ET Prime Special Series: Multibagger or IBC - Part 59: Japan taught it. Tata bought it. Now EVs will test this auto ancillary

This 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.

Raccontata daeconomictimes.indiatimes.com