CIE Automotive India financials and balance sheet

NSE: CIEINDIABSE: 532756Auto ComponentsSmall Cap

Formerly Mahindra CIE Automotive

₹351.55₹13.10 (3.59%)BSE ₹352.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹364.65.

52-week range of traded prices to 23 Oct 2026

₹341.00Low, 23 Oct 2026₹526.00High, 23 Feb 2026

Market cap: ₹13,336 Cr383rd largest listed
P/E: 14.3
P/B: 1.7
Dividend yield: 1.99%
ROE: 12.7%
ROCE: 13.6%
Debt to equity: 0.06
Volume, NSE: 7,36,38744.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to December.CIE Automotive India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 6.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Dec 2022, the company's revenue for that year, ₹8,753 Cr, differs from its quarters added, ₹10,248 Cr. From the year to Dec 2023, the company reports a discontinued business.

Results for the year to Dec 2025

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,406
Materials and goods−4,769
Employee costs−1,127
Other expenses−2,148
Operating profit1,362
Depreciation−358
Other income+101
One-off items0.0
Finance costs−27
Profit before tax1,079
Tax−258
Joint ventures+2.3
Discontinued businesses+5.2
Net profit828

What the company owns

Plant, investments and other assets₹7,358 Cr
Current investments₹1,406 Cr
Inventory₹1,130 Cr
Receivables₹609 Cr
Cash and bank₹254 Cr

What pays for it: net worth and liabilities

Net worth₹7,459 Cr
Owed to suppliers₹1,863 Cr
Other liabilities₹1,048 Cr
Borrowings₹386 Cr

CIE Automotive India business segments, year to Dec 2025

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.CIE Automotive India segment results by quarter

Revenue by segment

₹9,407 CrTotal

India₹6,143 Cr65.3% of total
Europe₹3,264 Cr34.7% of total

Profit by segment

India₹823 Cr73.9% of total
Europe₹290 Cr26.1% of total

Segment results by year

Consolidated, ₹ crore, years to December.

India
Revenue, ₹ crore
3,389
3,651
2,970
4,394
5,633
5,946
6,059
6,143
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Profit, ₹ crore
359
305
158
392
635
709
815
823
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Europe
Revenue, ₹ crore
4,679
4,312
3,120
4,059
4,457
2,910
3,264
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25
Profit, ₹ crore
444
375
92
326
1,008
355
290
Dec 18Dec 19Dec 20Dec 21Dec 22Dec 23Dec 24Dec 25

₹ crore	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue of all businesses	8,068	7,963	6,090	8,453	10,767	10,403	8,969	9,407
Company revenue, as in its results	8,032	7,908	6,050	8,387	8,753	9,280	8,964	9,406
Revenue	3,389	3,651	2,970	4,394	5,633	5,946	6,059	6,143
Revenue growth	–	7.7%	−18.6%	47.9%	28.2%	5.6%	1.9%	1.4%
Profit	359	305	158	392	635	709	815	823
Profit growth	–	−15.1%	−48.2%	148.4%	62.1%	11.6%	14.9%	1.0%
Margin	10.6%	8.3%	5.3%	8.9%	11.3%	11.9%	13.4%	13.4%
Return on capital	–	9.7%	4.9%	11.6%	16.9%	17.0%	16.1%	16.3%
Assets	–	4,647	4,962	5,479	5,948	6,326	6,690	6,692
Liabilities	–	1,494	1,732	2,093	2,190	2,167	1,632	1,633
Capital employed	–	3,153	3,230	3,385	3,758	4,159	5,058	5,059
Revenue	4,679	4,312	3,120	4,059	–	4,457	2,910	3,264
Revenue growth	–	−7.8%	−27.6%	30.1%	–	–	−34.7%	12.2%
Profit	444	375	92	326	–	1,008	355	290
Profit growth	–	−15.5%	−75.4%	253.3%	–	–	−64.8%	−18.2%
Margin	9.5%	8.7%	3.0%	8.0%	–	22.6%	12.2%	8.9%
Return on capital	–	25.3%	5.5%	18.0%	–	55.1%	23.4%	12.1%
Assets	–	4,040	4,548	4,472	–	3,436	3,078	4,065
Liabilities	–	2,559	2,870	2,661	–	1,607	1,559	1,664
Capital employed	–	1,481	1,678	1,811	–	1,829	1,519	2,400
Revenue	–	–	–	–	5,134	–	–	–
Profit	–	–	–	–	445	–	–	–
Margin	–	–	–	–	8.7%	–	–	–
Return on capital	–	–	–	–	33.2%	–	–	–
Assets	–	–	–	–	3,980	–	–	–
Liabilities	–	–	–	–	2,640	–	–	–
Capital employed	–	–	–	–	1,340	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to December.CIE Automotive India quarterly results

