ET Prime Special Series: Multibagger or IBC - Part 60: This auto ancillary built its empire on one family. Can it survive the EV test?

It 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?

Raccontata daeconomictimes.indiatimes.com