Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
CIE Automotive India Ltd.
NSE: CIEINDIAConsumer CyclicalAuto Parts
- Last close
- ₹352.80
- Day change
- −₹2.25 (−0.63%)vs
- Market cap
- ₹13,833 crIndian rupees
- Research updated
- 2 reports
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About CIE Automotive India
CIE Automotive India Ltd., a prominent player in the Indian automotive sector, specializes in the manufacturing and supply of automotive components. As a subsidiary of the global CIE Automotive Group, the company leverages a wide range of manufacturing techniques, including forging, machining, aluminum casting, and other specialized processes to produce high-quality products. These components cater to both the domestic market and international clients, serving various automotive sectors such as passenger vehicles, commercial vehicles, and two-wheelers. The company's strategic focus lies in innovation, efficiency, and sustainability, which aligns with its parent company’s ethos. By integrating diverse technologies and continuously enhancing its production capabilities, CIE Automotive India Ltd. maintains its competitive edge in a rapidly evolving industry. Its role in the market encompasses being a reliable supplier to major automotive OEMs while also exploring opportunities in new mobility trends and innovations, thereby contributing significantly to the supply chain within the automotive industry in India and beyond.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: CIEINDIA
- Chief executive
- Mr. Ander Arenaza Alvarez
- Employees
- 4,204
- Headquarters
- Pune, India
- ISIN
- INE536H01010
- Website
- cie-india.com
Public research · Report of
Business model & financial foundation
CIE Automotive India (NSE: CIEINDIA), Diversified automotive components: revenue of ₹9,406 crore in FY25 (+4.9% on FY24), an EBITDA margin of 14.5%, net profit of ₹828.2 crore and net cash of ₹1,211 crore.
- Revenue, FY25 (₹ crore)
- 9,406
- consolidated
- Revenue growth, FY25
- +4.9%
- on FY24
- EBITDA margin, FY25
- 14.5%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY25 (₹ crore)
- 828.2
- to owners
- Return on equity, FY25
- 11.8%
- on average equity
- Net debt, FY25 (₹ crore)
- -1,211
- Liquidity net debt including leases and current investments
- Market capitalisation (₹ crore)
- 14,310
- at the close of 22 Oct 2026
Company profile
Diversified automotive component supplier to OEMs and Tier-1 customers in India and overseas. Operations cover forgings, stampings, aluminium and iron castings, gears, composites and magnets, with manufacturing facilities in India, Spain, Lithuania, Italy and Mexico. Controlled by the Spanish CIE Automotive group; consolidated reporting uses a December year end.
| Item | Value |
|---|---|
| Legal name | CIE Automotive India Limited (formerly Mahindra CIE Automotive Limited) |
| Exchange and ticker | NSE: CIEINDIA; BSE: 532756 |
| ISIN | INE536H01010 |
| CIN | L27100PN1999PLC245720 |
| Sector | Automobiles and Auto Components |
| Industry | Diversified automotive components |
| Headquarters | Pune, India |
| Fiscal year end | December |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹14,310 crore (22 Oct 2026) |
| Shares outstanding | 37.94 crore shares (FY25) |
| Price | ₹369.5 (close, 22 Oct 2026) |
| 52-week range | ₹366.9 - ₹526.0 (to 22 Oct 2026) |
| Website | https://www.cie-india.com |
Corporate structure and shareholding
Parent: Participaciones Internacionales Autometal, DOS S.L..
| Entity | Holding | Business |
|---|---|---|
| CIE Galfor S.A.U. | 100% | Spain; forgings and overseas subsidiary holding company |
| CIE Aluminium Casting India Limited | 100% | India; aluminium castings, material unlisted Indian subsidiary |
| CIE Hosur Limited | 100% | India; forgings manufacturing |
| CIE Legazpi S.A.U. | 100% | Spain; forging operations, subsidiary of Galfor |
| UAB CIE LT Forge | 100% | Lithuania; forgings, subsidiary of Galfor |
| Metalcastello S.p.A. | 99.96% | Italy; gears, subsidiary of Galfor |
| Bill Forge de Mexico S.A. de C.V. | 99.99% | Mexico; forgings; step-down under Galfor since 20 February 2024 |
| CIE Forgings Germany GmbH | 100% | Germany; non-operational retained entity after German forging subsidiaries disposal |
Year-end 2025: 8 subsidiaries, 11 associates, no JV. Ultimate parent CIE Automotive S.A., intermediate CIE Berriz S.L. BF Precision dissolved 5 June 2025; note 1 table still shows historical holding. Mexico moved to Europe segment in 2025; comparative 2024 restated.
