ASK Automotive is using the cash flows from its dominant two-wheeler braking business to fund the next phase of its expansion, as it transforms from India’s largest two-wheeler brake supplier into a more diversified maker of lightweight aluminium auto components and EV-ready precision-engineered parts.
The Gurugram-based auto components maker reported consolidated total income of ₹4,196.2 crore in FY26, up 16.2 per cent from ₹3,612.7 crore in FY25, while EBITDA rose 24.1 per cent to ₹550.9 crore from ₹443.8 crore and net profit increased 20.1 per cent to ₹297.3 crore from ₹247.6 crore.
The company said underlying net revenue grew 20.1 per cent after adjusting for the pass-through impact of higher alloy prices and the strategic reduction of the wheel assembly business.
Brokerage reports suggest ASK could invest about ₹400 crore in FY27, following an estimated ₹450 crore in FY26, as it expands capacity, deepens its manufacturing footprint and adds renewable energy infrastructure.
The two-year investment cycle of roughly ₹850 crore is already reshaping the business mix: ASK’s Aluminium Lightweighting Precision Solutions (ALPS) division grew 30 per cent to ₹2,121 crore in FY26 from ₹1,632 crore in FY25, overtaking its flagship braking business to become the company’s largest segment and contributing 50.8 per cent of consolidated revenue.
Chairman and Managing Director Kuldip Singh Rathee said FY26 marked ASK Automotive’s “tenth consecutive quarter of robust performance” since its November 2023 listing. “This reflects the result of our continued focus on expanding value-added businesses, improving utilization of production capacities and bringing cost efficiencies,” Rathee said.
Aluminium Becomes the New Growth Engine
The most significant development in FY26 was the rise of ALPS as ASK’s largest business, overtaking Advanced Braking Systems (ABS), which remains the company’s traditional core.
While ALPS revenue increased 30 per cent to ₹2,121 crore, ABS grew 17 per cent to ₹1,542 crore in FY26 from ₹1,320 crore in FY25, accounting for 36.9 per cent of revenue. For a company that still commands around 50 per cent of India’s two-wheeler advanced braking systems market, the crossover marks an important strategic shift rather than a departure from its cash-generating base business.
ASK’s ALPS division manufactures high-pressure die-cast and precision-machined aluminium parts such as engine covers, ECU housings, battery housings and electric motor housings used in both conventional and electric vehicles. As automakers use more aluminium to reduce vehicle weight and improve fuel efficiency or EV range, this business is becoming ASK’s most important growth engine.
Core business continues to deliver
The traditional braking business, however, remains ASK’s principal cash generator. ASK Automotive supplies advanced braking systems, aluminium components and safety control cables to virtually every major two-wheeler manufacturer, including Honda Motorcycle & Scooter India, Hero MotoCorp, Bajaj Auto, TVS Motor, Yamaha and Royal Enfield.
Its transition-ready portfolio has also won business from electric vehicle makers such as Ola Electric and Ather Energy, while relationships with global Tier-1 suppliers such as Denso and Magneti Marelli provide additional validation of its engineering capabilities.
India’s two-wheeler industry production rose 11.8 per cent to 267 lakh units in FY26 from 239 lakh units in FY25, and ASK said it continued to outperform overall industry growth in both Q4 FY26 and the full year.
The company’s Q4 FY26 performance underscored that momentum. Consolidated total income increased 35.3 per cent to ₹1,154 crore in Q4 FY26 from ₹853 crore in Q4 FY25, EBITDA rose 31.1 per cent to ₹140 crore from ₹107 crore, and net profit climbed 24.2 per cent to ₹72 crore from ₹58 crore.
Where the investment is going
The centrepiece of ASK’s investment cycle is the Karoli mega manufacturing facility in Rajasthan, which Rathee said is “ramping up fast,” while the Bengaluru facility is nearing its optimum utilisation.
Part of the FY27 investment includes a ₹35 crore braking capacity expansion, funded through internal accruals, to add about 6 crore brake shoes and disc brake pads annually through two new facilities in Rajasthan.
Rathee said ASK’s second captive solar plant in Rajasthan is expected to be operational in Q2 FY27, reflecting the company’s “ongoing commitment towards sustainable renewable energy initiative.” Together with a 9.9 MWp captive solar power plant in Haryana commissioned in April 2025, ASK will have more than 21 MWp of captive solar capacity.
FY27 to FY30: Building a larger precision engineering platform
Management’s strategic priorities include strengthening its position in EV components, diversifying product offerings in braking and aluminium solutions, expanding into passenger and commercial vehicle applications, increasing exports, growing the independent aftermarket and investing in design, R&D and engineering capabilities.
“As we go forward, we are hopeful of maintaining trend of outperforming the industry growth in the subsequent year,” Rathee said. “We anticipate the growth momentum in two-wheeler sector to continue for the upcoming year.”
By FY30, ASK appears to be positioning itself as a more diversified, export-oriented and higher-value automotive component company, with greater exposure to aluminium lightweighting, EV-linked components and precision manufacturing while retaining the earnings support of its braking business.