INDIA PRECISION MACHINING + AUTO PARTS II Domestic Specialists: Initiate SJS, Pricol at Buy and SONA, ENDU, Gabriel at Neutral

Research evidence excerpt

INDIA PRECISION MACHINING + AUTO PARTS II Domestic Specialists: Initiate SJS, Pricol at Buy and SONA, ENDU, Gabriel at Neutral

Equity Research

23 July 2026 | 11:13PM IST

INDIA PRECISION MACHINING + AUTO PARTS II

Domestic Specialists: Initiate SJS, Pricol at Buy and SONA, ENDU,

Gabriel at Neutral

Building on our earlier work on the transformation journey that Indian Precision Chandramouli Muthiah

+91(22)6616-9344 |

Engineering + Auto Parts makers have embarked on, we identify five high margin chandramouli.muthiah@gs.com

Goldman Sachs India SPL

domestic market leaders with exposure to structural growth themes including

Rishabh Rathiautomotive aesthetics (SJS Enterprises), vehicle cockpit digitization (Pricol), +91(22)6616-9388 |

improving EV traction motor localization (SONA Comstar), inverted fork adoption rishabh.rathi@gs.comGoldman Sachs India SPL

(Endurance Technologies, Gabriel India) and volume visibility from the 8th pay Kota Yuzawa

commission FY28E-FY29E. +81(3)4587-9863kota.yuzawa@gs.com|

Goldman Sachs Japan Co., Ltd.

What is the market missing ? The market has viewed these companies as traditional

businesses with relatively narrow TAM given their historical focus on single

component specializations. We believe these companies are now beginning a

transition journey by aggressively investing to expand beyond their traditional

strengths to capture emerging profit pools in the automotive and precision

machining landscape. We expect this cohort of high-margin domestic segment

leaders to deliver median Revenue / EBITDA / EPS of +19% / +21% / +24% over

FY26 to FY29E, driven by entry into new areas including automotive display screens,

anti lock braking systems, suspension motor technology, solar dampers and precision

injection molded plastics / polymer solutions.