Sharda Motor Industries

What Sharda Motor Industries does

Sharda Motor Industries Limited (SMIL) is a publicly listed Indian automotive component manufacturer, founded in 1986 by Shri Narinder Dev Relan and headquartered in New Delhi. The company designs, develops, manufactures and supplies exhaust systems, catalytic converters, independent suspension systems, seat frames, and seat covers to passenger vehicle, commercial vehicle, tractor, and engine/power generation OEMs in India, with a small operating presence in South Korea. Customer logos disclosed in the data span Tata Motors, Mahindra & Mahindra, Hyundai, Ashok Leyland, Cummins Power Generation, JCB, Kirloskar, Yanmar, Sonalika, TAFE, Magna, SML Isuzu, Nissan, Escorts Agri Machinery, Man Truck, Isuzu, Force Motors, and Kubota Manufacturing of America.

The product portfolio is anchored on BS-IV and BS-VI compliant exhaust systems for passenger and commercial vehicles and Tier IV systems for tractors, alongside a full suspension range (control arms, upper arms, front and rear suspension assemblies, front axle assemblies for 2WD and 4WD, and lower link assemblies). Underlying technology includes an R&D centre established in 2010 in Mahindra World City, Chennai (45 km from Chennai airport) handling design, testing and validation of exhaust systems for passenger vehicles, commercial vehicles and non-automotive applications, and a design and development centre in Hwasung, South Korea. The R&D function focuses on emission reduction, NVH (Noise, Vibration, Harshness), and lightweighting, and uses Gamma Technologies' GT-SUITE simulation platform for virtual validation with company-disclosed outcomes of a 58% development-time reduction and 43% cost savings. Manufacturing operates from Chennai (SIPCOT and Mahindra World City), Nasik, and Chakan under a just-in-time delivery model. The group holds a 2015 joint venture with Japan's Toyo Seat Co. Ltd. (Toyo Sharda India Private Limited) for seat frames, and in October 2025 signed a Technology Licence Agreement with South Korea's Donghee Industries to locally produce advanced suspension systems (control arms, torsion beams, and sub-frames).

SMIL's revenue model is a B2B OEM supplier model built on long-term supply contracts with vehicle and engine manufacturers (hardware sales), complemented by technology licensing and royalty income from international technology partners. Pricing is determined through individual contract negotiations with each OEM rather than published list pricing, and distribution is exclusively direct-to-OEM with no aftermarket or retail channel. FY26 reported revenue was Rs 3,396.77 crore (up 19.75% YoY) with net profit of Rs 345.41 crore (up 9.68% YoY); Q4 FY26 revenue alone was Rs 971.76 crore (up 29.59% YoY). The Relan family controls the company, with Ajay Relan as Managing Director and Aashim Relan as Chief Executive Officer; the company is listed on BSE (535602) and NSE (Symbol: SHARDAMOTR) and conducted a share buyback in 2024.

Name

Sharda Motor Industries

Legal name

Sharda Motor Industries Limited

Website

https://shardamotor.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Publicly listed Indian Tier-1 auto component manufacturer, founded in 1986, supplying exhaust systems, catalytic converters, independent suspensions, and seat frames to passenger vehicle, commercial vehicle, tractor, and engine OEMs including Tata Motors, Mahindra & Mahindra, Hyundai, Ashok Leyland, and Cummins.

Ownership category

akta.pro rank

Product category

Automotive Components Manufacturing

NAICS

Motor Vehicle Parts Manufacturing (3363), Motor Vehicle Steering and Suspension Components (except Spring) Manufacturing (33633)

SIC

Motor Vehicle Parts & Accessories (3714)

akta.pro primary industry

Passenger Vehicle Exhaust & Emissions Control Manufacturing (ICE) (IMACAAAI)

akta.pro secondary industry

Steering Systems & Components (Columns/Racks/EPS Pumps & Motors) (IMACAIAB)

Keywords

• Automotive component manufacturing
• Exhaust systems
• Suspension systems
• OEM supplier
• Seat frame manufacturing

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Automotive Component Manufacturing: Manufacturing and supply of automotive components including exhaust systems, suspension systems, seat frames and covers to OEM manufacturers. Revenue is generated through long-term supply contracts with vehicle manufacturers.
2. Technology Licensing & R&D Services: Technology transfer and licensing arrangements with international partners for advanced suspension technology, generating additional revenue streams.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Sharda Motor Industries manufactures and supplies automotive components to OEM manufacturers, including BS-IV and BS-VI compliant exhaust systems (mufflers, resonators, catalytic converters) for passenger and commercial vehicles plus Tier IV systems for tractors, independent suspension systems (control arms, torsion beams, sub-frames, front/rear axle assemblies for 2WD and 4WD vehicles), and seat frames and trim covers. The company operates R&D centres in Chennai and South Korea and manufacturing facilities across India, supplying directly to vehicle manufacturers and engine/power generation OEMs through long-term contracts.

