Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
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NSE: SONACOMSConsumer CyclicalAuto Parts
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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.
Public research · Report of
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.
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 |
|---|---|
| Legal name | Sona BLW Precision Forgings Limited |
| Exchange and ticker | NSE: SONACOMS; BSE: 543300 |
| ISIN | INE073K01018 |
| CIN | L27300HR1995PLC083037 |
| Sector | Automotive components |
| Industry | Precision driveline, electric motors, sensing and railway systems |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹51,990 crore (14 Oct 2026) |
| Shares outstanding | 62.18 crore shares (FY26) |
| Price | ₹798.0 (close, 14 Oct 2026) |
| 52-week range | ₹434.4 - ₹844.0 (to 14 Oct 2026) |
| Website | https://sonacomstar.com/ |
| Entity | Holding | Business |
|---|---|---|
| Comstar Automotive USA LLC | 100% | 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.V | 100% | Mexico auto-ancillary business. |
| Comestel Automotive Technologies Mexicana, S. DE R.L. DE C.V | 100% | Mexico auto-ancillary business. |
| Sona Comstar eDrive Private Limited | 100% | 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 Limited | 100% | India administrative services to fellow subsidiaries. |
| Comstar Hong Kong Mexico No. 1, LLC | 100% | USA dormant group entity. |
| Comstar Automotive Hong Kong Ltd. | 100% | Hong Kong investment company. |
| NOVELIC d.o.o. Beograd | 54% | Serbia engineering R&D services; radar sensing, embedded software and perception. |
| NOVELIC SRL | n.d. | Romania ER&D services; subsidiary of NOVELIC. Note2 uses an asterisk, not a percentage. |
| NOVELIC ESC | n.d. | North Macedonia ER&D services; subsidiary of NOVELIC. Ownership percentage not quantified in note2. |
| NIRSEN D.O.O | n.d. | Serbia ER&D services; subsidiary of NOVELIC. Ownership percentage not quantified in note2. |
| NOVELIC GMBH | n.d. | Germany ER&D services; subsidiary of NOVELIC since 20 June 2024. Percentage not quantified in note2. |
| Novelic India Private Limited | n.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) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 28.02% | 28.02% | 28.01% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 23.89% | 23.70% | 23.61% | |
| Domestic institutions | 40.74% | 41.46% | ||
| of which mutual funds | 33.93% | 35.10% | 36.68% | |
| Retail | 5.66% | 5.11% | 4.99% |
The promoter holding pledged is a share of the promoter's own holding.
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 |
|---|---|---|
| Mobility components, systems and sub-systems (sole reportable segment) | 4,449 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why 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. |
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue including net foreign exchange gain | 2,110 | 2,568 | 3,185 | 3,555 | 4,475 |
| Cost of revenue (vendor classification) * | 945.6 | 1,383 | 1,557 | 1,745 | 2,285 |
| Other operating costs (vendor classification) * | 528.3 | 362.6 | 402.3 | 436.5 | 539.5 |
| EBITDA (vendor classification) * | 579.1 | 698.5 | 913.0 | 1,057 | 1,162 |
