Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Quick Facts / Company Snapshot
| Metric / Parameter | Disclosed Company Detail |
| Official Company Name | Sharda Motor Industries Limited |
| Corporate Identity Number (CIN) | L74899DL1986PLC023202 |
| Year of Incorporation | January 29, 1986 |
| Headquarters & Registered Office | D-188, Okhla Industrial Area, Phase-I, New Delhi – 110020, India |
| Stock Exchange Listings | BSE Limited (Scrip Code: 535602) & National Stock Exchange of India Limited (Symbol: SHARDAMOTR) |
| Managing Director | Shri Ajay Relan |
| Chief Executive Officer (CEO) | Shri Aashim Relan |
| Chief Financial Officer (CFO) | Shri Ghan Shyam Dass |
| Executive Director & Company Secretary | Shri Nitin Vishnoi |
| Total Revenue from Operations (FY26) | INR 339,677.10 Lakhs (INR 3,396.77 Crores / ~USD 361 Million) |
| EBITDA (FY26 Reported) | INR 41,910.00 Lakhs (INR 419.10 Crores / ~USD 45 Million) |
| Net Profit After Tax (Consolidated PAT FY26) | INR 34,540.89 Lakhs (INR 345.41 Crores) |
| Standalone Net Worth (FY26) | INR 132,597.38 Lakhs |
| Paid-up Equity Share Capital | INR 1,148.16 Lakhs (57,407,706 equity shares of INR 2 each) |
| Total Manufacturing Facilities | 9 Manufacturing Plants located across India |
| R&D and Design Infrastructure | 1 R&D Centre in Chennai (India) & 1 Design Centre in Namyang (South Korea) |
| Total Workforce Count | 1,156 Total Employees (801 Permanent) and 3,387 Total Workers (292 Permanent) |
| Credit Rating | CRISIL AA-/Positive (Long-Term) and CRISIL A1+ (Short-Term) |
| Debt Position | Zero-Debt Balance Sheet |
| Key Market Positions | ~30% Value Market Share in PV & LCV Emission Systems; ~14% in Control Arms & Links |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Company Overview
Sharda Motor Industries Limited (SMIL) is one of India’s leading automotive component design, engineering, and manufacturing enterprises. Incorporated on January 29, 1986, the company has spent four decades developing complex mechanical systems for major global and domestic original equipment manufacturers (OEMs). The enterprise specializes in manufacturing emission control systems, suspension assemblies, roof systems, and precision-stamped sheet metal components.
Headquartered in New Delhi, the company manages an extensive industrial network situated across India’s primary automotive manufacturing corridors. The business operates across four core verticals: Emission Control, Lightweighting Business, Global Business, and Supply Chain Management. These divisions cater to diverse vehicle classes, including passenger cars, light and heavy commercial vehicles, agricultural tractors, construction equipment, and stationary power generators.
- Four decades of specialized automotive manufacturing since initial incorporation in 1986.
- 9 state-of-the-art manufacturing plants located across Maharashtra, Tamil Nadu, Gujarat, and Uttarakhand.
- Dual research and development footprint spanning Chennai, India, and Namyang, South Korea.
- Zero-debt financial structure backed by sustained profitability and internal cash generation.
+-----------------------------------------------------------------------------------+
| SHARDA MOTOR INDUSTRIES LIMITED |
+-----------------------------------------------------------------------------------+
| | |
v v v
+--------------------+ +--------------------+ +--------------------+
| Emission Control | | Lightweighting | | Global Business |
| Vertical | | Vertical | | Vertical |
+--------------------+ +--------------------+ +--------------------+
| • Hot End Systems | | • Upper/Lower Arms | | • North America |
| • Cold End Systems | | • EV Suspension | | • European Union |
| • DOC, DPF, SCR | | • Subframes (TLA) | | • Off-Highway/CV |
| • Tractor/Gensets | | • Torsion Beams | | • Heat Shields |
+--------------------+ +--------------------+ +--------------------+
The organization’s operational model is built on deep backward integration. Rather than relying on external sourcing for intermediate parts, SMIL operates its own Electric Resistance Welded (ERW) precision tube mills, automated stamping presses, robotic welding stations, and prototyping labs. This structural integration allows the enterprise to control production costs, accelerate prototyping cycles, and meet evolving global safety and emission standards.
Business Segments
Sharda Motor Industries Limited structures its operational scope around critical automotive end-user applications and product categories. In statutory disclosures, the company operates under a single dominant segment—the manufacture of motor vehicle parts—which generates 98.99% of total revenue.