| Shareholding (% of shares) | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Promoter | 65.70% | 65.70% | 65.70% | 65.70% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 4.32% | 4.73% | 4.95% | 4.68% |
| Domestic institutions | 21.64% | 21.32% | 20.65% | 20.75% |
| of which mutual funds | 20.64% | 20.33% | 19.50% | 20.50% |
| Retail | 6.05% | 5.99% | 6.37% | 6.51% |
| Other | 2.29% | 2.27% | 2.33% | 2.37% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CIE Automotive India (NSE: CIEINDIA, BSE 532756) makes forgings, stampings, aluminium and iron castings, gears, composites and magnets for vehicle OEMs and Tier-1s. It reports on a December year: FY25A is calendar 2025. In CY2025, consolidated continuing revenue was 9,406cr and operating EBITDA before other income was 1,362cr (14.5%). Statutory segment revenue was 6,143cr in India and 3,264cr in Europe, which includes Mexico from 2025. Indian customers are weighted toward light vehicles, two-wheelers and tractors. Mahindra & Mahindra accounted for 1,893cr, or 20.1% of revenue, in CY2025. The company is 65.70% owned by Participaciones Internacionales Autometal Dos, part of Spain's CIE Automotive group. Steel and aluminium costs are largely passed through to customers with a lag, while energy, tools and labour are not. Margins therefore depend on utilisation and on recovering cost inflation through commercial negotiation.
| Segment | revenue, FY25 (₹ crore) | Share | segment result, FY25 (₹ crore) | Share |
|---|---|---|---|---|
| India | 6,143 | 65.3% | 823.1 | 73.9% |
| Europe | 3,264 | 34.7% | 290.1 | 26.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Forge (BHARATFORG) | Closest listed forging/crankshaft peer with India plus overseas operations; higher non-auto (defence/industrial) mix. |
| Ramkrishna Forgings (RKFORGE) | Forgings peer in CV/PV powertrain and chassis parts, with exports; more leveraged and CV-heavy. |
| Happy Forgings (HAPPYFORGE) | Forged and machined crankshaft/engine/structural parts peer; India-centric, CV, tractor and off-highway exposure. |
| Craftsman Automation (CRAFTSMAN) | Multi-technology precision machining and aluminium casting peer, overlapping CIE's castings/aluminium portfolio; also has non-auto business. |
| Endurance Technologies (ENDURANCE) | Aluminium die-casting and 2W/3W components peer with India and Europe operations, comparable to CIE's two-segment geographic structure. |
| Sundram Fasteners (SUNDRMFAST) | Diversified forged/powertrain/fastener supplier to domestic and global OEMs; mature, low-leverage multi-product comparable. |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue continuing operations | 6,409 | 8,228 | 9,280 | 8,964 | 9,406 |
| Cost of revenue (vendor classification) * | 3,660 | 5,148 | 4,911 | 5,062 | 5,173 |
| Other operating costs (vendor classification) * | 894.8 | 963.2 | 2,166 | 920.6 | 1,057 |
| EBITDA (vendor classification) * | 1,053 | 1,286 | 1,505 | 1,447 | 1,413 |
| Operating EBIT excluding other income | 701.9 | 973.8 | 1,102 | 1,020 | 1,004 |
| Finance costs incl leases | 107.4 | 77.6 | 26.5 | ||
| PBT continuing incl associates | 668.8 | 951.4 | 1,076 | 1,085 | 1,081 |
| Total continuing tax | 273.0 | 240.1 | 278.2 | 264.4 | 258.5 |
| PAT including discontinued operations | 392.9 | -136.2 | 1,125 | 827.5 | 828.2 |
