Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Craftsman Automation Ltd.
NSE: CRAFTSMANConsumer CyclicalAuto Parts
- Last close
- ₹10,488.00
- Day change
- −₹510.00 (−4.64%)vs
- Market cap
- ₹28,616 crIndian rupees
- Research updated
- 1 report
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About Craftsman Automation
Craftsman Automation Ltd. is a leading engineering company specializing in the manufacturing and supply of high-precision components primarily for the automotive sector. Established in 1986, the company has built a reputation for producing a broad range of products that include aluminum vehicle components, modular office systems, and storage solutions. Craftsman Automation plays a critical role in the industrial landscape by catering to the needs of major automotive manufacturers, influencing industries such as electric vehicles, two-wheelers, commercial vehicles, and agriculture machinery. The company's state-of-the-art manufacturing facilities, supported by robust research and development capabilities, enable it to deliver innovative engineering solutions that meet the stringent quality standards of its clientele. With a commitment to sustainable practices and a strong emphasis on operational efficiency, Craftsman Automation Ltd. stands as a significant player in the manufacturing sector, contributing to the broader industrial supply chain and advancing technological development within the manufacturing industry.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: CRAFTSMAN
- Next results
- Employees
- 2,893
- Headquarters
- Coimbatore, India
- ISIN
- INE00LO01017
- Website
- craftsmanautomation.com
Public research · Report of
Business model & financial foundation
Craftsman Automation (NSE: CRAFTSMAN), Auto components and precision engineering: revenue of ₹8,069 crore in FY26 (+41.8% on FY25), an EBITDA margin of 15.3%, net profit of ₹384.0 crore and net debt of ₹3,162 crore.
- Revenue, FY26 (₹ crore)
- 8,069
- consolidated
- Revenue growth, FY26
- +41.8%
- on FY25
- EBITDA margin, FY26
- 15.3%
- EBITDA (Operating EBITDA excluding other income and JV) / revenue
- Net profit, FY26 (₹ crore)
- 384.0
- to owners
- Return on equity, FY26
- 12.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,162
- Borrowings less cash and current investments
- Market capitalisation (₹ crore)
- 28,874
- at the close of 15 Oct 2026
Company profile
Vertically integrated Indian precision-engineering manufacturer serving automotive OEMs and industrial customers. Powertrain makes machined iron components, Aluminium Products combines Craftsman, DR Axion and Sunbeam, and Industrial & Engineering supplies storage, material handling and industrial equipment. Heavy investment in large stationary engines and aluminium capacity is shifting the business mix.
| Item | Value |
|---|---|
| Legal name | Craftsman Automation Limited |
| Exchange and ticker | NSE: CRAFTSMAN; BSE: 543276 |
| ISIN | INE00LO01017 |
| CIN | L28991TZ1986PLC001816 |
| Sector | Industrials |
| Industry | Auto components and precision engineering |
| Headquarters | Coimbatore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sharp & Tannan (since 2025 second term) |
| Market capitalisation | ₹28,874 crore (15 Oct 2026) |
| Shares outstanding | 2.39 crore shares (FY26) |
| Price | ₹10,997 (close, 15 Oct 2026) |
| 52-week range | ₹6,324 - ₹11,999 (to 15 Oct 2026) |
| Website | https://www.craftsmanautomation.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| DR Axion India Limited | 100% | Passenger vehicle aluminium castings |
| Sunbeam Lightweighting Solutions Limited | 100% | Aluminium die casting, primarily two-wheelers |
| Craftsman Fronberg Guss GmbH | 100% | German iron casting and large engine components |
| Suprash Developers and Srikara Technologies | 100% | Land holding for Chennai expansion |
Carl Stahl Craftsman Enterprises is a 30% JV. Merger of DR Axion, Suprash and Srikara into Sunbeam pending NCLT.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 48.70% | 48.70% | 48.70% | 42.41% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.44% | 16.02% | 15.19% | 17.28% |
