Setco Automotive

What Setco Automotive does

Setco Automotive Ltd, incorporated in 1982 in Gujarat, India, is a publicly listed manufacturer (BSE: 505075, ticker SETCO) of heavy-duty clutches and driveline components under the LIPE brand, serving medium and heavy commercial vehicle (MHCV) and light commercial vehicle (LCV) OEMs. The company's product portfolio spans 100+ SKUs including diaphragm and coil clutches, flywheels, clutch release bearings, center support bearings, UJ crosses, brake discs and linings, water pumps, load cushions, torque rod bushes, and coolant, with manufacturing distributed across four Indian facilities and a workforce of 1,000+ employees.

The business operates a dual-channel model: direct OEM supply to vehicle manufacturers for original equipment assembly, complemented by an independent aftermarket (IAM) channel for replacement parts. Named OEM customers include Tata Motors, Ashok Leyland, Bharat Benz, Mahindra, Eicher (Volvo Eicher), Volvo, AMW, and Caterpillar for construction equipment. Quality certifications (IATF 16949, ISO 14001, ISO 45001) and an in-house R&D and testing facility underpin the company's position as what it describes as a leading manufacturer of heavy-duty clutches for MHCVs.

Revenue is concentrated in subsidiary Setco Auto Systems Pvt Ltd (SASPL), which generated Rs 663 crore in FY25, representing approximately 96% of consolidated revenue. In 2021, India Resurgence Fund (Piramal Enterprises and Bain Capital Credit) invested up to Rs 615 crore into the group for a 35% equity stake in SASPL. In March-June 2026, Bain Capital-backed RSB Transmissions acquired 65% of SASPL for up to Rs 580 crore (including non-compete payments), prompting the listed parent to approve rebranding as Shilayan Industries. The company's promoter group also faces a SEBI order to repay over Rs 208 crore for alleged fund diversion, creating an additional governance overhang.

Name

Setco Automotive

Legal name

Setco Automotive Ltd

Website

https://setcoauto.com

Company type

Public

Founded year

1982

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Setco Automotive is a Gujarat-based, BSE-listed manufacturer of heavy-duty clutches and driveline components under the LIPE brand, supplying Indian commercial vehicle OEMs (Tata Motors, Ashok Leyland, Bharat Benz, Mahindra, Eicher, Volvo) plus a construction equipment channel and aftermarket.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. OEM Component Supply: Direct supply of clutches and driveline components to vehicle manufacturers for original equipment assembly. Represents the primary revenue stream.
2. Aftermarket Parts: Sale of replacement components through independent aftermarket (IAM) channel for vehicle maintenance and repairs.
3. Setco Auto Systems Revenue: Subsidiary Setco Auto Systems generated revenue of ₹663 crore in FY25, representing nearly 96% of consolidated revenue

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Setco Automotive manufactures heavy-duty clutch systems, driveline components, and hydraulic solutions primarily for medium and heavy commercial vehicles (MHCVs), light commercial vehicles (LCVs), tractors, and construction equipment. The company supplies components directly to OEM manufacturers for vehicle assembly and also serves the independent aftermarket with replacement parts, offering 100+ product ranges including LIPE-branded clutches, brake components, bearings, flywheels, water pumps, load cushions, and torque rod bushes.

Product overview

Setco Auto Systems is a world-leading manufacturer of heavy-duty clutches, driveline components, and hydraulic solutions for the automotive and construction equipment industries. The company offers a comprehensive product portfolio centered around its LIPE brand clutches, along with complementary driveline and suspension components including brake discs, brake linings, center support bearings, clutch release bearings, coolants, flywheels, universal joint crosses, water pumps, load cushions, and torque rod bushes. The products are designed for long-lasting performance, smooth engagement, and operational efficiency across challenging terrains, catering to both OEMs (original equipment manufacturers) and the aftermarket segment. The company's 100+ product ranges serve medium and heavy commercial vehicles (MHCVs), light commercial vehicles (LCVs), tractors, and other commercial vehicles, with key customers including Tata Motors, Ashok Leyland, Bharat Benz, Mahindra, Eicher, Volvo, and other major commercial vehicle manufacturers globally.

Differentiator

Problem solved

Functional benefit

Products and services

• LIPE Clutches

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators7 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• RSB Transmissions: India-based manufacturer of clutches, driveline components, and gear systems for commercial vehicles and tractors. Directly comparable as a clutch and driveline peer, and now the acquirer of Setco Auto Systems.
• Clutch Auto (India) Limited: Manufacturer of clutch assemblies and components serving automotive OEMs and the aftermarket in India. Closest direct competitor to Setco's LIPE clutch business in the Indian MHCV segment.
• Automotive Axles Limited (Meritor): Indian joint venture manufacturing axles, brakes, and related drivetrain components for commercial vehicles. Comparable as a focused Indian driveline/chassis component supplier to the same CV OEM customer base.

Broad incumbents

• Schaeffler India: Listed Indian arm of Schaeffler Group, manufacturing clutches (LuK), driveline components, and bearings for passenger and commercial vehicles. Comparable as a clutch and driveline component peer with broader portfolio scale.
• Endurance Technologies: Indian auto component manufacturer supplying brakes, suspension, driveline, and aluminum die-castings to two-wheeler, passenger car, and commercial vehicle OEMs. Comparable broad-based automotive components peer with similar OEM customer base.
• Uno Minda (Minda Industries): Large Indian auto component group producing switches, lighting, acoustics, and aftermarket products for two-wheelers, passenger vehicles, and commercial vehicles. Comparable as a diversified Indian auto components supplier with deep OEM relationships.
• Bosch Limited (India): Indian subsidiary of Bosch supplying automotive technology including fuel injection, braking systems, and components to commercial vehicle OEMs. Comparable as a major Tier-1 automotive supplier to the same Indian CV customer base.
• ZF Commercial Vehicle Control Systems India: Indian arm of ZF Group (formerly Wabco India), supplying braking, driveline, and chassis systems to commercial vehicle OEMs. Comparable as a global Tier-1 driveline and brake supplier to Indian CV manufacturers.
• Bharat Forge: Largest Indian forging company supplying forged and machined components to automotive, commercial vehicle, and industrial OEMs globally. Comparable as a major Indian auto component manufacturer serving CV customers including Tata and Ashok Leyland.
• Sundram Fasteners: Diversified Indian manufacturer of high-tension fasteners, powertrain components, and cold-extruded parts for automotive and industrial customers. Comparable as an Indian automotive component peer with similar OEM-supply model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/setcoautomotive
• YouTubeyoutube.com/channel/UC7H_i2T-IvpRlszYk2Gzp_Q
• Facebookfacebook.com/SetcoAutomotive
• LinkedInlinkedin.com/company/setco-auto-systems/posts/?feedView=all
• Instagraminstagram.com/setco_autosystems

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Setco Automotive