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NDR Auto Components Ltd

| Statement of Audited Standalone Assets and Liabilities as at March 31, 2026

NEUTRAL SENTIMENT

Report Source

⬤11th May 26

Summary : NDR Auto Components reported strong FY26 financials, recommended 40% dividend, and undertook strategic business restructuring for efficiency and growth, despite tax uncertainties and negative consolidated cash flow.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed: 61,510.85 lakhs (FY26 Consolidated).
  2. Employee benefits expenses: 2,867.78 lakhs (FY26 Consolidated).
  3. Depreciation and amortisation expense: 2,109.70 lakhs (FY26 Consolidated).
  4. Revenue from operations: 82,253.80 lakhs (FY26 Consolidated).
  5. Other Income: 290.89 lakhs (FY26 Consolidated).
  6. Standalone operating cash flow: 3,750.44 lakhs (FY26).
  7. Consolidated operating cash flow: (5,451.60) lakhs (FY26).
  8. Significant decrease in cash and equivalents for FY26.
  9. High cash outflow from investing activities.
  10. Income tax demand orders under appeal.
  11. Total Assets: 56,301.97 lakhs (FY26 Consolidated).
  12. Total Equity: 35,771.87 lakhs (FY26 Consolidated).
  13. Non-current assets increased to 38,190.36 lakhs (FY26 Consolidated).
  14. Slump sales to wholly-owned subsidiary and JV are related party.
  15. Investment in JV is related party transaction.
  16. Consolidated results include 2 subsidiaries, 1 associate, 3 joint ventures.

Corporate Overview

  1. Operates only in one geographical segment: India.
  2. Uncertain outcome of income tax search.
  3. Implementation of new Labour Codes.
  4. Manufacturing of seating systems and components for automobiles, including two-wheelers.
  5. Factual and forward-looking regarding strategic restructuring.
  6. Automobile manufacturers.
  7. Single reporting business segment: automotive components.
  8. Investment of Rs. 6 crores in NDR Hayashi Automotive India Private Limited (JV).
  9. Slump sale of Seat Trim business to wholly-owned subsidiary.
  10. Slump sale of Sunshade business to Joint Venture.

Risk Factors

  1. Uncertain outcome of income tax search.
  2. Negative consolidated operating cash flow.
  3. Significant decrease in cash equivalents.
  4. Impact of new labor codes.

Key Drivers

  1. Strategic restructuring for operational efficiency.
  2. Investment in joint venture for growth.
  3. Recommended 40% dividend payout.
  4. Strong revenue and profit growth.

Auditor’s Report

  1. Unmodified Opinion.
  2. Uncertainty regarding income tax search outcome.
  3. Income Tax Search conducted by the Income Tax Department.

Board Commentary

  1. Re-appointment of Mr. Pranav Relan as Whole-time Director.
  2. Re-appointment of Mr. Ayush Relan as Whole-time Director.
  3. Re-appointment of Mr. Rajat Bhandari as Whole-time Director.
  4. Recommended dividend of 40% (Rs. 4/- per equity share).
  5. Dividend payable within 30 days of declaration.
  6. Uncertainty regarding income tax search outcome.
  7. Potential accounting adjustments from new Labour Codes.
  8. Income tax search and demand orders.
  9. New Labour Codes implementation.
  10. Investment of Rs. 6 crores in NDR Hayashi Automotive India Private Limited.
  11. Slump sale of Seat Trim and Sunshade businesses.

Corporate Governance

  1. Auditors confirm compliance with Code of Ethics.
  2. Nomination and Remuneration Committee.
  3. Audit Committee.

Management Discussion & Analysis

Future Strategy

  1. Strategic business transfers to subsidiaries/JVs for efficiency.
  2. Investment in joint venture for future growth.

Operational Focus Areas

  1. Focus on operational excellence and growth.
  2. Resource allocation optimization.

Performance Drivers

  1. Operational efficiencies through business restructuring.
  2. Enhanced product portfolio and core capabilities.
  3. Simplified and agile corporate structure for growth.

Risk Control Measures

  1. Management confident of favorable tax appeal outcome.
  2. Monitoring developments on new Labour Codes.

Critical Risks

  1. Income tax demand orders and appeals outcome.
  2. Potential impact of new Labour Codes.