Emmforce AutotechShare price, financial results, shareholding and management
- Market cap
- ₹366 cr
- Stock P/E
- 44.4peers 17.1
- Book value
- ₹44.4
- Price to book
- 4.02
- EV / operating profit
- -
- Market cap to sales
- 3.25
- ROCE · FY26
- 12.1%
- ROE · FY26
- 9.7%
- ROE, 3-year average
- 13.0%
- Operating margin · FY26
- 20.0%peers 15.1%
- Sales growth, 3 years
- +28.7%
- Profit growth, 3 years
- +2.4%
- Debt to equity
- 0.48peers 0.36
- Borrowings
- ₹44 cr
- Interest cover
- 5.0×
- Cash from business / op. profit
- 22%
- Debtor days
- 109
- Pledged
- 0.00%
- Promoter holding
- 74.50%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,473
- 52-week high / low
- ₹204 / ₹105
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Emmforce Autotech share price chart
Close on 6 Nov 2026 · -5.67% on the day · Vol 39,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -1.5%
- 3 months
- -2.1%
- 6 months
- +36.9%
- 1 year
- +19.7%
- Traded a day, 20 days
- ₹0.31 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +29% | +2% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +13% | -10% |
About Emmforce Autotech: business, products and customers
Emmforce Autotech makes drivetrain parts such as wheel hubs, axle shafts and differential parts for four-wheel-drive and racing vehicles, almost all sold abroad, and has started making rotavator blades and other farm equipment parts. Its shares trade on BSE SME.
Emmforce makes precision drivetrain parts at Baddi in Himachal Pradesh: four-wheel-drive locking hubs, spindles, axle shafts, driveshaft yokes, differential housings and lockers, gear shifters and, since FY26, hydraulic gear pumps. About 94% of revenue comes from exports to more than 20 countries, mostly for the aftermarket and performance racing, and in March 2026 it began supplying a US carmaker from a new dedicated line. The business began as a partnership firm, Emmforce Inc, and became a company in October 2023 before listing in April 2024.
The plant does its own forging, machining, heat treatment and assembly across about 1,50,000 sq ft with over 600 people, which keeps margins near a fifth of revenue but needs steady capital spending. The company spent heavily ahead of new orders, so in FY26 depreciation and staff costs rose before the revenue arrived and profit stayed flat while sales grew. Its agri arm, Emmforce Mobility Solutions, an 80% subsidiary with the rest held by the promoter directors, has a 1,600 tonne forging press and makes rotavator blades for TAFE and its own distributors; it ran at under a tenth of its capacity in FY26 and lost money.
Read more about the business
Exports mean long transit times and stock held for overseas buyers, so working capital is large: inventory and receivables rose in FY26 as the US carmaker's supplies began. Promoter-owned companies sit on both sides of the trade: Prospeedways LLC in the US, owned by the promoter directors, is a customer, and Emmbros Automotives, owned by the promoters, is a supplier the company plans to acquire after moving to the main board.
The annual reports name no competitors; the FY26 report says the auto component industry is extremely competitive but that its low-volume, complex parts for four-wheel-drive and racing vehicles face limited competition, unlike high-volume carmaker supply.
From the abridged prospectus (April 2024), the FY26 and FY25 annual reports, the FY26 investor presentation and the earnings call of 27 May 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 29% a year last year.
- The promoters own a large part of the company: 74.50%.
To watch
- Results for the half to September 2026, the first test of the target of about ₹195 cr revenue in FY27 (earnings call, 27 May 2026).
- Sales to promoter-owned Prospeedways LLC: shareholders were asked to approve up to ₹120 cr for FY27, against ₹20.6 cr in FY26 (annual report FY26, p.25 to 26).
- The planned acquisition of promoter-owned Emmbros Automotives after moving to the main board, and its price (investor presentation FY26, p.23).