Related Posts
The company’s consolidated revenue from operations for FY 2025-26 reached INR 339,677.10 Lakhs. To provide complete visibility into end-market exposures, SMIL discloses the distribution of its operational revenue across vehicle categories. The following table details the revenue contribution, percentage of total revenue, and operational scope of each segment, sorted in descending order of revenue contribution:
| End-User Business Segment | Segment Contribution (%) | Disclosed / Computed Segment Revenue (INR Lakhs) | Operational Scope & Primary Engineering Deliverables |
| Passenger Vehicles (PV) | 52.00% | 176,632.09 (Calculated by FirmsWorld) | BS-VI RDE compliant petrol and diesel hot-end catalytic converters, cold-end exhaust mufflers, front and rear suspension control arms, and EV chassis links. |
| Commercial Vehicles (CV) | 44.00% | 149,457.92 (Calculated by FirmsWorld) | Heavy, medium, and light commercial vehicle exhaust aftertreatment systems (DOC, DPF, SCR), heavy-duty suspension links, and structural brackets. |
| Others (Tractors, CEV, Gensets, Exports) | 4.00% | 13,587.08 (Calculated by FirmsWorld) | Off-highway emission control architectures, Stage V tractor exhaust systems, construction equipment aftertreatment systems, and stationary generator mufflers. |
| Total Revenue from Operations | 100.00% | 339,677.10 | Integrated automotive component operations |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Consolidated FY26 Operational Revenue Split:
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| [■■■■■■■■■■■■■■■■■■■■■■■■■■] Passenger Vehicles: 52% (INR 1,766.32 Cr) |
| [■■■■■■■■■■■■■■■■■■■■■■] Commercial Vehicles: 44% (INR 1,494.58 Cr) |
| [■■] Others (Tractor/Genset): 4% (INR 135.87 Cr) |
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Passenger Vehicles (PV) Segment Profile
The Passenger Vehicles segment is SMIL’s largest operational contributor, accounting for 52% of total consolidated operational revenue. The division develops and supplies complete exhaust architecture and structural suspension assemblies to leading domestic and multinational automotive manufacturers.
- Generated INR 176,632.09 Lakhs (Calculated by FirmsWorld) in FY26 operational revenue.
- Holds an estimated ~30% value market share in the Indian passenger vehicle and light commercial vehicle emission control market.
- Supplies powertrain-agnostic chassis and suspension parts engineered for internal combustion engines, hybrids, and dedicated electric vehicle platforms.
Commercial Vehicles (CV) Segment Profile
Accounting for 44% of operational turnover, the Commercial Vehicles division supplies exhaust aftertreatment architectures engineered to withstand rigorous duty cycles and meet BS-VI Real Driving Emissions (RDE) standards. These systems integrate Diesel Oxidation Catalysts (DOC), Diesel Particulate Filters (DPF), and Selective Catalytic Reduction (SCR) canisters.
- Delivered INR 149,457.92 Lakhs (Calculated by FirmsWorld) in operational revenue during FY26.
- Engineered to reduce particulate matter and nitrogen oxides ($NO_x$) across light, medium, and heavy commercial vehicles.
- Provides balanced revenue diversification that protects the broader enterprise from cyclical swings in passenger car retail demand.
Others: Off-Highway, Tractors, Gensets & Exports Segment Profile
The Others segment represents 4% of total turnover, encompassing specialized engineering applications across agricultural tractors, construction equipment vehicles (CEV), stationary generator sets, and international export components.
- Contributed INR 13,587.08 Lakhs (Calculated by FirmsWorld) in FY26 revenue.
- Manufactures TREM-IV, Stage V tractor exhaust systems, and high-efficiency generator mufflers.
- Serves as the primary operational base for global component supply agreements targeting North American and European markets.
History and Evolution
Sharda Motor Industries Limited was established in 1986 to serve India’s burgeoning automotive ancillary ecosystem. Over four decades, the company evolved from a component manufacturer into an integrated Tier-1 systems supplier.
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| HISTORICAL MILESTONE ROADMAP |
+----------------------------------------------------------------------------------------------------+
1986 Inception and incorporation of Sharda Motor Industries
1987 Initial Public Offering (IPO) and listing on the Delhi Stock Exchange
1994 Commissioned 1st large-scale production facility; entered automotive trim business
1998 Entered exhaust systems manufacturing with the commissioning of the Chennai unit
2002 Ventured into suspension assemblies; established exhaust R&D unit
2007 Invested in backward integration through Mahindra World City (MWC) Tube Mill plant
2010 Established dedicated R&D Centre for emission control systems in Chennai
2011 Established Design & Development Centre in Namyang, South Korea
2013 Achieved first in-house development of Cold End & Hot End exhaust systems
2016 Expanded into agricultural tractor emission control systems
2019 Established 50:50 Joint Venture with Purem (formerly Eberspächer), Germany
2020 Demerged Seating Business; commenced commercial production of BS-VI product lines
2023 Commenced BS-VI RDE and TREM-IV production; set up Plant-II at Chakan
2024 Established Global Business Vertical; secured 3 product patents
2025 Formed Lightweighting Vertical; set up Plant-III at Chakan; signed Donghee TLA
2026 Set up manufacturing facility in Haridwar, Uttarakhand
+----------------------------------------------------------------------------------------------------+
- 1986–1998 (Foundational Era): Established its corporate footprint in Delhi NCR, completed an IPO in 1987, and expanded into exhaust systems via a dedicated manufacturing unit in Chennai.
