{"id":30970,"date":"2024-12-02T11:12:16","date_gmt":"2024-12-02T05:42:16","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=30970"},"modified":"2024-12-02T12:08:11","modified_gmt":"2024-12-02T06:38:11","slug":"alpha-ask-automotive-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ask-automotive-ltd-equity-research-desk\/30970","title":{"rendered":"Alpha | ASK Automotive Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30972\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/ASK-Automotive-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">ASK Automotive Ltd &#8211; Driving safety through innovation<\/span><\/h2>\n\n\n\n<p>Founded in 1988, ASK Automotive Ltd. is a leading auto-ancillary company in India, specializing in advanced braking systems (ABS) for 2-wheelers and precision aluminium lightweighting solutions. A market leader in 2-wheeler ABS, including brake shoes and disc brake pads, ASK serves OEMs, OES, and IAM segments. With 17 manufacturing facilities across India, it exports to over 12 countries and employs 7,000+ people. The company partners with top brands like Honda, Hero MotoCorp, Suzuki, TVS, Yamaha, Bajaj, Royal Enfield, Ola, and Ather.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image.png\"><img loading=\"lazy\" width=\"752\" height=\"504\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image.png\" alt=\"\" class=\"wp-image-30974\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-300x201.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>ASK Automotive Ltd. offers products across three key segments:<\/p>\n\n\n\n<ul><li><strong>Advanced Braking Systems (ABS):<br><\/strong>Brake shoes, brake pads, brake panel assemblies, clutch plates, clutch shoes, brake linings, disc brake pads, and brake liners.<\/li><li><strong>Aluminium Lightweight Precision Solutions (ALPS):<br><\/strong>Crank cases, engine covers, pillion grips, ECU bodies, throttle bodies, and electric motor housings.<\/li><li><strong>Safety Control Cables:<br><\/strong>Front brake cables, rear brake cable assemblies, throttle cables, speedometer cable assemblies, and gear shift cables.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-1.png\"><img loading=\"lazy\" width=\"823\" height=\"305\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-1.png\" alt=\"\" class=\"wp-image-30975\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-1.png 823w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-1-300x111.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-1-768x285.png 768w\" sizes=\"(max-width: 823px) 100vw, 823px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY24, the company has 1 subsidiary and 1 joint venture.\u00a0<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Market Leadership:<\/strong> Dominates India\u2019s 2-wheeler ABS market with a ~50% share and is also a top manufacturer of ALPS and safety control cables, serving major OEMs with powertrain-agnostic products, including EV solutions.<\/li><li><strong>Expansion Plans:<\/strong> Setting up an 18th manufacturing plant in Bengaluru at an estimated cost of \u20b9200 crore, expected to be operational by Q4FY25 to cater to South India\u2019s OEMs.<\/li><li><strong>Export Growth:<\/strong> Secured \u20b975 crore in export orders during Q2FY25 and is focused on expanding its global footprint despite temporary disruptions in US operations.<\/li><li><strong>Renewable Energy Focus:<\/strong> Developing a 9.9 MWp mega solar power plant in Sirsa, Haryana, for in-house consumption, reinforcing its commitment to sustainability.<\/li><li><strong>EV Sector Push:<\/strong> Advancing lightweight aluminium products for EVs with a strong pipeline of innovative solutions tailored for EV OEMs.<\/li><li><strong>Diversification:<\/strong> Entering niche markets like 2-wheeler high-pressure die-cast (HPDC) alloy wheels to expand product offerings and market reach.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2.png\"><img loading=\"lazy\" width=\"1024\" height=\"658\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2-1024x658.png\" alt=\"\" class=\"wp-image-30976\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2-1024x658.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2-300x193.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2-768x493.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2-1536x987.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-2.png 1656w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q2FY25<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth:<\/strong> Recorded \u20b9976 crore in revenue, a 22% YoY increase from \u20b9798 crore in Q2FY24.<br><\/li><li><strong>Segment Performance:<\/strong><\/li><\/ul>\n\n\n\n<p><strong>Advanced Braking Systems (ABS): <\/strong>Achieved 18% YoY growth, maintaining market leadership.<\/p>\n\n\n\n<p><strong>ALPS: <\/strong>Witnessed 27% YoY growth.<\/p>\n\n\n\n<p><strong>Safety Control Cables:<\/strong> Improved by 18% YoY.<br><\/p>\n\n\n\n<ul><li><strong>EBITDA Growth:<\/strong> Increased by 51% YoY to \u20b9119 crore from \u20b979 crore, with EBITDA margin rising from 10% to 12%.<br><\/li><li><strong>Net Profit:<\/strong> Surged by 63% YoY to \u20b967 crore compared to \u20b941 crore in Q2FY24.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth:<\/strong> Achieved \u20b92,995 crore in revenue, marking a <strong>17% YoY increase<\/strong> over FY23.<\/li><li><strong>Operating Profit:<\/strong> Recorded \u20b9311 crore, reflecting a <strong>25% YoY growth<\/strong>.<\/li><li><strong>Net Profit:<\/strong> Posted \u20b9174 crore, a significant <strong>41% YoY increase<\/strong>.<\/li><li><strong>Expansion:<\/strong> Successfully commenced operations at a new manufacturing plant in Karoli, Rajasthan.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-3.png\"><img loading=\"lazy\" width=\"751\" height=\"353\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-3.png\" alt=\"\" class=\"wp-image-30977\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-3.png 751w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-3-300x141.png 300w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue &amp; PAT Growth: <\/strong>The company has achieved a revenue and PAT CAGR of 25% and 23%, respectively, over the 3-year period from FY21-24.<\/li><li><strong>Strong Return Ratios: <\/strong>Average ROE and ROCE stand at 19% and 20%, respectively, for the FY21-24 period.<\/li><li><strong>Capital Structure: <\/strong>The company maintains a strong capital structure with a debt-to-equity ratio of 0.43.