India’s electric vehicle (EV) sector is growing at a rapid pace. The India Brand Equity Foundation (IBEF) reports that EV sales increased 16.9% in FY25 to 1.97 million units from 1.75 million in FY24. Electric two-wheelers jumped 21.2% to 1.15 million units, three-wheelers increased 10.5% to approximately 700,000 units, and passenger EV sales reached the 100,000-unit mark with an increase of 18.2%.
The ambitions of the country extend well beyond present-day sales. India has a target to increase EV penetration to 30% in private vehicles, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers by 2030. That means an ambitious 80 million EVs on Indian roads by the end of the decade. In parallel, the government plans for full domestic EV manufacturing under the ‘Make in India’ program.
These targets, coupled with government support and consumer take-up, are generating unprecedented global demand for EV-dedicated components. Motors, e-axles, wiring harnesses, aluminium castings, precision fasteners, and forged powertrain components are all in high demand. Indian auto-ancillaries are not only catering to local demand but are also becoming part of international EV supply chains. A few of them have already received large, confirmed export orders from prominent international original equipment makers (OEMs).
Among them, five auto ancillaries are notable for the size, value, and prestige of their overseas EV order wins. They showcase a representative cross-section of India’s component capabilities in EVs, from drivetrain systems to electronics, sub-assemblies, structure parts, and high-precision engineering. Their export-driven order books and portfolios of diversified products make them excellent examples of how the EV phenomenon is fuelling a concurrent growth in India’s component business.
5 Indian Auto Ancillary Companies Winning Global EV orders
| Sr No | Company | Core EV Products |
|---|---|---|
| 1 | Sona BLW Precision Forgings | E-axles, traction motors, differential assemblies |
| 2 | Samvardhana Motherson | Electronics, wiring harnesses, modules |
| 3 | Sundram Fasteners | Precision fasteners, powertrain sub-assemblies |
| 4 | Endurance Technologies | Aluminium castings, braking & suspension systems |
| 5 | Ramkrishna Forgings | Forged powertrain & structural components |
#1 Sona BLW Precision Forgings
Sona BLW Precision Forgings is an India-based automotive technology company. The company is engaged in designing, manufacturing and supplying engineered automotive systems and components such as differential assemblies, gears, conventional and micro-hybrid motors, BSG systems and EV Traction motors across all vehicle categories.
It has become a top Indian auto ancillary player with a leadership position in the global EV component space. In Q1 FY26, its consolidated net order book was Rs 26,200 crore with 75% attributed to EV programs. A large portion of these EV orders belongs to customers based outside India. It is now the No. 1 supplier of EV differential assemblies in North America and one of the top suppliers in Europe too
In Q1 FY26, it won several new EV program awards, which include e-beam axles and traction motors for electric SUV and pickup platforms. It also continued to scale up supplies to top North American EV manufacturers, coordinating production ramps with increasing customer demand. The company concentrates on high-value, technology-based components that are platform-independent, enabling them to supply multiple vehicle models with minimal design changes.
In the future, the company is looking to diversify beyond its main driveline portfolio into lightweight structural components, integrated systems, and other high-value EV components. This diversification is intended to minimize reliance on a few products and take a larger share of the EV value chain.
To facilitate this, the company is pursuing significant capacity growth at its Mexican and Indian factories. The units are being invested with versatile manufacturing lines that can manufacture several types of products, allowing for flexibility to adopt changing market trends and customer demands.
It is also heavily investing in R&D for efficient motors and e-axle platforms to support an extensive array of EV applications. Deepening collaboration with European OEMs and further solidifying its presence in the US EV truck and SUV market are priority focus areas. The management aims to raise the share of EV in the order book to more than 80% over the next three years and elevate EV revenue contribution to 50% of revenues in FY28.
#2 Samvardhana Motherson
Samvardhana Motherson is engaged primarily in the manufacturing and sale of components to automotive original equipment manufacturers.
Samvardhana Motherson drove its expansion in the electric mobility space in Q1 FY26 through strategic collaborations and capacity building. It collaborated with South Korea’s Egtronics to design and create next-generation vehicle power electronics for clean mobility solutions for electric and hydrogen commercial vehicles.
It also partnered with Macauto of Taiwan to introduce innovative roof and window sunshade systems, luggage covers, and rear window sunshades — solutions perfectly suited to EV platforms that require lightweight, functional interior systems.
A major proportion of the business pipeline of the company is now associated with global electrification programs. These consist of orders from well-established OEMs as well as new EV makers, showing Motherson’s ability to cater to ICE, hybrid, and pure-electric vehicle platforms.
Global EV orders are supported by the firm’s “globally local” manufacturing strategy to produce near customers. This has helped to secure programs in Europe, Mexico, and Southeast Asia, especially from Chinese EV OEMs looking to expand in these markets. Egtronics and Macauto partnerships enhance its value proposition in electronic systems and interior components for EVs, making it a preferred partner for end-to-end module supply.
Moving ahead, EV and clean mobility are the pillars of Vision 2030. The emphasis will be on higher content per vehicle with high-value modules, integrated systems, and electronics, which are designed for EV application. Localisation in high-growth economies will persist along with customer-driven diversification into adjacent businesses including hydrogen mobility and semiconductor manufacturing equipment.
#3 Sundram Fasteners
Sundaram fasteners, a part of the TVS Group of Companies, is engaged in manufacturing critical, high precision components such as fasteners, power train components etc. for the automotive, infrastructure, windmill, and aviation sectors.