- 2002–2013 (Engineering & Integration): Diversified into suspension assemblies, invested in backward integration through tube mills at Mahindra World City (MWC), and established dual R&D bases in Chennai and South Korea.
- 2019–2023 (Demerger & Technology Modernization): Partnered with Purem (Germany) in a joint venture, demerged the seating business to focus on complex systems, and transitioned production to BS-VI and BS-VI RDE standards.
- 2024–2026 (Global Expansion & Lightweighting): Launched the Global Business and Lightweighting divisions, signed a Technology Licensing Agreement with South Korea’s Donghee Industrial, commissioned Plant-III in Chakan, and established a facility in Uttarakhand.
Products and Services
The product ecosystem of Sharda Motor Industries Limited spans powertrain-dependent emission architectures, powertrain-agnostic suspension parts, and precision tubing and stampings.
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| SMIL ADVANCED PRODUCT SUITE |
+------------------------------------------------------------------------------------+
EMISSION SYSTEMS SUSPENSION & CHASSIS THERMAL & TUBES
• PV BS-VI Petrol Hot End • Upper Control Arms (LHS/RHS) • ERW Stainless Tubes
• PV BS-VI Diesel Hot End • Lower Control Arms (LHS/RHS) • ERW Aluminized Tubes
• PV BS-VI Cold End Mufflers • Rear Suspension EV Links • Temp-Controlled Tubes
• MHCV (DOC + DPF + SCR) • Subframes (Donghee TLA) • Thermal Heat Shields
• Tractor Stage V (DOC+DPF+SCR) • Torsion Beams (Donghee TLA) • Stamped Housings
+------------------------------------------------------------------------------------+
The table below provides details on SMIL’s product lines, sorted by operational scale and revenue contribution:
| Product / Service Category | Revenue Contribution Context | % of Total Revenue | Core Products Included & Functional Description |
| Emission Control Systems | Major Contributor (Part of 98.99% Manufacturing) | ~88% of core PV & CV revenue | Catalytic converters, Hot End assemblies, Cold End mufflers, DOC, DPF, SCR systems, Stage V tractor units, CEV aftertreatment systems, and generator mufflers. |
| Lightweighting & Suspension Systems | Rapidly Scaling (Part of 98.99% Manufacturing) | ~10% of gross sales | Front and rear upper/lower control arms, EV suspension links, rear stabilizer links, subframes, and torsion beams. |
| Tubing, Stampings & Adjacencies | Embedded / Direct Supply (Part of 98.99% Manufacturing) | Internal consumption & OEM sales | ERW stainless and aluminized steel tubes, stamped structural components, temperature-controlled tubes, and thermal heat shields. |
| Supply Chain & Global Sourcing | Global Business Operations | 0.37% direct exports in FY26 | Customized component supply chain management, export logistics, and international OEM distribution. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Emission Control Systems Profile
SMIL designs, simulates, tests, and manufactures complete exhaust aftertreatment systems compliant with BS-VI, BS-VI RDE, TREM-IV, TREM-V, and Stage V emission standards.
- Hot End Systems: Manifold-mounted close-coupled catalytic converters that initiate chemical oxidation immediately upon exhaust discharge.
- Cold End Systems: Underbody acoustic mufflers, resonator pipes, and tailpipes engineered to minimize exhaust backpressure and optimize fuel economy.
- Commercial Vehicle Aftertreatment Systems: Heavy-duty assemblies combining DOC, DPF, and SCR canisters for commercial vehicle fleets.
Lightweighting and Suspension Systems Profile
The Lightweighting vertical produces safety-critical chassis and suspension components that reduce overall vehicle mass while improving structural integrity and handling.
- Suspension Control Arms: High-tensile steel control arms (upper and lower, LHS/RHS) that deliver high strength-to-weight ratios.
- EV Suspension Links: Specialized rear suspension links engineered to handle the high instant torque and battery weight of electric vehicles.
- Subframes and Torsion Beams: Advanced structural chassis platforms manufactured under the Donghee Technology Licensing Agreement.
Precision Tube Mills, Stamping & Adjacencies Profile
The company operates two automated precision tube mills producing Electric Resistance Welded (ERW) stainless steel and aluminized steel tubes. These mills supply internal exhaust assembly lines and external industrial customers. Over 50 stamping presses across Chennai, Nashik, and Sanand fabricate stamped housings and brackets.
