Target: ₹1,325CMP: ₹1,238.05India Nippon Electricals Ltd (INEL) is an automotive electronics and ignition systems manufacturer, primarily serves 2W, 3W & general-purpose engine OEMs. It operates three manufacturing facilities located in Tamil Nadu, Puducherry and Haryana, supported by a dedicated R&D and Technology Centre in Hosur. It exports to more than 10 countries across North America, Europe, ASEAN, and other international markets.INEL retained its No 1 position in the Flywheel Magneto segment and continued to gain market share across key OEM platforms, premium motorcycles, ISG products, and electronic components. The company’s aftermarket business contributed ₹117 crore in FY26 (11 per cent of revenue), up from 8 per cent (₹38 crore) of revenue in FY21, reflecting growing brand strength and distribution reach.INEL is transforming from a traditional ignition systems supplier into a mobility electronics company, expanding its portfolio across EFI ECUs, sensors, ISG systems, motor controllers, traction motors, DC-DC converters, TPMS, and display clusters.The company is expanding its presence across North America, Europe, ASEAN, Japan and other global markets. Increasing exports provide diversification and reduce dependence on the domestic market.Company derives major portion of revenue from TVS Motors which has been outperforming the overall two-wheeler industry growth.Key risks: Customer concentration; volatility/dislocation in raw material supply chain; industry slowdownPublished on July 13, 2026