Overview

Detailed Summary

Divgi TorqTransfer Systems Limited designs, develops and manufactures drivetrain systems and precision transmission components, including transfer cases, synchronizers, manual and automatic transmissions, and EV transmissions, supplying domestic OEMs and global Tier-1 customers from multiple plants in India and export hubs in the US and Mexico.
Q3FY26 and 9MFY26 performance was sharply higher with total income of INR96.3 crore in Q3 (↑68% YoY) and INR261.4 crore for 9MFY26 (↑48% YoY), driven by a 58% rise in Transfer Case and a 117% surge in Components (exports), translating into improved operating leverage and PAT margin expansion to ~12% for the nine months.
Commercially significant wins: Divgi-TTS secured exclusive transfer-case supply for Mahindra and Tata pickup export programmes to Indonesia (~70,000 units combined) starting CY26, while advancing a vehicle-level validated transfer-case programme with a leading Japanese OEM expected to SOP in H1 FY28, materially strengthening medium-term volume visibility and export credentials.
Strategic growth pillars include EV transmission commercialisation (120kW product ready with SOP timelines), export-led components scaling toward a 20–25% medium-term mix, localisation efforts toward automatic transmissions, and potential US manufacturing evaluation — all underpinning a multi-engine growth strategy for Divgi-TTS.

Sector: Auto Ancillaries
Industry: Auto Ancillaries - Others
Market Cap: 2,048 Cr
Volatility: Low Risk
P/E Ratio: 55.7
Industry P/E: 36.1
PEG Ratio: 2.2
P/B Ratio: 3.4
52W High: 800.60
52W Low: 410.05

Sales CAGR

1Y: -13.61%
3Y: -2.17%
5Y: 6.60%
10Y: —

Profit CAGR

1Y: -38.63%
3Y: -19.15%
5Y: -2.75%
10Y: —

ROE

TTM: 4.98%
3Y: 6.67%
5Y: 8.44%
10Y: —

ROCE

TTM: 6.82%
3Y: 8.95%
5Y: 11.34%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CARRARO	507.10	2,880 Cr	25.60	5.85	0.90	20.14	22.75	9.54
RML	821.20	2,262 Cr	30.52	3.33	0.58	7.07	11.38	3.20
DIVGIITTS	669.55	2,048 Cr	55.66	3.37	0.39	4.98	6.82	5.34
NDRAUTO	735.20	1,756 Cr	29.13	5.42	0.37	17.47	20.08	11.29
RICOAUTO	125.10	1,693 Cr	32.16	2.25	0.40	5.69	8.38	2.58
TALBROAUTO	252.90	1,556 Cr	15.75	2.28	0.28	14.05	17.37	9.80
PRECAM	129.95	1,250 Cr	15.11	1.53	0.76	4.11	6.54	7.85

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	69	63	65	54	54	53	58	72	83	91
Expenses	54	50	52	45	43	44	50	58	66	73
Operating Profit	14	13	13	8.74	11	8.61	8.66	14	17	18
OPM %	20.77	20.46	20.20	16.12	21.02	16.40	14.87	19.52	20.06	19.55
Other Income	4.79	4.63	5.10	5.15	5.25	4.95	5.87	5.09	5.37	5.65
Interest	0.08	0.05	0.21	0.06	0.10	0.11	0.12	0.07	0.08	0.08
Depreciation	4.53	4.84	5.68	5.76	5.97	6.36	7.10	6.94	7.18	7.57
Profit Before Tax	14	13	12	8.07	11	7.09	7.31	12	15	16
Tax %	25.86	25.87	25.43	26.15	25.55	26.23	26.81	26.08	27.14	25.14
Net Profit	11	9.37	9.21	5.96	7.84	5.24	5.35	8.93	11	12
EPS in Rs	3.51	3.06	3.01	1.95	2.56	1.71	1.75	2.92	3.51	3.85

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	159	187	234	271	253	219	236
Expenses	122	135	168	197	200	182	194
Operating Profit	37	52	66	74	53	37	43
OPM %	23.22	27.82	28.07	27.48	20.94	17.06	18.02
Other Income	12	8.45	8.10	7.62	20	21	21
Interest	4.46	0.18	0.17	0.28	0.41	0.38	0.40
Depreciation	6.39	7.61	11	13	19	25	26
Profit Before Tax	38	53	62	69	54	33	37
Tax %	25.75	27.61	25.75	25.67	25.77	26.09	26.07
Net Profit	28	38	46	51	40	24	27
EPS in Rs	—	—	—	17.96	12.99	7.97	12.03
Dividend Payout %	0.00	0.00	19.99	20.02	20.02	32.58	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.02	6.88	14	15	15	15
Reserves	204	289	326	536	565	581
Borrowings	51	1.12	0.48	2.54	1.56	1.08
Other Liabilities	43	66	65	88	59	63
Total Liabilities	304	363	405	642	641	660
Fixed Assets	89	105	112	117	227	255
CWIP	6.13	6.19	28	93	26	1.77
Investments	0.05	0.05	0.05	0.05	0.05	0.05
Other Assets	208	251	265	433	389	403
Total Assets	304	363	405	642	641	660

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	38	27	51	41	32	35
Cash from Investing Activity	-24	-25	-51	-213	6.07	-43
Cash from Financing Activity	-5.75	-2.62	-2.93	160	-12	-8.82
Net Cash Flow	8.27	-0.24	-2.93	-13	27	-16

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	60.49%	60.49%	60.49%	60.48%	60.48%	60.48%	60.48%	60.48%	60.55%	60.55%	60.55%	60.56%
FIIs	1.07%	3.09%	3.62%	3.57%	2.94%	2.69%	1.73%	1.68%	1.75%	1.76%	1.81%	1.72%
DIIs	28.47%	26.22%	25.55%	25.16%	25.43%	24.89%	25.69%	25.79%	25.89%	25.96%	25.93%	25.93%
Public	9.97%	10.20%	10.34%	10.79%	11.15%	11.94%	12.09%	12.04%	11.81%	11.73%	11.71%	11.79%
Total Shareholders	15,077	14,488	16,951	19,187	20,671	22,343	23,778	22,759	21,653	20,784	19,565	18,938

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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