Brand Portfolio
Sharda Motor Industries Limited operates primarily as an enterprise B2B automotive systems supplier. Its brand architecture includes proprietary manufacturing brands and international technology partnerships:
| Brand / Trademark Entity | Licensing / Owning Entity | Target Vehicle Segments | Strategic Positioning & Scope |
| Sharda Motor (SMIL) | Proprietary Brand | Automotive exhaust systems, suspension arms, links, stamped sheet metal parts. | Core corporate brand representing domestic manufacturing and indigenous R&D. |
| Donghee (Licensed Brand) | Donghee Industrial Co. Ltd. (South Korea) | Advanced chassis subframes, torsion beams, lightweight suspension assemblies. | High-technology chassis licensing brand enabling vehicle content expansion. |
| Purem by Eberspächer (JV Brand) | Joint Venture Brand (Purem Germany) | Heavy commercial vehicle emission aftertreatment systems. | Global emission technology partnership for specialized heavy vehicle applications. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
+------------------------------------------------------------------------------------+
| BRAND ARCHITECTURE |
+------------------------------------------------------------------------------------+
[ SHARDA MOTOR ] -----------> Core Brand: Exhausts, Suspensions, Stampings
[ DONGHEE ] ---------------> Licensed Brand: Subframes, Torsion Beams, Chassis
[ PUREM JV ] --------------> Technology Brand: Advanced Heavy ATS Solutions
+------------------------------------------------------------------------------------+
- Sharda Motor: Covers proprietary exhaust lines, suspension control arms, and precision tube mill products.
- Donghee Partnership: Expands addressable content per vehicle from INR 2,000–8,000 up to INR 6,000–18,000.
- Purem Alliance: Strengthens commercial vehicle exhaust solutions through global technical standards.
Geographical Presence
Sharda Motor Industries Limited maintains 9 manufacturing plants, 3 domestic offices, and 1 international technical center. Manufacturing facilities are co-located near major Indian automotive OEM manufacturing clusters.
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| SMIL OPERATIONAL FOOTPRINT MAP |
+-----------------------------------------------------------------------------------+
NORTHERN CLUSTER:
• New Delhi : Corporate & Registered Office
• Haridwar, UK : Emission Control Systems Plant
WESTERN CLUSTER:
• Chakan, Pune (MH) : 3 Plants (Emission Systems, Suspension & Lightweighting)
• Satpur, Nashik (MH): 2 Plants (Exhausts, Roof Systems, Suspension Assembly)
• Sanand (Gujarat) : 1 Plant (Emission Control Systems & Stamping)
SOUTHERN CLUSTER:
• MWC Chennai (TN) : Plant 1 (Exhaust Systems, ERW Tube Mills, R&D Hub)
• SIPCOT Chennai (TN): Plant 2 (Emission Control Systems)
INTERNATIONAL HUB:
• Namyang, S. Korea : Design & Development Centre (Exhaust/CFD/Simulation)
+-----------------------------------------------------------------------------------+
The table below provides details on SMIL’s geographic locations, sorted by industrial clustering and operational presence:
| State / Region | Specific Facility Location | Nature of Facility & Operational Scope |
| Maharashtra (Pune) | Plot No. A-1/8, MVML Vendor Park, Chakan MIDC, Phase-IV, Pune – 410501 | Manufacturing Plant I: Emission control systems and suspension assemblies. |
| Maharashtra (Pune) | PAP K-20, 21 & 22, Khalumbre, Chakan MIDC Phase II, Pune – 410501 | Manufacturing Plant II: Advanced exhaust components and assemblies. |
| Maharashtra (Pune) | Gat No 19(P), 20(P), 22(P), Varale, Chakan MIDC Phase II, Pune – 410501 | Manufacturing Plant III: Modular lightweighting and chassis facility. |
| Maharashtra (Nashik) | Plot No. 112, MIDC, Satpur, Nashik – 422007 | Manufacturing Plant I: Emission control systems, roof systems, suspension assemblies. |
| Maharashtra (Nashik) | Plot No. 52/1, 52/2, 53/2A, 54A-D, Satpur, Nashik – 422007 | Manufacturing Plant II: Sheet metal stamping, fabrication, and press operations. |
| Tamil Nadu (Chennai) | P 12, 1st Avenue, Mahindra World City (MWC), Chengalpattu – 603002 | Manufacturing Plant & Core R&D Centre: ERW precision tube mills, exhaust systems. |
| Tamil Nadu (Chennai) | G-20, SIPCOT Industrial Park, Irungattu Kottai, Sriperumbudur – 602105 | Manufacturing Plant: Automotive emission systems and welded assemblies. |
| Gujarat (Sanand) | Plot No. C/8, Tata Vendor Park, Sanand-Viramgam Highway, Sanand – 382170 | Manufacturing Plant: Dedicated emission control systems and stamping units. |
| Uttarakhand (Haridwar) | 20, Sector IV, SIDCUL, Haridwar – 249403 | Manufacturing Plant: Modular scalable facility serving Northern OEM clusters. |
| Delhi (NCR) | D-188, Okhla Industrial Area, Phase-I, New Delhi – 110020 | Registered & Corporate Head Office. |
| International (S. Korea) | Namyang, Republic of Korea | Design & Development Centre: Advanced CAD, CFD, acoustics, and engineering. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Profit and Loss
During FY 2025-26, Sharda Motor Industries Limited recorded Standalone Revenue from Operations of INR 339,677.10 Lakhs, representing a 19.75% increase compared to INR 283,657.09 Lakhs in FY 2024-25. Total Revenue reached INR 348,275.89 Lakhs. Consolidated Net Profit After Tax rose to INR 34,540.89 Lakhs compared to INR 31,491.93 Lakhs in the previous year.