| Diluted EPS all operations INR/share | 10.36 | -3.59 | 29.66 | 21.81 | 21.83 |
| PAT continuing operations | 797.6 | 820.3 | 823.0 | ||
| PAT discontinued operations | 327.5 | 7.21 | 5.20 | ||
| PAT attributable to owners all operations | 1,125 | 827.5 | 828.2 | ||
| NCI profit rounded to report precision | 0.00 | 0.00 | 0.00 | ||
| Diluted EPS continuing operations INR/share | 21.03 | 21.62 | 21.69 | ||
| Tools and stores consumed (within other expenses) | 413.8 | 391.3 | 403.8 | ||
| Power and fuel (within other expenses) | 426.0 | 422.2 | 472.5 | ||
| Repairs and maintenance (within other expenses) | 174.1 | 162.4 | 184.9 | ||
| Subcontracting hire services (within other expenses) | 586.2 | 591.1 | 658.0 | ||
| Freight outward (within other expenses) | 128.2 | 143.4 | 181.6 | ||
| Professional services (within other expenses) | 39.2 | 36.6 | 41.8 | ||
| Travel (within other expenses) | 14.5 | 14.6 | 15.6 | ||
| Rent (within other expenses) | 25.4 | 29.5 | 28.9 | ||
| Insurance taxes fees commission (other expenses) | 46.3 | 51.8 | 50.5 | ||
| CSR (within other expenses) | 7.26 | 11.6 | 14.3 | ||
| PPE disposal loss within other expenses | 0.74 | 0.00 | n.d. | ||
| Audit fees (within other expenses) | 1.30 | 1.33 | 1.39 | ||
| Auditor other services (within other expenses) | 0.10 | 0.57 | 0.55 | ||
| Materials consumed | 4,853 | 4,647 | 4,724 | ||
| Change finished goods and WIP | 57.5 | 23.5 | 44.8 | ||
| Materials consumed plus inventory change | 4,911 | 4,670 | 4,769 | ||
| Employee benefit expense | 994.4 | 1,010 | 1,127 | ||
| Other expenses | 1,951 | 1,933 | 2,148 | ||
| Operating EBITDA excluding other income | 1,424 | 1,351 | 1,362 | ||
| Operating EBITDA excluding other income | 1,424 | 1,351 | 1,362 | ||
| Other income continuing | 82.0 | 139.6 | 101.3 | ||
| Depreciation amortisation incl ROU | 322.2 | 330.6 | 358.1 | ||
| Share associate profit net tax | -0.49 | 2.70 | 2.32 | ||
| Separately presented continuing exceptional items | 0.00 | 0.00 | 0.00 | ||
| Current tax continuing | 274.2 | 264.3 | 265.2 | ||
| Deferred tax charge credit continuing | 4.03 | 0.02 | -6.78 | ||
| Auditor reimbursement within other expenses | n.d. | 0.05 | 0.05 | ||
| Miscellaneous within other expenses | 88.2 | 76.0 | 94.3 | ||
| Interest income within other income | 41.1 | 16.1 | 17.1 | ||
| FVTPL gains within other income | 16.6 | 42.0 | 48.0 | ||
| Grant income within other income | 24.3 | 75.0 | 34.3 | ||
| PPE disposal gain within other income | 0.00 | 1.69 | 0.18 | ||
| Miscellaneous income within other income | 0.00 | 4.96 | 1.69 | ||
| Interest on financial liabilities within finance cost | 100.8 | 72.0 | 21.7 | ||
| Lease interest within finance cost | 3.84 | 3.66 | 2.69 | ||
| Other borrowing cost within finance cost | 2.68 | 1.91 | 2.12 | ||
| Company PBITDA including other income | 1,506 | 1,490 | 1,464 | ||
| Basic EPS (₹) | 21.83 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Total equity owners NCI below rounding | 5,197 | 5,098 | 5,988 | 6,577 | 7,459 |
| Total financial borrowings excluding leases | 803.3 | 521.0 | 386.0 | ||
| Cash and cash equivalents | 144.4 | 71.3 | 209.5 | 300.9 | 230.5 |
| Net trade receivables includes retained-risk factoring | 668.7 | 860.8 | 633.1 | 627.1 | 609.0 |
