Ndr Auto Components Ltd (NSE: NDRAUTO) Q4 2025 Earnings Call dated May. 09, 2025
Corporate Participants:
Unidentified Speaker
Rishab Barar — Senior Consultant
Pranav Relan — Whole-time Director
Vikram Krishna Rathi — Chief Financial Officer and Vice Presdient
Rakesh Rustag — GM – Finance & Accounts
Rajat Bhandari — Executive Director and Company Secretary
Analysts:
Unidentified Participant
Jatin Chawla — Analyst
Hitesh Goel — Analyst
Saket Kapoor — Analyst
Samraat Jadhav — Analyst
Divyansh Gupta — Analyst
Bijal Shah — Analyst
Paras Chheda — Analyst
Ashok Shah — Analyst
Presentation:
operator
Good day and welcome to the NDR Auto Co. Ltd. Q4FY25 earnings conference call. As a reminder, all participant line will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Start and zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rishab Barar from CDR India. Thank you and over to you sir.
Rishab Barar — Senior Consultant
Good day everyone and a warm welcome to all of you participating in the Q4 and FY25 earnings conference call of NDR Order Components Ltd. We have with us today on this call Mr. Pranav Relan, Full Time Director, Mr. Vikram Krishan Rathi, CFO and Vice President, Mr. Rakesh Rustagi , GM Finance and Accounts and Mr. Rajat Bhandari , Executive Director and Company Secretary along with other members of the senior management teams. Before we begin, I would like to mention that some statements made in today’s discussion may be forward looking in nature and are subject to risks and uncertainties.
A statement in this regard is available in the Q4 and FY25 earnings presentation shared with you earlier. We will start this call with opening remarks from the management following which we will have an interactive question and answer session. I now request Mr. Pranav Rehan to share some perspectives with you with regard to the operations and outlook for the business. Over to you sir.
Pranav Relan — Whole-time Director
Good day everyone and a warm welcome to our Q4FY25 conference call. Let me start by quickly going through our financial performance for the quarter under review. Q4FY25 total income stood at R 193.21 crores, growth of 9.17%. EBITDA at rupees 21.86 crores a growth of 25.80%. EBITDA margins at 11.31% and PAT for Q4FY25 at rupees 16.45 crores which is higher by 44.11% as compared to the corresponding quarter last year. FY2 slides. Total income stood at rupees 7, 117.1 crores a growth of 18.5%. EBITDA at rupees 77.65 crores, growth of 29.81%. EBITDA margins at 10.83% and PAT for FY25 at Rs.
53.25 crores which is higher by 37.57% as compared to the corresponding last year. Our return ratios continue to be extremely strong. ROE and ROCE for the full year stand at 25.78% and 32.29% respectively. We are focused on cost efficiencies to drive margins and our premium offerings are also focusing on growth. We continue to endeavor to expand our presence and widen our business relationships. In line with this objective, NDR Auto has entered into a 50:50 joint venture agreement with Hayashi Tenempur to bring to the Indian market a range of disruptive and innovative offerings. Hayashi 10, a Japanese major which says of USG 2.1 billion, is a leader in developing customized solutions to enhance the overall driving experience.
Over time, we will explore opportunities to localize the manufacturing of some of these products. Both companies will invest equally 33.3 crores towards setting up schedules. The JV has also won first order from Toyota for ambient lighting. The ambient lighting portfolios include vehicle mounted illumination that comprises planning and proposal of lighting effects such as interior illumination on the shift lever, headlining lever and door trim. It also offers design and lighting solutions for instrument panels. This has been a very helpful year so far. As you know, we have announced our entry into a collaboration with Toyota, Tissot India and Toyota wasted for the manufacture of steel fabric with technical assistance and tti.
Our shape sales have commenced during the quarter and we are excited about the potential of these offerings. We are happy with our progress over the years. Just conclude this financial year and look forward to continuing to disrupt and create all around value. We will now be happy to discuss any thoughts and questions you may have.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jatin Chawla from RTL Investments. Please go ahead.
