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    ET Prime Special Series: Multibagger or Bankrupt - Part 54: Will manufacturing capability help this firm move into defence space?

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    Synopsis

    The auto ancillary sector is being forced to answer a difficult question: When technology changes, which suppliers remain relevant and which get left behind? This company stands out because it is not built around one narrow-end market. It has automotive at the centre, but also has exposure to engineering, defence, aerospace and other industrial segments. That wider presence offers some support. Still, the main issue remains unresolved. A meaningful part of its current auto-linked basket belongs to the old combustion era, while its manufacturing capability may still travel into newer applications. This is less a collapse story and more a test of adaptation.

    While its product portfolio is skewed towards non-EV parts, this one quietly supplies HAL's Foundry & Forge Division, has just won a defence contract from an Adani-Israel Weapon Industries JV, and a separate super-alloy turbine casting order from DRDO's Gas Turbine Research Establishment. Now the question is whether the company wants to transform into a supplier in the defence space as well. Stock markets often reward the obvious only after the
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