- Losses at the agri subsidiary, Emmforce Mobility Solutions, and further loans or guarantees to it from the parent (annual report FY26, p.26 to 27).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Emmforce Autotech revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Emmforce Autotech half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 40.07 | 35.05 | 52.49 | 53.57 | 59.07 |
| Expenses | 33.73 | 29.79 | 40.88 | 42.54 | 47.41 |
| Operating profit | 6.34 | 5.27 | 11.61 | 11.03 | 11.66 |
| OPM | 15.8% | 15.0% | 22.1% | 20.6% | 19.7% |
| Interest | 0.85 | 1.16 | 1.25 | 1.26 | 1.35 |
| Depreciation | 1.01 | 1.97 | 2.30 | 3.17 | 4.97 |
| Profit before tax | 5.70 | 4.38 | 7.30 | 6.67 | 5.34 |
| Net profit | 4.09 | 3.38 | 4.68 | 4.05 | 4.19 |
Emmforce Autotech profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 40 | 87.54 | 112.65 |
| Expenses | 34 | 70.67 | 89.65 |
| Operating profit | 6 | 16.88 | 23 |
| OPM | 16.0% | 19.3% | 20.0% |
| Other income | 1 | 1.49 | 0.07 |
| Interest | 1 | 2.41 | 3 |
| Depreciation | 1 | 4.26 | 8 |
| Exceptional and other items | 1 | · | · |
| Profit before tax | 6 | 11.68 | 12.01 |
| Tax rate | 33.3% | 31.0% | 31.3% |
| Net profit | 4 | 8.06 | 8.25 |
| EPS ₹ | 2.73 | 3.93 | 4.02 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Emmforce Autotech profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 16.0% | 19.3% | 20.0% |
| Tax rate | 33.3% | 31.0% | 31.3% |
| ROCE | · | 16.1% | 12.1% |
| ROE | · | 16.4% | 9.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Emmforce Autotech debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Emmforce Autotech balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 15 | 20 | 20 |
| Reserves | 4 | 59 | 71 |
| Net worth | 19 | 79 | 91 |
| Borrowings | 42 | 35 | 44 |
| Other liabilities | 21 | 16 | 20 |
| Total liabilities | 82 | 130 | 155 |
| Fixed assets | 28 | 39 | 79 |
| Capital work in progress | 3 | 22 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 51 | 69 | 76 |
Emmforce Autotech cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -26 | -3 | 5 |
| Cash from investing | -32 | -31 | -24 |
| Cash from financing | 58 | 42 | 9 |
| Net cash flow | 0 | 8 | -10 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 189 | 116 | 109 |
| Inventory days | 132 | 96 | 140 |
| Days payable | 207 | 60 | 72 |
| Cash conversion cycle | 114 | 152 | 177 |
| Working capital days | 139 | 127 | 102 |
Emmforce Autotech peers and competitors
Listed SME companies in the same industryBy sales, Emmforce Autotech is number 15 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Sumax Engineering | 192 | 14.8 | 147 | 13 | 12.0% | 0.21 |
| Thaai Casting | 312 | 23.7 | 146 | 13.2 | 24.5% | 1.15 |
| Kheria Autocomp | - | - | 120 | 11 | 19.0% | 0.90 |
| Emmforce Autotech | 366 | 44.4 | 113 | 8.3 | 20.0% | 0.48 |
| Viaz Tyres | 147 | 27.8 | 108 | 5.3 | 8.8% | 0.35 |
| AVATAR Industries | 206 | 551.3 | 103 | 0.4 | -0.2% | 0.00 |
| Happy Steels | 107 | 15.0 | 94.6 | 7.1 | 14.2% | 1.18 |
| LAPL Automotive | 141 | 16.3 | 93.2 | 8.6 | 16.0% | 0.83 |
| Innovative Tyres & Tubes | 61 | - | 85.4 | -1.9 | 3.8% | - |
| Premium Plast | 89 | 12.9 | 75.4 | 6.9 | 18.8% | 0.10 |
| Gallard Steel | 163 | 18.0 | 68 | 9.1 | 22.4% | 0.36 |
| Median of the 10 others | 147 | 17.2 | 98.8 | 7.9 | 15.1% | 0.36 |
Emmforce Autotech shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Emmforce Autotech shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.17% | 73.73% | 74.28% | 74.48% | 74.50% | 74.50% | 74.50% | 74.50% |
| Foreign investors (FIIs) | 2.36% | 1.80% | 1.06% | 0.30% | 0.09% | 0.08% | 0.06% | - |
| Indian institutions (DIIs) | 0.17% | 0.18% | 0.12% | 0.03% | 0.01% | 0.01% | 0.01% | - |
| Number of shareholders | 1,979 | 1,916 | 1,803 | 1,788 | 1,636 | 1,493 | 1,446 | 1,473 |
Emmforce Autotech study: the business from its own documents
Read from 5 of the company's own documentsEmmforce Autotech key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹112.7 cr
