Pricol Ltd(PRICOLLTD)

NSE: PRICOLLTDBSE: 540293

₹ 629.9-3.08%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 7,677 crNext results: 4 Nov 2026Website: www.pricol.comUpdated: 24 Oct 2026

About

Pricol Limited is a Coimbatore-based maker of automotive components. It supplies driver information systems, actuation and fluid management products, and precision-moulded plastic parts to makers of two-wheelers, commercial vehicles, tractors, passenger vehicles and off-road vehicles in India and Southeast Asia. Consolidated revenue was ₹4,040.8 cr in FY26, and quarterly revenue crossed ₹1,000 cr for the first time in Q3 FY26. The company holds a 30 - 35% share of the two-wheeler instrument cluster market and supplies roughly two-thirds of India's commercial vehicle instrument clusters.^[1]

Business segments

Pricol reports a single segment, Automotive. Revenue from within India was ₹3,859.37 cr in FY26 vs ₹2,530.79 cr in FY25.^[2][3]
Revenue from outside India was ₹181.43 cr in FY26 vs ₹161.13 cr in FY25.^[2][3]
Driver Information & Connected Vehicle Solutions (DICVS) makes instrument clusters, TFT displays and connected vehicle products. Both DICVS and ACFMS grew about 25% YoY in Q1 FY27.^[4]
Actuation, Control & Fluid Management Systems (ACFMS) makes brakes, switches, fluid management and allied products. It grew 30% in FY26, driven by revenue outside brakes.^[5]
Polymer / Precision Products (P3L) makes injection-moulded plastic parts. It was acquired from Sundaram Auto Components on 31 January 2025 for ₹197.50 cr and had revenue of ₹249 cr in Q1 FY27.^[2]

Products and technology partnerships

Pricol describes itself as having moved from component maker to technology partner for leading OEMs, focused on automotive technology and on precision engineering for automotive and industrial use.^[2]
Pricol holds an exclusive technical licence from BOE Varitronix (Hong Kong) to localise TFT display technology in India for two-wheelers, three-wheelers, commercial vehicles and off-road vehicles.^[2]
Pricol holds an exclusive technology licence from Italy's DOMINO S.R.L. for two-wheeler handlebar controls (throttles, switches and allied products) in India and Southeast Asia.^[2]
Mass production of disc brakes began for a large Indian two-wheeler OEM in Q1 FY27, and the switches division won its first Letter of Award, from Suzuki. Meaningful revenue from both is expected from FY28.^[4]
The battery management system (BMS) was dropped from the portfolio in Q1 FY27 because OEMs chose to keep BMS in-house.^[4]

Operations and subsidiaries

PT Pricol Surya Indonesia, a wholly owned subsidiary, supplies two-wheeler makers in Indonesia and Thailand. Its FY26 sales were IDR 4,971.11 cr (₹26.65 cr), up 10.35% in INR terms.^[2]
Pricol Asia Pte Limited, Singapore, is the group's global procurement arm. Its FY26 sales were USD 8.48 cr (₹762.80 cr).^[2]
Pricol Asia Exim DMCC, Dubai, supports global procurement. Its FY26 sales were USD 3.54 cr (₹318.69 cr).^[2]
Pricol Autotech Limited was incorporated on 21 February 2026 as a wholly owned subsidiary to make and/or distribute electronic components. It had not started operations as of FY26.^[2]

Key operating numbers

Market share in Q1 FY27: 30 - 35% of two-wheeler instrument clusters by volume, about two-thirds of commercial vehicle clusters, and 8 - 9% of passenger vehicle clusters.^[4]
TFT clusters were fitted to 7 - 8% of two-wheelers industry-wide in Q1 FY27.^[4]
Exports were about 10% of consolidated revenue as of Q3 FY26. ACFMS exports grew 15% YoY in Q3 FY26.^[6]
Polymer division capacity utilisation reached about 94 - 95% by Q2 FY26 and stayed above 90% in Q3 FY26, limiting growth.^[6]

Customers and distribution

Domestic customers include makers of two-wheelers, commercial vehicles, tractors, four-wheelers and off-road vehicles.^[2]
Pricol supplies instrument clusters for 75 - 80% of Tata cars. As of Q4 FY26 it held confirmed LOIs covering Tata programmes for the next three years.^[5]
New Polymer customers in Q1 FY27 included Ather, River, Simple Energy, Raptee, Honda and Royal Enfield, with Yamaha at a near-final stage.^[4]
In Q1 FY27, Honda was named a high-growth customer for the next three years across Polymer, DICVS and ACFMS.^[4]

Expansion and capex

Capex of ₹700 cr is planned over 18 - 24 months from Q1 FY27: about ₹400 cr for Polymer, ₹150 - 180 cr for DICVS and ₹120 cr for ACFMS.^[4]
Five new Polymer plants are planned by FY28, which would lift the division's capacity from about ₹1,000 cr to ₹2,000 cr of annual revenue.^[4]
A Polymer Centre of Excellence for 2K moulding, self-healing plastics and fibre-reinforced plastics is targeted to be fully operational by May 2027.^[4]
Mass production of localised TFT/LCD displays under the BOE Varitronix partnership is targeted to start by May 2027.^[5]
In Q1 FY27, management reaffirmed a group revenue target of ₹8,000 cr by FY31 and paused acquisitions for about one year.^[4]

Recent developments

On 1 October 2026, CRISIL placed Pricol's ₹145 cr rated instrument on Rating Watch with Developing implications. The rating moved from AA- to AA-/Watch Developing.^[7]
In Q1 FY27, the board approved demerging the driver information system and connected vehicle business. Separate entities are targeted internally by October 2026, with statutory completion in about 12 months.^[4]
By Q3 FY26, Pricol had removed its supply risk from Nexperia (China) semiconductors by qualifying alternate suppliers.^[6]

Market Cap

₹7,677 Cr

High / Low

₹822 / 509

Stock P/E

28.7

Price / Book

6.1

Book Value

₹103

EPS

₹20.6

No. of Shares

12.19 Cr

ROCE

25.5%

ROE

22.1%

OPM

8.9%

Debt / Equity

0.29

Sales

₹4,041 Cr

Net Profit

₹251 Cr

Promoter holding

38.5%

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