RRico AutoExecutive Cockpit
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RRico Auto · Executive Cockpit

Board Pack

Value creation, performance and risk review — FY26 (Mar'26, actuals). Aluminium Die-Casting · Ferrous Casting · Machining & Assemblies.

₹2,477 Cr
Revenue (FY26 actuals)
6
Growth & JV initiatives
7,500
Employees
Leading Indian aluminium high-pressure die-casting auto-components maker
Market position
Listed (NSE: RICOAUTO · BSE: 520008) · Kapur family promoters 50.33% · Chairman, CEO & MD Arvind Kapur · HQ Gurugram, Haryana
Where we stand

Executive scorecard

Rico Auto · Board Pack · 1 · Executive Summary
Total Revenue
₹2,477 Cr
prior ₹2,212 Cr
Revenue Growth (YoY)
12.0%
prior 2.4%
EBITDA
₹223 Cr
prior ₹186 Cr
EBITDA Margin
9.0%
prior 8.4%
Machined & Value-Added Revenue
₹545 Cr
prior ₹470 Cr
Machined & Value-Added Mix %
22.0%
prior 21.2%
Program / Repeat-Order Rate
109.0%
prior 106.0%
Growth + Margin (Rule of 40)
21
prior 11
Executive summary
Growth & profitability

Revenue, EBITDA & mix

Rico Auto · Board Pack · 2 · Performance
Revenue by division
Aluminium HPDC – Powertrain48%
Aluminium HPDC – Chassis & Body21%
Aluminium GDC-LPDC & Alloy Wheels18%
Ferrous Castings9%
Machining, Assemblies & New Mobility4%
Aluminium HPDC – Powertrain
₹1,180 Cr
+11% · EBITDA 9.5% · Val-add 28%
Aluminium HPDC – Chassis & Body
₹520 Cr
+14% · EBITDA 9% · Val-add 22%
Aluminium GDC-LPDC & Alloy Wheels
₹455 Cr
+16% · EBITDA 9.5% · Val-add 30%
Ferrous Castings
₹230 Cr
+5% · EBITDA 7.5% · Val-add 12%
Machining, Assemblies & New Mobility
₹92 Cr
+22% · EBITDA 12% · Val-add 60%
Castings-to-components validation

Subsidiary & division economics, margin journey

Rico Auto · Board Pack · 3 · Operating Units
DivisionScaledRevenueValue-addedEBITDA upliftSavingsStatus
Aluminium HPDC (core)1989₹1,700 Cr₹300 Cr7%→162% (+155)90%Integrated
Ferrous Castings1992₹230 Cr₹30 Cr6%→17% (+11)84%Integrated
Rico Jinfei Wheels (94.8%)2008₹455 Cr₹120 Cr8%→43% (+35)78%In progress
AAN Engineering (Aero-Defence, 100%)2017₹95 Cr₹60 Cr12%→14% (+2)55%In progress
Rico Fluidtronics (100%)2018₹165 Cr₹95 Cr9%→20% (+11)74%In progress
Rico Friction Technologies (70%)2020₹90 Cr₹30 Cr8%→9% (+1)60%In progress
FCC Rico (JV) + EV / New Mobility2021₹92 Cr₹60 Cr7%→11% (+4)40%Early

The core aluminium HPDC & ferrous units carry the margin and reported strong EBITDA expansion as they scaled; the newer engines (Rico Fluidtronics, AAN aero-defence, FCC Rico JV, EV / new mobility) remain in mix-shift and savings capture.

Balance sheet & liquidity

Leverage, cash & covenants

Rico Auto · Board Pack · 4 · Capital & Cash
Net Debt / EBITDA
3.1x
target 2.0x
Covenant Headroom
0.4x
target 1.5x
DSCR
1.7x
target 2.0x
Liquidity (cash + undrawn)
₹240 Cr
Free Cash Flow
₹96 Cr
target ₹160 Cr
Cash Conversion Cycle
38d
target 28d
DSO (Days Sales Outstanding)
55d
target 50d
Cost & Capex-ROI Realization
72.0%
target 100.0%
Net leverage 3.1x (net debt ~₹686 Cr) is tight against the ~3.5x lender covenant — capex-led, after the Hosur greenfield — making deleveraging to ~2.0x the priority alongside ₹240 Cr of liquidity. The path: run-rate FCF sweep, working-capital discipline (CCC 38d) and margin expansion as the machined / value-added and EV mix scales.
Governance

Watch-list & priority actions

Rico Auto · Board Pack · 5 · Risk & Actions
●Hero concentration riskceo
Hero MotoCorp ~26% of revenue (₹645 Cr); single-customer exposure above board comfort.
→ Accelerate Maruti / BMW / Renault / Toyota + export ramp to cut Hero share 26%→<20%.
●Machining & EV mix pulling value upceo
Machined/assembled & EV/new-mobility content lifting the value-added mix toward 22%.
→ Prioritize machining/value-add capex (pumps, EV housings) to compound margin 9%→12%.
●3 divisions running DSO > 57 dayscfo
BMW exports (58d), Tata/Mahindra (58d) and export OEMs (60d) lifting blended DSO.
→ Collections sprint on ₹45 Cr aged AR; tighten export-LC & milestone billing.
●Aluminium (LME) cost on margincfo
Firm LME aluminium + energy pressuring near-term gross margin and EBITDA.
→ Extend metal pass-through clauses; hedge; push scrap/yield & energy savings.
●Leverage near covenantcfo
Net Debt/EBITDA 3.08x vs 3.5x covenant; greenfield (Hosur) capex pushed net debt to ₹686 Cr.
→ Run-rate FCF sweep + working-capital discipline; protect headroom — paydown is priority.
●Cost & capex-ROI realization behind planboard
Cost & capex-ROI savings at 72% of plan; energy/scrap & automation programs lagging.
→ Hold a 90-day recovery plan on energy & yield programs; track capex-ROI milestones.
●Margin & deleverage thesis validatingboard
EBITDA margin recovering (8.4%→9%) and net debt/EBITDA down 3.6x→3.08x QoQ.
→ Thesis intact; continue disciplined capex into machining/value-add & EV with FCF deleveraging.
●EBITDA margin below 12% targetboard
EBITDA margin 9.0% vs 12% strategic target; raw-casting mix & input costs still dilutive.
→ Push machined/assembled content, automation and energy/scrap programs across plants.
Material external signals
[News] LME aluminium firms on supply tightness · Hindalco / Vedanta (primary aluminium)→ key input-cost pressure; tighten metal pass-through clauses & hedge
[BSE/NSE] Govt extends auto-component PLI & EV incentives · Industry (PLI / EV)→ supports EV-component & localization capex returns
[News] Toyota confirms India hybrid-SUV localization push · Toyota / TKM→ designed-in lightweight-casting program; diversification
[BSE/NSE] Peer Bharat Forge reports record EV-order book · Bharat Forge→ benchmark on EV / lightweighting; defend content share

Rico Auto is listed (NSE: RICOAUTO · BSE: 520008): headline financials are real FY26 actuals; granular per-division / per-program detail is modelled. AI summary generated by Azure OpenAI (GPT-4.1).