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Motilal Oswal Report
Sona BLW Precision Forgings Ltd. (Sona Comstar) is one of the leading critical auto components manufacturer globally with thrust on the electric vehicle segment.
The company started supplying differentiated gears/ assemblies in the global EV market since 2016/2018 and has garnered 5%/8.7% market share (as of CY20).
These two products currently contribute 46% of revenues while balance 51% comes from starter motors (both hybrid and conventional).
Global EV and micro-hybrid/hybrid markets form 41% of revenue while conventional powertrains constitutes the remaining.
Given government’s thrust globally and changing customer preferences, EV and mild hybrid sales are expected to grow five times by 2025, accounting for 33% global production (8% currently), thus presenting huge opportunity for the company.
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