52
EPS Growth(%) 13.26 12.23 -137.66 143.3 -24.05 -1648.93 -169.42 -86.85 31.68 26.48 6.74
Debt/Equity(x) 1.84 2.14 2.25 2.16 2.22 3.9 -19.16 -3.67 -2.44 -2.1 -1.93
Current Ratio(x) 1.11 0.95 0.85 0.83 0.75 0.61 0.5 1.15 0.95 1.07 1.41
Quick Ratio(x) 0.52 0.5 0.46 0.42 0.33 0.19 0.18 0.53 0.35 0.38 0.61
Interest Cover(x) 1.99 1.85 0.57 1.01 1.32 0.05 -1.15 -1.35 -0.04 0.21 0.41
Total Debt/Mcap(x) 0.49 1.02 0.92 0.56 0.83 5.39 2.47 4.1 12.26 11.89 4.05

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +12% +18% +9% +3%
Operating Profit CAGR +61% +24% +6%
PAT CAGR 0%
Share Price CAGR +8% +39% -2% -8%
ROE Average 0% 0% -61% -30%
ROCE Average +17% +8% -4% +3%

Setco Automotive Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 59.25 %
FII 0.03 %
DII (MF + Insurance) 0 %
Public (retail) 40.75 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 59.2559.2559.2559.2559.2559.2559.2559.2559.2559.25
FII 0.070.070.070.070.070.070.070.070.070.03
DII 0000000000
Public 40.7540.7540.7540.7540.7540.7540.7540.7540.7540.75
Others 0000000000
Total 100100100100100100100100100100

Setco Automotive Peer Comparison

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Setco Automotive Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Setco Automotive Pros & Cons

Pros

  • Stock is trading at -0.3 times its book value
  • Debtor days have improved from 107.86 to 104.41days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
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