₹ crore	Dec 2016	Dec 2017	Dec 2018Filed 21 Feb	Dec 2019Filed 27 Feb	Dec 2020Filed 20 Feb	Dec 2021Filed 23 Feb	Dec 2022Filed 24 Feb	Dec 2023Filed 21 Feb	Dec 2024Filed 21 Feb	Dec 2025Filed 19 Feb
Revenue from operations	5,556	6,663	8,032	7,908	6,050	8,387	8,753	9,280	8,964	9,406
	5,053	5,841	6,980	6,940	5,548	7,369	7,581	7,856	7,613	8,044
Materials and goods bought	2,144	2,855	3,632	3,749	2,806	4,008	4,776	4,911	4,670	4,769
Employee costs	–	–	1,330	1,308	1,262	1,348	902	994	1,010	1,127
Other expenses	–	–	2,019	1,883	1,480	2,014	1,903	1,951	1,933	2,148
Operating profit before depreciation	503	822	1,051	968	502	1,017	1,172	1,424	1,351	1,362
Operating margin	9.1%	12.3%	13.1%	12.2%	8.3%	12.1%	13.4%	15.3%	15.1%	14.5%
Materials, % of revenue	–	–	45.2%	47.4%	46.4%	47.8%	54.6%	52.9%	52.1%	50.7%
Employee costs, % of revenue	–	–	16.6%	16.5%	20.9%	16.1%	10.3%	10.7%	11.3%	12.0%
Other expenses, % of revenue	–	–	25.1%	23.8%	24.5%	24.0%	21.7%	21.0%	21.6%	22.8%
Depreciation and amortisation	233	281	287	316	306	343	296	322	331	358
Operating profit after depreciation	271	541	764	652	195	674	876	1,102	1,020	1,004
Other income	0	27	39	33	55	56	58	82	140	101
Finance costs	0	55	50	52	55	53	23	107	78	27
Profit before one-off items and tax	271	514	753	632	195	677	911	1,076	1,082	1,079
One-off items	−9	−7	0	−5	0	−13	40	0	0	0
Profit before tax	262	507	753	628	195	664	951	1,076	1,082	1,079
	93	148	204	274	89	272	240	278	264	258
Current tax	75	127	190	71	46	143	219	274	264	265
Deferred tax	18	22	14	203	43	129	21	4	0	−7
Share of profit of joint ventures and associates	–	–	–	–	–	1	−923	0	3	2
Profit from discontinued businesses	–	–	−50	–	0	–	76	328	7	5
Net profit	169	358	498	354	106	393	−136	1,125	828	828
Other comprehensive income	–	–	70	−12	168	−105	133	68	−49	320
Total comprehensive income	–	–	568	342	274	288	−4	1,193	779	1,148
Net margin	3.0%	5.4%	–	4.5%	1.8%	4.7%	–	–	9.2%	8.8%
Net margin without joint ventures and associates	–	–	–	–	–	4.7%	–	–	9.2%	8.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Dec 2016 and Dec 2017 they do not, so they are left blank. Net margin is left blank for the years to Dec 2018, Dec 2022 and Dec 2023: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 December. The last column is the half year to Jun 2026, after the latest full year: the balance sheet at its end.

