Sellowrap Industries Ltd(SELLOWRAP)

NSE: SELLOWRAP

₹ 59.05-1.58%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 81 crUpdated: 24 Oct 2026

About

Sellowrap Industries Ltd makes automotive interior components such as foam parts, injection-moulded parts and Water Shield door trim barriers, and sells them to automotive OEMs. It reported revenue of ₹200.82 Cr for FY26. Management says it holds a 60-70% market share in India for Water Shield (FY26).^[1][2][3]

Business segments

Foam segment revenue was 65.31 Cr in H1 FY26, at a 27.00% segment margin (vs 26% in FY24).^[3]
Injection Molding segment revenue was 38.68 Cr in H1 FY26, at a 17.00% segment margin.^[3]
Water Shield segment revenue was 18.77 Cr in H1 FY26, at a 23.00% segment margin (vs 21.5% in FY24).^[3]

Products

Water Shield is a water and flutter barrier for door trims. The company says it held a 60-70% market share across Indian OEMs in FY26.^[2]
Water Shield content per vehicle ranges from ₹100 to ₹1,000, depending on specification (FY26).^[2]
The company has around 3,000 SKUs (stated in the Q3 FY26 call) and sold 1.2 Mn+ units annually as of FY26.^[3][2]

Operations and capacity

The company runs 37 injection moulding machines across 3 plants. Average capacity utilisation was 77% in FY26: some plants ran at 90%, others at 60-75%.^[2]
Management puts theoretical revenue capacity at ₹260-270 Cr without major additions (FY26), compared with 250-300 crores stated in the Q3 FY26 call.^[2][3]
EV components are being developed at the Ranipet R&D centre. R&D spend was about 1-1.5% of revenue in H1 FY26.^[3]
In H2 FY26, manpower shortages caused productivity losses of 15-20 days. The company also faced raw material cost increases and rupee depreciation from ₹85.53 to ₹94.71.^[2]

Order book and key operating numbers

The order book stood at ₹275 Cr+ as of FY26, to be executed over about 24 months. It covers both new customers and existing OEMs.^[2]
About 40-45% of the FY26 order book is for export.^[2]
Approved prototypes still under development are expected to add ₹50-60 Cr of revenue after FY27-28.^[2]
Management said in the Q3 FY26 call that kit value per vehicle is increasing across its OEM customers.^[3]
The company has asked OEMs to raise prices to cover higher input costs. Such recovery usually takes 3-6 months, and management expected direction by the end of Q1 FY27.^[2]

Customers and exports

Exports were 23% of revenue in FY26, up from 21% in H1 FY26.^[2][3]
Products are exported, as deemed exports, to Jaguar Land Rover, Renault, Nissan and Stellantis, reaching the UK, Europe, North America, Brazil, Japan and China.^[3]
The company is seeking 2-3 new OEM customers, which could include VinFast, JSW, Toyota and Honda. Development cycles run 18-24 months.^[2]
The company plans to grow exports by bidding on China+1 RFQs issued by global OEM purchasing offices in India.^[3]

Expansion and capex

IPO capex proceeds of ₹102.40 Cr are to be deployed within 6-7 months; machinery orders had been placed as of the Q4 FY26 call.^[2]
FY27 capex of ₹12-20 Cr is planned for machinery and automation or productivity equipment.^[2]
The company is investing in automation to reduce its reliance on contract labour, and is hiring multi-skilled operators.^[2]
The company is exploring technical tie-ups for kinematic parts, ambient lighting and NVH solutions.^[2]

Market Cap

₹81 Cr

High / Low

₹105 / 58

Stock P/E

8.4

Price / Book

0.9

Book Value

₹65

EPS

₹7.4

No. of Shares

1.37 Cr

ROCE

12.8%

ROE

11.3%

OPM

7.9%

Debt / Equity

0.50

Sales

₹201 Cr

Net Profit

₹10 Cr

Promoter holding

69.6%

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