| Inventories | 1,349 | 1,211 | 1,163 | 1,091 | 1,130 |
| Trade payables including supply chain acceptances | 1,939 | 2,135 | 1,934 | 1,581 | 1,863 |
| Net PPE excluding ROU goodwill intangibles | 2,813 | 2,908 | 3,036 | ||
| Capital work in progress | 53.7 | 66.3 | 129.6 | ||
| Total assets | 9,956 | 9,928 | 9,762 | 9,769 | 10,757 |
| Other bank balances margin accounts | 29.2 | 23.3 | 23.6 | ||
| Current investments | 781.5 | 991.3 | 1,406 | ||
| Mutual funds at FVTPL held as liquidity | 781.1 | 991.0 | 1,406 | ||
| Other noncurrent investments excluding associates | 1.10 | 1.10 | 1.88 | ||
| Equity-accounted associate investments | 38.0 | 45.9 | 51.1 | ||
| Current borrowings excluding leases | 702.4 | 99.2 | 200.4 | ||
| Noncurrent borrowings excluding leases | 100.9 | 421.8 | 185.6 | ||
| Current lease liabilities | 18.6 | 19.4 | 20.1 | ||
| Noncurrent lease liabilities | 33.5 | 29.6 | 19.8 | ||
| Financial borrowings plus leases | 855.4 | 570.0 | 425.9 | ||
| Liquidity net debt including leases and current investments | -135.6 | -722.3 | -1,211 | ||
| Debt incl leases less cash and mutual funds | -135.2 | -721.9 | -1,210 | ||
| Paid up share capital | 379.4 | 379.4 | 379.4 | ||
| Goodwill | 2,854 | 2,814 | 3,038 | ||
| Loans to external related parties current | 8.79 | 58.8 | 131.7 | ||
| Loans to external related parties noncurrent | 489.5 | 172.3 | 390.5 | ||
| NCI equity exact unrounded amount | n.d. | n.d. | n.d. | ||
| Company broader net financial debt (surplus) | -824.6 | -1,202 | -1,881 |
| Cash flow (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net CFO after tax all operations | 371.8 | 608.5 | 1,383 | 880.8 | 1,258 |
| Free cash flow (vendor definition) * | 524.4 | 616.8 | 852.9 | 494.2 | 880.6 |
| Cash dividend positive outflow | -94.8 | 94.8 | 188.9 | 264.4 | |
| Cash capex positive outflow | -477.8 | -443.4 | 530.3 | 386.7 | 377.4 |
| CFO minus positive cash capex | 852.9 | 494.2 | 880.6 | ||
| Discontinued disposal proceeds net of cash | 102.7 | 0.00 | 89.0 | ||
| Cash investment in associates positive outflow | 7.45 | 5.19 | 2.19 | ||
| Long term debt cash inflow outflow signed | 39.6 | 326.5 | -274.4 | ||
| Short term debt cash inflow outflow signed | -247.8 | -594.3 | 62.6 | ||
| Lease principal paid positive outflow | 17.5 | 18.4 | 21.6 | ||
| CFO continuing operations after tax | 1,199 | 880.8 | 1,258 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Year-end paid-up equity shares crore | 37.90 | 37.92 | 37.94 | 37.94 | 37.94 |
| Weighted average diluted shares crore | 37.94 | 37.94 | 37.94 | ||
| Annual CFO divided by total PAT (x) | 1.23x | 1.06x | 1.52x | ||
| Closing trade receivables / continuing revenue x365 (days) | 25 | 26 | 24 | ||
| Unprovided contingent claims sum | 155.1 | 143.5 | 147.1 | ||
| Contracted cash capex net of advances | 85.9 | 81.0 | 107.5 | ||
| Total external related-party loans current noncurrent | 498.3 | 231.0 | 522.3 |
| Quarterly profit and loss (₹ crore) | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,110 | 2,273 | 2,369 | 2,372 | 2,393 | 2,612 | 2,621 | 2,633 |
| Operating EBIT excluding other income and associates | 218.4 | 249.0 | 249.7 | 266.6 | 239.1 | 307.6 | 292.6 | |
| Finance cost | 17.5 | 12.6 | 1.65 | 3.57 | 8.67 | 9.18 | 10.2 | 3.96 |
