Investment Case

Sharpening our
competitive advantage

With a history spanning decades, we have built a remarkable brand through our commitment to innovation and building long-lasting relationships with our customers. We closely monitor market trends and prioritise innovation to create value for our customers. This approach allows us to maintain our reputation as a trusted partner to key industries.
Well-Positioned in the Industry

With significant growth opportunities, India is well-positioned to witness sustainable and robust growth in the mobility and energy sectors.

15 lakh crore

India aims to double its auto industry size to ₹ 15 lakh crore by 2024

66.52 %

The Indian electric vehicle market is expected to experience a CAGR of 66.52% between 2022 and 2029, with projected growth from USD 3.21 billion to USD 113.99 billion

22.5 million

India is expected to have 22.5 million end-of-life vehicles by 2025


India is the third-largest producer and second-largest consumer of electricity worldwide

280 GW

India has taken up the solar capacity ambition of 280 GW by 2030

5.48 %

The Household Appliances market is projected to reach USD 80.95 billion in 2023, and is expected to expand at a CAGR of 5.48% between 2023-2028

Diversified Portfolio

Our well-diversified portfolio of revenue streams will continue to fuel our growth. Our Mobility segment has gained significant market share with our OEMs, thanks to our exceptional customer service and unparalleled quality. We are also pioneers in automobile recycling in India.

We cater to the energy and home appliance sectors in the Energy business by providing essential components. We are also a top leading high-qualityelectrical steel component supplier in India. We are focussed on capitalising increased localisation driven by PLI schemes.

R&D and Technology Leadership

Our team is committed to creating innovative products that facilitate our transition from just a steel processor to a value-added component manufacturer that caters to the industry’s evolving demands.


New Components Developed in FY 2022-23

Robust Financial Profile

Our optimal capital structure has placed us in a strong financial position to pursue and achieve our growth aspirations. We have maintained healthy cash and bank balances, which have significantly bolstered our liquidity profile.


Net Debt to Equity Ratio in FY 2022-23

Consistent returns to shareholders

Our track record of consistent financial performance speaks volumes about our Company’s commitment to delivering value to our shareholders. Our consistent financial performance results from our well-defined business strategies, operational efficiency, and ability to adapt to changing market conditions.

27.33 per share

Dividend in FY 2022-23


Revenue growth (5-year CAGR)


PAT growth (5-year CAGR)

Strong leadership and independent Board

Our organisation’s success lies in the expertise and experience of our diverse team of professionals who guide our strategic decisions with the best interests of our Company and stakeholders in mind. Our Board and management team, with their varied backgrounds and areas of expertise, work collaboratively towards our strategic goals of increasing profitability, optimising efficiency, and integrating sustainability into our operations.


Average experience of the senior leadership team

Business Model

Our canvas of
value creation

Financial Capital
  • Net Fixed Assets as on FY2022-23 ₹ 404.4 crore
  • Net Working Capital as on FY2022-23 ₹ 636.4 crore
  • Net Worth as on FY2022-23 ₹ 996.2 Crore
  • Net Debt to EBITDA Ratio 0.59
Manufactured Capital

Total Number of Facilities

  • Steel Service Centres 10
  • Automotive Recycling Centres 9
Social and Relationship Capital
  • Amount Spent on Community Development Projects ₹ 2.48 Crore
Human Capital
  • Total No. of Employees 410
  • Total No. of Contractual Workers 550
  • Total Training Hours 13,456
  • Employees Trained (Man hours) 5 days
Intellectual Capital
  • Digitisation Efforts at MAL 43 Projects
Natural Capital
  • Energy Consumption 49,630 GJ
  • Renewable Energy Consumed 1,922 GJ
  • Total Water Consumption 47,387 m3
  • Natural Raw Materials Procured 4,39,967 tonnes

Drive positive change in the lives of our communities. Only when we enable others to rise will we rise #TogetherWeRise

Brand Pillars
  • Rise for a More Equal World Climate Change, Inclusion, Ethics
  • Rise to be Future Ready Customer-Focused, Technology, Innovation
  • Rise to Create Value Entrepreneurship, Scale, Impact
Core Value
  • Professionalism
  • Good Corporate Citizenship
  • Customer First
  • Quality Focus
  • Dignity of the Individual
Our Businesses
  • Mobility Components
  • Energy Components
Financial Capital
  • Net Revenue ₹ 4188.4 Crore
Manufactured Capital
  • Volumes (in tonne) 4,44,329 tonnes
Social and Relationship Capital
  • Customer Satisfaction Index 95
  • No. of People Benefiting from Community Investments 2,368
Human Capital
  • Great Place to Work Rank 3rd
  • Women in Workforce 5%
  • Workforce Covered through Unions 45
Intellectual Capital
  • No. of New Digital Initiatives Planned for FY 2023-24 19 Projects
Natural Capital
  • Water Recycled 6%
  • Scope 1 + 2 Emissions 4,269 MTCO2

Driving engagement
to gain insights

The involvement of our stakeholders is pivotal in shaping our journey towards excellence. Our ability to address their expectations and concerns significantly impacts our value creation abilities. Thus, we have implemented a stakeholder engagement process to gather critical insights and establish sustainable and responsible practices throughout our value chain. By incorporating stakeholder feedback into our decision-making, we strive to create long-term value for all stakeholders involved.