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-4.png\"><img loading=\"lazy\" width=\"754\" height=\"219\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-4.png\" alt=\"\" class=\"wp-image-30978\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-4.png 754w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-4-300x87.png 300w\" sizes=\"(max-width: 754px) 100vw, 754px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook\u00a0<\/span><\/h2>\n\n\n\n<ul><li><strong>Rising Demand:<\/strong> India&#8217;s auto components industry has grown significantly, driven by increasing incomes, infrastructure investments, and manufacturing incentives.<\/li><li><strong>Two-Wheeler Segment Dominance:<\/strong> The two-wheeler market, propelled by a growing middle class, led the industry with <strong>23.85 million units sold in FY24<\/strong>.<\/li><li><strong>OEM Growth:<\/strong> The surge in automobile demand has fueled the growth of original equipment manufacturers (OEMs) and auto component producers.<\/li><li><strong>Global Appeal:<\/strong> India&#8217;s automotive manufacturing expertise has boosted international demand for its vehicles and components.<\/li><li><strong>Localization Boost:<\/strong> The increasing presence of global OEMs in India has accelerated the localization of their components.<br><\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>Demographic Advantage:<\/strong> Expansion of the working population and a growing middle class are fueling demand.<\/li><li><strong>FDI Support:<\/strong> <strong>100% FDI<\/strong> under the automatic route boosts investments in the auto components sector.<\/li><li><strong>Future Potential:<\/strong> The Indian auto components industry is projected to reach <strong>US$ 200 billion by FY26<\/strong>, highlighting robust growth opportunities.<br><\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>ASK Automotive stands out among competitors like Endurance Technologies Ltd. and Uno Minda Ltd., showcasing steady revenue growth, superior return ratios, and robust earnings potential. Its financial stability and efficient capital utilization underline its ability to deliver consistent income and returns, setting it apart in the auto components industry.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"147\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5-1024x147.png\" alt=\"\" class=\"wp-image-30979\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5-1024x147.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5-768x110.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-5.png 1495w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li><strong>Karoli Plant Ramp-Up:<\/strong> Production at the new facility has achieved positive EBITDA margins, with full capacity utilization expected in 1-2 years.<br><\/li><li><strong>Investment Plans:<\/strong> CAPEX guidance set at \u20b9250-300 crore for FY25, alongside a targeted <strong>25% ROE<\/strong>.<br><\/li><li><strong>Growth Drivers:<\/strong> Expansion supported by economies of scale, new orders, client acquisitions, increased production at new facilities, and cost optimization efforts.<br><\/li><li><strong>Sustainability Commitment:<\/strong> The nearing completion of a solar plant aligns with sustainability goals, offering a 5-year payback period.<br><\/li><li><strong>Debt Reduction:<\/strong> Actively working on lowering the debt ratio to strengthen the capital structure.<br><\/li><li><strong>Recognition:<\/strong> A recent rating upgrade from CRISIL underscores the company\u2019s robust business model and growth potential.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6-1024x712.png\" alt=\"\" class=\"wp-image-30980\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-6.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>ASK Automotive&#8217;s market leadership, strategic focus on the EV sector, export expansion, and product diversification position it for sustained growth. These factors drive our positive outlook, leading to a <strong>BUY recommendation<\/strong> with a target price (TP) of <strong>\u20b9548<\/strong>, representing <strong>47x FY26E EPS<\/strong>.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Industry Risk:<\/strong> Approximately <strong>80% of the company\u2019s revenue<\/strong> comes from India\u2019s 2-wheeler automotive sector. Any adverse changes in this industry could negatively affect the company&#8217;s operations and financial health.<\/li><li><strong>Raw Material Price Volatility:<\/strong> Disruptions in the supply or fluctuations in the prices of key materials, particularly <strong>aluminium<\/strong>, could put pressure on the company\u2019s margins.<br><\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/ASK+Automotive+Ltd+-+Dec+2024.docx+(1).pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 29 November 2024)<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7.png\"><img loading=\"lazy\" width=\"1024\" height=\"231\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7-1024x231.png\" alt=\"\" class=\"wp-image-30981\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7-1024x231.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7-300x68.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7-768x173.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-7.png 1162w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-max-healthcare-institute-ltd-equity-research-desk\/30933\">Max Healthcare Institute Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-newgen-software-technologies-ltd-equity-research-desk\/30891\">Newgen Software Technologies Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-kirloskar-pneumatic-company-ltd-equity-research-desk\/30824\">Kirloskar Pneumatic Company Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-jindal-saw-ltd-equity-research-desk\/30757\">Jindal Saw Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASK Automotive Ltd &#8211; Driving safety through innovation Founded in 1988, ASK Automotive Ltd. is a leading auto-ancillary company in India, specializing in advanced braking systems (ABS) for 2-wheelers and precision aluminium lightweighting solutions. A market leader in 2-wheeler ABS, including brake shoes and disc brake pads, ASK serves OEMs, OES, and IAM segments. With [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1123,1060,1033,745,1063,897,892,903,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ASK Automotive Ltd Stock Analysis December - 2024<\/title>\n<meta name=\"description\" content=\"ASK Automotive Ltd \u2013 &quot;Driving Innovation, Ensuring Safety&quot; reflects its dedication to leadership in the auto components industry, delivering cutting-edge solutions with precision and reliability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ask-automotive-ltd-equity-research-desk\/30970\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASK Automotive Ltd Stock Analysis December - 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