| Profit before tax | 234.2 | 273.0 | 270.8 | 282.4 | 255.2 | 327.8 | 312.0 | 321.6 |
| Tax expense | 55.2 | 67.0 | 67.8 | 69.3 | 54.4 | 79.8 | 77.6 | 78.9 |
| Profit after tax | 185.0 | 206.4 | 203.5 | 213.9 | 204.3 | 249.4 | 235.6 | 243.7 |
| Diluted EPS (total operations) (₹) | 4.88 | 5.44 | 5.36 | 5.64 | 5.38 | 6.57 | 6.21 | 6.43 |
| Cost of materials and inventory change | 1,102 | 1,174 | 1,213 | 1,201 | 1,181 | 1,323 | 1,295 | 1,358 |
| Employee benefits expense | 241.6 | 259.6 | 296.4 | 272.5 | 298.5 | 287.0 | 313.5 | 265.5 |
| Other expenses | 467.5 | 503.8 | 522.4 | 542.7 | 579.2 | 600.0 | 622.8 | 635.8 |
| Operating EBITDA | 299.3 | 335.5 | 336.8 | 355.7 | 334.6 | 401.9 | 389.7 | 373.9 |
| Other income | 33.6 | 36.1 | 22.1 | 19.2 | 23.9 | 28.3 | 28.6 | 43.9 |
| Depreciation and amortisation | 80.9 | 86.4 | 87.1 | 89.0 | 95.5 | 94.3 | 97.1 | 92.9 |
| Separately presented exceptional item | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| PAT attributable to non-controlling interest | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Share of associates profit | -0.19 | 0.49 | 0.70 | 0.20 | 0.93 | 1.09 | 0.96 | 0.64 |
| Profit after tax from continuing operations | 179.0 | 206.0 | 203.0 | 213.2 | 200.8 | 248.1 | 234.5 | 242.7 |
| Profit after tax from discontinued operations | 5.96 | 0.40 | 0.52 | 0.77 | 3.51 | 1.31 | 1.16 | 1.03 |
| Profit attributable to owners | 185.0 | 206.4 | 203.5 | 213.9 | 204.3 | 249.4 | 235.6 | 243.7 |
| Cost of revenue (vendor classification) * | 1,102 | 1,174 | 1,213 | 1,181 | 1,323 | 1,295 | ||
| Other operating costs (vendor classification) * | 467.5 | 503.8 | 522.4 | 579.2 | 600.0 | 622.9 | ||
| EBITDA (vendor classification) * | 332.7 | 372.1 | 359.6 | 359.4 | 431.4 | 419.3 | ||
| Basic EPS (₹) | 5.44 | 5.36 | 5.64 | 5.38 | 6.57 | 6.21 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue growth | 5.9% | 28.4% | 12.8% | -3.4% | 4.9% |
| EBITDA margin | 15.3% | 15.1% | 14.5% | ||
| Net margin | 12.1% | 9.2% | 8.8% | ||
| Return on equity | 20.3% | 13.2% | 11.8% | ||
| Return on capital employed | 16.2% | 14.7% | 13.4% | ||
| Return on assets | 11.4% | 8.5% | 8.1% | ||
| Net debt (₹ crore) | -135.6 | -722.3 | -1,211 | ||
| Net debt / EBITDA | -0.10x | -0.53x | -0.89x | ||
| Interest cover | 10.3x | 13.1x | 37.9x | ||
| Asset turnover | 0.66x | 0.83x | 0.94x | 0.92x | 0.92x |
| Receivable days | 38 | 38 | 25 | 26 | 24 |
| Inventory days (on revenue) | 77 | 54 | 46 | 44 | 44 |
| Payable days (on revenue) | 110 | 95 | 76 | 64 | 72 |
| Cash conversion | 1.23x | 1.06x | 1.52x | ||
| Capex intensity | 7.5% | 5.4% | 5.7% | 4.3% | 4.0% |
| Free cash flow (₹ crore) | -106.0 | 165.2 | 852.9 | 494.2 | 880.6 |
| Dividend payout | 8.4% | 22.8% | 31.9% | ||
| EPS, diluted (₹) | 10.36 | -3.59 | 29.66 | 21.81 | 21.83 |
| Book value per share (₹) | 137.1 | 134.4 | 157.8 | 173.4 | 196.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Liquidity net debt including leases and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS all operations INR/share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on CIE Automotive India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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Report history
Reports on CIE Automotive India
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