Jatin Chawla
Yeah hi, good evening and thanks for the opportunity. Congratulations on continuously expanding your product basket. After Sunshade Arabic fabric, we have now entered AP and Lighting. My first question is on this Hayashi JV on slide number four of your presentation there is a very wide range of products that Hayashi Telegru offers to its customers. So just wanted to understand what products are part of the scope of this jv.
Pranav Relan
The scope of the JV includes all the products we started with Ambient lighting.
Jatin Chawla
Okay, so in the future it is possible that more of these products will come from the jv.
Pranav Relan
Yes, definitely.
Jatin Chawla
Important and broadly, what is the total kit value of these products in a car?
Pranav Relan
Ambient lighting is anything between thousand and four thousand rupees. Shade is anything between two and three thousand rupees. All the other products, it depends OEM to oem. So anything for the NBA part to between two thousand to ten thousand rupees. So give and take, the whole basket is about 20 to 25,000 rupees.
Jatin Chawla
Got it. That’s, that’s a very big jump. Right? That almost kind of doubles your. More than doubles actually the content per vehicle that you offered today. Because your seating solutions today are between 10 to 15,000. So if you add this whole basket of 20 to 25,000, that would be a very significant addition.
Pranav Relan
Yes, it’s a big joint venture.
Jatin Chawla
And this 33 crore investment in the JV. So right now at this stage, what sort of, you know, asset terms or revenues are you looking at for this JV?
Pranav Relan
So the asset turnover should be anything between 4 and 5. So if you look at the revenue, our 5 year plan to about 3 or 400 crores.
Jatin Chawla
Okay, so you’re saying basically 33 crores from your side, 33 crores from their side. So 66 and then into 4 into 5. So roughly 300 to 400 crores is possible from this JV over a. You’re saying over a 5 year period.
Pranav Relan
Yes, that’s right, man.
Jatin Chawla
Okay, got it. Yeah. Since you brought this, you know, five year target, it seems like a very aggressive target. You know, you’re talking about almost taking your revenues from 700 to 3000 crores over a five year period. So is this an aspirational target or do you think this is a realistic target?
Pranav Relan
So we’ve got an order book for about 11 to 1200 crores. That is from our organic business. We think we will be able to take it to 2000 crores within the next five years. And the additional thousand crores we are quite. We think we’ll be able to do it from joint ventures and M and A. So it’s not an aspirational target. I think we’ll be able to, let’s see, give us some time. It’s not a stretch for us.
Jatin Chawla
Got it. This order book number, I think last quarter you had stated about you know, 550 crores or 450 crores. And then we added 100 crores on the airbag fabric. So this 550 to 1100. You know what’s the difference between. Is there some gap in my understanding?
Pranav Relan
So 700 crores is the existing revenue. 5 to 550 is the order book. That takes us to 1200 crores. We’re going to grow our organic business. We want to grow it to 2000 crores. An additional thousand crores is for all joint ventures and M and A that we’re looking to do over the next two years.
Jatin Chawla
Got it. Got it. So this 3000 crore because you’re doing some JVs as well, right? So just trying to understand this better. Let’s say you do a 5050 JV and that entity is doing 100 crores. Then in this 3000 cr target will you be counting 100 crores or 50 crores?
Pranav Relan
We count 50 crores.
Jatin Chawla
So your share.
Pranav Relan
Yeah.
Jatin Chawla
Right. Right. So 3000 crores should be including just your shares.
Pranav Relan
Yes. You got it.
Jatin Chawla
Thanks. I will come back to the queue. This is very encouraging. Thanks.
operator
Thank you. Before we take the next question, a reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Hitesh Goel from Aurigin Capital . Please go ahead.