₹ crore	Dec 2018Filed 21 Feb	Dec 2019Filed 27 Feb	Dec 2020Filed 20 Feb	Dec 2021Filed 23 Feb	Dec 2022Filed 24 Feb	Dec 2023Filed 21 Feb	Dec 2024Filed 21 Feb	Dec 2025Filed 19 Feb	Jun 2026Half yearFiled 22 Jul
	4,289	4,634	4,908	5,197	5,098	5,988	6,577	7,459	7,744
Share capital	379	379	379	379	379	379	379	379	379
Reserves	3,910	4,255	4,529	4,818	4,719	5,609	6,197	7,080	7,364
	1,613	1,469	1,648	1,282	923	803	521	386	475
Repayable after a year	1,173	826	937	652	119	101	422	186	158
Repayable within a year	440	643	710	629	805	702	99	200	317
	2,555	2,584	2,736	3,130	3,400	3,103	2,181	2,539	2,829
Trade payables	1,684	1,477	1,459	1,938	2,135	1,934	1,581	1,863	2,002
Other financial liabilities	46	66	80	91	96	75	79	73	60
Other liabilities	220	0	374	293	249	279	318	282	383
Provisions	45	56	88	89	55	52	55	67	67
Tax owed	121	44	24	89	60	60	48	54	–
	1,686	1,469	1,865	1,624	712	671	1,011	759	739
Other financial liabilities	0	0	214	174	43	137	30	20	22
Other liabilities	66	53	91	109	121	0	122	135	140
Provisions	349	361	347	308	101	101	92	79	83
Deferred tax	99	230	277	381	328	333	345	339	337
Liabilities going with businesses held for sale	52	14	7	5	718	–	–	–	–
	8,583	8,701	9,517	9,956	9,928	9,762	9,769	10,757	11,313
Held for sale or for a demerger	52	14	7	5	979	–	–	–	–
	5,572	6,528	7,039	7,076	6,006	6,615	6,319	6,959	7,397
Plant in use, after depreciation	1,984	2,486	2,971	3,059	2,714	2,929	2,908	3,036	–
Plant being built	96	54	–	–	119	54	66	130	–
Intangible assets	10	31	27	26	29	27	23	22	19
Goodwill	2,911	3,526	3,755	3,626	2,804	2,854	2,814	3,038	3,068
Property held to earn rent	–	0	–	–	0	0	112	104	104
Investments	1	8	9	25	1	1	1	2	2
Stakes in joint ventures and associates	–	0	–	–	31	38	46	51	54
Loans given	139	57	0	82	169	489	172	391	725
Other financial assets	33	79	25	23	22	72	80	41	63
Deferred tax	255	138	154	135	48	9	20	21	23
Other assets	142	148	99	100	69	141	77	123	106
	2,959	2,159	2,470	2,874	2,943	3,147	3,450	3,798	3,915
Inventories	1,229	1,057	1,006	1,349	1,211	1,163	1,091	1,130	1,217
Trade receivables	741	737	705	669	861	633	627	609	1,341
Cash and cash equivalents	108	110	223	144	71	210	301	230	190
Other bank balances	4	40	15	15	15	29	23	24	41
Current investments	679	88	225	413	544	781	991	1,406	714
Loans given	3	1	1	0	5	9	59	132	140
Other financial assets	141	5	162	87	92	146	205	134	86
Tax paid in advance	53	37	9	52	0	26	24	17	10
Other assets	–	86	124	146	145	150	127	117	176
Net debt	821	1,232	1,184	709	294	−217	−795	−1,274	−471

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to December. The last column is the half year to Jun 2026, after the latest full year: the cash flow over its six months.