| Operating EBIT including operating foreign exchange gain | 450.4 | 524.2 | 681.9 | 720.9 | 819.1 |
| Finance costs including lease interest | 18.3 | 15.1 | 25.8 | 30.2 | 23.5 |
| Profit before tax | 432.2 | 509.1 | 671.3 | 798.3 | 841.6 |
| Total income tax expense | 70.6 | 113.8 | 153.5 | 198.6 | 212.4 |
| Group profit after tax including non-controlling interests | 361.5 | 395.3 | 517.8 | 599.7 | 629.2 |
| Diluted earnings per share (₹) | 6.21 | 6.75 | 8.83 | 9.92 | 10.30 |
| Revenue from operations excluding separately presented FX | 3,185 | 3,546 | 4,449 | ||
| Foreign exchange gain, net | 0.01 | 8.51 | 25.7 | ||
| Cost of materials consumed | 1,406 | 1,524 | 2,142 | ||
| Change in finished goods and work-in-progress inventories | -31.7 | 20.7 | -45.1 | ||
| Purchases of traded goods, separately reported | n.a. | n.a. | n.a. | ||
| Materials consumed plus inventory change | 1,374 | 1,545 | 2,097 | ||
| Employee benefits expense | 250.1 | 315.0 | 434.2 | ||
| Other expenses | 658.4 | 719.5 | 837.3 | ||
| Company EBITDA, including operating FX gain | 902.1 | 975.3 | 1,107 | ||
| Other income excluding separately presented operating FX | 23.9 | 126.9 | 97.0 | ||
| Depreciation and amortisation including right-of-use assets | 220.2 | 254.4 | 287.7 | ||
| Exceptional items, signed gain / (expense) | -8.72 | -19.3 | -51.0 | ||
| Profit before exceptional items and tax | 680.0 | 817.6 | 892.6 | ||
| Current-year current tax | 156.7 | 198.3 | 200.9 | ||
| Tax related to previous years | -2.79 | -0.71 | 0.83 | ||
| Deferred tax charge / (credit) | -0.33 | 1.10 | 10.7 | ||
| Share of equity-accounted associate / JV profits | 0.00 | 0.00 | 0.00 | ||
| Profit / (loss) attributable to non-controlling interests | 0.51 | -1.53 | -11.0 | ||
| Profit attributable to owners of parent | 517.3 | 601.2 | 640.2 | ||
| Stores, spares and tools | 139.2 | 150.0 | 131.6 | ||
| Power and fuel | 81.8 | 88.8 | 103.4 | ||
| Freight, clearing and forwarding | 44.3 | 49.3 | 74.2 | ||
| Packing material | 43.5 | 50.2 | 56.5 | ||
| Subcontracting costs | 98.4 | 99.3 | 106.1 | ||
| Rent | 4.86 | 6.52 | 7.20 | ||
| Repairs - plant and machinery | 32.9 | 36.0 | 41.1 | ||
| Repairs - buildings | 2.69 | 1.99 | 5.05 | ||
| Repairs - other | 23.2 | 25.0 | 38.4 | ||
| Manpower hiring on contract | 62.9 | 70.5 | 97.7 | ||
| Legal and professional charges | 28.6 | 27.7 | 36.4 | ||
| Testing and designing charges | 11.1 | 12.6 | 8.66 | ||
| Software charges | 6.28 | 8.50 | 10.8 | ||
| Rates and taxes | 2.22 | 2.08 | 1.13 | ||
| Insurance | 7.30 | 9.95 | 12.1 | ||
| Travel, conveyance and vehicle expenses | 21.0 | 24.4 | 27.1 | ||
| Communication and stationery | 2.55 | 2.45 | 3.98 | ||
| Security charges | 2.93 | 3.63 | 4.72 | ||
| Corporate social responsibility expense | 6.36 | 9.71 | 12.1 | ||
| Business promotion | 3.48 | 3.48 | 7.65 | ||
| Directors sitting fees and commission | 5.14 | 5.70 | 4.77 | ||
| Loss on disposal of property plant and equipment | 0.20 | 0.13 | 0.09 | ||
| FX loss in other expenses | 0.26 | 0.00 | n.d. | ||
| Allowance for expected credit loss | 0.00 | 0.19 | n.d. | ||
| Provision for warranty | 4.51 | 9.03 | 21.4 | ||
| Miscellaneous expenses | 22.8 | 22.4 | 25.1 | ||
| Salaries, wages and allowances | 195.1 | 240.1 | 348.2 | ||
| Provident and other fund contributions | 13.1 | 14.8 | 21.7 | ||