Hitesh Goel
Thanks for taking the question and very good Quarter prana. My question is related to actually when I was seeing the QLQ growth in revenues, right. It is 10%. Right. But you see Maruti’s production in this quarter that set up double digits on the models that you supply to. Right. And you had Kia Tyros also coming through which has done around 16,000 in this quarter. Right. So that itself adds 15 crores to the revenue. So can you explain? My belief is that the revenue numbers are 15 crores less than what we had expected. So what am I missing here?
Pranav Relan
So the Kia Cyrus, I think the artificial leather didn’t sell as much as the fabric. We have both. So that is why the ramp up seems slightly slow. And in terms of the Maruti vehicles we are on, Maruti should be in line. I think Maruti number should be quite accurate.
Hitesh Goel
Yeah. No. So basically you’re saying the content in Cyrods was not 10,000 which you had indicated.
Pranav Relan
So we have artificial leather and fabric for the cyrod. Artificial leather didn’t sell as much as the fabric. So artificial leather, the content is a lot more. So that is why the number, the 20 crore didn’t come into play for us.
Hitesh Goel
And this artificial letter is going to come in from next quarter or.
Pranav Relan
Yeah, it looks like it depends on how the customer feels.
Hitesh Goel
Okay And on the EV side on Maruti that is also delayed. Right. So have we started supplying? Have they started exporting EV now and you started supplying?
Pranav Relan
I think they’re stopping at any day. They haven’t started it yet. So as soon as that comes. So that’s not part of our current revenue. Neither is the shade part. I think the shade is about 20 lakhs came last quarter. So all that will come next quarter, the quarter after. Yeah.
Hitesh Goel
So maybe shade you said will probably. Come in the second quarter. FY20, right?
Pranav Relan
Yes. Subject to the ramp up.
Hitesh Goel
Okay. And in terms of basically 2000 crores on order you had actually talked about around 1200. 1300 crores revenue. 1200 crores revenue. I think FY28 or something. Right. Based on the order book that you’ve given. And from there has there any. And now you’re talking about 3,000 crores. So basically big part is also coming from the Toeta plant in Aurangabad which is going to start from FY27. Where you are supplying.
Pranav Relan
Plants is probably going to start end 2028. 2029. We don’t have any orders for that right now. That is going to be in addition to our existing order book.
Hitesh Goel
So this 3,000 crore revenue includes that number or no?
Pranav Relan
Yes, that will include.
Hitesh Goel
That is including Toyota plant.
Pranav Relan
Including all our plants, all our products, all our services.
Hitesh Goel
And my final question on Kia. So basically is there any more orders that you’re winning on Kia? Feature model, Anything which is.
Pranav Relan
We are quoting some new orders. Once something happens we’ll let you know.
Hitesh Goel
Okay. Okay. Great. Great. Thank you.
operator
Thank you. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Yeah. Namaskar sir. And thank you for the opportunity. Sir, I joined a bit late. Sorry for any repetition. But firstly in your presentation you have. You have alluded to your 2030 vision wherein you have articulated about our revenues. I’m audible sir.
Pranav Relan
Yes.
Saket Kapoor
Yeah. Where you have spoken about revenues touching 3000 crore and ROCE at 25% plus. So if you could give us some more. Some more pillars. Already you have mentioned about the three factors. The expanding and the deepening of OEM partnership portfolio. Expansion and doubling of capacity in the next. Just more color to it. And how will this gradual move of 2,3000 crore happen? If you could just give some more understanding on the same, sir.
Pranav Relan
So what we then we make the five year plan. I don’t think we’re going to make it public but we can discuss the details of that in terms of the 3000 crores last 2000 crores. We think we can do it from our organic business that is just by doing seed stream BIW without any joint venture. And the additional thousand crores that we want to do an M and A for or we want to do additional joint ventures for that could ideally be the new products or new customers that we’re looking to acquire.
Saket Kapoor
Okay, so in totality 3000 plus 1000 that is 4000 crore top line.
