Divgi Torqtransfer Systems Ltd(DIVGIITTS)

NSE: DIVGIITTSBSE: 543812

₹ 908.25-1.21%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,778 crWebsite: www.divgi-tts.comUpdated: 24 Oct 2026

About

Divgi Torqtransfer Systems Ltd designs, develops and manufactures drivetrain systems, mainly 4WD transfer cases, EV transmissions, synchroniser systems and precision components, for passenger and light commercial vehicles. It reported FY26 revenue of ₹352.89 cr. It runs four plants across Pune, Shirwal (Satara) and Sirsi (Karnataka). Its customers include Tata Motors, Mahindra & Mahindra, BorgWarner and Magna.^[1]

Business segments

Transfer cases made up 53% of revenue in Q1 FY27 (₹76 cr, +93% YoY) and 49% in FY26. They serve domestic 4WD OEMs and global pickup truck programmes.^[2]
Components (precision parts) brought in ₹34.4 cr in Q1 FY27 (+83% YoY), led by export supply to BorgWarner and Magna. The segment grew 124% YoY in FY26.^[2]
E-Gear Drive (EV transmissions) brought in ₹5.7 cr in Q1 FY27, below the earlier quarterly run rate of ₹7-8 cr, because of OEM platform timing delays and inventory de-stocking.^[2]
By geography, domestic revenue was ₹205.58 cr in FY25 vs ₹251.51 cr in FY24. Export revenue was ₹13.33 cr in FY25 vs ₹1.92 cr in FY24.^[3][4]

Products and brands

The portfolio covers 4WD transfer cases (chain-driven and electronic shift-on-the-fly), synchroniser systems, automatic locking hubs, torque couplers, EV transmissions and manual-cum-automatic transmissions.^[3]
Proprietary branded products include the Nextrac® Coupler and Auto Locking Hubs.^[3]
The company introduced India's first locally manufactured EV transmissions and has developed five EV driveline products in total.^[3]
In FY26 the company developed a next-generation Torque-on-Demand Transfer Case that works with Mahindra's M-Lock technology. It is under discussion for use in production models.^[5]
The company is widening its portfolio across passenger vehicles, commercial vehicles, tractors and construction equipment to rely less on one niche (FY25).^[3]

Manufacturing operations

The company has four plants (two in Pune, one in Shirwal in Satara district and one in Sirsi, Karnataka) and one national office.^[3]
Installed transfer case capacity was about 9,000 units a month as of Q3 FY26.^[6]
Capacity utilisation for EV transmissions stayed at 25-30% in Q4 FY26. Overall transfer case utilisation was above 70% in FY26.^[5]
The company holds 25 acres of land in Sirsi and 10 acres in Shirwal, which it describes as enough for near-term expansion.^[2]
R&D spending was ₹136.53 million in FY25. The company holds 6 registered IPRs and has signed an MoU with BITS for joint R&D.^[3]

Key operating numbers

Transfer case volumes rose from about 32,000 units in FY25 to about 52,000 units in FY26. Component shipments exceeded 1.3 million parts in FY26.^[5]
Export revenue grew from ₹10.8 cr in FY25 to ₹66.9 cr in FY26 and reached about ₹23 cr in Q1 FY27, around 16% of the revenue mix.^[5]
EV transmission volumes were about 24,000 units in FY26. The Sigma (90-120 kW) platform has production approval, with start of production expected in Q2 FY27.^[5]

Customers and markets

Domestic customers include Tata Motors, Mahindra & Mahindra, Force Motors, MG Motors and Toyota Kirloskar. Export customers include BorgWarner and Magna.^[3]
Every export component contract is exclusive (about ₹23 cr a quarter in Q1 FY27). Export markets include the US, Mexico and Portugal (an Audi application).^[2]
The company is the exclusive transfer case supplier to Tata Motors and Mahindra & Mahindra for the Indonesia government pickup truck programme, 70,000 units in total.^[6]
The company was one of three global vendors shortlisted from 15 to supply a complete geared set for one of America's largest OEMs.^[3]
The company says its presence spans four countries, which reduces its reliance on any single market (FY25).^[3]

Expansion and capex

Project Mayflower: the company has set up a US subsidiary in Greenville, SC. A greenfield plant is planned for H2 CY2028 at the earliest, with an initial investment of about $5 mn.^[2]
A new transfer case assembly line at Shirwal, built with a German automation partner, is planned for 400 units a day (about 120,000 a year). Installation was under way as of Q1 FY27.^[2]
The company has won a first contract for LCV manual transmissions. Revenue is expected from FY28, and the company puts the India LCV MT market at ₹100-150 cr.^[2]
Proof-of-concept testing of an 8-speed wet-clutch DCT on a customer vehicle is due to finish by Q3 FY27. First revenue is targeted for H2 CY2028 at the earliest.^[2]
As of FY24, most of the ₹1,507.07 million in IPO proceeds set aside for capex was unspent: ₹257.33 million used and ₹1,249.74 million remaining.^[4]

Recent developments

Q1 FY27 revenue was a record ₹141.8 cr (+85% YoY), driven by the Indonesia 4x4 transfer case programme.^[2]
The Indonesia programme (Tata Yodha and Mahindra Scorpio Pik-Up, 70,000 units) was about 30% complete by the end of Q1 FY27, with the rest due over the remaining quarters of FY27.^[2]
Japan's oldest truck OEM, through Toyota Tsusho, nominated the company to supply transfer cases for a global pickup platform. Start of production is targeted for H1 FY28.^[7]
The company added an FWD-based AWD application, with content of more than ₹30,000 per vehicle, in the 4-6 months before Q1 FY27.^[2]
The company delivered 1,500 transfer case units to three divisions of the Indian Army for armour-plated tactical vehicles.^[3]
Shipments to South Africa for the same global pickup programme are planned to start in FY28.^[2]

Market Cap

₹2,778 Cr

High / Low

₹1,326 / 570

Stock P/E

43.9

Price / Book

4.4

Book Value

₹208

EPS

₹15.3

No. of Shares

3.06 Cr

ROCE

10.2%

ROE

7.6%

OPM

16.8%

Debt / Equity

0.00

Sales

₹353 Cr

Net Profit

₹47 Cr

Promoter holding

60.5%

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