Sundram Fasteners is bolstering its presence in the electric vehicle segment by providing critical components for fresh EV models of international automakers. For General Motors, it is already providing components to their new electric vehicles, and this business will contribute more than Rs 250 crore in revenue in FY26.
For Stellantis — the holding company of Jeep, Peugeot, and Citroën — manufacturing of their new electric variants has been delayed by approximately three months, from July to the end of the year. That will postpone revenue from those orders, but Sundram Fasteners is geared with the capacity to begin supplying the moment production starts.
The capacities of the company are already established to address demand on ICE, plug-in hybrid, and EV platforms so that it can respond rapidly to changes in consumer sentiment. In the local market, Sundram Fastengers is involved in a number of EV product lines for passenger cars. Most of these parts are of the same kind as those used in ICE cars, facilitating quicker deployment, and where product categories necessitate new designs, development work is being done.
A large share of worldwide EV orders today is coming from the North American market, with GM’s scheme contributing heavily. It is also establishing its EV-related footprint in Europe and the U.K., backed by efforts at diversification to broaden the customer base beyond North America. Management indicated that it is getting involved in all new EV architectures of existing OEM customers and is well-placed to gain additional opportunities as production timelines step up.
#4 Endurance Technologies
Endurance Technologies is engaged in the business of manufacturing and selling of aluminium die casting (including alloy wheel), suspension, transmission, braking and embedded electronic products with operations spread across India and Europe with 19 plants in India and 14 in Europe.
Endurance Technologies has continued to increase its presence in the electric vehicle (EV) market, backed by an increasing domestic and international order book. In India, Endurance has received cumulative EV orders of Rs 1,017 crore (excluding battery packs), with major customers being Bajaj Auto, Ather, Mahindra, TVS, HMSI, HMCL, Kinetic Green and Ampere.
In Europe, of € 231 million of total orders secured during the past five years, € 94 million (41%) are for EV applications and € 98 million (42%) for hybrids. This shift is evidence of the company’s active involvement in the transition to EV/hybrid, even as ICE-related revenues are expected to fall from around 40% in FY25 to around 25% by FY28.
The order-book momentum of the company is supported by robust Q1 FY26 wins: Rs 560 crore in India and € 1.7 million in Europe, with another Rs 3,225 crore of RFQs under negotiation. For battery packs, a letter of intent from a major OEM for an e-2W model may hit the highest annual sales of Rs 300 crore, and more than 2.5 lakh units of Battery Management Systems (BMS) have already been supplied to a major customer scaling up to full production.
Strategically, Endurance is spending on a lithium-ion battery-pack manufacturing facility in Pune and adding capacity in brakes, alloy wheels, aluminium casting and machining to meet new EV orders from Stellantis, Daimler and VW Group (including Audi and Porsche). The company is still approaching several OEMs for bulk disc-brake and ABS orders, supported by fresh regulations, and scaling up proprietary EV offerings like PV-foundation brakes and driveshafts.
#5 Ramkrishna Forgings
Ramkrishna Forgings is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. It is the 2nd largest forging player in India.
Ramkrishna Forgings is taking a big leap into electric vehicles with its aluminium forging program. The firm is setting up a 3,000-tonne press to make aluminium EV components, its maiden non-ferrous forgings.
The aluminium forging programme is also work-in-progress, with revenues to begin contributing from quarter-end or October. In addition to this, capacity additions involve an 8,000-tonne press line and the 3,000-tonne aluminium facility, which will collectively add around 40,000 MT and 3,000 MT respectively in the year.
The company’s Q1 FY26 order book bookings were Rs 660 crore, with a four-year programme life. Out of this, Rs 502 crore was from exports and Rs 158 crore from the domestic customer base. Export business had Rs 307 crore from passenger cars — with direct orders from an American original equipment manufacturer — and Rs 195 crore from commercial vehicles, mostly in Europe.
Passenger cars represented 47% of Q1’s new order book, automotive represented 15%, with the remainder consisting mainly of commercial vehicles. The business did not break out EV-specific wins within this mix, though it affirmed that the new aluminium forging line due to be operational in the second half of next year will serve EV applications and begin contributing revenue from October.
Future plans involve ramping up aluminium forging for EVs and copying capacity when utilization is at peak levels. It also looks to increase passenger-vehicle exposure, accelerating machining operations in Mexico for India shipment with substantial revenue anticipated in FY27, and using Europe as a primary growth driver, looking to achieve parity with North America’s revenue contribution by FY27.
Conclusion
Indian auto-ancillaries are increasingly finding their spot in the international EV supply chain. Big export orders, forays into higher-value parts, and increasing capacities locally and globally all indicate a structural story of growth. This makes the space an interesting one to monitor the next couple of years.
But investors must consider it with a balanced view. Aside from the headline victories, it is crucial to evaluate the timing and profitability of the execution of orders, the money required for growth, and the stability of margins as volumes move. Issues such as customer concentration, geographic spread, currency exposure, and policy support will have a decisive role to play in maintaining this momentum.
Put simply, the opportunity is big, but selectivity is key. Firms with products that are platform-independent, diversified customer bases, and a history of delivering on time and profitably are best positioned to translate the EV boom into permanent shareholder value.
Disclaimer
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Ekta Sonecha Desai has a passion for writing and a deep interest in the equity markets. Combined with an analytical approach, she likes to dig deep into the world of companies, studying their performance, and uncovering insights that bring value to her readers.
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