| Domestic institutions | 24.37% | 25.24% | 28.29% | 32.90% |
| of which mutual funds | 17.72% | 18.40% | 20.47% | 23.82% |
| Retail | 11.48% | 10.04% | 7.82% | 7.41% |
| Other | 0.01% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Craftsman is a Coimbatore-based, vertically integrated precision-engineering group (casting, machining, die-casting) with three reported segments. FY26 consolidated revenue 8,069.27 cr: Aluminium Products 4,788.8 cr (59%; Craftsman standalone, DR Axion PV castings/alloy wheels, Sunbeam 2W die-casting), Powertrain 2,178.9 cr (27%; machined CV/tractor/off-highway engine and transmission parts, Fronberg Germany, the new large stationary-engine line for data-centre gensets) and Industrial & Engineering 1,101.6 cr (14%; storage and material handling 61-65% of it, sub-assemblies). It sells to OEMs on cost-plus contracts with metal pass-through on a lag; it controls capacity, process and customer approvals, not end-demand or the aluminium price. Sunbeam (acquired 9 Oct 2024 for 376 cr) inflates FY25-FY26 growth; the June 2026 QIP (2,000 cr at 8,700) funds the build and de-leveraging.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Powertrain | 2,179 | 27.0% | 361.3 | 40.0% |
| Aluminium Products | 4,789 | 59.3% | 494.2 | 54.7% |
| Industrial & Engineering | 1,102 | 13.7% | 48.6 | 5.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Endurance Technologies (ENDURANCE) | Aluminium casting and two-wheeler components |
| Sona BLW Precision Forgings (SONACOMS) | Premium precision auto components |
| Uno Minda (UNOMINDA) | Auto components and alloy wheels |
| Bharat Forge (BHARATFORG) | Powertrain and industrial components |
| Happy Forgings (HAPPYFORGE) | Machined powertrain components |
| Sundram Fasteners (SUNDRMFAST) | Precision engineered auto components |
| Rolex Rings (ROLEXRINGS) | Machined auto components |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,194 | 3,165 | 4,452 | 5,690 | 8,069 |
| Cost of revenue (vendor classification) * | 1,407 | 2,140 | 3,116 | 4,137 | 5,871 |
| Other operating costs (vendor classification) * | 86.2 | 123.2 | 165.8 | 270.7 | 356.1 |
| EBITDA (vendor classification) * | 530.8 | 680.5 | 894.9 | 855.2 | 1,271 |
| EBIT * | 325.4 | 457.3 | 615.0 | 475.8 | 827.7 |
| Finance cost | 73.7 | 102.5 | 174.5 | 216.6 | 309.0 |
| Profit before tax including JV | 251.7 | 354.8 | 444.7 | 269.7 | 534.3 |
| Current plus deferred tax | 88.6 | 103.8 | 107.4 | 68.8 | 150.3 |
| Profit for the period | 163.1 | 251.0 | 337.3 | 200.9 | 384.0 |
| Diluted EPS based on profit (₹) | 77.19 | 117.6 | 144.1 | 83.68 | 161.0 |
| Materials and inventory change | 2,371 | 3,102 | 4,402 | ||
| Employee benefits expense | 288.5 | 436.3 | 587.3 | ||
| Other expenses | 913.1 | 1,319 | 1,842 | ||
| Operating EBITDA excluding other income and JV | 878.8 | 832.7 | 1,238 | ||
| Other income | 17.2 | 25.1 | 61.4 | ||
| Depreciation, amortisation and impairment | 277.7 | 347.0 | 443.9 | ||
| Exceptional items (signed) | 0.00 | -25.5 | -13.0 | ||
| Profit attributable to non-controlling interests | 32.9 | 6.30 | 0.00 | ||
| Share of profit of Carl Stahl Craftsman 30% JV | 0.85 | 1.00 | 1.12 | ||
| Profit attributable to owners | 304.5 | 194.6 | 384.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,136 | 1,438 | 1,752 | 2,857 | 3,264 |
| Current and non-current borrowings excluding leases | 799.6 | 1,240 | 1,546 | 2,054 | 3,341 |
| Cash equivalents and other bank balances | 29.4 | 27.3 | 83.0 | 123.2 | 178.8 |
| Trade receivables | 296.2 | 535.3 | 576.6 | 920.6 | 1,111 |
| Inventories | 626.4 | 836.0 | 1,041 | 1,332 | 1,745 |
| Trade payables MSME and other creditors | 462.6 | 711.6 | 800.6 | 1,334 | 1,460 |
| Net property, plant and equipment * | 1,540 | 1,931 | 0.00 | 3,449 | 4,451 |
| Capital work in progress * | 42.0 | 96.7 | 179.2 | 344.1 | 382.7 |
