Emmforce Autotech Ltd

BSE: 544166

₹ 183.9+3.96%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 377 crWebsite: www.emmforce.comUpdated: 24 Oct 2026

About

Emmforce Autotech Ltd, headquartered in Panchkula, makes drivetrain components such as axle shafts, driveshaft parts, hubs and spindles. Its subsidiary Emmforce Mobility Solutions makes agricultural equipment and rotavator parts. Exports made up about 94% of its mix, and it reported FY26 revenue of Rs 112.65 Cr.^[1][2][3][4]

Business segments

The company has two businesses: automotive drivetrain parts and an Agri business run through the subsidiary (EMSPL), which makes agri equipment and rotavator parts.^[3][2]
Performance/racing was still the largest sales channel in FY26. The OEM share of revenue rose from FY25 as the US OEM business grew.^[3]
The subsidiary Emmforce Mobility Solutions is 100% held by the company together with promoter directors Ashok Mehta and Neetu Mehta (FY25).^[1]

Products

Driveshaft parts were launched in FY24. Their sales grew 122% in FY25, from Rs 2.79 Cr to Rs 6.20 Cr.^[2]
Axle shaft sales were Rs 15.98 Cr in FY25, up 19.16% from Rs 13.41 Cr.^[2]
Hubs & Spindles sales fell 15.90% YoY in FY25. Management said customers were cutting their inventories.^[2]
A hydraulic gear pump developed in-house over a five-year R&D programme was launched in FY2026.^[3]
Agri products in the pipeline include inter-row weeders, laser levellers, potato planters/diggers and a superseeder (Q3 FY26 call).^[5]

Capacity and operations

Annual automotive capacity is Rs 200 Cr and was 50-55% utilised in FY26.^[3]
Annual Agri capacity is Rs 150 Cr and was 8-10% utilised in FY26.^[3]
A dedicated greenfield line for a US OEM went from ground-breaking to production in 12 months. Mass production began on 15 December 2025.^[5][3]
A 30,000 sq ft sub-assembly and warehouse plant was completed, and consolidated fixed assets rose 99% (Q1 FY26 call).^[2]
R&D spend was about 2% of revenue (Q1 FY26 call).^[2]

Customers and exports

Exports made up about 94% of the mix (Q4 FY26), compared with about 97% in H1 FY26.^[3][6]
The top customer accounted for 47% of revenue in H1 FY26, the same share as a year earlier.^[6]
US revenue was Rs 41.07 Cr in H1 FY26, up 39.12% from Rs 29.52 Cr.^[6]
Three new US customers were added during FY26.^[3]
TAFE rotavator parts have been in full-scale production since July 2025. TAFE approved the rotavator blade, and commercial blade sales began in January 2026.^[3]
Agri distributors are currently in Maharashtra, Karnataka and MP (Q4 FY26).^[3]

Order book

The multi-year order book was above Rs 500 Cr in FY26.^[3]
The company won a Rs 470 Cr order from a US Tier-1 OEM, to be delivered over 9 years, in December 2024. By Q4 FY26 it was running at full rate, and management expects about Rs 60 Cr of revenue from it in FY27.^[2][3]
It won a Rs 10.5 Cr-a-year long-term order from a US OEM, with production due to start in Q3 FY27. Another US customer's order is estimated at Rs 10 Cr a year.^[3]

Plans and targets

Management targets about 40% of revenue from OEMs by FY27.^[3]
Segment revenue targets: automotive about Rs 165 Cr in FY27E and Rs 195 Cr in FY28E; Agri about Rs 30 Cr in FY27E and Rs 50 Cr in FY28E.^[3]
Management puts the Agri business's long-term potential at Rs 250 Cr and plans to expand to Tier-1 OEMs in the US, Europe and Asia.^[3]
In Q2 FY26 management said no major capex was planned and that Rs 21.48 Cr of capital work in progress would be capitalised in H2 FY26.^[6]

Recent developments

The company plans to move to the mainboard within about one year and then acquire Emmbros Automotives, a related party (Q4 FY26 call).^[3]
In FY26, hiring for already-secured projects and higher depreciation at the subsidiary EMSPL kept PAT flat while turnover grew (Q4 FY26 call).^[3]
The FY25 AGM sought approval to raise the limit on unsecured loans to the subsidiary from Rs 20 cr to Rs 30 cr.^[1]

Market Cap

₹377 Cr

High / Low

₹204 / 105

Stock P/E

44.0

Price / Book

4.5

Book Value

₹45

EPS

₹4.0

No. of Shares

2.05 Cr

ROCE

11.7%

ROE

9.6%

OPM

13.0%

Debt / Equity

0.48

Sales

₹113 Cr

Net Profit

₹8 Cr

Promoter holding

74.5%

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