| Staff welfare expenses | 27.2 | 32.5 | 40.2 | ||
| Employee share-based payments | 14.7 | 27.6 | 24.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,000 | 2,290 | 2,800 | 5,645 | 6,132 |
| Current and non-current borrowings excluding leases | 151.2 | 295.2 | 233.1 | 13.5 | 242.7 |
| Cash and cash equivalents | 53.6 | 44.1 | 91.0 | 1,048 | 151.1 |
| Net trade receivables | 445.2 | 608.9 | 648.3 | 705.2 | 1,151 |
| Inventories | 363.4 | 322.9 | 347.5 | 348.7 | 615.6 |
| Trade payables, MSME plus other creditors | 219.0 | 248.9 | 298.1 | 323.8 | 462.2 |
| Net property, plant and equipment excluding ROU | 719.3 | 964.4 | 911.7 | 1,132 | 1,574 |
| Capital work-in-progress excluding intangible development | 140.9 | 69.4 | 94.6 | 108.5 | 135.6 |
| Total assets | 2,596 | 3,060 | 3,865 | 6,537 | 7,464 |
| Non-current borrowings | 29.2 | 7.97 | 8.43 | ||
| Current borrowings including current maturities | 203.9 | 5.49 | 234.3 | ||
| Lease liabilities, current plus non-current | 179.1 | 188.8 | 199.6 | ||
| Other bank balances | 183.2 | 254.1 | 197.3 | ||
| Current treasury investments | 31.6 | 818.5 | 499.9 | ||
| Fixed deposits in current other financial assets | 0.00 | 509.2 | 380.6 | ||
| Fixed deposits in non-current other financial assets | 0.00 | 43.2 | 40.0 | ||
| Non-current unquoted investments excluded from liquidity | 10.0 | 45.7 | 49.9 | ||
| Company net debt / (net cash), including treasury investments | -72.7 | -2,659 | -1,026 | ||
| Right-of-use assets | 239.8 | 241.3 | 244.9 | ||
| Paid-up equity share capital | 586.4 | 621.7 | 621.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities, after tax | 351.0 | 422.0 | 692.8 | 775.2 | 659.1 |
| Free cash flow (vendor definition) * | 97.4 | 198.1 | 373.2 | 358.1 | 167.2 |
| Dividends paid, signed financing outflow | -45.0 | -119.9 | -179.3 | -189.2 | -199.0 |
| Cash capex paid, positive investment outflow | -343.8 | -335.1 | 319.5 | 417.1 | 491.8 |
| CFO less gross cash capex, before acquisitions | 373.2 | 358.1 | 167.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued shares at March year-end | 58.13 | 58.47 | 58.64 | 62.17 | 62.18 |
| Weighted-average diluted shares used for EPS | 58.59 | 60.60 | 62.17 | ||
| Weighted-average basic shares used for EPS | 58.59 | 60.60 | 62.17 | ||
| Depreciation of PPE | 151.5 | 173.7 | 179.6 | ||
| Amortisation of intangible assets | 58.5 | 61.2 | 86.9 | ||
| Amortisation of right-of-use assets | 10.3 | 19.4 | 21.3 | ||
| Interest on loans | 13.6 | 9.06 | 2.00 | ||
| Other borrowing costs | 1.93 | 3.04 | 1.98 | ||
| Other finance charges | 1.50 | 2.04 | 3.52 | ||
| Interest on lease liabilities | 8.72 | 16.0 | 16.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue incl net operating FX gain (company headline) | 925.1 | 868.0 | 868.4 | 850.9 | 1,144 | 1,208 | 1,272 | 1,310 |
| Cost of revenue (vendor classification) * | 406.9 | 382.6 | 376.4 | 379.2 | 573.3 | 597.9 | 650.0 | |
| Other operating costs (vendor classification) * | 184.2 | 169.6 | 178.7 | 181.4 | 213.0 | 238.0 | 228.9 | |
| EBITDA (vendor classification) * | 275.9 | 281.0 | 287.1 | 246.7 | 321.9 | 329.2 | 328.3 | |
| Operating EBIT (EBITDA less D&A) | 192.3 | 167.7 | 170.3 | 135.6 | 217.4 | 229.8 | 236.4 | 225.7 |
| Finance costs | 10.6 | 5.77 | 5.22 | 5.33 | 5.16 | 5.49 | 7.50 | 10.5 |
