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ICICI Direct Report
In the fastener business, Sterling Tools Ltd. is a very customer focused company with no customer lost since its inception. In this space, no customer forms more than 18% of its sales with Maruti Suzuki India Ltd. as its top client.
Peak revenue potential in the fastener business is pegged at ~Rs 700-750 crore (all four plants put together).
Specialised fasteners (critical application) form more than 70% of its product profile.
Sterling Tools does not foresee any growth capex in the fastener space in near term. For it, steel price is a complete pass through with limited technology change.
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