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Indian auto-components maker of electricals, plastics and EV powertrain parts, after selling its lighting unit to Plastic Omnium.
Indian auto-components maker of electricals, plastics and EV powertrain parts, after selling its lighting unit to Plastic Omnium.
Supplies electrical components, plastic exterior parts and EV drivetrain parts to two-wheeler and passenger-vehicle makers under multi-year programmes, so volumes follow Indian vehicle output. The sale of its lighting unit left a smaller group concentrated on these lines.
Moat: narrow (customer qualification, process know-how). OEM-qualified across electricals and plastics, but scale shrank after divesting the lighting business.
Headquarters: Pune, India · Founded: 1988 · Employees: 28,621
Size Varroc Engineering (VARROC.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.28B, the 524th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹792.85 on 6 Nov 2026.
Performance Over six months the shares gained 40.3%, against -18.8% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 21.7% over the last twelve months (peer median +12.2%); the operating margin is 5.7% (peer median 4.9%).
Valuation It trades at 31.5× forward earnings against a peer median of 16.9× (5th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points above its cost of capital (14.9% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹102B | ₹88.0B | ₹80.6B | ₹74.1B | ₹68.5B |
| Revenue growth | — | +9% | +9% | +8% | — |
| Gross profit | ₹22.0B | ₹9.48B | ₹8.52B | ₹7.74B | ₹6.38B |
| EBITDA | ₹9.26B | ₹7.54B | ₹6.89B | ₹6.20B | ₹5.63B |
| Net income | ₹1.69B | ₹2.25B | ₹612M | ₹5.26B | -₹8.20B |
| Free cash flow | n/a | ₹334M | ₹3.05B | ₹1.96B | -₹1.05B |
| Capital expenditure | n/a | ₹4.69B | ₹2.89B | ₹2.74B | ₹5.98B |
| Total debt | ₹9.80B | ₹9.25B | ₹11.4B | ₹13.9B | ₹18.1B |
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 |
|---|---|---|---|---|---|---|
| Varroc Engineering VARROC.NS | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% |
| Fiem Industries FIEMIND.NS | $513M | -19% | +17% | 11% | 16.4× | 21.3% |
| Lumax Industries LUMAXIND.NS | $539M | 0% | +29% | 6% | 22.4× | 22.7% |
| Samvardhana Motherson International MOTHERSON.NS | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% |
| UNO Minda UNOMINDA.NS | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% |
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 | VARROC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | -3.6% | 11th highest of 21 |
| 6-month return | +40.3% | -18.8% | 2nd highest of 20 |
| Distance from 52-week high | -13.1% | -45.1% | 4th highest of 21 |
| Revenue growth (TTM) | +21.7% | +12.2% | 6th highest of 20 |
| Operating margin | 5.7% | 4.9% | 11th highest of 21 |
| Forward P/E | 31.5× | 16.9× | 5th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 29.9% | 17.1% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +15.1% | +11.2% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | +14.8 pp | -12.3 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | +1.6 pp | +0.4 pp | 8th highest of 20 |
| EV / EBITDA | 13.9× | 19.0× | 4th cheapest of 8 |
| Net debt / EBITDA | 0.8× | -0.4× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 31.5× | 29.9% | +15.1% |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 34.3× | n/a | n/a |
| Longhorn Auto 301488.SZ | China | $1.29B | -32% | +34% | 2% | 82.0× | n/a | n/a |
| Zhejiang Shibao 002703.SZ | China | $1.29B | -20% | +16% | 4% | n/a | 41.6% | +26.5% |
| Jiangsu Yunyi Electric 300304.SZ | China | $1.27B | -19% | +14% | 17% | 16.9× | 17.1% | +23.4% |
| Hong Leong Asia H22.SI | Singapore | $1.26B | -40% | +17% | 9% | 9.5× | -12.9% | +2.9% |
| Zhejiang Fenglong Electric 002931.SZ | China | $1.30B | -31% | +2% | 0% | n/a | n/a | n/a |
| Adient ADNT | United States | $1.26B | -28% | +4% | 3% | 6.1× | -17.6% | +2.1% |
| Wuxi Best Precision Machinery 300580.SZ | China | $1.32B | -40% | +12% | 16% | 29.4× | 20.8% | +10.1% |
| JBM Auto JBMA.NS | India | $1.24B | -21% | +16% | 9% | n/a | n/a | n/a |
| Kunshan Huguang Auto Harness 605333.SS | China | $1.32B | -16% | -2% | 2% | 31.8× | n/a | n/a |
| SKF India (Industrial) SKFINDUS.NS | India | $1.23B | +9% | n/a | 11% | 33.3× | 36.9% | n/a |
| Xiangyang Automobile Bearing 000678.SZ | China | $1.22B | +53% | -3% | -3% | n/a | n/a | n/a |
| Ruifeng Power 2025.HK | Hong Kong | $1.22B | +29% | +4% | 1% | n/a | n/a | n/a |
| Jiangsu Bojun Industrial Technology 300926.SZ | China | $1.35B | -31% | +54% | 13% | 9.0× | n/a | n/a |
| NASN Intelligent Tech (Zhejiang) 2261.HK | Hong Kong | $1.21B | n/a | +57% | -12% | n/a | n/a | n/a |
| Tong Yang Industry 1319.TW | Taiwan | $1.35B | -1% | -12% | 15% | 10.9× | -5.9% | +7.7% |
| Sichuan Chengfei Integration Technology 002190.SZ | China | $1.20B | -24% | +9% | -1% | n/a | n/a | n/a |
| F.C.C.Co 7296.T | Japan | $1.20B | +20% | +10% | 8% | 9.0× | -7.1% | +12.3% |
| Zhejiang Wanliyang 002434.SZ | China | $1.19B | -13% | -30% | -10% | 15.5× | n/a | n/a |
| Zhejiang EV-Tech 301607.SZ | China | $1.18B | -7% | +60% | 6% | 20.3× | 24.2% | +35.3% |