Pranav Relan
So 3000 is what we’re trying to do including any joint ventures and acquisitions. For joint ventures we’ll add the share that we have. So if there’s an acquisition we’ll add 100%. If there’s a 50:50 joint venture we’ll add 50%.
Saket Kapoor
Okay sir, about our EBITDA margin and in fact the net profit margin, what steps are we taking? I think so we are at the highest single digit for the net profit margin at closer to 8% and 11%. So how will they do? Yeah please.
Pranav Relan
So EBITDA margin should be similar. It should be anything between 10 to 12% subject to some businesses. We have to take it to strategic pricing, some we take it a better price. And then there’s lot of cost cutting measures that we’re doing. But we think the margin, EBITDA margin should be at 10 to 12%. In addition to that there’s not much depreciation or interest. There’s not much capex that we’re doing in the next two years. So we are depreciation and interest shouldn’t add too much. So patch margins should improve.
Saket Kapoor
Okay, so now closer to 9% is what similar to that 8.5% to 9% should be our trajectory that we are going to transfer going ahead.
Pranav Relan
So consolidated pat margins. Yeah, I think that could be also.
Saket Kapoor
Also spoken about some non productive land in your presentation. So if you could just throw some more color. What is the size of the land where located and what are we trying to do with this land going ahead?
Pranav Relan
So for aurangabad we’ve acquired 26 acres of land that is for Toyota. We’ve announced a joint venture with Hayashi Telampu so that we’re trying to expand that. We are also under discussion with one or two more companies what we can do for Toyota. In addition to that we want to replicate our feet investment. In addition to that we have about 10 acres in Kolkoda. Once Maruti CDC starts scaling up then we will set up a facility over there.
Saket Kapoor
Okay, so all this land will be will be setting our vulnerability. Assessing going ahead. That is what you are so it’s.
Pranav Relan
An investment for future business. Yes, that is correct.
Saket Kapoor
Okay. Right. And for the dividend distribution part this year I think so we paid around 2 rupees 75. So we have. We have provided this dividend distribution policy 25%. What percentage will be shared?
Pranav Relan
It’s about 10 to 15% of payout ratio. And we stick to that because we see many growth opportunities.
Saket Kapoor
Okay And lastly, sir, for the new jv, if you could just for the sake of repetition also, what. What are we eyeing in terms of revenue from the recent JV which we announced today. And when will this see the. How long, what is the duration and how will the scale up happen?
Pranav Relan
So the JV production starts, I think July 2027. We’ve got a first order for ambient lighting over five years. We want to take it to about 300 crores.
Saket Kapoor
Yeah. Thank you sir. And congratulations on good set of numbers. And we look forward for the continuity.
Pranav Relan
Thank you, sir.
operator
Thank you. The next question is from the line of Samraat Jadhav from ProsperityWealth Advisor . Please go ahead.
Samraat Jadhav
Hi, good evening. So my question is on EBITDA margin. There’s an increase in EBITDA margins. What steps we have taken for the increase? Basically is it due to raw material prices, any cost cutting?
Pranav Relan
So we focused on neutral raw material prices. We focused on negotiating with vendors because our volumes have increased. We’ve also focused on personal cost. We’ve focused on productivity improvement. We’ve reduced our overtime. So all across we focus on.
Samraat Jadhav
And my second question would be, what about total volumes? How much is domestic and how much is export?
Pranav Relan
So we supply to the oem, I think from then versus the domestic inducement portfolio.
Samraat Jadhav
Okay. Yeah. Thank you.
operator
Thank you. The next question is from the line of Divyansh Gupta from Latent Advisors. Please go ahead.
Divyansh Gupta
Hi Pranav. Couple of questions. I joined in a bit late so might be a repetition. If I look at year on year growth, right from 176 crores to 192. Crores. What would have been the. Let’s say the volume growth in the number of seats that we would have manufactured and sold. And the second related is that given that Kia has would have also happened in full quarter for March. Is there any reason for only 9% growth?
