CIE Automotive India Ltd.

What CIE Automotive India Ltd. does

CIE Automotive India Limited is a publicly listed (BSE/NSE: CIEINDIA) multi-technology automotive components manufacturer headquartered in Pune, India, and a subsidiary of Spain's CIE Automotive Group. Incorporated in 1999 as Mahindra Forgings Limited, the company was acquired and rebranded by CIE Automotive in 2019, undergoing a final name change to CIE Automotive India in 2023. It operates seven core product divisions — Forging, Stampings, Aluminium Casting, Iron Casting, Gears & Shafts, Magnetic Products, and Composites — serving automotive OEMs in passenger vehicles, commercial vehicles, tractors, and electric vehicles across India, Spain, Lithuania, Italy, and Mexico.

The company's underlying technology base spans hot and warm forging, SG Iron foundry operations (India's largest 100% SG Iron foundry), HPDC and GDC aluminium die casting, high-tonnage stamping (40T–2000T presses), gear shaping and ECM/laser welding, Mn-Zn and Strontium ferrite magnet production, and SMC/DMC composite manufacturing — including India's only composite battery box for electric cars. It holds 60% market share in Indian crankshafts and steering knuckles, and 50%+ share in Indian magnetic components, with 10,006 employees supporting 15+ manufacturing sites globally.

Revenue is generated through direct B2B supply contracts with automotive OEMs, with no retail or distributor channels. The go-to-market is enterprise field sales into OEM engineering and procurement organizations, leveraging multi-category capability as a single-source value proposition. Reported financials include CY2025 consolidated revenue of ₹91,223 million (~6% YoY growth), H1 CY26 revenue of ₹50,843 million (up 13% YoY), a 16.0% CY2025 EBITDA margin (down from 17.3%), a net cash balance sheet (debt-to-equity -0.17), and a 19.4% Return on Net Assets. Direct exports contribute 20%+ revenue in both Casting and Gears divisions, with 65% of revenue from India operations.

Name

CIE Automotive India Ltd.

Legal name

CIE Automotive India Limited

Website

https://www.cie-india.com

Company type

Public

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

CIE Automotive India is a publicly listed multi-technology automotive components manufacturer (Pune-headquartered, subsidiary of Spain's CIE Automotive Group) producing forgings, stampings, aluminium castings, iron castings, gears, magnets, and composites for automotive OEMs across India, Europe, and Mexico.

Ownership category

akta.pro rank

Product category

Automotive Components Manufacturing

NAICS

Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632)

SIC

Electronic Components & Accessories (3670)

akta.pro primary industry

Automotive Electric Motors & Actuators Manufacturing (EPS/Brake-by-wire/Seat/Window) (IMACAJAL)

akta.pro secondary industry

Passenger Vehicle Electrical & Electronics Manufacturing (ICE) (IMACAAAK)

Keywords

• Automotive components manufacturing
• Forging and castings
• Stamped metal parts
• Gear and shaft manufacturing
• Magnetic components

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices20 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Automotive Components Sales: Revenue generated from manufacturing and supplying complex automotive components including forgings, stampings, castings, gears, and magnetic products to automotive OEMs globally.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

CIE Automotive India is a multi-technology automotive components supplier that manufactures and sells complex, high-value parts — including forgings, stampings, aluminum castings, iron castings, gears and shafts, magnetic products, and composites — directly to automotive OEMs for passenger vehicles, commercial vehicles, tractors, and electric vehicles. The company operates as the Indian subsidiary of CIE Automotive Group of Spain and serves OEMs globally through manufacturing facilities across India (Pune, Chakan, Nashik, Kanhe, Nagpur, Pantnagar, Rudrapur, Zaheerabaad, Aurangabad, Rajkot), Spain (Legazpi, Galfor), Lithuania (Marijampolė), Italy, and Mexico (Bill Forge).

Product overview

CIE Automotive India is a multi-technology automotive components supplier offering a diversified portfolio of manufacturing capabilities. The company operates as a subsidiary of CIE Automotive Group of Spain and provides complex, high-value automotive parts across seven core product categories: Forging (hot/warm forging with leading market position in crankshafts and knuckles), Stampings (7 facilities with 40T-2000T presses), Aluminium (HPDC and GDC die casting at 3 locations), Casting (India's largest 100% SG Iron Foundry), Gears and Shafts (2 plants with 5M units annual capacity), Magnetic Products (India's largest magnet producer), and Composites (SMC/DMC manufacturing including EV battery boxes). European operations include forging facilities in Spain and Lithuania, while Bill Forge operations span India and Mexico. The portfolio serves automotive OEMs across passenger vehicles, commercial vehicles, tractors, and emerging EV segments.

Differentiator

Problem solved

Functional benefit

Brands

• MCIE Foundry Division: Iron casting and foundry operations producing SG Iron castings, crankshafts, and differential cases.
• MCIE Magnetic Products Division
• CIE Stampings
• AEL (Aurangabad Electricals)
• Bill Forge
• CIE Gears
• CIE Composites