₹ crore	Dec 2020Filed 20 Feb	Dec 2021Filed 23 Feb	Dec 2022Filed 24 Feb	Dec 2023Filed 21 Feb	Dec 2024Filed 21 Feb	Dec 2025Filed 19 Feb	Jun 2026Half yearFiled 22 Jul
	539	1,051	1,118	1,383	881	1,258	−19
	621	1,156	1,316	1,762	1,159	1,520	114
	88	136	−49	−38	−218	150	−674
Receivables	23	82	−285	228	6	19	−732
Inventories	134	−340	−180	53	57	56	−76
Payables	0	0	427	−201	−353	134	160
Other working capital	−69	394	−11	−117	73	−60	−26
Tax paid	−50	−105	−198	−358	−262	−263	−133
Capital spending	334	0	501	530	387	377	245
Free cash flow	205	1,051	617	853	494	881	−263
	−429	−755	−640	−910	−238	−785	183
Plant and property sold	0	49	58	18	6	5	3
Companies bought	−1	0	0	−7	0	0	−3
Interest received	6	4	13	38	16	22	17
Dividends received	0	0	0	0	0	0	0
	−38	−363	−488	−427	−553	−526	−207
Borrowings raised	0	0	88	−208	0	63	120
Borrowings repaid	51	−279	−394	0	−268	−274	−31
Interest paid	−55	−46	0	−104	−74	−26	−18
Lease payments	−34	−32	−53	0	−22	−24	−12
Dividends paid	0	0	95	95	189	264	266
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	1	4	1	0	0	0
Net change in cash	72	−67	−9	46	90	−53	−43

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Dec 2016, Dec 2017, Dec 2018 and Dec 2019.

Consolidated, ₹ per share, years to December.CIE Automotive India dividend history

₹ per share	Dec 2016	Dec 2017	Dec 2018Filed 21 Feb	Dec 2019Filed 27 Feb	Dec 2020Filed 20 Feb	Dec 2021Filed 23 Feb	Dec 2022Filed 24 Feb	Dec 2023Filed 21 Feb	Dec 2024Filed 21 Feb	Dec 2025Filed 19 Feb
Earnings per share	₹5.01	₹9.48	₹13.16	₹9.34	₹2.80	₹10.36	−₹3.59	₹29.66	₹21.81	₹21.83
Diluted earnings per share	₹4.99	₹9.46	₹13.15	₹9.33	₹2.80	₹10.36	−₹3.59	₹29.66	₹21.81	₹21.83
Dividend per share	–	–	–	–	–	₹2.50	₹2.50	₹5.00	₹7.00	₹7.00
Book value per share	–	–	₹113.23	₹122.26	₹129.50	₹137.09	₹134.41	₹157.84	₹173.36	₹196.62
Dividend payout	–	–	–	–	–	24.1%	–	16.9%	32.1%	32.1%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.7%	0.5%	1.1%	1.6%
Market cap at the year end (₹ crore)	5,946	9,768	9,729	6,244	6,519	8,877	13,052	17,857	17,858	16,104