Pranav Relan
So the volume growth I can share with you. Maybe I’ll share that with you after the call because I don’t have that top of my head. Kia, the fabric variant sold a lot more than the artificial method. That’s why the numbers are slightly lower going forward. Hopefully the mix comes Back and the numbers should become back to normal.
Divyansh Gupta
Got it. Got it. And the second question one was this the gov that we have announced Today, I understand FY27, it will start and there will be initially some margin drag. But what will be a long term margin for this business? Is there any visibility that you have?
Pranav Relan
Yeah. So EBITDA margin should be similar. About 8 to 10% or 10 to 12%. I think that’s what we’re going to focus on.
Divyansh Gupta
Got it. And the third question was of all the products that are mentioned in this slide. Like silencer seals, undercover and fenders. This jv. Under the JV you can do all of this. It’s more about winning contracts with the customers. Is that a right way to look at it? And ambient.
Pranav Relan
So it’s important to see where the opportunity meets customer. Based on that we will pursue the product.
Divyansh Gupta
But under the av, you have access to all of these product management.
Pranav Relan
Yes, we have access to all the products.
Divyansh Gupta
Got it. Got it. Understood. Understood. Thank you.
Pranav Relan
Thank you.
operator
Thank you. The next follow up question is from the line of Jatin Chawla from RTL Investments. Please go ahead.
Jatin Chawla
Yeah, hi. When I look at the quarterly employee cost number that’s jumped from like a 5 crore hundred to 6 and a half crores. So does this include the ESOP cost wherein we created an ESOP pool last quarter?
Pranav Relan
No, that doesn’t include the ESOP cost.
Jatin Chawla
So then what is driving this significant increase on a quarter? On quarter basis.
Pranav Relan
So we’re hiring people for growth opportunities. I think that’s the reason.
Jatin Chawla
Got it. Got it. And you said this, Hayashi, JV will start in July 27th. So this production will start in Aurangabad or will this be at some other one of your existing plants?
Pranav Relan
So this will be an existing plant in Bangalore.
Jatin Chawla
Okay, got it. And when you say this will be 300 to 400 crores over a five year period. That five year period you’re seeing from July 27th or from today
Pranav Relan
from SOP. From July 27th.
Jatin Chawla
From July 27th. Got it. And this Kia number. So if you assume that you know the ratio of fabric to artificial leather remains what it is right now, then what is our earlier expectation? I think we were expecting about 8,500 crores. How much lower could the number be?
Pranav Relan
So it was writing we gave the number of 80 crores before. But if the ratio reduces or there’s a lot more fabric then it will probably be maybe 60 crores or 50 crores out of 50 crores. But usually caused the proper invariance and scale selling more.
Jatin Chawla
Yeah, yeah, got it, got it. Okay. Yeah, that’s, that’s good. Thanks.
operator
Thank you. The next question is from the line of Please go ahead.
Bijal Shah
Yeah, thanks for the opportunity and congratulations on great numbers. I have one question on. You talked about 3000 crores of revenue. So what would be your capex requirement through 2030 and would you need to raise capital through your working capital requirement as well as your capex requirement?
Pranav Relan
So no plans to do a funding right now, but yeah, if we do require a CAPEX plan then we can set that up.
Bijal Shah
Okay. So that is not ruled out. There is a possibility that you might require.
Pranav Relan
No, at the moment no plan. But if we go very aggressive, if there’s some high fixed turnover businesses that were scaling up then. Sorry, low fixed asset turnover businesses that were scaling up then we might look at something. So at the moment we’re debt free. We have about 80 crores of cash. So we’re quite comfortable to grow organically with internal improvements.
Bijal Shah
And sir, another thing, you’re looking at revenues going up so much in fact without much of capex also. Going up. So why your margin guidance is so conservative. Typically we see margins significantly expand this kind of revenue growth which we have.
Pranav Relan
Been able to take some businesses at a strategic call, they’ll be lower margin businesses. There’ll be some new products that might be lower margin businesses, some might be higher margin business. For now let’s stick to this number if our margins increase and I’ll give a guidance.
