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Sona BLW Precision Forgings Ltd.

NSE: SONACOMSConsumer CyclicalAuto Parts

Last close
₹752.85
Day change
−₹12.05 (−1.58%)vs
Market cap
₹50,118 crIndian rupees
Research updated
1 report
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About Sona BLW Precision Forgings

Sona BLW Precision Forgings Ltd. is a leading manufacturer in the automotive components sector, specializing in precision forging products. The company is engaged in producing differential gears, starter motors, BEV traction motors, and other critical components necessary for automotive systems. A significant portion of its operations is dedicated to supplying high-quality components that are integral to the drivetrain and power train systems of vehicles, which are essential for both conventional internal combustion and electric vehicles. Sona BLW Precision Forgings Ltd. serves a diverse clientele, including major original equipment manufacturers (OEMs) across the globe, contributing significantly to the automotive supply chain. Its role in the market underscores the growing demand for efficient and reliable automotive components as the industry transitions towards sustainable mobility solutions. With its presence in multiple key markets, Sona BLW Precision Forgings Ltd. remains an influential player in advancing automotive technologies and accommodating the evolving needs of the automotive industry.

Sector
Consumer Cyclical
Industry
Auto Parts
Listing
NSE: SONACOMS
Next results
Chief executive
Mr. Vivek Vikram Singh
Employees
2,221
Headquarters
Gurugram, India
ISIN
INE073K01018

Public research · Report of

Business model & financial foundation

Sona Comstar (NSE: SONACOMS), Precision driveline, electric motors, sensing and railway systems: revenue of ₹4,475 crore in FY26 (+25.9% on FY25), an EBITDA margin of 24.7%, net profit of ₹640.2 crore and net cash of ₹1,026 crore.

Key figures
Revenue, FY26 (₹ crore)
4,475
consolidated
Revenue growth, FY26
+25.9%
on FY25
EBITDA margin, FY26
24.7%
EBITDA (Company EBITDA, including operating FX gain) / revenue
Net profit, FY26 (₹ crore)
640.2
to owners
Return on equity, FY26
10.9%
on average equity
Net debt, FY26 (₹ crore)
-1,026
Company net debt / (net cash), including treasury investments
Market capitalisation (₹ crore)
51,990
at the close of 14 Oct 2026

Company profile

Sona Comstar designs and manufactures mission-critical mobility systems for global OEMs, including differential gears and assemblies, starter and traction motors, and electric driveline products. Its NOVELIC group supplies radar sensing, perception and engineering services. The parent acquired Escorts Kubota's railway equipment business in FY26, adding brakes, couplers, suspension and other rail systems. Manufacturing, engineering capability and global customer programmes support an industrial rather than services classification.

Item, Value
ItemValue
Legal nameSona BLW Precision Forgings Limited
Exchange and tickerNSE: SONACOMS; BSE: 543300
ISININE073K01018
CINL27300HR1995PLC083037
SectorAutomotive components
IndustryPrecision driveline, electric motors, sensing and railway systems
HeadquartersGurugram, India
Fiscal year endMarch
Reporting basis and unitconsolidated, in ₹ crore
AuditorWalker Chandiok & Co LLP
Market capitalisation₹51,990 crore (14 Oct 2026)
Shares outstanding62.18 crore shares (FY26)
Price₹798.0 (close, 14 Oct 2026)
52-week range₹434.4 - ₹844.0 (to 14 Oct 2026)
Websitehttps://sonacomstar.com/

Corporate structure and shareholding

Entity, Holding, Business
EntityHoldingBusiness
Comstar Automotive USA LLC100%USA auto-ancillary business.
Comestel Automotive Technologies Mexicana Ltd.100%Hong Kong auto-ancillary group entity.
Comstar Automotive (Hangzhou) Co., Ltd.100%China auto-ancillary business.
Comenergia Automotive Technologies Mexicana, S. DE R.L. DE C.V100%Mexico auto-ancillary business.
Comestel Automotive Technologies Mexicana, S. DE R.L. DE C.V100%Mexico auto-ancillary business.
Sona Comstar eDrive Private Limited100%India auto-ancillary business; electric driveline platform.
Sona BLW Edrive Mexicana, S.A.P.I DE C.V.100%Mexico auto-ancillary business.
Comstar Automotive Technologies Services Private Limited100%India administrative services to fellow subsidiaries.
Comstar Hong Kong Mexico No. 1, LLC100%USA dormant group entity.
Comstar Automotive Hong Kong Ltd.100%Hong Kong investment company.
NOVELIC d.o.o. Beograd54%Serbia engineering R&D services; radar sensing, embedded software and perception.
NOVELIC SRLn.d.Romania ER&D services; subsidiary of NOVELIC. Note2 uses an asterisk, not a percentage.
NOVELIC ESCn.d.North Macedonia ER&D services; subsidiary of NOVELIC. Ownership percentage not quantified in note2.
NIRSEN D.O.On.d.Serbia ER&D services; subsidiary of NOVELIC. Ownership percentage not quantified in note2.
NOVELIC GMBHn.d.Germany ER&D services; subsidiary of NOVELIC since 20 June 2024. Percentage not quantified in note2.
Novelic India Private Limitedn.d.India ER&D services; subsidiary of NOVELIC from 28 November 2025. Percentage not quantified in note2.