Why we engage

We are committed to a transparent engagement with shareholders to ensure a clear understanding of how our Company performs in all areas, from strategic and financial performance to environmental, social and governance.


Our ability to meet fast evolving consumer needs is a priority as a consumer-centric company. Delivering quality products and expanding our consumer base are key to our sustainable growth journey.

Our people

Our workforce is our most valuable asset, and their health, safety and well-being are of paramount importance. Having engaged teams is important to us and we want all colleagues to be committed to our vision.


Our suppliers are critical to our supply chain, and we need them to work in partnership with us. The aim is to increase the strength of the supplier base.

Communities and our Environment

We engage with the communities that we operate in to build trust and drive intervention across health, skill development and education. Moreover, minimising the impact we have on the environment is a priority.

How we engage

We encourage engagement throughout the year and are transparent in all areas of the business. Our CFO and Finance team have regular sessions with investors to ensure they understand our investment proposition, ESG performance and current performance. Moreover, provide timely responses to shareholder queries.


Our sales teams frequently engage with our focus customers to understand our performance and explore new opportunities. We also conduct market research to derive insight on emerging trends and preferences.

Our people

We believe communication is best from line managers to teams, so while we have regular town halls with senior management, we work to ensure messages are cascaded and discussed. We track the performance of all our team members and provide inputs to grow and excel.


We hold regular business reviews with our key suppliers to monitor performance and to understand their challenges, issues and concerns throughout the year.

Communities and our Environment

Our key areas of focus include how we can support local causes and issues and undertake need-based impact-led interventions. We also help to look after the environment by minimising our footprints.

Key topics discussed
  • Business strategy and execution plans
  • Consistency in financial performance and returns
  • Sound corporate governance
  • ESG priorities and strategy
  • Broad portfolio with ample choices across categories
  • Customer requirements and pain areas
  • Responsible and inclusive marketing
Our people
  • Health, safety and well-being
  • Growth through learning and development opportunities
  • Sense of belonging and purpose
  • Diversity and inclusion
  • Code of Conduct
  • Supplier performance
  • Component shortages and mitigation and expediting
Communities and our Environment
  • Understanding from communities, their concern areas and supported by our employees to have a larger impact
  • Sharing with communities our sustainability strategy
How we responded
  • Focused decisions and actions
  • Strong delivery of financial performance
  • Adherence to highest standards of transparency and integrity
  • Constituting best-in-class Board with strong governance mechanisms
  • Focus on ESG with transparent and detailed disclosures
  • Working with the customer to get the most effective solution
  • Increasing development spend
  • High-quality manufacturing, sourcing and environmental standards
  • Products available at multiple price points and offering tangible value
  • Product and technology roadmaps based on emerging trends
Our people
  • Implementing smart recruitment methodologies
  • Enhance retention and succession planning
  • More engagement with the workforce
  • Integrated business planning
  • Supplier training
  • Consolidated our supplier base focusing on high quality
  • Worked with distributors to secure long-term demand for key components
Communities and our Environment
  • Annual reviews and checks
  • Emission reduction plans and targets
  • Water conservation practices
  • Upliftment programmes for the marginalised
Material Assessment

Addressing issues
that matter the most

Material issues have the potential to substantially impact our capacity to achieve our strategic objectives and create sustainable value for our Company in the short, medium, and long run. Through a systematic approach, we identify topics that are material to our business and stakeholders, ensuring that we do not miss any important factors. Regular materiality assessments enable us to take swift action on the identified concerns within the sector.

During FY 2021-22, we carried out an extensive materiality assessment to identify important issues to our business, mapping their potential impact on our operations. This helped us understand our stakeholders’ needs and aspirations, effectively translating the engagement into a long-term value-creation activity.

Materiality Assessment Process

Define purpose, scope and stakeholders

Identify potential topics

Stakeholder engagement survey

Response analysis

Senior management interaction for prioritisation of issues

Establish materiality matrix

We engaged with our internal and external stakeholders to take stock of their opinions and expectations related to issues that may impact our businesses. We engaged with 150 stakeholders and have established a materiality matrix, mapping our issues on a spectrum of ‘High to Very High’ priority.

Materiality Matrix
Material Issues
  • 1

    Energy Management

  • 2

    Circular Economy

  • 3

    Corporate Governance and Compliance

  • 4

    Customer Relationship Management

  • 5

    Occupational Health and Safety

  • 6

    New Growth Opportunities, Brand Reputation and Business Continuity

  • 7

    Digitisation, Data Protection and Privacy

  • 8

    Risk and Crisis Management

  • 9

    Labour Management

  • 10

    Economic Performance

  • 11

    Human Rights

  • 12

    Technology, Product and Process Innovation

  • 13

    Employee Attraction and Retention

  • 14

    Climate Change

  • 15

    Operational Eco-efficiency

  • 16

    Employee Training and Development

  • 17

    Supply Chain Sustainability

  • 18

    Fair Employment

  • 19

    Diversity and Inclusion

  • 20

    Community Development

  • 21

    Air Emissions

The Year in Review
ESG commitments