Bijal Shah
Okay, thank you very much.
operator
Thank you. The next question is from the line of Paras Chheda from PurpleoneVertex Ventures LLP. Please go ahead.
Paras Chheda
Yeah. Hello sir. Thank you so much and congratulations for the strong result. Sorry sir, I’m new to this company. I just wanted to understand. I heard this 3000 crore vision by when are we, you know, targeting to achieve this and yeah, it’s a five
Pranav Relan
year plan. So by FY3,
Paras Chheda
FY13.
Pranav Relan
Yes.
Paras Chheda
Okay. Okay. And broadly operating margins, you seem to be suggesting the current 10, 12% range, broadly is sustainable.
Pranav Relan
Yes, that’s what we’re targeting.
Paras Chheda
Okay. And I don’t know if you would be open to this on Bharat Seats. Just trying to understand what could be your vision for the next similarly like you have for India Auto, what would your vision for Bharat Seats be and how do you look at it? As in, in terms of revenue potential three, five years down the line and operating margin.
Pranav Relan
So that should also be something similar around 3000 crores. That should be our vision. And margins should also be similar to what it is right now.
Paras Chheda
About 6, 7%.
Pranav Relan
Yeah.
Paras Chheda
This 6% is sustainable. My understanding was, and correct me if I’m wrong sir, that now you know, the pricing on the seats could likely improve in line with the global average, is what I’ve understood. Is that correct? And if that is correct, whether operating margins may have some bit of an upside potential.
Pranav Relan
So obviously seat is getting premium. There’s artificial leather coming, the power units coming, there’s ventilation seats coming, the seat belt reminder sensors are coming in. But that should impact our margin. Should still be similar. Let’s see. So some things will be directed, something we will try to do in house. Depending on that we take a call. But our margin should be similar.
Paras Chheda
So for now you would say that similar margin is what at best we. Should be guiding for
Pranav Relan
similar is the fair number.
Paras Chheda
Okay, and just a last query on my end and I have, and this may be incidental but I’ve come across a couple of you know, tax notices, demand etc, frequently across India as well as B alongside the search operation, etc. I mean what’s, what’s your sense on these frequent notices that you know, come up, I mean in general.
Pranav Relan
So we have legal opinion for that and we’ll be challenging that.
Paras Chheda
Right. And we are fairly confident of course that. Okay. Thank you sir.
Pranav Relan
Thank you.
operator
Thank you. The next follow up question is from the line of Hitesh Goel from AuriginCapital. Please go ahead.
Hitesh Goel
Yeah. Hi. My question is related to the, you know, the new hires that you’ve done, right. You have Mr. Rajiv Arora coming from and also Vikram Gati coming from Unuminda. So what has been Rajiv’s focus basically in the company? Is it getting new JVs on board, you know, or. Basically he has very excellent relationships with the OEMs. Right. You know can you explain, I mean what, what is previous role in Unuminda and what you want, what are the KRA is coming.
Pranav Relan
So Devo Hughes business head and then Mr. Rajiv’s domain finance head, they’re focusing on the execution bit. And so in terms of the relationships, we already have multiple relationships across countries. So we are looking to monetize those relationships.
Hitesh Goel
So basically promoter family I know has. A lot of already relationships. Mr. Rajiv Arora is more focusing on operations. So basically on you know, getting more JV getting new products. That was my question actually.
Pranav Relan
Both. Both sides actually focusing on both.
Hitesh Goel
Okay.
operator
Does that answer your question?
Hitesh Goel
Yeah, yeah, yeah.
operator
Thank you. The next follow up question is from the line of Saket Kapoor from Kapoor and Co. Please go ahead.
Saket Kapoor
Yes. Yeah, thank you sir. When we see the capital work in progress closing balance of 27 crore just give us 28 crore rather for which projects they are and when they are going to get capitalized and for the next financial year what have we outlined in terms of the capex amount?