| Financial Statement Parameter | Standalone FY26 (INR Lakhs) | Standalone FY25 (INR Lakhs) | Consolidated FY26 (INR Lakhs) | Consolidated FY25 (INR Lakhs) |
| Revenue from Operations | 339,677.10 | 283,657.09 | 339,677.10 | 283,657.09 |
| Other Income | 8,598.79 | 8,328.09 | 8,598.79 | 8,328.09 |
| Total Revenue | 348,275.89 | 291,985.18 | 348,275.89 | 291,985.18 |
| Profit Before Finance Charges & Depreciation (EBITDA) | 50,475.12 | 47,969.97 | 50,473.07 | 47,964.91 |
| Less: Financial Costs | 433.15 | 393.33 | 433.15 | 393.33 |
| Profit Before Depreciation, Exceptional Items & Taxes | 50,041.97 | 47,576.64 | 50,039.92 | 47,571.58 |
| Less: Depreciation and Amortization | 6,345.64 | 5,822.62 | 6,345.64 | 5,822.62 |
| Less: Exceptional Items | 1,815.22 | — | 1,815.22 | — |
| Profit Before Tax (PBT) | 45,896.89 | 41,996.58 | 45,894.84 (Calculated by FirmsWorld) | 41,991.52 (Calculated by FirmsWorld) |
| Tax Expense: | ||||
| • Current Tax | 10,733.61 | 10,174.98 | 10,733.61 | 10,174.98 |
| • Deferred Tax Charged / (Released) | 526.63 | 322.64 | 526.63 | 322.64 |
| • Income Tax for Earlier Years | 96.29 | 7.35 | 96.29 | 7.35 |
| Profit After Tax (Before Associates & JV) | 34,155.02 | 31,249.05 | 34,152.97 | 31,243.99 |
| Share of Profit / (Loss) of Associate (net of tax) | — | — | 34.39 | 68.09 |
| Share of Profit / (Loss) of Joint Venture (net of tax) | — | — | 353.00 | 179.53 |
| Non-Controlling Interest | — | — | 0.53 | 0.32 |
| Profit for the Year (Net Profit / PAT) | 34,155.02 | 31,249.05 | 34,540.89 | 31,491.93 |
| Other Comprehensive Income (net of tax) | (85.23) | (36.02) | (85.23) | (36.02) |
| Total Comprehensive Income for the Year | 34,069.79 (Calculated by FirmsWorld) | 31,213.03 (Calculated by FirmsWorld) | 34,455.66 (Calculated by FirmsWorld) | 31,455.91 (Calculated by FirmsWorld) |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Financial Performance Progression (FY22 - FY26 in INR Crores):
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| Fiscal Year Revenue from Operations EBITDA Net Profit (PAT) |
+------------------------------------------------------------------------------------+
| FY22 2,255 228 149 |
| FY23 2,700 282 208 |
| FY24 2,809 361 300 |
| FY25 2,837 396 315 |
| FY26 3,397 419 345 |
+------------------------------------------------------------------------------------+
- Gross Profit: Reached INR 80,280 Lakhs (INR 802.80 Crores), reflecting an 8% year-on-year increase.
- EBITDA: Expanded to INR 41,910 Lakhs (INR 419.10 Crores), rising 6% year-on-year.
- Consolidated PAT: Increased to INR 34,540.89 Lakhs (INR 345.40 Crores) from INR 31,491.93 Lakhs in FY25.
Balance Sheet
The balance sheet of Sharda Motor Industries Limited is characterized by a debt-free structure, substantial retained earnings, and growing tangible assets.
| Balance Sheet Line Item / Component | FY 2025-26 Disclosed Value | FY 2024-25 Disclosed Value | Reporting Basis & Operational Context |
| Paid-up Equity Share Capital | INR 1,148.16 Lakhs | INR 574.08 Lakhs | Doubled following the 1:1 Bonus Issue of 28,703,853 equity shares. |
| Standalone Net Worth | INR 132,597.38 Lakhs | Not separately disclosed in the provided source. | Total shareholders’ equity and retained reserves base. |
| Retained Earnings / P&L Balance Carried Forward | INR 129,691.84 Lakhs (Standalone) / INR 128,397.26 Lakhs (Consolidated) | INR 104,950.80 Lakhs (Standalone) / INR 103,270.35 Lakhs (Consolidated) | Retained profits reinvested into ongoing expansion projects. |
| Gross Tangible Assets | INR 57,900.00 Lakhs (INR 579 Crores) | INR 50,400.00 Lakhs (INR 504 Crores) | Reflects capacity additions across tube mills, stamping, and lightweighting plants. |
| Total Debt / Borrowings | Zero Debt | Zero Debt | Maintained zero external debt across all operating facilities. |
| Accounts Payable Working Capital Metric | 108 Days | 93 Days | Working capital operational cycle measure. |
| Credit Rating Classification | CRISIL AA-/Positive / CRISIL A1+ | CRISIL AA-/Positive / CRISIL A1+ | Independent credit rating on working capital facilities. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Cash Flow
+------------------------------------------------------------------------------------+
| CAPITAL DEPLOYMENT DYNAMICS (FY26) |
+------------------------------------------------------------------------------------+
[ OPERATING CASH FLOW ] ----> Generates steady cash from zero-debt operations
|
+--> [ CAPITAL EXPENDITURE ] --> Tangible assets expand to INR 579 Cr
+--> [ R&D ALLOCATIONS ] --> INR 596.70 Lakhs total R&D spend
+--> [ SHAREHOLDER RETURN ] --> INR 9,328.75 Lakhs final dividend
+------------------------------------------------------------------------------------+
- Operating Cash Generation: Supported by debt-free operations and an 8% growth in gross profit.
