State of Digital Transformation - Indian Auto Ancillaries H1'2026

Contrary to common philosophy that Industry 4.0 capabilities are limited to North American and European enterprises, certain Indian Auto Ancillaries are holding strong ground...

My set of quick observations:-
1. 2 companies - Gabriel India Limited and Lumax World came as surpise to me while performing the analysis. You can yourself see that these two firms are fighting weight above the belt. While they are small from a market cap standpoint, they are investing significantly in R&D and trying to win the innovation and Industry 4.0 race

2. JBM Group, Motherson Group and Uno Minda meet expectations and seem to be on solid track to achieve their designated Industry 4.0 targets. Bosch India has strong potential to up their post manufacturing Industry 4.0 capabilities. With Motherson building its own tech services firm, the developments are expected to be fast there..

2. Shriram Pistons & Rings Ltd. is another firm which is looking very promising to me. Their current capabilities are limited but they have clear laid out push on Industry 4.0 in certain post-manufacturing segments

3. Not so happy with the developments at Bharat Forge Ltd. My independent analysis eye might have missed some developments and I can own up for that but current analysis suggest their approach is lack-lusture in both pre and post manufacturing setup

4. Exide Group is clear top-performer in post-manufacturing Industry 4.0 capabilities

5. Schaeffler India is undergoing strong developments leveraging their in-house capabilities. I hope to see more developments in both pre and post manufacturing capabilities in coming 3 years...

6. Interesting to see all these players leveraging both in-house engineering and IT outsourcing partners.