| Profit before tax | 191.8 | 203.0 | 214.7 | 165.2 | 227.6 | 201.4 | 247.4 | 240.9 |
| Total tax expense | 48.2 | 52.3 | 51.0 | 43.5 | 57.1 | 51.3 | 60.6 | 62.4 |
| Profit for the period (incl NCI) | 143.6 | 150.7 | 163.7 | 121.7 | 170.5 | 150.2 | 186.9 | 178.5 |
| Diluted EPS (INR, not annualised) | 2.42 | 2.43 | 2.64 | 2.01 | 2.78 | 2.43 | 3.09 | 2.90 |
| Revenue from operations (statutory, excl FX) | 922.2 | 867.9 | 864.8 | 853.9 | 1,138 | 1,200 | 1,257 | 1,301 |
| Foreign exchange gain/(loss) net | 2.92 | 0.06 | 3.68 | -3.01 | 5.23 | 8.69 | 14.8 | 9.17 |
| Cost of materials consumed | 400.5 | 378.8 | 362.3 | 416.4 | 558.4 | 589.0 | 578.1 | 679.9 |
| Changes in inventories of FG and WIP | 6.42 | 3.84 | 14.1 | -37.2 | -11.9 | -15.8 | 19.7 | -29.8 |
| Materials consumed plus inventory change | 406.9 | 382.6 | 376.4 | 379.2 | 546.5 | 573.3 | 597.9 | 650.0 |
| Employee benefits expense | 79.0 | 81.6 | 78.4 | 87.8 | 103.0 | 117.5 | 125.8 | 128.8 |
| Other expenses | 184.2 | 169.6 | 178.7 | 181.4 | 204.9 | 213.0 | 238.0 | 228.9 |
| EBITDA (company definition, incl FX, excl other income) | 254.9 | 234.2 | 235.0 | 202.6 | 289.1 | 304.6 | 310.6 | 302.6 |
| Other income | 21.0 | 46.8 | 52.2 | 44.2 | 17.0 | 17.3 | 18.6 | 25.7 |
| Depreciation and amortisation | 62.6 | 66.6 | 64.6 | 67.0 | 71.6 | 74.9 | 74.3 | 76.9 |
| Profit before exceptional items and tax | 202.8 | 208.7 | 217.3 | 174.4 | 229.2 | 241.5 | 247.4 | 240.9 |
| Exceptional items (signed, negative = expense) | -11.0 | -5.70 | -2.57 | -9.17 | -1.67 | -40.1 | 0.00 | 0.00 |
| Current tax | 48.1 | 51.3 | 50.5 | 29.2 | 48.1 | 51.2 | 72.4 | 51.2 |
| Tax relating to previous years | 0.00 | 0.00 | -0.71 | 0.00 | 0.00 | 0.00 | 0.83 | 0.00 |
| Deferred tax charge/(credit) | 0.13 | 1.00 | 1.17 | 14.4 | 9.02 | 0.01 | -12.7 | 11.2 |
| Profit attributable to NCI (signed) | -0.37 | -0.48 | -0.44 | -3.00 | -2.31 | -0.62 | -5.06 | -1.96 |
| Share of associates/JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | 143.9 | 151.2 | 164.1 | 124.7 | 172.8 | 150.8 | 191.9 | 180.5 |
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.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 41.4% | 21.7% | 24.0% | 11.6% | 25.9% |
| EBITDA margin | 28.3% | 27.4% | 24.7% | ||
| Net margin | 16.2% | 16.9% | 14.3% | ||
| Return on equity | 20.3% | 14.2% | 10.9% | ||
| Return on capital employed | 22.7% | 22.1% | 24.3% | 16.6% | 13.6% |
| Return on assets | 14.9% | 11.6% | 9.1% | ||
| Net debt (₹ crore) | -72.7 | -2,659 | -1,026 | ||
| Net debt / EBITDA | -0.08x | -2.73x | -0.93x | ||
| Interest cover | 24.7x | 34.6x | 26.4x | 23.9x | 34.9x |
| Asset turnover | 0.88x | 0.91x | 0.92x | 0.68x | 0.64x |
| Receivable days | 77 | 87 | 74 | 72 | 94 |
| Inventory days (on revenue) | 63 | 46 | 40 | 36 | 50 |
| Payable days (on revenue) | 38 | 35 | 34 | 33 | 38 |
| Cash conversion | 1.34x | 1.29x | 1.03x | ||
| Capex intensity | 16.3% | 13.0% | 10.0% | 11.7% | 11.0% |
| Free cash flow (₹ crore) | 7.13 | 86.9 | 373.2 | 358.1 | 167.2 |
| Dividend payout | 34.7% | 31.5% | 31.1% | ||
| EPS, diluted (₹) | 6.21 | 6.75 | 8.83 | 9.92 | 10.30 |
| Book value per share (₹) | 34.41 | 39.17 | 47.75 | 90.79 | 98.61 |
Computed from the statements above:
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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