ASK Automotive Limited (ASKAUTOLTD)
Micro CapAuto stocks · Micro cap · NSE
ASK Automotive Limited is a leading Indian auto ancillary major, manufacturing powertrain-agnostic products like Advanced Braking Systems, Aluminium Lightweighting precision solutions, and Safety Control Cables. It holds ~50% market share in 2W AB systems in India, operates 18 facilities, and has 30+ years of experience.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +52% YoY · PAT +29% YoY · +18% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,358 Cr | +52.4% | +18.4% |
| EBITDA | ₹158 Cr | +31.7% | +19.7% |
| Operating margin | 12.0% | -100 bps | +0 bps |
| PAT | ₹85 Cr | +28.8% | +18.1% |
| PAT margin | 6.3% | -115 bps | -2 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ASK Automotive reported strong Q4 & FY26 results with consolidated revenue growth of +35.3% (Q4) and +16.2% (FY26) YoY. Net revenue growth, excluding alloy price pass-through and wheel assembly reduction, was +30.0% (Q4) and +20.1% (FY26). EBITDA and PAT also saw robust YoY growth.
The company delivered strong top-line and bottom-line growth, outperforming the 2W industry. Strategic reduction in low-value Wheel Assembly business and increasing capacity utilization are positive. However, the impact of alloy price pass-through on EBITDA margins, despite being a pass-through, warrants close monitoring for sustained profitability.
Revenue by Product Segment FY26
Latest issuer-disclosed distribution across 5 reported categories.
Electrification - EV
Strengthen position in the growing EV sector in India.
Diversify Product Offerings
Diversify product offering in AB systems and ALP solutions and expand market in PV and CV segment.
Independent After Market (IAM)
Expand IAM channel network and increase focus on IAM sales and spares.
Focus on Export
Leverage export opportunities and enter new markets.
Capacity Utilization Ramp-up
Benefit from increasing capacity utilisation at Karoli and new Bangalore facility.
Captive Solar Power Plant (Haryana)
9.9 MWp Captive Solar Power Plant in Haryana operationalised in April 2025.
Captive Solar Power Plant (Rajasthan)
11.55 MWp Captive Solar Power Plant in Rajasthan expected to be operationalised in Q2 FY26.
Economies of Scale
Higher Volume driven economies of scale contributing to EBITDA margin improvement.
Increasing Capacity Utilization
Benefit from increasing capacity utilisation at Karoli and new Bangalore facility.
Strategic Business Rationalization
Strategic reduction in low value-added Wheel Assembly business.
Alloy Price Volatility
Passthrough impact of Significant increase in Alloy Prices on revenue and EBITDA percentage.
Raw Material Price Fluctuations
Significant increase in alloy prices impacted EBITDA percentage, despite being a pass-through mechanism.
Concentration in 2W Segment
2W-ICE and 2W-EV segments combined account for 73.3% of FY26 revenue by channel.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The financial results are presented on a year-on-year basis for both the quarter and the full financial year. This is appropriate for an auto ancillary business which can experience seasonal demand patterns.
Consolidated Total Income Growth
Q4 FY26: +35.3% YoY; FY26: +16.2% YoY.
Consolidated Net Revenue Growth (excl. pass-through & WA impact)
Q4 FY26: +30.0% YoY; FY26: +20.1% YoY. Outperformed Industry growth.
Consolidated EBITDA Growth
Q4 FY26: +31.1% YoY (Rs. 140 Cr); FY26: +24.1% YoY (Rs. 551 Cr).
Consolidated PAT Growth
Q4 FY26: +24.2% YoY (Rs. 72 Cr); FY26: +20.1% YoY (Rs. 297 Cr).
Strengthen EV Sector Position
Management aims to strengthen its position in the growing EV sector in India.
Product and Market Diversification
Management plans to diversify product offerings in AB systems and ALP solutions, expanding into PV and CV segments.
Renewable Energy Transition
Clear focus towards Renewal Energy with captive solar power plants operationalized and planned.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 13.1% (FY26, before alloy price impact adjustment) | Sustained improvement in EBITDA margins, especially after accounting for raw material price pass-through effects. |
| Net Revenue Growth | +20.1% (FY26, ex-impacts) | Continued outperformance of the 2W industry growth and successful diversification into PV/CV segments. |
| EV Segment Contribution | 4.7% of FY26 revenue from 2W-EV | Growth in EV segment revenue and new product wins, indicating successful electrification strategy. |
| Capacity Utilization & New Capacity | Increasing utilization at Karoli and Bangalore; 11.55 MWp solar plant in Rajasthan expected Q2 FY26. | Further ramp-up of existing facilities and timely commissioning/contribution of new capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +20.9% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
ASKAUTOLTDdaily · 1Y · AUTO+59.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~17.3% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 65% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 16/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 84th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%. Key concern: Promoter holding fell 4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 84th pctile, median 74 · Micro: 86th pctile, median 73
42 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸ROCE is 25.4%.
Trust risks
- ▸Promoter holding fell 4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.60
- P/B
- 9.31
- EV/EBITDA
- 18.67
- Market Cap
- 12200.00Cr
Profitability
- ROE
- 25.10%
- ROCE
- 25.40%
- ROA
- 12.36%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.52
- Interest Coverage
- 10.54×
- Altman Z
- 9.31
- Book Value
- 66.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 301.00 Cr
- EPS TTM
- 16.05
Shareholding
- Promoter Hold
- 74.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 78%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.