Overview

Detailed Summary

The Hi‑Tech Gears Ltd. is a 39‑year old Tier‑1 automotive component manufacturer specialising in precision gears, shafts, transmission and engine components with five manufacturing plants across India, Canada and the USA, supplying marquee global OEMs across two‑wheelers, passenger vehicles, commercial and off‑highway segments and maintaining a dual‑shore footprint for exports and local supply.
Despite strong customer relationships and a diversified product mix, consolidated revenues have declined from ₹11,692 Mn in FY23 to ₹9,270 Mn in FY25 and stood at ₹6,798 Mn for 9M FY26, while 9M FY26 EBITDA and PAT margins compressed materially from prior years, reflecting lower volumes, mix shifts, higher conversion costs from refurbishment and North American demand softness.
Hi‑Tech Gears has meaningful international exposure with ~52% consolidated revenue from exports and North America, has announced significant new business wins aggregating ~₹1,172 Mn annualised in 9M FY26, and is actively converting awards into production with typical ramp timelines of two to three years which underpins medium‑term revenue visibility.
Operationally the company is executing a structured manufacturing reliability and capacity programme—refurbishing high value machines, insourcing select forgings and adding balancing equipment—with short‑term cost impact but the targeted outcome of higher throughput, lower outsource dependency and improved long‑term margins as EV and premium programmes scale.
Financially The Hi‑Tech Gears Ltd. has improved leverage markedly (net debt to equity down to ~0.06 in H1 FY26) even as short‑term profitability and cash conversion have been stressed by cyclical demand, inventory build for Q4 and investments in workforce and machines; management signals productivity gains are expected with a natural lag.

Sector: Auto Ancillaries
Industry: Auto Ancillaries - Gears
Market Cap: 1,140 Cr
Volatility: High Risk
P/E Ratio: 50.5
Industry P/E: 40.1
PEG Ratio: 7.1
P/B Ratio: 2.3
52W High: 894.80
52W Low: 523.05

Sales CAGR

1Y: -16.26%
3Y: 0.67%
5Y: 5.24%
10Y: 3.20%

Profit CAGR

1Y: -64.67%
3Y: 7.14%
5Y: 43.66%
10Y: 9.37%

ROE

TTM: 5.73%
3Y: 11.21%
5Y: 11.32%
10Y: 10.78%

ROCE

TTM: 9.22%
3Y: 16.31%
5Y: 15.78%
10Y: 14.88%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IMPAL	1011.50	1,276 Cr	16.09	0.51	2.94	3.11	3.90	2.76
KROSS	191.50	1,241 Cr	24.74	2.74	0.00	10.93	14.95	8.32
PRECAM	124.15	1,191 Cr	14.44	1.46	0.80	4.11	6.54	7.85
HITECHGEAR	606.05	1,140 Cr	50.50	2.29	0.82	5.73	9.22	2.78
BHARATSE	173.00	1,085 Cr	26.91	5.25	0.64	18.41	17.98	5.83
AUTOCORP	1631.20	999 Cr	15.19	3.58	1.52	21.19	21.29	13.29
JAYBARMARU	90.95	984 Cr	12.21	1.63	0.77	10.99	10.89	4.41

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	284	273	287	261	246	205	215	216	241	224
Expenses	248	232	246	220	211	179	182	189	213	202
Operating Profit	35	41	41	41	35	27	33	26	28	22
OPM %	12.39	14.94	14.24	15.71	14.28	12.94	15.46	12.14	11.55	9.81
Other Income	78	2.07	3.38	2.41	1.91	3.10	4.30	4.55	2.37	3.07
Interest	14	8.21	6.69	6.45	5.65	4.93	4.34	3.79	3.57	3.89
Depreciation	15	15	16	16	16	16	16	16	17	18
Profit Before Tax	85	20	21	21	15	8.77	17	11	9.60	3.13
Tax %	14.74	24.46	15.82	33.22	38.21	21.66	43.65	42.91	37.29	72.84
Net Profit	72	15	18	14	9.54	6.87	9.72	6.00	6.01	0.86
EPS in Rs	38.43	7.92	9.47	7.57	5.07	3.65	5.17	3.19	3.19	0.45

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	515	760	914	722	746	971	1,169	1,107	927	882
Expenses	415	654	800	638	656	889	1,028	957	791	761
Operating Profit	100	106	113	84	90	82	141	150	136	121
OPM %	19.40	13.92	12.39	11.59	12.06	8.42	12.09	13.55	14.66	13.73
Other Income	6.52	20	17	11	10	7.87	7.93	87	12	14
Interest	4.08	24	29	33	23	26	33	38	21	19
Depreciation	26	39	42	43	43	52	82	61	63	64
Profit Before Tax	33	52	59	19	34	11	34	138	63	52
Tax %	38.18	33.53	39.21	56.40	15.36	110.10	31.90	17.17	35.69	38.18
Net Profit	20	34	36	8.28	29	-1.10	23	114	40	32
EPS in Rs	—	—	18.96	4.41	15.32	-0.59	12.29	60.75	21.46	12.00
Dividend Payout %	23.30	19.18	18.46	34.01	13.04	-254.24	20.33	8.23	23.30	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	19	19	19	19	19	19	19	19	19
Reserves	183	222	253	257	302	312	336	447	465
Borrowings	317	343	402	301	427	471	457	298	202
Other Liabilities	162	150	194	212	174	201	174	144	118
Total Liabilities	681	734	868	789	922	1,002	985	908	804
Fixed Assets	403	423	444	446	468	528	496	462	445
CWIP	11	13	19	34	71	38	13	3.67	1.18
Investments	0.12	0.05	3.57	8.25	9.50	12	12	12	0.64
Other Assets	267	298	400	301	373	424	464	430	357
Total Assets	681	734	868	789	922	1,002	985	908	804

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	54	15	47	184	37	56	54	117	149
Cash from Investing Activity	-119	-72	-85	-40	-51	-56	-41	143	-1.18
Cash from Financing Activity	26	18	60	-151	25	11	-41	-280	-150
Net Cash Flow	-40	-39	22	-7.34	12	9.70	-27	-19	-2.55

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	56.22%	56.26%	56.26%	56.26%	56.23%	56.23%	56.23%	56.23%	56.18%	56.18%	56.18%	56.18%
FIIs	0.00%	0.00%	0.02%	0.00%	0.06%	0.01%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Public	43.76%	43.72%	43.70%	43.72%	43.69%	43.75%	43.75%	43.75%	43.79%	43.80%	43.80%	43.80%
Total Shareholders	6,309	7,176	7,414	7,284	9,567	11,872	11,841	11,227	10,825	10,551	10,216	9,852

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