FY26 note2 group scope at 31 March 2026. Board report: no material subsidiary under listing-regulation definition. Indirect NOVELIC percentages not inferred from group ownership. Captive-power stakes are FVTPL investments, not equity-accounted associates (p346). Railway business acquired by the parent, not a separate subsidiary (p288-289).

Shareholding (% of shares)
Shareholding (% of shares)Q3FY26Q4FY26Q1FY27Q2FY27
Promoter28.02%28.02%28.01%
Promoter holding pledged0.00%0.00%0.00%
Foreign institutions23.89%23.70%23.61%
Domestic institutions40.74%41.46%
of which mutual funds33.93%35.10%36.68%
Retail5.66%5.11%4.99%

The promoter holding pledged is a share of the promoter's own holding.

Business model

Sona Comstar designs and manufactures precision driveline and motor products for global OEMs; differential gears/assemblies, starters, traction/suspension motors and sensors. Railway acquired on 1 June2025 adds product breadth but does not provide separately reported segment economics. Global customer production, commodity pass-through and ramp timing are external dependencies. Consolidated scope includes controlled subsidiaries and NOVELIC; retained51% management control in proposed DENSO eDrive JV does not imply deconsolidation.

Segment, revenue, FY26 (₹ crore), Share
Segmentrevenue, FY26 (₹ crore)Share
Mobility components, systems and sub-systems (sole reportable segment)4,449100.0%

Segments as the company reports them (consolidated); each share is of the segments' sum.

Peer, Why the dossier compares them
PeerWhy the dossier compares them
Bharat Forge (BHARATFORG)Forged crankshafts, connecting rods and axles for global OEMs; precision-engineering/export comparator, with broader industrial and defence exposure.
Sundram Fasteners (SUNDRMFAST)High-strength fasteners, powertrain and precision components for global vehicle makers; manufacturing and customer-quality comparator, not identical EV mix.
GNA Axles (GNA)Axles and related assemblies for CVs, tractors and heavy equipment; direct driveline-component comparator with different vehicle mix.
Ramkrishna Forgings (RKFORGE)Forged axles, gears, crankshafts and couplings for auto and rail applications; close forging/drivetrain comparator, more heavy-vehicle/industrial exposure.
Endurance Technologies (ENDURANCE)Die castings, transmission, suspension and braking components for OEMs; technology-led auto-component comparator, predominantly two/three-wheeler exposure.
Uno Minda (UNOMINDA)Electrical, lighting, acoustic and wheel components for global vehicle manufacturers; adjacent content-per-vehicle comparator rather than direct forging peer.