- Investing Allocations & Capex: Funded the commissioning of Chakan Plant-III, the Haridwar facility, and R&D lab enhancements. Gross tangible assets increased to INR 579 Crores from INR 504 Crores.
- Financing Disbursements & Dividend: A final dividend of INR 20 per equity share (1000% on face value of INR 2) absorbed INR 9,328.75 Lakhs.
- Free Cash Flow: Allowed the company to finance all capacity expansions internally without relying on external bank debt.
Board of Directors and Leadership Team
The Board of Directors and executive management team oversee corporate strategy, regulatory compliance, engineering innovation, and plant operations.
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| BOARD OF DIRECTORS |
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• Shri Kishan N Parikh : Chairperson & Non-Executive Non-Independent Director
• Shri Ajay Relan : Managing Director (Promoter)
• Shri Nitin Vishnoi : Executive Director & Company Secretary
• Shri Navin Paul : Non-Executive Independent Director
• Shri Udayan Banerjee : Non-Executive Independent Director
• Dr. Sarita Dhuper : Non-Executive Independent Director
+------------------------------------------------------------------------------------+
Profiles of the Board of Directors
Shri Kishan Nagin Parikh (DIN: 00453209) — Chairperson, Non-Executive Non-Independent Director
Shri Kishan N. Parikh brings over 35 years of executive experience in business management and industrial administration. A Commerce Graduate, he has held leadership roles at Jamshedpur Beverages and Pebco Motors Limited, where he implemented ISO 9001-2000 quality systems. He chairs the CSR Committee and Risk Management Committee at SMIL and serves on the Audit and Nomination & Remuneration Committees.
Shri Ajay Relan (DIN: 00257584) — Managing Director (Promoter)
Shri Ajay Relan has guided Sharda Motor Industries since its inception in 1986. He holds a B.Com (Hons.) degree and completed three years of executive training through the Owner/President Management Programme at Harvard Business School, USA. He has led the company’s manufacturing expansion, technology transitions, and joint ventures.
Shri Nitin Vishnoi (DIN: 08538925) — Executive Director & Company Secretary
Shri Nitin Vishnoi has over 34 years of experience in corporate restructuring, compliance management, legal affairs, and governance frameworks. He is a Fellow Member of the Institute of Company Secretaries of India (ICSI) and holds a Bachelor’s Degree in Commerce with Honours.
Shri Navin Paul (DIN: 00424944) — Non-Executive Independent Director
Shri Navin Paul possesses over 40 years of experience across the automotive sector, having held executive positions at Escorts Limited, Ashok Leyland Limited, Bosch Limited, and Sunbeam Auto Private Limited. He serves on the Expert Advisory Group (EAG) to the Minister & Ministry of Road Transport & Highways, Government of India. He chairs both the Audit Committee and the Nomination & Remuneration Committee at SMIL.
Shri Udayan Banerjee (DIN: 00339754) — Non-Executive Independent Director
Shri Udayan Banerjee has over 52 years of industrial experience, having led teams in establishing multiple automotive component facilities. He has worked with Bata Shoes Limited and Stepwel Industries Limited. He holds a Master’s Degree in Earth Science from IIT Kharagpur and a Diploma in Work-Study from the Work Factor Company of the USA. He chairs the Stakeholders’ Relationship Committee at SMIL.
Dr. Sarita Dhuper (DIN: 08776286) — Non-Executive Independent Director
Dr. Sarita Dhuper brings over 40 years of professional medical experience, specializing in pediatrics, obstetrics, gynecology, and cardiology. She holds an MBBS and a Doctorate in Medicine (MD) from Maulana Azad Medical College, Delhi University.
