Search+Intelligent InvestingRepresentational image.SynopsisThis is a story about a company that is simultaneously an asset and an anomaly. An asset because it builds a tangible, necessary product, generates surplus cash, and has demonstrated longevity across economic cycles. An anomaly because its entire commercial existence is structured around one buyer, who also happens to be its promoter. The company has adapted through multiple transitions, from diesel to CNG and now to EV. But the deeper question is whether the relationship with its dominant promoter-customer is a moat or a ceiling.It is very likely that we are going to witness a push toward EV in coming quarters and the auto ancillary units which are associated with EV transitions are also going to get more attention on the street.Some companies are difficult to understand because their businesses are complicated. This one is difficult for a different reason. Its business is simple, tangible and long-running. The unusual part is the relationship around it.The same group ETMarkets.com 29 mins read, Last Updated: Jun 11, 2026, 12:15:00 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