What Hindustan Composites does

Hindustan Composites Limited is an India-based, publicly listed (BSE: 509635; NSE: HINDCOMPOS) manufacturer of composite friction materials, incorporated in 1964 and headquartered in Mumbai with manufacturing operations in Paithan and Bhandara, Maharashtra. The company designs, develops, and produces brake linings, clutch facings, disc brake pads, roll linings, and brake blocks across four product verticals — Automotive (CV/LCV/PV), Railways (including EMU and high-speed disc applications), Agri-Equipment (tractor dry/wet discs and clutch facings), and Industrial (woven roll linings, friction sheets, hammer friction, composter sheets for submersible pumps). Underlying technology centers on proprietary composite friction formulations, with in-house binder/resin manufacturing capability, a DSIR-recognized R&D center operating for over 25 years with FTIR/TGA/DSC instrumentation and dynamometer test rigs for railway, HCV/LCV, tractor, and clutch validation. Certifications include IATF 16949:2016, ISO 9001:2015, ISO 22163:2023 Rev-04, IRIS Quality Performance Level 2025, ECE R 90 type approval, and ISO 14001:2015, supporting qualification with global OEMs and railway operators.

The company monetizes primarily through B2B hardware sales of friction components, employing a hybrid go-to-market: direct OEM/tier-1 supply (Tata Motors, Ashok Leyland, Volvo Eicher, Mahindra, Schaeffler, Bosch, Brakes India) and tender-based direct supply to Indian Railways across all 18 Zonal Railways, complemented by a pan-India distribution network of 120 exclusive distributors reaching 10,000+ aftermarket outlets. Additional revenue streams include a 51:49 joint venture (COMPO ADVICS India) with ADVICS India (Toyota/Aisin/Denso ecosystem) for passenger vehicle disc brake pads, and minor metal trading and investment activities. FY26 consolidated net sales were Rs 375.01 crore (+15.36% YoY), of which the friction business accounted for Rs 315.04 crore (84%) — a segment currently being divested via slump sale to Rane (Madras) Limited for Rs 370 crore under a July 2026 shareholder postal ballot, which will fundamentally reshape the continuing entity to roughly 16% of prior turnover and concentrate it on the COMPO ADVICS JV and residual operations.

Name

Hindustan Composites

Legal name

Hindustan Composites Limited

Website

https://hindcompo.com

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hindustan Composites Limited (NSE: HINDCOMPOS) is a 1964-founded Mumbai-based public manufacturer of composite friction products — brake linings, clutch facings, brake pads, and brake blocks — serving automotive OEMs, Indian Railways, tractor makers, and industrial customers in India and select export markets.

Ownership category

akta.pro rank

Product category

Automotive Friction Components

NAICS

Motor Vehicle Brake System Manufacturing (33634), Motor Vehicle Parts Manufacturing (3363)

akta.pro primary industry

Brake Friction & Rotors (Pads/Shoes/Discs/Drums) (IMACAIAE)

akta.pro secondary industries

Aftermarket Brake Components Manufacturing (Pads/Rotors/Calipers/Lines) (IMACANAB), Truck Chassis, Axle, Suspension & Brake Systems Manufacturing (IMACABAL)

Keywords

• Friction materials manufacturing
• Automotive brake components
• Railway brake systems
• Industrial friction products
• Composite materials engineering

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Friction Materials Manufacturing: Design, development, and manufacturing of composite friction products including brake linings, clutch facings, disc brake pads, roll linings, brake blocks for automotive, railway, agricultural, and industrial applications. Sold directly to OEM manufacturers and through distribution network.
2. Metal Trading: Engaged in metal trading activities as mentioned in company disclosures
3. Investment Activities: Investment activities including joint venture with ADVICS India Pvt. Ltd.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Hindustan Composites designs, develops, and manufactures composite friction products including brake linings, clutch facings, disc brake pads, roll linings, and brake blocks for automotive (commercial and passenger vehicles), railway, agricultural tractor, and industrial applications. The company operates dedicated manufacturing facilities at Paithan and Bhandara in Maharashtra, with in-house binder/resin manufacturing capability, and supplies OEMs, original equipment suppliers, and the aftermarket through a pan-India distribution network and direct railway tenders.