Board Committee Compositions
| Committee Name | Committee Chairperson | Committee Composition | Primary Mandate & Scope |
| Audit Committee | Shri Navin Paul (Independent) | • Shri Kishan N. Parikh (Non-Executive) • Shri Udayan Banerjee (Independent) | Financial reporting oversight, auditor appointments, internal financial controls, related party transactions, and vigil mechanisms. |
| Nomination and Remuneration Committee (NRC) | Shri Navin Paul (Independent) | • Shri Kishan N. Parikh (Non-Executive) • Shri Udayan Banerjee (Independent) | Board diversity, director evaluations, KMP appointments, succession planning, and executive remuneration frameworks. |
| Stakeholders’ Relationship Committee (SRC) | Shri Udayan Banerjee (Independent) | • Shri Ajay Relan (Executive MD) • Shri Kishan N. Parikh (Non-Executive) | Resolving investor grievances, share dematerialization, transfer validation, and unclaimed dividend transfers. |
| Risk Management Committee (RMC) | Shri Kishan N. Parikh (Non-Executive) | • Shri Ajay Relan (Executive MD) • Shri Udayan Banerjee (Independent) • Shri Navin Paul (Independent) | Enterprise risk assessment, mitigation frameworks, business continuity planning, and commodity risk policies. |
| Corporate Social Responsibility Committee (CSR) | Shri Kishan N. Parikh (Non-Executive) | • Shri Ajay Relan (Executive MD) • Shri Udayan Banerjee (Independent) | Formulating CSR policy, approving budgets, and monitoring healthcare and education programs. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Key Senior Executives and Management
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| EXECUTIVE MANAGEMENT TEAM |
+------------------------------------------------------------------------------------+
• Shri Aashim Relan : Chief Executive Officer (CEO)
• Shri Ashwani Maheshwari : Deputy Managing Director
• Shri Ghan Shyam Dass : Chief Financial Officer (CFO)
• Shri Deepak Manchanda : CEO - Global Business Vertical
• Shri Deepak Bhaskar : SVP & Head - People Officer
• Shri Dnyanesh Dandekar : SVP - Research & Development
• Shri Krishan Kumar Sharma : Chief Manufacturing Officer
• Shri Paramjeet Singh : SVP - Sales & Business Development
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- Shri Aashim Relan (CEO): Manages supply chain operations, corporate strategy, and technology development; graduated in Finance and Economics from Emory University, Atlanta.
- Shri Ashwani Maheshwari (Deputy MD): Appointed July 1, 2025; holds a B.E. from IIT Roorkee, an MBA from London Business School, and executive certifications from Wharton and Stanford.
- Shri Ghan Shyam Dass (CFO): Appointed April 1, 2025; over 25 years of finance experience; qualified Chartered Accountant (CA) and Cost & Management Accountant (CMA).
- Shri Deepak Manchanda (CEO Global Business): Over 29 years of automotive, aerospace, and defence experience; holds a PG Diploma from IMT Ghaziabad and a Master’s in Mechanical Engineering from CIIMS Nagpur.
Subsidiaries, Associates, Joint Ventures
Sharda Motor Industries Limited maintains a corporate architecture that includes one operating subsidiary, one joint venture, and one associate company. The table below lists these entities, sorted in descending order of profit contribution to SMIL:
| Entity Legal Name | Relationship Classification | Equity Holding (%) | Profit / (Loss) Contribution to SMIL (FY26 INR Lakhs) | Operational Scope & Profile |
| Exhaust Technology Private Limited | Joint Venture | 50.00% | +353.00 | Joint venture with Purem (Germany) manufacturing commercial vehicle exhaust aftertreatment architectures. |
| Relan Industrial Finance Limited | Associate Company | 47.12% | +34.39 | Associate entity providing financial and investment support services. |
| Uddipt Mobility Private Limited | Subsidiary Company | 74.00% | (Non-controlling interest: +0.53) | Majority-owned subsidiary focusing on future mobility solutions and specialized automotive component systems. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Other Investments (Including Minority / Portfolio Holdings)
| Investment / Asset Category | Disclosed Ownership (%) | Disclosed Carrying Value / Metrics | Nature of Holding | Strategic Role & Purpose |
| Investments in Related Parties | Variable based on entity structure | 4.18% of total investments in FY26 (6.34% in FY25) | Strategic / Equity Holdings | Equity investments in joint ventures and associate companies supporting core operations. |
| Minority Portfolio Holdings (<20%) | Not separately disclosed in the provided source. | Not separately disclosed in the provided source. | Financial / Passive | Not separately disclosed in the provided source. |
| FVTPL / FVOCI Financial Assets | Not separately disclosed in the provided source. | Not separately disclosed in the provided source. | Treasury Assets | Capital preservation and treasury management. |
Source: Sharda Motor Industries Limited 41st Annual Report FY2025-26.
Physical Properties
The company operates a network of 9 manufacturing plants, 3 domestic offices, and 1 international technical center.
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| SUMMARY OF PHYSICAL FACILITIES |
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• Total Manufacturing Plants : 9 (Pune-3, Nashik-2, Chennai-2, Sanand-1, Haridwar-1)
• Dedicated R&D Facilities : 2 (Chennai, India & Namyang, South Korea)
• Corporate & Regd. Office : 1 (Okhla Industrial Area, New Delhi)
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- Chakan, Pune (Plant I, Plant II & Plant III): Primary hub for exhaust assemblies, suspension systems, and the modular lightweighting facility.
