Search+Intelligent InvestingSynopsisThe most interesting part of this old auto story is not nostalgia. It is how the company, after leaving the consumer vehicle market, has rebuilt itself as an auto-component business that today serves domestic and overseas customers. That base is now being used to support a fresh EV push. But the transition has made the investment case complex. Not every capability within the wider EV ecosystem is owned by the listed company in the same way, while FY25 earnings were helped by non-operating income. The comeback to the B2C business has begun, but its economics are still being tested.For an entire generation, two words and a jingle were enough to summon a whole machine – light, simple, cheap, and the first vehicle most of them ever owned. Then it quietly disappeared from the roads.But the company that made it did not disappear. It did something unusual instead. It stepped out of selling vehicles altogether and moved behind them, making the parts that go inside other people's cars, trucks and tractors. For years, that is what ETMarkets.com 32 mins readAug 12, 2026, 11:24:00 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
ET Prime Special Series: Multibagger or IBC - Part 71: This small-cap auto supplier is trying to become a consumer brand again
The most interesting part of this old auto story is not nostalgia. It is how the company, after leaving the consumer vehicle market, has rebuilt itself as an auto-component business that today serves domestic and overseas customers. That base is now being used to support a fresh EV push. But the transition has made the investment case complex. Not every capability within the wider EV ecosystem is owned by the listed company in the same way, while FY25 earnings were helped by non-operating income. The comeback to the B2C business has begun, but its economics are still being tested.
Small-cap auto supplier relaunch to EV consumer market after B2B restructuring; FY25 results artificially elevated by non-operating income and capability fragmentation in EV stack. For tech procurement: strategic risk—fragile economics and earnings transparency issues suggest caution on long-term vendor viability.