Product overview

Hindustan Composites Limited is a manufacturer and supplier of composite friction products, organized into four product lines: Automotive (CV Brake Linings, Clutch Facings, Clutch Ceramic Buttons, CV Brake Pads, Roll Linings), Railways (Railway Brake Blocks, Railway Brake Discs), Agri-Equipment (Tractor Dry Discs, Tractor Wet Discs, Clutch Facings and Buttons), and Industrial (Woven Roll Linings, Friction Sheets, Hammer Friction/Liners, Composter Sheets, Compestos Rings). The company operates manufacturing facilities in Paithan and Bhandara, Maharashtra, and has a joint venture, COMPO ADVICS (India) Private Limited, for disc brake pad manufacturing for passenger vehicles. The company also produces its own binder/resin systems in-house and holds quality certifications including ISO 9001:2015, IATF 16949:2016, and ISO 22163:2023.

Differentiator

Problem solved

Functional benefit

Brands

• Compo Advics (India) Private Limited: Joint venture company engaged in manufacturing of Disc Brake Pads and related components for Passenger Vehicles. Established with ADVICS India Pvt. Ltd. for technology and manufacturing at Chhatrapati Sambhaji Nagar (Aurangabad), Maharashtra.

Products and services

• CV Brake Lining Heavy-duty brake linings for commercial vehicles including Tata, Leyland, VECV, Mercedes-Benz, Volvo, Scania, and other international vehicles. Product variants include AF-90, AF-555, AF-999, AF-202, AF-1013, AF-1040, AF-1060, AF-1040G.
• Clutch Facing Moulded and random woven clutch facings for Indian and international passenger cars and light commercial vehicles. Variants include RWC-GDY, RWC-GDY-HC, RWC-GDY-HC(P), HC-8003, HC-8004H, AF-124.
• Clutch Ceramic Button High performance premium ceramic clutch buttons designed for safe driving, available in OE and export quality.
• CV Brake Pad Automotive CV brake pads for commercial vehicles including Tata, Leyland, Mercedes Benz, Volvo, Scania, and other international vehicles.
• Moulded Roll Lining Automotive moulded roll linings for commercial vehicles, light commercial vehicles, and two-wheelers. Quality references include AFCR2, HCAF-10, HCAF-11, AFR36(R), HCAF-23, AF-555.
• Railway Brake Block Compo C/BB/K rigid moulded friction material brake block for Electric Multiple Unit (EMU) stock and railway applications. Features higher and more stable coefficient of friction than conventional cast iron blocks, designed to eliminate thermal cracking of tyres. Suitable for railway brakes with unit pressure of 750 KN/m2, maximum rubbing speed of 44 m/sec, and maximum temperature of 350°C.
• Railway Brake Disc Non-asbestos composite disc brake pads for high-speed passenger applications. Rigid molded hot curing process using synthetic mineral fibers, ceramic fibers, and Novalak phenolic powder resin binder, stable up to 400°C.
• Tractor Dry Disc Dry disc friction products for agricultural equipment and tractors.
• Tractor Wet Disc Wet disc friction products for agricultural equipment and tractors.
• Clutch Facing + Button (Agri-Equipment) Clutch facings and buttons designed for agricultural equipment applications.
• Woven Roll Lining Industrial woven and flexible roll linings with and without wire reinforcement for band brakes in elevators, cranes, winches, hoists, drop hammers, concrete mixers, heavy earth moving equipment. Available for dry and oil immersed conditions. Quality references include WAF-8, WA-42AF, WA8AF.
• Friction Sheet Rigid moulded and woven friction sheets with and without wire reinforcement or metallic inclusions. Used in industrial clutches, marine gearbox clutches, tractor steering clutches, power press clutches, industrial brakes. Quality references include HCAF211GG, HCAF216GG, CM-11AF, CM-16AF, WAS-80AF, WASM-80AF.
• Hammer Friction / Liner Asbestos-free flexible roll linings in the COMPO range, made of synthetic mineral fibres and organic fibres with highly thermos-stable synthetic rubber binding. Available in flexible lining form and rigid non-flexible sheet form. Suitable for band brakes and hammer plate applications in stamping station conversion of coke in coal operations.
• Composter Sheet (AF LS-30) Woven moulded friction material for lapping operation, used for dry and oil-free submersible pump applications and thrust bearings in submersible pumps and monoset pumps. Features high mechanical strength with low coefficient of friction and low wear rate.
• Compestos Ring (LS-30 AF Ring) Rigid moulded material for underwater pumps thrust bearing pads ranging from 0.25 HP to 10 HP of 4", 6", 8" submersible pumps, horizontal and vertical openwell monoblock pumps.
• COMPO ADVICS Passenger Vehicle Disc Brake Pads Disc Brake Pads and related components for Passenger Vehicles manufactured by COMPO ADVICS (India) Private Limited — a joint venture between Hindustan Composites (51%) and ADVICS India (49%), with technology provided by ADVICS Co. Ltd. Japan.