Pranav Relan
So for the capital work in progress it’s for the new EV project, the ceiling for it and the new BIW project I think we’re starting in July and August. In terms of capex for next year we should be. We should have a capex of 20 crores next year and 20 crores per year after this year.
Saket Kapoor
When we look at the cash flow from investing activity it was closer to 48 crore that we have spent including the capital work in progress. So. This figure will be lower for the next financial year to 20 crore.
Pranav Relan
Yeah, that should be lower by about 20 crores. There’s some tooling that we invest that goes into capital work in progress but our customer tends to give it back reimbursement.
Saket Kapoor
Come again?
Pranav Relan
So this tooling that we invest in that also goes into capital work in progress. So the customer wants the production starts To reimburse .
Saket Kapoor
what should be that amount? Sir, can you quantify?
Pranav Relan
I don’t have that offline but I can share that. Also we have seen appointing the big four as now the auditors. So that is also a commendable congratulate the management and the promoter for taking the initiatives more endorsements that we have taken before now on board.
Saket Kapoor
Thank you
Pranav Relan
and we hope our good times. Thank you.
Saket Kapoor
Thank you. Thank you.
operator
Thank you. The next follow up question is from the line of Paras Chheda fromPurpleone Vertex Ventures LLP. please go ahead.
Paras Chheda
Yeah sir, I just wanted to understand whether I mean my understanding is clear, you know, I mean majority of the revenues or you know sales for Bharat Sheet is effectively Maruti Suzuki only. And so they’re both intertwined and more or less the proportion or you know the percentage revenues from other than Maruti are is fairly limited. Is that correct?
Pranav Relan
So Bharat, all the sales are to Maruti.
Paras Chheda
Okay. Are all for Maruti
Pranav Relan
100%.
Paras Chheda
Okay. And for India the proportion would be majority Maruti and some others or how would that be?
Pranav Relan
So it’s maybe it’s about 70% at the moment. 80%. 70% is maybe Maruti physically and then the symptom and the.
Paras Chheda
Understood. So predominantly Maruti 70. 75%.
Pranav Relan
Yes.
Paras Chheda
Okay, thank you.
operator
Thank you. The next question is from the line of Ashok Shah from Eklavya CapitalAdvisors LLP . Please go ahead.
Ashok Shah
Thanks. My question sir, any reason for keeping two listed company in sitting business for merging or do you have any plan to merge in future years? Because business are all helping in the. Both the companies
Pranav Relan
see no plans to merge the two entities. They’ve been historically listed and we want to keep both of them as.
Ashok Shah
And sir, after 30 years we have listed B on national stock action for any reason specifically?
Pranav Relan
No. We wanted to increase the liquidity and more visibility in.
Ashok Shah
Okay, so thanks for holding. Call for phone call and please start for also B ch also. Thank you sir.
Pranav Relan
Thank you.
operator
Thank you. The next follow up question is from the line of Jatin Chawla from RTL Investments. Please go ahead.
Jatin Chawla
Hi. Thanks for the opportunity again. Just one question. So when I look at Bharat seats numbers, QoQ, the revenue is up almost 30% and YY even more. And since you know that is largely to Maruti as you said. Is NDR’s Maruti business also up in the same proportion or is there some business for Bharat Seats which is not, you know, done through ndr.
Pranav Relan
So in Bharat, in addition to the seating business, we started some tire and wheel assembly business. So that is the reason for the jump and whatever seating business that comes in Bharat also comes in MDI order. So that’s a new vertical that we.
Jatin Chawla
Okay, okay, got it. Got it. That clarifies. Thanks.
operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Pranav Relan
Thank you for your time and participation. We continue to be optimistic about the opportunities before us and look forward to sharing these with you as we move forward. Should you need any input or clarification, please write in to us or our investor relations partner, CDR India. Thank you.
operator
Thank you on behalf of ndr Auto Components Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.