India Precision Machining + Auto Parts

研报英文原文证据摘录

India Precision Machining + Auto Parts

Equity Research

19 July 2026 | 2:29PM IST

INDIA PRECISION MACHINING + AUTO PARTS

Tooling for Transformation: Initiate Sansera, Craftsman at Buy and

SAMIL, Bharat Forge at Neutral

Indian Auto Parts makers are commencing a transformation journey into adjacent Chandramouli Muthiah

+91(22)6616-9344 |

supply chains including semiconductor wafer fabrication equipment (WFE), defense, chandramouli.muthiah@gs.com

Goldman Sachs India SPL

data center power generation, EV parts and aerospace. The shift is driving

Rishabh Rathiinvestment in both capacity and skill building (into precision machining and tooling). +91(22)6616-9388 |

Global Industrial/automotive/semiconductor OEM initiatives to derisk supply chains rishabh.rathi@gs.comGoldman Sachs India SPL

are further supporting this business momentum. Amit Dixit

+91(22)6616-9008 | amit.dixit@gs.com

What is the market missing? The market has been looking at these companies as Goldman Sachs India SPL

cyclical auto parts manufacturers, with limited pricing power and recurring capex, Kota+81(3)4587-9863Yuzawa |

but we believe that a cohort of pioneering manufacturers across the sector are kota.yuzawa@gs.comGoldman Sachs Japan Co., Ltd.

embarking on a product mix shift, pivoting to cycle proof their business models and Tina Hou

diversify into larger profit pools that leverage their core manufacturing capabilities. +86(21)2401-8694 | tina.hou@goldmansachs.cn

We expect the Indian auto parts industry, supported by the transition to precision Goldman Sachs (China) Securities Company Limited

machining, to grow revenue by +7%/+12%/+10% in FY27E/FY28E/FY29E (FY26E to

Do Hyoung Kim

FY30E CAGR of +10%), and EBITDA by +7%/+26%/+14% in FY27E/FY28E/FY29E +82(2)3788-1376 |

dohyoung.kim@gs.com