Quantifiable outcome

• 40%+ market share in Railway Brake Blocks supplied to Indian Railways
• +2 more outcomes

Named customers21 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

Feature4 records

Partnerships

Two partnerships are on record, tiered core and historical.

• ADVICS India Pvt. Ltd.coreStrategic or Co-development PartnerJoint venture company COMPO ADVICS (INDIA) PRIVATE LIMITED established for manufacturing Disc Brake Pads for Passenger Vehicles. Hindustan Composites holds 51% and ADVICS India holds 49% shareholding. Technology provided by ADVICS Co. Ltd. Japan (jointly owned by Aisin Seiki Co. Ltd, Denso Corporation, Sumitomo Electric Industries Ltd. and Toyota Motor Corporation). Production unit located in Chhatrapati Sambhaji Nagar (Aurangabad), Maharashtra.
• Bendix Mintex Pty Ltd. (Australia)historicalTechnology or IntegrationTechnology collaboration for manufacturing of moulded and random woven clutch facings for passenger cars and light commercial vehicles. This is a historical technology partnership that contributed to HCL's manufacturing capabilities.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• ADVICS Co., Ltd. Japanese brake system company (jointly owned by Aisin, Denso, Sumitomo Electric and Toyota) and JV partner with HCL through Compo Advics India; a direct comparator on disc brake pad technology and OE passenger vehicle braking systems.

Broad incumbents

• Knorr-Bremse AG: Global leader in railway braking systems and a customer of HCL for friction materials; represents the broad-incumbent peer for HCL's railway business and is a key benchmark for technology and scale in rail friction products.
• Bosch Limited (India): Indian arm of the global Tier-1 automotive supplier; a customer of HCL in automotive technology but also a broad incumbent competitor in brake systems, with deeper R&D and global platform reach that overlaps with HCL's automotive OE business.
• Wabtec Corporation (Faiveley Transport): Global railway equipment supplier that owns Faiveley Transport (a HCL customer); broad incumbent peer for HCL's railway brake blocks and discs segment with global scale in transit and freight rail braking.

Direct peers

• ASK Automotive: Indian automotive component manufacturer specialising in brake products, clutch and safety-critical components for two-wheelers and other vehicles; competes with HCL in aftermarket brake and friction products with similar B2B/OEM distribution model.
• Rane (Madras) Limited: Indian automotive components manufacturer (Rane Group) that is acquiring HCL's friction business undertaking for Rs 370 crore; historically a direct peer in CV brake and friction materials, making Rane the most directly comparable company to HCL's divested operations.
• Brakes India Private Limited: TVS Group company and India's leading brake system manufacturer; a direct customer of HCL but also a competitor in automotive brake components, with overlapping OE relationships with Tata Motors, Ashok Leyland and other CV OEMs that HCL serves.
• Sundaram Brake Linings: India-based friction materials manufacturer (part of TVS group) producing brake linings, clutch facings and industrial friction products; the closest direct Indian competitor to HCL across automotive and industrial friction categories.

Regional players

• Schaeffler India: Indian arm of the global automotive/industrial bearings and components supplier; a HCL customer for friction components and a regional peer in precision-manufactured automotive components serving Indian OEMs.
• Endurance Technologies: Indian automotive component manufacturer and HCL customer with diversified product portfolio across braking, suspension and drivetrain parts; a regional peer in India's automotive OE component ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

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 Hindustan Composites