Search+Intelligent InvestingRepresentational image.SynopsisIt began life making bicycle parts in Gujarat, the changed its name and business. That created scale, stability, and growth. A single customer contributes over 90% of standalone revenue. In FY25, the standalone business declined about 5%, but consolidated numbers improved because of a subsidiary growing in wind energy, defence, and aerospace composites. The question for investors: Can anchor-customer concentration genuinely reduce, and will the subsidiary provide a different earnings engine?When the customer is also the cousin, the difficult questions never get asked. Nine of every 10 rupees this small Indian auto ancillary earns comes from one buyer, a buyer built by the same family that built this supplier. For three decades, the relationship has run on trust, not tenders. It has produced scale, but very little independence. Now the buyer is starting to make electric scooters. Electric scooters need many things the supplier ETMarkets.com 26 mins readMay 27, 2026, 05:29:00 PM ISTGift this Story to your friendsFONT SIZEAbcSmallAbcMediumAbcLargeSAVEPRINTCOMMENTContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories & personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions & in-depth stock reportsSubscribe NowETUh-oh! This is an exclusive story available for selected readers only.Worry not. You’re just a step away.What’s Included withETPrime Membership