| Total assets * | 2,675 | 3,807 | 4,706 | 7,116 | 8,978 |
| Borrowings less cash and current investments | 1,463 | 1,931 | 3,162 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 40.5 | 305.6 | 513.3 | 283.3 | 521.7 |
| Free cash flow (vendor definition) * | 114.3 | 262.4 | -117.7 | -708.3 | -666.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -7.93 | -23.8 | -23.8 | -11.9 | |
| Cash purchase of PPE and intangibles (outflow) | -210.1 | -339.0 | -631.0 | -991.6 | -1,188 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 2.11 | 2.11 | 2.11 | 2.33 | 2.39 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,214 | 1,576 | 1,749 | 1,784 | 2,002 | 2,057 | 2,226 | 2,432 |
| Cost of revenue (vendor classification) * | 675.2 | 831.2 | 1,982 | 961.2 | 1,095 | 1,131 | 1,215 | 1,350 |
| Other operating costs (vendor classification) * | 262.8 | 412.6 | -893.2 | 413.5 | 460.1 | 465.0 | 503.8 | 531.7 |
| EBITDA (vendor classification) * | 199.6 | 207.8 | 244.4 | 270.1 | 311.8 | 340.2 | 377.9 | 407.6 |
| EBIT * | 123.5 | 89.5 | 133.0 | 160.0 | 202.3 | 221.6 | 259.3 | 287.2 |
| Finance cost | 41.3 | 58.3 | 67.9 | 66.3 | 77.0 | 79.4 | 86.3 | 86.2 |
| Profit before tax including JV | 82.2 | 31.3 | 75.5 | 93.7 | 125.3 | 142.2 | 173.0 | 201.0 |
| Current plus deferred tax | 20.5 | 18.3 | 8.77 | 24.1 | 34.5 | 35.1 | 56.6 | 50.5 |
| Profit for the period | 61.7 | 12.9 | 66.8 | 69.6 | 90.9 | 107.1 | 116.4 | 150.6 |
| Diluted EPS based on profit, not comprehensive income (₹) | 27.24 | 5.42 | 27.99 | 29.18 | 38.09 | 44.90 | 48.80 | 62.25 |
| Materials and inventory change | 675.2 | 831.2 | 947.4 | 961.2 | 1,095 | 1,131 | 1,215 | 1,350 |
| Employee benefits expense | 83.2 | 133.4 | 145.8 | 144.4 | 144.2 | 149.5 | 149.2 | 165.7 |
| Other expenses | 262.8 | 412.6 | 412.5 | 413.5 | 460.1 | 465.0 | 503.8 | 531.7 |
| Operating EBITDA excluding other income and JV | 192.8 | 199.0 | 243.6 | 264.9 | 301.9 | 312.2 | 358.5 | 383.9 |
| Other income | 6.44 | 8.56 | 5.23 | 4.97 | 9.59 | 27.7 | 19.1 | 23.1 |
| Depreciation and amortisation | 76.2 | 103.5 | 94.9 | 101.9 | 109.0 | 114.9 | 118.1 | 120.4 |
| Exceptional items (signed) | 0.00 | -14.8 | -10.7 | -8.24 | -0.49 | -3.68 | -0.54 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of Carl Stahl Craftsman JV | 0.40 | 0.21 | 0.21 | 0.21 | 0.35 | 0.26 | 0.30 | 0.62 |
| Profit attributable to owners | 61.7 | 12.9 | 66.8 | 69.6 | 90.9 | 107.1 | 116.4 | 150.6 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 42.8% | 44.3% | 40.7% | 27.8% | 41.8% |
| EBITDA margin | 19.7% | 14.6% | 15.3% | ||
| Net margin | 6.8% | 3.4% | 4.8% | ||
| Return on equity | 19.1% | 8.4% | 12.5% | ||
| Return on capital employed | 17.5% | 19.8% | 20.6% | 11.6% | 14.4% |
| Return on assets | 7.2% | 3.3% | 4.8% | ||
| Net debt (₹ crore) | 1,463 | 1,931 | 3,162 | ||
| Net debt / EBITDA | 1.67x | 2.32x | 2.55x | ||
| Interest cover | 4.42x | 4.46x | 3.52x | 2.20x | 2.68x |
| Asset turnover | 0.87x | 0.98x | 1.05x | 0.96x | 1.00x |
| Receivable days | 49 | 62 | 47 | 59 | 50 |
| Inventory days (on revenue) | 104 | 96 | 85 | 85 | 79 |
| Payable days (on revenue) | 77 | 82 | 66 | 86 | 66 |
| Cash conversion | 1.69x | 1.46x | 1.36x | ||
| Capex intensity | 9.6% | 10.7% | 14.2% | 17.4% | 14.7% |
| Free cash flow (₹ crore) | -169.6 | -33.4 | -117.7 | -708.3 | -666.7 |
| Dividend payout | 7.8% | 12.2% | 3.1% | ||
| EPS, diluted (₹) | 77.19 | 117.6 | 144.1 | 83.68 | 161.0 |
| Book value per share (₹) | 537.6 | 680.6 | 829.1 | 1,229 | 1,368 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV) / 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): Borrowings less cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and JV).
- 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 based on profit).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 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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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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