Sterling Tools Ltd(STERTOOLS)

NSE: STERTOOLSBSE: 530759

₹ 201-2.59%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 731 crNext results: 27 Oct 2026Website: www.stlfasteners.comUpdated: 24 Oct 2026

About

Sterling Tools runs two businesses: a mature, high-volume automotive fasteners operation and a growing EV components business, run through the subsidiaries Sterling E-Mobility Solutions (SEM) and Sterling Tech-Mobility (STML). It is the 2nd largest maker of fasteners for OEMs in India, with a domestic automotive fastener market share of 25-30% in FY26. Reported revenue was 827.81 in FY26.^[1][2][3]

Business segments

Standalone fastener total income was INR725.9 cr in FY26, up 11.4% YoY, while consolidated total income was INR839.5 cr, down 19.1% YoY because of weakness at SEM.^[2]
Standalone fastener total income grew 23.7% YoY to INR201.9 cr in Q1 FY27.^[4]
SEM revenue was about INR380 cr in FY25. Its anchor customer then began making the product in-house, which cost SEM close to INR280 cr of revenue in one year.^[4]
SEM's end-user mix in 9M FY26 was 2W 56%, LCV/HCV 32% and 3W 13%.^[5]
In Q1 FY27, commercial vehicles made up about 65% of SEM's planned revenue and 2W/3W about 30-35%.^[4]

Products and technology

Fastener products include axle, engine, wheel and standard bolts, special fasteners and sealant parts. The portfolio has 2,000+ part numbers, and 80-90 new products are added each year (FY26 annual report).^[1]
SEM's products cover integrated motor-controller units, DC/DC converters, onboard chargers, off-board chargers and rare-earth-magnet-free motors (as of FY26).^[2]
STML makes HVDC contactors and relays at a fully automated plant in Bengaluru, set up with Kunshan GLVAC Yuantong (FY26 annual report).^[1]
The group had 6 technology partnerships in FY26: Jiangsu Gtake for MCUs, Landworld Shenzhen for OBC, DC-DC and PDU, and AEM UK for magnet-free motors, among others.^[1]
The group partnered with MINIEYE in Q3 FY26 for ADAS and driver monitoring, and with Nanjing Haohang in Q4 FY26 for two-wheeler rider assistance systems (ARAS).^[5][2]

Operations and capacity

Fastener installed capacity was 4,000 MT per month across three manufacturing plants and a wire drawing facility (FY26).^[1]
The standalone plants are at DLF Faridabad, Ballabgarh (Faridabad), Prithla (Palwal) and Vemagal (Kolar, Bengaluru). All facilities are IATF 16949 certified.^[1]
Standalone fastener capacity utilisation was 90-95% in Q1 FY27.^[4]
Peak revenue capacity on current installed lines in Q1 FY27: INR300+ cr for SEM and about INR140 cr for STML (on 3 shifts).^[4]
SEM's MCU capacity was 6,00,000 units a year in FY26.^[6]
SEM has two technology centres, in Faridabad and Bengaluru, with over 60 engineers (FY26).^[1]

Key operating numbers

SEM had 20 business contracts and 33 live customer programs in FY26 (33 in Q1 FY27, up from 28+ in FY26 as stated on the Q4 FY26 call).^[1][4][2]
STML had 7 customer program wins as of Q1 FY27.^[4]
Content per vehicle on heavy bus and truck platforms was INR3-3.5 lakh per unit in Q1 FY27.^[4]
The fastener business secured new business wins of about INR64 cr in FY26.^[2][1]

Customers and markets

88% of fastener revenue came from the OEM channel (FY26).^[1]
Fastener customers include Tata Motors, Ashok Leyland, Daimler, Maruti Suzuki, Hyundai, Mahindra, Hero MotoCorp, Honda, John Deere, Escorts, CNH and JCB (FY26).^[1]
The company entered the Tata Passenger Vehicle segment in FY26. Hyundai, a newly won customer, began contributing early revenue in Q2 FY26.^[2][6]
The company exports to Europe, North America, South America and Asia (FY26).^[1]
STML signed an outsourcing and export agreement with GLVAC for overseas markets; North America is being explored (Q1 FY27).^[4]
SEM received business confirmations from 4 OEMs in Q1 FY27, after awards from five LCV and HCV customers for multi-function units in Q3 FY26.^[4][5]

Expansion and capex

Standalone fastener capex for FY27 is about INR80 cr, up from about INR75 cr guided in Q4 FY26. A further INR25-30 cr next year is expected to build revenue capacity to INR1,000 cr.^[4][2]
SEM's onboard charger and multifunction unit lines are due to be commissioned by end of Q2 FY27, with supplies expected in December 2026 or January 2027 after about 4 months of customer road trials.^[4]
STML's commercial supplies of HVDC contactors and relays were set to begin in July/August 2026 (Q2 FY27).^[4]
Management targets breakeven for both SEM and STML in FY28, at revenue of about INR175 cr for SEM and about INR70 cr for STML.^[4]

Recent developments

Sterling Gtake E-Mobility was renamed Sterling E-Mobility Solutions Limited with effect from 14 October 2025.^[1]
Haryana Ispat Private Limited, a wholly owned subsidiary, was amalgamated into the company during FY26.^[1]
In Q2 FY26, the company received enhanced land compensation of INR9.5 cr, including INR6.22 cr of interest, from Delhi Metro Rail Corporation.^[6]
In Q4 FY26, management said the EV opportunity timeline had shifted by 3-5 years, deferring its 50% non-fastener revenue target by about a year.^[2]

Market Cap

₹731 Cr

High / Low

₹323 / 157

Stock P/E

30.3

Price / Book

1.5

Book Value

₹145

EPS

₹8.1

No. of Shares

3.63 Cr

ROCE

7.2%

ROE

5.7%

OPM

5.7%

Debt / Equity

0.25

Sales

₹828 Cr

Net Profit

₹29 Cr

Promoter holding

64.9%

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