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Forging and machining auto-components maker in India, part of Spain's CIE Automotive group (formerly Mahindra Forgings).
Forging and machining auto-components maker in India, part of Spain's CIE Automotive group (formerly Mahindra Forgings).
Makes forged and machined parts to customers' drawings for carmakers and truck makers, with steel costs largely passed on to buyers, so earnings follow vehicle production rather than parts pricing. Spain's CIE Automotive controls the company, which was formed from Mahindra's forgings business and CIE's Indian arm.
Moat: narrow (process know-how, customer qualification). Forging/machining process expertise and OEM qualification, but Bharat Forge and others compete directly.
Headquarters: Pune, India · Employees: 9,911
Size CIE Automotive India (CIEINDIA.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.42B, the 484th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹354.25 on 6 Nov 2026.
Performance Over six months the shares fell 26.4%, against -19.5% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +9.5%); the operating margin is 10.9% (peer median 5.3%).
Valuation It trades at 12.2× forward earnings against a peer median of 14.7× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points above its cost of capital (11.0% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹103B | ₹94.1B | ₹89.6B | ₹92.8B | ₹87.5B |
| Revenue growth | — | +5% | -3% | +6% | — |
| Gross profit | ₹35.6B | ₹16.2B | ₹15.5B | ₹16.3B | ₹13.9B |
| EBITDA | ₹15.0B | ₹13.8B | ₹13.6B | ₹14.3B | ₹11.8B |
| Net income | ₹9.33B | ₹8.28B | ₹8.28B | ₹11.3B | -₹1.36B |
| Free cash flow | n/a | ₹8.77B | ₹4.36B | ₹7.87B | ₹5.92B |
| Capital expenditure | n/a | ₹3.77B | ₹3.87B | ₹5.30B | ₹5.01B |
| Total debt | n/a | ₹4.26B | ₹5.70B | ₹8.55B | ₹9.85B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CIE Automotive India CIEINDIA.NS | $1.42B | -26% | +12% | 11% | 12.2× | 8.6% |
| Bharat Forge BHARATFORG.NS | $9.01B | -13% | +18% | 11% | 51.4× | 46.3% |
| Sansera Engineering SANSERA.NS | $2.86B | +70% | +23% | 13% | 61.5× | n/a |
| CIE Automotive CIE.MC | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CIEINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | -4.5% | 8th lowest of 21 |
| 6-month return | -26.4% | -19.5% | 8th lowest of 21 |
| Distance from 52-week high | -32.6% | -44.7% | 5th highest of 21 |
| Revenue growth (TTM) | +12.4% | +9.5% | 9th highest of 21 |
| Operating margin | 10.9% | 5.3% | 7th highest of 21 |
| Forward P/E | 12.2× | 14.7× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 8.6% | -5.9% | 6th most demanding of 14 |
| Growth delivered (Del g) | +9.2% | +10.1% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -0.6 pp | -13.6 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +0.3 pp | +0.7 pp | 9th lowest of 21 |
| EV / EBITDA | 9.0× | 5.6× | 5th most expensive of 12 |
| Net debt / EBITDA | -0.8× | 0.2× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CIE Automotive India CIEINDIA.NS | India | $1.42B | -26% | +12% | 11% | 12.2× | 8.6% | +9.2% |
| SEDEMAC Mechatronics SEDEMAC.NS | India | $1.42B | +56% | +61% | 15% | 73.8× | n/a | n/a |
| Lingyun Industrial 600480.SS | China | $1.41B | -25% | +3% | 5% | 17.1× | -12.3% | +8.0% |
| Nexteer Automotive 1316.HK | Hong Kong | $1.40B | -14% | +6% | 4% | 8.5× | -13.5% | +8.7% |
| Zhuzhou Times New Materials Technology 600458.SS | China | $1.39B | -17% | +1% | 2% | 14.7× | n/a | n/a |
| Dn Automotive 007340.KS | South Korea | $1.46B | -20% | +17% | 15% | n/a | -16.2% | +35.6% |
| Tong Yang Industry 1319.TW | Taiwan | $1.35B | -1% | -12% | 15% | 10.9× | -5.9% | +7.7% |
| Jiangsu Bojun Industrial Technology 300926.SZ | China | $1.35B | -31% | +54% | 13% | 9.0× | n/a | n/a |
| OPmobility OPM.PA | France | $1.51B | -42% | -3% | 4% | 8.2× | -8.1% | +7.6% |
| Kunshan Huguang Auto Harness 605333.SS | China | $1.32B | -16% | -2% | 2% | 31.8× | n/a | n/a |
| Slcorp 005850.KS | South Korea | $1.54B | -25% | +10% | 8% | 5.7× | -19.7% | +15.9% |
| Zhejiang Shibao 1057.HK | Hong Kong | $1.32B | -33% | +22% | 4% | n/a | 26.8% | +25.6% |
| Wuxi Best Precision Machinery 300580.SZ | China | $1.32B | -40% | +12% | 16% | 29.4× | 20.8% | +10.1% |
| Gentherm THRM | United States | $1.55B | -7% | +9% | 5% | 9.8× | 21.7% | +10.4% |
| Zhejiang Fenglong Electric 002931.SZ | China | $1.30B | -31% | +2% | 0% | n/a | n/a | n/a |
| Johnson Electric 0179.HK | Hong Kong | $1.56B | -53% | 0% | 8% | 10.8× | -16.4% | +3.1% |
| Longhorn Auto 301488.SZ | China | $1.29B | -32% | +34% | 2% | 82.0× | n/a | n/a |
| Tokai Rika 6995.T | Japan | $1.57B | 0% | +5% | 5% | 9.9× | -4.6% | +7.9% |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 34.3× | n/a | n/a |
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% | +15.1% |
| Jiangsu Yunyi Electric 300304.SZ | China | $1.27B | -19% | +14% | 17% | 16.9× | 17.1% | +23.4% |