- Consolidated, up 26.6%; profit after tax was ₹8.2 cr, about level with FY25, as depreciation and hiring for the new US order rose.Annual report FY26, p.59 to 60; earnings call, 27 May 2026, p.5
- US carmaker order
- ₹470 cr
- In production since March 2026; management expects about ₹60 cr a year, spread over about eight years. The total order book is above ₹500 cr.Earnings call, 27 May 2026, p.5 and p.10 to 11; investor presentation FY26, p.16
- Capacity in use
- 50% to 55%
- Use of the ₹200 cr auto capacity; the ₹150 cr agri capacity was 8% to 10% used.Investor presentation FY26, p.11
- Export share
- ~94%
- Share of revenue from overseas markets in more than 20 countries.Investor presentation FY26, p.5 and p.7
- Largest customer
- 40%
- Share of FY26 revenue; the top ten customers gave 88%.Investor presentation FY26, p.14
Show 5 more facts
- Sales to Prospeedways
- ₹20.6 cr
- FY26 sales to Prospeedways LLC, a US firm wholly owned by the promoter directors, up from ₹8.2 cr in FY25; ₹17.6 cr more in April to June 2026.Annual report FY26, p.24, p.25 and p.130; annual report FY25, p.85
- Buying from Emmbros
- ₹14.0 cr
- FY26 purchases of goods from Emmbros Automotives, owned by the promoters, which the company intends to acquire after moving to the main board.Annual report FY26, p.130; investor presentation FY26, p.23
- Agri subsidiary result
- -₹4.2 cr
- FY26 loss of Emmforce Mobility Solutions on revenue of ₹12.2 cr, with negative net worth; the parent has lent it ₹28.7 cr and guaranteed ₹10.0 cr of its bank loan.Annual report FY26, p.27, p.130 and p.131
- Cash from operations
- ₹5.2 cr
- Consolidated, FY26, against profit of ₹8.2 cr; inventory rose to ₹22.2 cr from ₹13.1 cr and ₹23.5 cr went into investment.Annual report FY26, p.140 and p.142
- IPO raised
- ₹53.9 cr
- New shares at ₹98, listed on 30 April 2024; ₹10.0 cr was set for the subsidiary and ₹27.0 cr for working capital.Annual report FY25, p.22 and p.72; abridged prospectus, p.13
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the company said it is targeting revenue of about ₹195 cr in FY27, ₹165 cr from auto and ₹30 cr from agri, and nearly ₹240 cr in FY28 with agri near ₹50 cr, at EBITDA margins of 20% to 22% and profit margins of about 10%. It expects a ₹10.5 cr a year drivetrain order to start production in the October to December 2026 quarter, and says it intends to move to the main board in about a year and then acquire Emmbros Automotives.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of ₹100 cr to ₹125 cr | Earlier guidance, recalled on the May 2026 call | ₹112.7 cr |
| Profit margin of about 10% | May 2026 call | FY26 about 7% |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Emmforce earns a manufacturing margin on niche drivetrain parts it forges and machines in India for overseas four-wheel-drive and racing brands, and is now adding a carmaker and farm parts.
Its weak spots are a few customers that give most of the revenue, trade with companies the promoters own, and a farm parts unit that still loses money.
StrongCan it set its own prices?Its parts are custom made and critical to performance, so customers choose on quality and are slow to switch, though it has little bargaining power with its own suppliers.
StrongHow strong is it against rivals?In its niche of low-volume, complex parts it is often the only supplier, helped by doing forging, machining and assembly under one roof.
WatchWho are its customers?Overseas aftermarket and racing brands and now a US carmaker, but the top few give most of the revenue and one sizeable buyer is owned by the promoters.
WatchDoes it need a lot of money?Forging and machining need steady capital spending, exports tie up stock and credit, and the parent funds a loss-making subsidiary.
AverageCan it keep finding new work?A large carmaker order and a few smaller ones give years of visibility, but the farm parts business is only starting and depends on winning more makers.