Financial databook

Profit and loss (₹ crore)
Profit and loss (₹ crore)FY22FY23FY24FY25FY26
Revenue including net foreign exchange gain2,1102,5683,1853,5554,475
Cost of revenue (vendor classification) *945.61,3831,5571,7452,285
Other operating costs (vendor classification) *528.3362.6402.3436.5539.5
EBITDA (vendor classification) *579.1698.5913.01,0571,162
Operating EBIT including operating foreign exchange gain450.4524.2681.9720.9819.1
Finance costs including lease interest18.315.125.830.223.5
Profit before tax432.2509.1671.3798.3841.6
Total income tax expense70.6113.8153.5198.6212.4
Group profit after tax including non-controlling interests361.5395.3517.8599.7629.2
Diluted earnings per share (₹)6.216.758.839.9210.30
Revenue from operations excluding separately presented FX3,1853,5464,449
Foreign exchange gain, net0.018.5125.7
Cost of materials consumed1,4061,5242,142
Change in finished goods and work-in-progress inventories-31.720.7-45.1
Purchases of traded goods, separately reportedn.a.n.a.n.a.
Materials consumed plus inventory change1,3741,5452,097
Employee benefits expense250.1315.0434.2
Other expenses658.4719.5837.3
Company EBITDA, including operating FX gain902.1975.31,107
Other income excluding separately presented operating FX23.9126.997.0
Depreciation and amortisation including right-of-use assets220.2254.4287.7
Exceptional items, signed gain / (expense)-8.72-19.3-51.0
Profit before exceptional items and tax680.0817.6892.6
Current-year current tax156.7198.3200.9
Tax related to previous years-2.79-0.710.83
Deferred tax charge / (credit)-0.331.1010.7
Share of equity-accounted associate / JV profits0.000.000.00
Profit / (loss) attributable to non-controlling interests0.51-1.53-11.0
Profit attributable to owners of parent517.3601.2640.2
Stores, spares and tools139.2150.0131.6
Power and fuel81.888.8103.4
Freight, clearing and forwarding44.349.374.2
Packing material43.550.256.5
Subcontracting costs98.499.3106.1
Rent4.866.527.20
Repairs - plant and machinery32.936.041.1
Repairs - buildings2.691.995.05
Repairs - other23.225.038.4
Manpower hiring on contract62.970.597.7
Legal and professional charges28.627.736.4
Testing and designing charges11.112.68.66
Software charges6.288.5010.8
Rates and taxes2.222.081.13
Insurance7.309.9512.1
Travel, conveyance and vehicle expenses21.024.427.1
Communication and stationery2.552.453.98
Security charges2.933.634.72
Corporate social responsibility expense6.369.7112.1
Business promotion3.483.487.65
Directors sitting fees and commission5.145.704.77
Loss on disposal of property plant and equipment0.200.130.09
FX loss in other expenses0.260.00n.d.
Allowance for expected credit loss0.000.19n.d.
Provision for warranty4.519.0321.4
Miscellaneous expenses22.822.425.1
Salaries, wages and allowances195.1240.1348.2
Provident and other fund contributions13.114.821.7
Staff welfare expenses27.232.540.2
Employee share-based payments14.727.624.1
Balance sheet (₹ crore)
Balance sheet (₹ crore)FY22FY23FY24FY25FY26
Total equity including NCI2,0002,2902,8005,6456,132
Current and non-current borrowings excluding leases151.2295.2233.113.5242.7
Cash and cash equivalents53.644.191.01,048151.1
Net trade receivables445.2608.9648.3705.21,151
Inventories363.4322.9347.5348.7615.6
Trade payables, MSME plus other creditors219.0248.9298.1323.8462.2
Net property, plant and equipment excluding ROU719.3964.4911.71,1321,574
Capital work-in-progress excluding intangible development140.969.494.6108.5135.6
Total assets2,5963,0603,8656,5377,464
Non-current borrowings29.27.978.43
Current borrowings including current maturities203.95.49234.3
Lease liabilities, current plus non-current179.1188.8199.6
Other bank balances183.2254.1197.3
Current treasury investments31.6818.5499.9
Fixed deposits in current other financial assets0.00509.2380.6
Fixed deposits in non-current other financial assets0.0043.240.0
Non-current unquoted investments excluded from liquidity10.045.749.9
Company net debt / (net cash), including treasury investments-72.7-2,659-1,026
Right-of-use assets239.8241.3244.9
Paid-up equity share capital586.4621.7621.8
Cash flow (₹ crore)
Cash flow (₹ crore)FY22FY23FY24FY25FY26
Net cash generated from operating activities, after tax351.0422.0692.8775.2659.1
Free cash flow (vendor definition) *97.4198.1373.2358.1167.2
Dividends paid, signed financing outflow-45.0-119.9-179.3-189.2-199.0
Cash capex paid, positive investment outflow-343.8-335.1319.5417.1491.8
CFO less gross cash capex, before acquisitions373.2358.1167.2
Other reported lines (₹ crore)
Other reported lines (₹ crore)FY22FY23FY24FY25FY26
Actual issued shares at March year-end58.1358.4758.6462.1762.18
Weighted-average diluted shares used for EPS58.5960.6062.17
Weighted-average basic shares used for EPS58.5960.6062.17
Depreciation of PPE151.5173.7179.6
Amortisation of intangible assets58.561.286.9
Amortisation of right-of-use assets10.319.421.3
Interest on loans13.69.062.00
Other borrowing costs1.933.041.98
Other finance charges1.502.043.52
Interest on lease liabilities8.7216.016.0
Quarterly profit and loss (₹ crore)
Quarterly profit and loss (₹ crore)Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
Revenue incl net operating FX gain (company headline)925.1868.0868.4850.91,1441,2081,2721,310
Cost of revenue (vendor classification) *406.9382.6376.4379.2573.3597.9650.0
Other operating costs (vendor classification) *184.2169.6178.7181.4213.0238.0228.9
EBITDA (vendor classification) *275.9281.0287.1246.7321.9329.2328.3
Operating EBIT (EBITDA less D&A)192.3167.7170.3135.6217.4229.8236.4225.7
Finance costs10.65.775.225.335.165.497.5010.5
Profit before tax191.8203.0214.7165.2227.6201.4247.4240.9
Total tax expense48.252.351.043.557.151.360.662.4
Profit for the period (incl NCI)143.6150.7163.7121.7170.5150.2186.9178.5
Diluted EPS (INR, not annualised)2.422.432.642.012.782.433.092.90
Revenue from operations (statutory, excl FX)922.2867.9864.8853.91,1381,2001,2571,301
Foreign exchange gain/(loss) net2.920.063.68-3.015.238.6914.89.17
Cost of materials consumed400.5378.8362.3416.4558.4589.0578.1679.9
Changes in inventories of FG and WIP6.423.8414.1-37.2-11.9-15.819.7-29.8
Materials consumed plus inventory change406.9382.6376.4379.2546.5573.3597.9650.0
Employee benefits expense79.081.678.487.8103.0117.5125.8128.8
Other expenses184.2169.6178.7181.4204.9213.0238.0228.9
EBITDA (company definition, incl FX, excl other income)254.9234.2235.0202.6289.1304.6310.6302.6
Other income21.046.852.244.217.017.318.625.7
Depreciation and amortisation62.666.664.667.071.674.974.376.9
Profit before exceptional items and tax202.8208.7217.3174.4229.2241.5247.4240.9
Exceptional items (signed, negative = expense)-11.0-5.70-2.57-9.17-1.67-40.10.000.00
Current tax48.151.350.529.248.151.272.451.2
Tax relating to previous years0.000.00-0.710.000.000.000.830.00
Deferred tax charge/(credit)0.131.001.1714.49.020.01-12.711.2
Profit attributable to NCI (signed)-0.37-0.48-0.44-3.00-2.31-0.62-5.06-1.96
Share of associates/JVs0.000.000.000.000.000.000.000.00
Profit attributable to owners of the parent143.9151.2164.1124.7172.8150.8191.9180.5