- Satpur, Nashik (Plant I & Plant II): Production of emission control systems, stamping presses, and automotive roof assemblies.
- Mahindra World City (MWC), Chennai: Houses dual ERW precision tube mills, exhaust assembly lines, and the primary Indian R&D Centre.
- SIPCOT, Irungattu Kottai, Chennai: Emission control system manufacturing facility powered primarily by wind energy.
- Sanand, Gujarat: Located in the Tata Vendor Park; manufactures exhaust systems and stamped metal components.
- Haridwar, Uttarakhand: Facility established in 2026 to support commercial vehicle and passenger car programs in Northern India.
- Namyang, South Korea: Design & Development Centre providing computer-aided design (CAD), computational fluid dynamics (CFD), and acoustic modeling.
Founders
Sharda Motor Industries Limited was founded under the leadership of Shri Ajay Relan and the Relan family in 1986. Over four decades, the founders transformed a regional automotive components supplier into an integrated Tier-1 systems provider with nationwide manufacturing and international research capabilities.
Parent
Sharda Motor Industries Limited is the flagship operating company and does not have an external corporate parent entity. The promoter group, comprising the Relan family and associated family trusts, holds the controlling 64.31% equity stake.
Investments and Capital Expenditure Plans
SMIL’s capital allocation strategy focuses on expanding manufacturing capacity, advancing R&D capabilities, and maintaining balance sheet stability.
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| CAPITAL ALLOCATION PRIORITIES |
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1. Lightweighting Expansion: Scale Chakan Plant-III and localize Donghee chassis.
2. Geographic Footprint: Complete Haridwar facility in Uttarakhand.
3. BS7 & Clean Mobility R&D: Upgrade testing labs for upcoming BS7 emission norms.
4. Disciplined M&A: Target acquisitions in powertrain-agnostic components.
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- Gross Tangible Assets: Grew to INR 57,900 Lakhs (INR 579 Crores) in FY26 from INR 504 Crores in FY25.
- Total R&D Spend (FY26): INR 596.70 Lakhs (comprising INR 47.52 Lakhs in Capital Capex and INR 549.18 Lakhs in Revenue R&D Expenditure).
- Sustainable Capex: 91.07% of capital expenditure and 87.76% of R&D investments targeted emissions reduction, lightweighting, and process optimization.
- Disciplined M&A Focus: Evaluating potential acquisition targets in powertrain-agnostic components, drone parts, robotics, and data center cooling adjacencies.
Shareholding Pattern
As of March 31, 2026, the company’s total issued and paid-up capital stood at INR 1,148.16 Lakhs, divided into 57,407,706 equity shares of face value INR 2 each. The tables below detail the shareholding pattern and equity distribution:
| Category Code | Shareholder Category Classification | Number of Shareholders | Total Shares Held | Total Shareholding (%) |
| (A) | Promoter and Promoter Group | |||
| (i) | Resident Individuals (Promoters) | 4 | 10,508,550 | 18.31% |
| (ii) | Promoter Trusts | 1 | 26,407,546 | 46.00% |
| Sub-Total | Total Promoter & Promoter Group Holding | 5 (Calculated by FirmsWorld) | 36,916,096 (Calculated by FirmsWorld) | 64.31% (Calculated by FirmsWorld) |
| (B) | Public & Institutional Shareholding | |||
| (i) | Individual Public Shareholders | 35,000 | 9,596,278 | 16.72% |
| (ii) | Mutual Funds / UTI | 8 | 6,546,026 | 11.40% |
| (iii) | Bodies Corporate | 209 | 1,061,421 | 1.85% |
| (iv) | Foreign Portfolio Investors (Category I) | 64 | 880,201 | 1.53% |
| (v) | Non-Resident Indians (NRIs) | 957 | 663,071 | 1.16% |
| (vi) | Foreign Portfolio Investors (Category II) | 9 | 517,075 | 0.90% |
| (vii) | Investor Education and Protection Fund (IEPF) | 1 | 305,670 | 0.53% |
| (viii) | Resident Hindu Undivided Families (HUF) | 912 | 293,942 | 0.51% |
| (ix) | Limited Liability Partnerships (LLP) | 36 | 269,072 | 0.47% |
| (x) | Unclaimed / Suspense / Escrow Accounts | 1 | 225,825 | 0.39% |
| (xi) | Alternate Investment Funds (AIF) | 5 | 60,924 | 0.11% |
| (xii) | Clearing Members | 11 | 57,805 | 0.10% |
| (xiii) | Public Trusts | 2 | 14,330 | 0.02% |
| Sub-Total | Total Public & Institutional Shareholding | 37,215 (Calculated by FirmsWorld) | 20,491,610 (Calculated by FirmsWorld) | 35.69% (Calculated by FirmsWorld) |
| Total | Grand Total Shareholding Base | 37,220 | 57,407,706 | 100.00% |
Official Site: Sharda Motor Industries Limited