Ratios

Consolidated, years to December.CIE Automotive India PE ratio and valuation

Ratio	Dec 2017	Dec 2018Filed 21 Feb	Dec 2019Filed 27 Feb	Dec 2020Filed 20 Feb	Dec 2021Filed 23 Feb	Dec 2022Filed 24 Feb	Dec 2023Filed 21 Feb	Dec 2024Filed 21 Feb	Dec 2025Filed 19 Feb
Revenue growth	19.9%	20.5%	−1.5%	−23.5%	38.6%	–	–	−3.4%	4.9%
Operating profit growth	63.4%	27.9%	−7.9%	−48.2%	102.8%	–	–	−5.1%	0.9%
Net profit growth	112.1%	39.0%	−29.0%	−69.9%	269.1%	–	–	−26.5%	0.1%
Earnings per share growth	89.2%	38.8%	−29.0%	−70.0%	269.5%	–	–	−26.5%	0.1%
	–	11.6%	7.9%	2.2%	7.8%	−2.6%	20.3%	13.2%	11.8%
	–	–	−3.7 pts	−5.7 pts	5.5 pts	−10.4 pts	22.9 pts	−7.1 pts	−1.4 pts
From the net margin	–	–	–	−4.8 pts	3.7 pts	–	–	–	−0.6 pts
From asset turnover	–	–	–	−0.9 pts	1.8 pts	–	–	–	0.0 pts
From borrowing	–	–	–	0.0 pts	0.1 pts	–	–	–	−0.7 pts
Return on capital employed	–	12.9%	10.7%	3.0%	10.4%	14.5%	16.2%	14.4%	12.8%
Cash conversion	–	–	–	506.8%	267.6%	–	122.9%	106.4%	151.9%
Interest cover	9.9	15.2	12.5	3.6	12.7	38.6	10.3	13.1	37.9
Debt to equity	–	0.38	0.32	0.34	0.25	0.18	0.13	0.08	0.05
Receivable days	–	34	34	43	29	36	25	26	24
Inventory days	–	123	103	131	123	93	86	85	86
Payable days	–	169	144	190	177	163	144	124	143
Cash conversion cycle, days	–	−12	−7	−16	−25	−35	−32	−13	−33
Working capital days	–	2	−1	−1	−9	−12	−11	2	−8
Asset turnover	–	0.94	0.92	0.66	0.86	0.88	0.94	0.92	0.92
Assets per rupee of net worth	–	2.00	1.94	1.91	1.93	1.93	1.78	1.55	1.46
Sales per rupee of plant	–	4.05	3.18	2.04	2.74	3.23	3.17	3.08	3.10
Capital spending to depreciation	–	–	–	1.09	0.00	1.69	1.65	1.17	1.05
Plant being built, % of plant in use	–	4.8%	2.2%	–	–	4.4%	1.8%	2.3%	4.3%

From the net margin, from asset turnover and from borrowing are left blank for the years to Dec 2019, Dec 2022, Dec 2023 and Dec 2024: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Dec 2022: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth and operating profit growth are left blank for the year to Dec 2023: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Dec 2025.

Return on assets, latest year: 8.1%
Cash from operations against operating profit: 92.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	9.2%	2.4%
Profit growth, yearly rate	–	50.7%	–
Return on equity, average	–	10.1%	15.1%
Return on capital employed, average	–	13.7%	14.5%
Operating margin, average	12.5%	14.1%	15.0%
Net margin, average	–	–	9.0%
Asset turnover, average	–	0.90	0.93
Cash conversion cycle, days, average	–	−27	−26
Interest cover, average	17.1	22.5	20.4
Debt to equity, average	–	0.14	0.09

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Dec 2025.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,691	3,522	1,258
Cash from investing	−3,328	−1,933	−785
Cash from financing	−2,356	−1,506	−526
Capital spending	1,796	1,294	377
Dividends paid	643	548	264
Shares bought back	0	0	0
Shares issued for cash	5	1	0
Borrowings raised	–	–	63
Borrowings repaid	1,215	542	274

Accounting checks

Consolidated, years to December. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	3	8	6	8
Altman Z-scorePublished threshold 1.81	–	–	3.30	2.71	2.20	2.85	3.44	5.00	5.71	5.21
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.71	−2.72	−2.27	−3.03	−2.46	−2.70
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.04	0.99	−6.18	6.62	1.90	3.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	7.46	2.57	1.86	1.27
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.92	19.23	−43.82	24.35	−32.47	2.46	−7.82
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−17.22	20.37	−8.78	−29.38	−6.80	−1.26	1.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.84	2.77	−0.12	−0.54	0.92	0.39	−0.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.07	–	–	–	0.10	0.21	0.27
Effective tax ratePublished threshold 17.16 per cent	35.39	29.26	27.14	43.65	45.39	41.00	25.23	25.85	24.43	23.95
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	25.13	4.41	−7.41	0.20	−0.37

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	514
25 Aug 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	61

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.