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
MetricFY22FY23FY24FY25FY26
Revenue growth41.4%21.7%24.0%11.6%25.9%
EBITDA margin28.3%27.4%24.7%
Net margin16.2%16.9%14.3%
Return on equity20.3%14.2%10.9%
Return on capital employed22.7%22.1%24.3%16.6%13.6%
Return on assets14.9%11.6%9.1%
Net debt (₹ crore)-72.7-2,659-1,026
Net debt / EBITDA-0.08x-2.73x-0.93x
Interest cover24.7x34.6x26.4x23.9x34.9x
Asset turnover0.88x0.91x0.92x0.68x0.64x
Receivable days7787747294
Inventory days (on revenue)6346403650
Payable days (on revenue)3835343338
Cash conversion1.34x1.29x1.03x
Capex intensity16.3%13.0%10.0%11.7%11.0%
Free cash flow (₹ crore)7.1386.9373.2358.1167.2
Dividend payout34.7%31.5%31.1%
EPS, diluted (₹)6.216.758.839.9210.30
Book value per share (₹)34.4139.1747.7590.7998.61

Computed from the statements above:

  • Revenue growth: revenue over the previous year's, less one.
  • EBITDA margin: EBITDA (Company EBITDA, including operating FX gain) / 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): Company net debt / (net cash), including treasury investments.
  • Net debt / EBITDA: net debt / EBITDA (Company EBITDA, including operating FX gain).
  • 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 earnings per share).
  • 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 14 Oct 2026); market data at the close of 14 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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Report history

Reports on Sona BLW Precision Forgings

  1. Research reportLatest

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