Rane Holdings Ltd(RANEHOLDIN)

NSE: RANEHOLDINBSE: 505800

₹ 1,407-0.90%refreshed 26 Oct, 12:14 pm ISTMarket cap: ₹ 2,009 crNext results: 12 Nov 2026Website: www.ranegroup.comUpdated: 24 Oct 2026

About

Rane Holdings Limited is the holding company of the Rane Group, providing strategic investment, trademark licensing and business support services to its auto-components subsidiaries and joint ventures. The group makes steering systems, brake components, engine valves and occupant safety products for OEMs across passenger vehicles, commercial vehicles, tractors and two-wheelers. Consolidated revenue was Rs 5,883.31 Cr in FY26, and group aggregate sales were ₹7,413 crores in FY25.^[1][2]

Group structure

RHL is the holding company with three primary services: strategic investment, trademark licensing, and business support services to Rane Group companies.^[1]
RHL standalone revenue as of FY25: dividend income 35.33%, trademark fees 27.22%, IT support services 14.56%, management consultancy 11.09%, business support services 8.95%.^[1]
Rane (Madras) Ltd (RML) is designated the group flagship; all future M&A, joint ventures and growth investments are routed through RML.^[3]
RHL has two overseas subsidiaries: Rane Holdings America Inc. (USA) and Rane Holdings Europe GmbH (Germany), for North American and European business development.^[1]
RML set up Rane Automotive Components Mexico in Aguascalientes, Mexico, to serve North American customers under USMCA rules (FY24).^[4]

Business segments

Rane (Madras) Ltd - steering, brake components, engine valves and aftermarket - revenue of Rs 1,052 Cr in Q1 FY27 vs Rs 884 Cr in Q1 FY26.^[5]
Rane Steering Systems Pvt Ltd (RSSL) - electric power steering columns - revenue of Rs 561 Cr in Q1 FY27 vs Rs 458 Cr in Q1 FY26.^[5]
Joint ventures ZRAI + ZLRAI - occupant safety (airbags, seatbelts) and steering gear - combined revenue of Rs 808 Cr in Q1 FY27 vs Rs 625 Cr in Q1 FY26.^[5]
ZF Rane Automotive India (ZRAI) total revenue was ₹2,415.91 crores in FY25, up 12.19% from ₹2,153.37 crores in FY24.^[1]
ZRAI revenue mix in Q3 FY26: Occupant Safety 63%, Steering 37%; domestic/export split 78%/22%.^[6]

Products and technology

RML's portfolio spans steering systems, brake components (disc pads, linings), engine valves and light metal castings, consolidated after the April 2024 merger of Rane Brake Lining and Rane Engine Valve into RML.^[1]
RSSL holds a ZF licence for Column Drive Electric Power Steering technology for exclusive use in India.^[1]
ZRAI and Rane agreed to introduce Rack Drive Electric Power Steering technologies to India through their joint venture.^[1]
Mandatory ABS for two-wheelers is expected to drive demand for RML's disc pads; RFQ conversations were underway as of Q2 FY26.^[3]
The engine valve business grew sales to non-automotive customers by 21% in FY24 and is developing hydrogen engine valves to offset EV risk.^[4]

Customers and revenue mix

In FY26, group revenue by market: India OEM & OES 67%, International OEM & Aftermarket 24%, India Aftermarket 8%.^[5]
Passenger vehicles accounted for 72% of group revenue by vehicle segment in FY26.^[5]
70% of revenue was derived from the Indian automotive sector per the FY25 annual report.^[1]
Customers span OEMs across passenger vehicles, commercial vehicles, farm tractors and two-wheelers; long-standing OEM relationships are cited as a key strength.^[1]
Aftermarket businesses of the merged entities are consolidated into a single RML division; ZF Rane aftermarket also flows through it.^[3]

Order wins and operations

In Q1 FY27 the group won 34 new programs with lifetime value of Rs 4,320 Cr, 37% export: RML Rs 2,040 Cr, ZRAI Rs 1,530 Cr, ZLRAI Rs 425 Cr, RSSL Rs 325 Cr.^[5]
RML won INR 130 Cr of orders in Q3 FY26, taking nine-month FY26 wins to INR 650 Cr; orders typically turn into revenue in 1.5 - 2 years.^[6]
RSSL won INR 345 Cr of orders for domestic UV models in Q3 FY26; RSSL capacity utilisation was 80 - 85% in Q3 FY26.^[6][5]
Group net debt:equity was 0.67x in Q4 FY26 vs 0.75x in Q4 FY25; ROCE was 10.1% in Q4 FY26.^[7]

Expansion and capital allocation

RML capex guided at about INR 200 Cr per year for FY26, FY27 and FY28, a total of INR 600 Cr.^[6]
RSSL plans capex of about INR 40 Cr to support new orders, targeting completion by March 2027.^[6]
RHL bought the remaining 51% of RSSL (formerly Rane NSK Steering Systems) from NSK Ltd., Japan, for ₹45 crores on 19 September 2024, making it wholly owned.^[1]
ZRAI's board approved demerging its Occupant Safety Division into ZF Lifetec Rane Automotive India, a wholly owned ZRAI subsidiary, subject to approvals.^[1]
ZRAI acquired the entire shareholding of TRW Sun Steering Wheels Private Limited on March 28, 2024.^[4]

Recent developments

On 25 September 2026, RSSL received a CGST Section 73 show cause notice on input tax credit for FY 2022-23 and FY 2023-24; total implication Rs 10.07 crores including Rs 0.92 crores penalty.^[8]
In Q3 FY26 ZRAI made a one-off warranty provision of INR 230 Cr (INR 172 Cr net of tax) for a Hyundai Palisade seatbelt buckle recall covering 9.60 lakh vehicles; the Tier-2 supplier was changed.^[6]
Remaining Velachery land sale proceeds of INR 230 Cr are to be received in tranches over about one year from Q3 FY26.^[6]

Market Cap

₹2,009 Cr

High / Low

₹1,898 / 982

Stock P/E

24.1

Price / Book

1.8

Book Value

₹808

EPS

₹68.5

No. of Shares

1.43 Cr

ROCE

9.7%

ROE

8.7%

Sales

₹5,883 Cr

Net Profit

₹137 Cr

Promoter holding

46.6%

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