AverageDo good and bad years swing a lot?Demand from overseas buyers has been steady, but tariffs led them to cut stock in FY26, and farm sales follow the season.
Who runs Emmforce Autotech?
Promoters, directors and officers; tap a name for the background
AMAshok MehtaPromoter and Managing Director · holds 37.85%
Chartered Accountant and B.Com, with over 33 years in automotive differential and drivetrain parts; a first-generation entrepreneur in the industry. Also a director of Emmforce Mobility Solutions, Emmbros Automotives and Emm Distribution, and a partner in Prospeedways LLC per the prospectus. Paid ₹1.32 cr in FY26 and reappointed from 13 October 2026 on up to ₹0.10 cr a month. The annual report states Neetu Mehta is the spouse and Azeez Mehta the son of Ashok Mehta.
Abridged prospectus, p.11 to 12; annual report FY26, p.7, p.47 and p.130; investor presentation FY26, p.33 to 34AMAzeez MehtaPromoter, Whole-time Director and Chief Financial Officer · holds 0.03%
B.Sc. in Industrial Engineering from the USA, with about six and a half years in the industry; CFO since 1 November 2023, overseeing finance, costs and working capital. Paid ₹0.66 cr in FY26.
Investor presentation FY26, p.34; annual report FY26, p.54, p.56 and p.130NMNeetu MehtaPromoter and Non-Executive Director
Eleven years in automotive components per the prospectus; also a director of Emmforce Mobility Solutions, Emmbros Automotives and Innovators E-Biz, and linked to Prospeedways LLC. Lent ₹4.2 cr to the company, outstanding at March 2026, and was paid rent.
Abridged prospectus, p.12; annual report FY26, p.130PGParul GuptaCompany Secretary and Compliance Officer
Company Secretary since before the IPO and secretary to the board committees.
Annual report FY26, p.61 to 62; abridged prospectus, p.10MVManish VermaIndependent Director
Degree in Mechanical Engineering and a Post Graduate Diploma in Management, with 25 years in banking, automobiles and start-ups.
Abridged prospectus, p.12 to 13; annual report FY26, p.61RTRaman TewariIndependent Director
Chartered Accountant with 16 years in practice in corporate consulting and audit.
Abridged prospectus, p.13; annual report FY26, p.61Emmforce Autotech latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹59.1 cr (+13%), net profit ₹4.2 cr (-10%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 74.50%.
Emmforce Autotech announcements
3 on record, latest first; each opens the filing on the exchange
Emmforce Autotech annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Emmforce Autotech share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Emmforce Autotech's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,04,99,600 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Emmforce Autotech
What does Emmforce Autotech do?
Emmforce Autotech makes drivetrain parts such as wheel hubs, axle shafts and differential parts for four-wheel-drive and racing vehicles, almost all sold abroad, and has started making rotavator blades and other farm equipment parts. Its shares trade on BSE SME.
What is the share price of Emmforce Autotech?
₹179 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Emmforce Autotech?
₹366 cr at the close on 6 Nov 2026, on 2,04,99,600 shares.
What is the P/E of Emmforce Autotech?
44.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Emmforce Autotech's revenue and profit?
Revenue ₹113 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Emmforce Autotech?
Ashok Mehta, Azeez Mehta, Neetu Mehta; promoters held 74.50% at 30 June 2026.
What is Emmforce Autotech's website?
www.emmforce.com
More SME companies like Emmforce Autotech
Other listed SME companies in auto components, the closest in size first, each read from its own documents.
- CLN EnergyCLN · BSE SME · Auto ComponentsMarket cap ₹413 cr
- Thaai CastingTCL · NSE Emerge · Auto Components · listed 2024Market cap ₹307 cr
- Goldstar PowerGOLDSTAR · NSE Emerge · Auto Components · listed 2017Market cap ₹306 cr
- Maxvolt Energy IndustriesMAXVOLT · NSE Emerge · Auto Components · listed 2025Market cap ₹445 cr
- AVATAR IndustriesAVATAR · NSE Emerge · Auto Components · listed 2017Market cap ₹201 cr
- Pritika Engineering ComponentsPRITIKA · NSE Emerge · Auto Components · listed 2022Market cap ₹189 cr
Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 3 exchange announcements, 8 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.