NDR Auto's JVs add interiors and 51% seating stake

As of September 30, 2026, NDR Auto Components Limited had expanded its interior and seating reach through a 50:50 Hayashi venture with a Rs 40 crore order book and a 51%-owned DYA seating venture with a disclosed Rs 62.96 crore investment. The two structures address different products and original equipment manufacturer relationships.

What do NDR Auto's Hayashi and DYA ventures add?

NDR Auto's two ventures add distinct product categories: NDR Hayashi Automotive India Private Limited, or NHI, focuses on automotive interiors, while the DYA venture brings complete seating systems. NHI was incorporated in October 2025 as a 50:50 joint venture with Japan's Hayashi Telempu Corporation, covering ambient lighting, floor carpets, dash inner components, rear shades, tonneau covers and noise, vibration and harshness components.

NDR Auto holds 51% in the DYA venture and disclosed an investment of Rs 62.96 crore, which the presentation says will result in consolidation in NDR Auto. DYA's portfolio includes complete seat assemblies, foam products and headrests, adding assembled-seat products alongside NDR Auto's existing seat frames, trims, latches and support materials.

The two arrangements therefore have different commercial roles. NHI reported a Rs 40 crore order book at September 30, 2026, while NDR Auto's standalone order book was Rs 1,150 crore on the same date and included seating and other auto components. The presentation reports those order books separately and does not state that NHI's figure is part of the standalone amount.

How is NDR Auto building interiors through Hayashi?

NDR Auto is building its interiors business through NHI's Bengaluru facility, which commenced operations in June 2026 and initially manufactures sunshades. The operating plant provides the initial manufacturing base for NHI's wider interior-products scope, and the Rs 40 crore order book is the disclosed measure of early demand.

In May 2026, NDR Auto's board approved the proposed transfer of its sunshade business to NHI for Rs 9.44 crore. The board also approved an additional Rs 6 crore equity investment through NHI's rights issue in that month, while the presentation states that total investment in NHI stood at Rs 32 crore to date, contributed equally by the two partners.

Management says the NHI project is on track, but the presentation does not disclose NHI revenue, profitability, customer nominations or a schedule for introducing ambient lighting, carpets, dash inners or other products. The approved sunshade transfer is described as proposed, rather than as a completed transaction.

Which OEM relationships do the ventures provide?

NHI identifies Suzuki, Toyota and Honda as target original equipment manufacturer, or OEM, customers. The presentation does not describe these companies as confirmed NHI customers or identify vehicle programmes, but it links the targets to products including ambient lighting, floor carpets and rear shades.

DYA is described as having key customers including Hyundai Motor, Kia and KG Mobility. Its stated supplied models include Kia Seltos, Sportage and K9; Hyundai Casper; and KGM Rexton and Rexton Sports. DYA was formerly known as Dayou A-Tech and was renamed DYA Co., Ltd. in March 2026.

The customer evidence differs between the ventures. NHI lists three prospective OEM targets for an Indian interior-components operation that began manufacturing in June 2026, whereas DYA is presented as an established South Korean seating supplier with operations in Gwangju and Hwaseong. The presentation does not specify Indian supply programmes involving DYA's named customers or models.

How do the ventures fit NDR Auto's manufacturing operations?

NDR Auto lists five existing manufacturing facilities and a workforce of about 5,000-plus people, with processes spanning seat frames, trims, seat latches, seat-belt reminder systems, sunshades, carpets and ambient lighting. Its Bengaluru footprint includes seat frame and trim, ambient light, carpet and sunshade activity, directly overlapping with NHI's initial location and product range.

NDR Auto also reports end-to-end assembly of automobile seats for two-wheelers and four-wheelers, with 34 critical and safety tests applied to complete products. DYA's seat assemblies, foam products and headrests extend that seating scope, while NHI's dash inners, carpets and shades extend the interior offering. The presentation does not state how manufacturing, technology transfer or customer sourcing will be divided between NDR Auto and either partner.

The ventures sit alongside domestic expansion projects rather than replacing them. NDR Auto has projects scheduled for start of production from January 2027 to December 2027, including seat insert support fabric at Manesar, seat latches at Pathredi, seat-belt reminder systems in Gujarat, seat trims and frames at Naviyani, and varied auto components at Kharkhoda.

What early execution and financial disclosures are available?

The clearest NHI execution milestones are the June 2026 Bengaluru start of operations and the Rs 40 crore order book reported at September 30, 2026. Separately, NDR Auto said it won Rs 500 crore of orders in the second quarter of fiscal year 2027 within its Rs 1,150 crore standalone order book, across seating and varied auto components.

DYA has the larger disclosed investment figure, at Rs 62.96 crore, and NDR Auto's 51% ownership means the venture will be consolidated. In contrast, NHI is 50:50, had Rs 32 crore invested to date on an equal basis, and had a Rs 6 crore additional equity investment approved in May 2026. These disclosures set out ownership and investment, not comparable revenue or profitability figures.

NDR Auto gives payback periods for two domestic projects but not for either joint venture. Its Gujarat expansion carries Rs 13.31 crore of investment and a stated 2.96-year payback, while Kharkhoda carries Rs 7.19 crore and a 2.87-year payback. No payback period, revenue target, order book or profitability forecast is disclosed for DYA.

Conclusion

NDR Auto is using NHI to broaden its cabin-interior range and pursue Suzuki, Toyota and Honda, while its majority-owned DYA venture adds complete seating systems and links it to DYA's Hyundai Motor, Kia and KG Mobility relationships. NHI has the more specific early operating disclosure, with Bengaluru manufacturing from June 2026 and a Rs 40 crore order book at September 30, 2026.

The next disclosed milestones are the proposed Rs 9.44 crore transfer of NDR Auto's sunshade business to NHI, progress following the Rs 6 crore rights-issue approval, and domestic project start-of-production dates running from January 2027 to December 2027. For DYA, operating milestones, order book, revenue contribution and financial-return timing remain undisclosed in the presentation.