CIE Automotive India Limited

Consumer Cyclical — Auto Parts · NSE

₹378.10+₹1.50 (+0.40%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by high debt relative to equity, small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of CIE Automotive India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

CIE Automotive India Limited produces and sells automotive components to original equipment manufacturers and other customers in India, Europe, and internationally.

IndustryAuto Parts

SectorConsumer Cyclical

Employees4,204

Annual revenue₹9,122 Cr

How does it make money?

Turns over ₹9,122 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 4,204 employees supports ₹2.17 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.17 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE23.0%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 8.0% and earnings to grow about 12.1% in the year to 2027. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+8.0%

Est. earnings growth+12.1%

Analysts5

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +11% while net margin moved -649% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+11%

Margin effect-649%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.5% — barely ahead of inflation

Quality vs. Valuation

Company Quality

55/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

16.0x

3Y Median

18.7x

32 monthly readings · mean 18.4x · range 12.7x–21.7x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 15% below its 3y median of 18.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 65% below the peer median of 45.7x.

vs. its own history

Fair

18.7x median over 32 months · -15%

vs. sector peers

Cheap

45.7x median of 4 peers · -65%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.3x

PEG

1.01

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 57% over 3 years.
Cash generation is improving
Free cash flow is up 43% over 3 years.
Return on equity is rising
ROE has improved from -2.7% to 11.1%.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 16.8% to 13.4% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 6.63x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 57% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 65% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 6.63x. Interest is payable whether or not the business has a good year.
Growth barely outpaces inflation
Revenue compounding at 3.5% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 13%✓ 15.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 3.5% CAGR
Latest reported year was 10.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹881 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 10%✓ 13.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹14,344 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.0x

Fair

Fairly valued against the generic band

P/B Ratio

1.85x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹23.63

Profitable

Profitable on a per-share basis

ROE

12.2%

Moderate

Moderate capital efficiency

ROCE

13.4%

Moderate

Moderate return on the capital in the business

Debt/Equity

6.63x

High

High leverage

Revenue Growth (YoY)

10.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

15.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.85%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹692 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

13.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

6.7%

Average

Average asset productivity

Operating Margin

11.2%

Average

Average margins

Net Margin

9.0%

Average

Average bottom-line conversion

Current Ratio

1.38

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.02

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

381.6 / 389.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹8,228 Cr	₹8,812 Cr	₹8,630 Cr	₹9,122 Cr	+3.5%
EBITDA	₹1,286 Cr	₹1,487 Cr	₹1,447 Cr	₹1,413 Cr	+3.2%
EBITDA Margin	15.6%	16.9%	16.8%	15.5%	—
PAT (Net Profit)	-₹136 Cr	₹1,125 Cr	₹828 Cr	₹828 Cr	—
EPS	₹-3.59	₹29.66	₹21.81	₹21.83	—
ROE	-2.7%	18.8%	12.6%	11.1%	—
ROCE	16.8%	17.7%	15.3%	13.4%	—
Total Debt	₹985 Cr	₹855 Cr	₹570 Cr	₹426 Cr	-24.4%
Free Cash Flow	₹617 Cr	₹853 Cr	₹494 Cr	₹881 Cr	+12.6%

🟢 Revenue has grown at 3.5% a year over 3 years.

🟢 EBITDA has grown at 3.2% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 15.5% over 3 years.

🟢 PAT (Net Profit) has turned positive, from -₹136 Cr to ₹828 Cr.

🟢 EPS has turned positive, from ₹-3.59 to ₹21.83.

🟢 ROE has risen from -2.7% to 11.1% over 3 years (+13.8 pts).

🔴 ROCE has fallen from 16.8% to 13.4% over 3 years (-3.3 pts).

🟢 Total Debt has shrunk at 24.4% a year over 3 years.

🟢 Free Cash Flow has grown at 12.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹10,757 Cr

Total Liabilities

₹3,298 Cr

Cash & Equivalents

₹228 Cr

Operating Cash Flow

₹1,258 Cr

Capex

-₹377 Cr

Shareholding (proxy)

Institutional Holding

23.8%

Insider Holding

66.4%

Corporate Actions

Dividend Rate

₹7

Ex-Dividend Date

22 Apr 2026

Analyst Consensus

Recommendations

4 Buy · 0 Hold · 1 Sell

Target Price (Mean)

₹492.2

+30.2% vs CMP

Target Range

₹450 – ₹560

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

2 mixed4 general

CIE Automotive India (BSE:532756) - Stock Analysis

Simply Wall Street, 13 Oct

Buy CIE Automotive India; target of Rs 501: Motilal Oswal

Moneycontrol.com, 24 Jul

Compare with Mahindra Forgings

Equitymaster, 17 Oct

CIE Automotive India schedules Q3FY27 earnings call for October 22

scanx.trade, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

CIE Automotive India Ltd. (CIEINDI) 52 Week Low Streak: second straight session near yearly trough

Univest, 09 Oct

CIE Automotive India shares plunge 12%, most since March 2020 despite strong Q2; Here's why

CNBC TV18, 23 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health

MiddlingBusiness Quality · Profitability · Valuation

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