Product overview

Sharda Motor Industries is an automotive components manufacturer offering a portfolio of exhaust systems, suspension systems, and seating components. Their exhaust systems include BS-IV and BS-VI compliant systems for passenger vehicles, commercial vehicles, and tractors (Tier IV), along with resonators and mufflers. Their suspension portfolio comprises control arms, torsion beams, sub-frames, front/rear suspension assemblies, and front axle assemblies for 2WD and 4WD vehicles. Additionally, they provide SCM & procurement services and seat trim/frame components. The company also recently partnered with South Korea's Donghee to bring advanced suspension technology including Control Arms, Torsion Beams, and Sub-frames to the Indian market.

Differentiator

Problem solved

Functional benefit

Products and services

• Exhaust Systems Comprehensive exhaust system portfolio for passenger vehicles, commercial vehicles, tractors and gensets, including BS-IV and BS-VI compliant systems, Tier IV systems for agricultural tractors, catalytic converters, mufflers, resonators and cold-end components. Designed and validated for OEMs serving passenger car, commercial vehicle, tractor and power generation segments.

Quantifiable outcome

• 58% reduction in development time when using GT-SUITE simulation platform
• +1 more outcomes

Named customers18 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Donghee Industries Co. Ltd.coreTechnology or Integration · 31 October 2025Sharda Motor Industries signed a Technology Licence Agreement with South Korea's Donghee Industries to locally produce advanced suspension systems including Control Arms, Torsion Beams, and Sub-frames for passenger vehicles in India. Donghee transfers design blueprints, process know-how, and validation protocols, enabling Sharda Motor to serve growing demand for high-performance, lightweight suspension solutions in India's SUV, electric, and premium car segments.
• Toyo Sharda India Private Limited (Joint Venture)coreStrategic or Co-development Partner · 10 April 2015Joint venture company formed with Japan Toyo Seat Co. Ltd. for manufacturing seat frames and related automotive components in India. Toyo Sharda India Private Limited combines Toyo Seat's technology with Sharda Motor's manufacturing capabilities.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Endurance Technologies: Indian listed auto component manufacturer with leading positions in aluminium die-castings, suspension, transmission, and braking systems. Closest Indian pure-play peer to SMIL on independent suspension and chassis components serving Indian OEMs.
• Sundaram Fasteners: Indian listed manufacturer of high-tensile fasteners, cold-formed parts, and powertrain components for automotive and industrial customers. Comparable Indian tier-1 supplier serving OEMs like Tata, Ashok Leyland, and global commercial vehicle makers.
• Uno Minda (Minda Industries): Indian listed auto component supplier spanning switches, lighting, acoustics, and aftermarket parts. Comparable diversified Indian tier-1 supplier with similar customer roster (Maruti, Tata, Mahindra, Hero) and SEBI-listed governance profile.
• Tenneco (DRiV): Global leader in exhaust systems and ride control (including emissions technology). Direct peer to SMIL in OE exhaust and aftermarket emissions; Ashish Kulkarni, SMIL's CPO, was previously Director-Global Purchasing at Tenneco, underlining product overlap.
• Faurecia (FORVIA): One of the world's largest automotive suppliers with major exposure to exhaust systems, catalytic converters, and clean mobility. Comparable to SMIL on exhaust/emissions manufacturing for ICE passenger and commercial vehicles globally.

Broad incumbents

• Bharat Forge: Indian listed manufacturer of forged and machined components with global automotive and industrial OEM customer base. Larger incumbent with comparable B2B OEM supply model and Indian manufacturing footprint.
• Bosch India: Listed Indian arm of the global automotive technology major covering fuel injection, starter/alternator, braking, and sensor systems. Sits in the same Indian OEM supply chain as SMIL with broader product depth but overlapping engineering and customer footprint.
• BorgWarner: Major global powertrain and emissions supplier with strong exhaust and emissions control portfolio. Larger and more diversified incumbent addressing similar OEM customers on emissions and suspension-adjacent technologies.
• Samvardhana Motherson International: One of India's largest auto component manufacturers with global operations across wiring harnesses, modules, and interior/exterior systems. SMIL's CEO-Global Business, Deepak Manchanda, is a former Motherson executive, evidencing deep industry overlap.

Emerging players

• Suprajit Engineering: Indian listed auto component maker specializing in cables, speedometers, and EV components. Smaller but listed Indian peer with exposure to the same OEM base and a stated EV pivot that mirrors SMIL's premium/EV ambitions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ShardaMotor
• LinkedInlinkedin.com/company/sharda-motor-industries-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Sharda Motor Industries