Suprajit Engineering - Replicating Indian Success On The Global Platform: Nirmal Bang Initiates Coverage

Nirmal Bang Report

Suprajit Engineering Ltd. is one of the largest manufacturers of automotive control cables and halogen lamps, supplying to domestic and international original equipment manufacturers and in the aftermarket segment.

Over the years, the company has diversified its product profile besides consolidating its market position across all its legacy product segments. It also supplies non-auto control cables to the outdoor power equipment industry.

Our positive stance on Suprajit Engineering is predicated on:

1. increasing traction in foreign OEMs and domestic aftermarket segments to drive growth in the automotive cables division,

2. acquisition of Light Duty Cable to further aide Suprajit Engineering by adding new clients and new products to the portfolio,

3. gaining traction in the non-auto business (84% is Wescon) and product portfolio expansion,

4. recovery in the domestic automotive industry to benefit the company, which has a dominant market share in two-wheelers (~75%) and four-wheelers (~32%),

5. the large scale of its operations and India-based production helps Suprajit Engineering to maintain cost leadership vis-a-vis its peers, making it a dominant player on the global platform.

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