Products and services

• Forging Products Hot and warm forging solutions including crankshafts and steering knuckles with 60% market share in the Indian automotive industry. CIE Forgings Chakan holds 60% market share in Crankshafts and Steering Knuckles in India; European forging operations include CIE Legazpi and CIE Galfor (Spain) and CIE LT Forge (Lithuania); Bill Forge extends forging to 10 manufacturing sites across India and Mexico.
• Stampings Products Stamped parts and assemblies across 7 manufacturing facilities in India (Kanhe I and II, Nashik, Nagpur, Pantnagar, Rudrapur, Zaheerabaad) with presses ranging from 40T to 2000T, including tandem press lines with robotization, for automotive OEMs. Includes dedicated tube stamping and forming with fully integrated welding lines and PTCED paint shop.
• Aluminium Products (HPDC and GDC) Global full-service aluminium cast and machined components through HPDC and GDC operations at 3 locations in India (Pune, Aurangabad), with machines ranging from 250T to 1650T and in-house tool manufacturing capacity of 30 tools per month. Operations cover 2-wheelers, 3-wheelers, passenger cars, HCV, and LCV industry segments.
• Casting Products (SG Iron Foundry) India's largest 100% SG Iron Foundry producing all grades including SiMo, SiMoCr, ADI, CGI, and 600/10. Includes integrated machining facilities and is India's only cast-crankshaft supplier (as cast). The CIE Foundry Division operates iron casting with 3 moulding units and integrated machining, with 20%+ revenue from direct exports.
• Gears and Shafts Gears and shafts manufacturing with two plants in Pune and Rajkot, with annual manufacturing capacity of 5 million gears and shafts. Capabilities include shaping, polishing, burnishing, ECM, and laser welding. Approximately 20%+ revenue is from direct exports.
• Magnetic Products India's largest magnet producer of Mn-Zn and Strontium ferrites with world-class fully automated powder manufacturing plant and modern press lines. The CIE Magnetic Products Division has over 50 years of experience and 50%+ market share in the Indian market for hard and soft ferrite magnets for automotive applications.
• Composites Leading manufacturer of composite materials and components in India with 30+ years of expertise. Operates world-class fully automated SMC and DMC manufacturing plant for compression and injection molding, and is the only manufacturer of composite battery boxes for electric cars in India. Composite products span automotive structural and EV applications.
• AEL Aluminium (Aurangabad Electricals Limited) Global full-service supplier of aluminium cast and machined components, integrated into CIE Automotive India in 2019 as a wholly owned subsidiary. Manufactures a wide range of HPDC and GDC die cast components for 2 and 3 wheelers, passenger cars, HCV, and LCV industry. Pune operations are ISO 9001, TS 16949, ISO 14001, and OSHAS 18001 certified.
• Bill Forge Forging operations with 10 manufacturing sites across India and Mexico with state-of-the-art automated manufacturing lines. Cold, warm, and hot forging presses from 150 to 2,500 tons plus hot forging upsetters and machining facilities. Acquired by CIE Automotive India in 2019.

Quantifiable outcome

• 60% market share in Crankshafts & Steering Knuckles in Indian Automotive Industry
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered minor and operational.

• Emkay Global Financial Services LtdminorOthers · 5 August 2026Organized investor meetings for CIE Automotive India scheduled for August 14 and September 3, 2026, in Mumbai, complying with SEBI Listing Regulations.
• Elara CapitalminorOthers · 5 August 2026Co-organized investor meetings for CIE Automotive India scheduled for August 14 and September 3, 2026, in Mumbai.
• National Solar Energy Federation of IndiaminorStrategic or Co-development Partner · 1 July 2026Joint petitioner with CIE Automotive India Ltd. before MERC regarding delays and rejections of Green Energy Long-Term Open Access applications by MSEDCL and MSETCL.
• KFin Technologies LimitedoperationalOthersKFin Technologies Limited serves as the Registrar and Transfer Agent (RTA) for CIE Automotive India, handling investor services, dividend processing, and share transfer related matters. Located in Hyderabad with offices across India.

Scale indicators32 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bharat Forge: India's largest forging company and a direct competitor to CIE in crankshafts, steering knuckles, and chassis forgings for automotive OEMs. Most comparable peer given overlap in forging-led product portfolio.
• Endurance Technologies: Indian Tier-1 supplier specializing in aluminium die casting, suspension, and transmission components — directly overlapping with CIE's aluminium casting and forging businesses for two-wheelers, PVs, and CVs.
• Samvardhana Motherson International (Motherson Sumi): Major Indian-listed multi-tech automotive component supplier with global footprint, comparable in scale and product breadth to CIE Automotive India, supplying similar OEM customer base.
• Sundaram Fasteners: TVS Group-listed Indian manufacturer of fasteners, gears, and powder metallurgy components — direct competitor in the gears segment with similar automotive OEM customer base.
• Varroc Engineering: Indian-listed automotive component manufacturer producing lighting, electrical-electronic, and polymer components — overlapping with CIE's magnetics and composites offerings for two-wheelers and PVs.
• Sansera Engineering: Indian-listed precision forged and machined components supplier serving similar automotive OEM customers — comparable in forging-focused product mix and customer profile.
• Lumax Industries: Indian-listed automotive lighting and component supplier — comparable Tier-1 supplier profile with similar customer base of Indian automotive OEMs.
• Suprajit Engineering: Indian-listed auto component maker specializing in control cables, speed sensors, and gauges — comparable mid-cap Tier-1 automotive supplier with similar OEM customer profile.

Broad incumbents

• Bosch India: Indian-listed subsidiary of Bosch GmbH providing broad automotive technology, components, and systems. Larger and more diversified incumbent with overlapping presence in magnetics, electronics, and drivetrain components.
• Gestamp: Spanish global automotive metal components specialist (chassis, body-in-white). Sister concern of CIE Automotive Group at the parent level — comparable in metal forming capabilities and global OEM footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 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 CIE Automotive India Ltd.