Auto Gears Stocks and Companies in India

The largest Auto Gears stocks in India by market value are Sar Auto Products (₹3,883 crore), Shanthi Gears (₹3,823 crore) and Rane (Madras) (₹3,551 crore), at prices of 4 Nov 2026.

• Sar Auto Products: ₹8,149 (price from the week of 4 Oct 2026) | market value ₹3,883 crore | P/E 4220
• Shanthi Gears: ₹498.25 | market value ₹3,823 crore | P/E 62.1
• Rane (Madras): ₹1,284.80 | market value ₹3,551 crore | P/E 29.4
• JTEKT India: ₹120.49 | market value ₹3,343 crore | P/E 43.6
• RACL Geartech: ₹1,416.30 | market value ₹1,669 crore | P/E 33.5
• The Hi-Tech Gears: ₹502.35 | market value ₹945 crore | P/E 47.9
• Z F Steering Gear (India): ₹772.50 | market value ₹701 crore | P/E 34.8

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Auto Ancillaries - Gears companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Auto Ancillaries - Gears index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Sar Auto Products Ltd₹3,880 cr
2. Shanthi Gears Ltd₹3,600 cr
3. Rane (Madras) Ltd₹3,270 cr
4. JTEKT India Ltd₹3,040 cr
5. RACL Geartech Ltd₹1,610 cr
6. The Hi-Tech Gears Ltd₹941 cr
7. Z F Steering Gear (India) Ltd₹655 cr

7 Auto Gears companies in the Auto Ancillaries - Gears industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is Sar Auto Products (₹3,883 crore) and the smallest with a market value is Z F Steering Gear (India).

Download all 7 Auto Gears companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 16% ahead of NIFTY 500. Earnings across its companies grew 2% on average over the last four reported quarters, close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 20 weeks running.

Price up, without the fundamentals confirming. 2 of 7 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Ahead of NIFTY 500 on the three-month view for 20 weeks running; 3 of the 7 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 2 of those 7 pass the momentum test (no change from four weeks earlier); earnings rising at 4 of the 7 that report earnings.

Ahead of NIFTY 500 for 20 weeks running, participation steady at 2 → 2 of 7. Earnings mixed, 4 of 7 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Auto Ancillaries - Gears has done better than the NIFTY 500 by 25.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.6%. Rane (Madras) Ltd is the strongest against the sector itself at +8.3%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 16.7 as of 30 October 2026 (narrowing, rising).

Auto Ancillaries - Gears has done better than the NIFTY 500 by 25.2% over 52 weeks and by 19.6% over 13 weeks. 2 of 7 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 1 of the 3 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Rane (Madras) Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 71.1% evidence confidence.

Rane (Madras) Ltd has the strongest one-year price move in Auto Ancillaries - Gears at +45.3%. It also leads on relative strength against the NIFTY, at +29.3%. 4 of 7 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Auto Ancillaries - Gears itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

A second-leg breakout with strong relative performance, concentrated profit support and an unconfirmed margin recovery. In the week of 5 October 2026, 50% of 6 Auto Ancillaries - Gears companies were beating the Nifty 500, against 42.9% on 25 May 2026.

From our industry review of 10 October 2026.

New customer programmes and products are the clearest changes, supported by Rane (Madras) and RACL Geartech. Higher margins and lower debt are less secure: costs are rising, customer approvals remain pending, and some earlier promises have not been reconciled. The calls cover only 28.9% of industry market value, so these changes cannot yet be called industry-wide.

From our industry review of 10 October 2026.

2 of 7 Auto Ancillaries - Gears companies held a results call for April to June 2026. RACL Geartech guided: FY27 revenue guidance retained within the stated plus or minus 5% range; longer-term annual growth goal 15-20% over the next 3-4 years.

From the results calls for April to June 2026.

Big funds, foreign and Indian, cut their stake by 0.7 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹705 crore in the last 12 months, 23% more than a year before.
• Projects still being built grew 49% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 7 Auto Ancillaries - Gears companies, in percentage points.

Ownership and spending as of 10 October 2026.

The next things that show whether the Auto Ancillaries - Gears story is on course. First: RACL's scheduled BMW final sign-off on October 24, 2026, followed by planned October–November customer supplies.

• RACL's heat-treatment commissioning during October–December 2026 and trial production in January 2027.
• Rane's attempted margin improvement in the third quarter of FY27 and evidence that customer price corrections offset costs.
• Reconciliation of RACL's Royal Enfield volumes and BHEL commercial status.
• Rane's land-sale receipts and actual debt reduction against its revised milestone.

What would change the story

An industry quarterly profit print below its year-earlier level again, despite higher sales, would show that the price breakout is running ahead of the business rather than marking a lasting earnings recovery.

From our industry review of 10 October 2026.

Rane (Madras) Ltd has the highest Revenue among the 7 Auto Ancillaries - Gears companies compared here, at ₹4,024 crore. JTEKT India Ltd is next at ₹2,818 crore. Sar Auto Products Ltd has the highest Revenue growth at 39.9%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Rane (Madras) Ltd is the largest at ₹4,024 crore, 42.8% ahead of JTEKT India Ltd. Sar Auto Products Ltd's growth is 39.9% from a ₹17 crore base, with 15 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Rane (Madras) Ltd is the size to compare against; Sar Auto Products Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Rane (Madras) Ltd's growth falls below Sar Auto Products Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

RACL Geartech Ltd has the highest OPM among the 7 Auto Ancillaries - Gears companies compared here, at 24.1%. Shanthi Gears Ltd is next at 18%. The same company also has the highest Margin change, at +5.4 percentage points. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: RACL Geartech Ltd leads both opm at 24.1% and margin change at +5.4 percentage points.

What this means: RACL Geartech Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Rane (Madras) Ltd has the highest Net profit among the 7 Auto Ancillaries - Gears companies compared here, at ₹119 crore. JTEKT India Ltd is next at ₹72 crore. Sar Auto Products Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Rane (Madras) Ltd earns the most, ₹119 crore of profit over the last 12 months, 64.6% above JTEKT India Ltd. Sar Auto Products Ltd shows at least 100% on the scoring scale (283.3% in full) growth from a profit base of ₹1 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Rane (Madras) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Shanthi Gears Ltd has the highest ROCE among the 7 Auto Ancillaries - Gears companies compared here, at 25.6%. RACL Geartech Ltd is next at 16.9%. RACL Geartech Ltd has the highest ROCE change at +4.5 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Shanthi Gears Ltd leads ROCE at 25.6%, 8.7 percentage points above RACL Geartech Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Shanthi Gears Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: Rane (Madras) Ltd (RML): its two data sources disagree by up to 395% on reported income across 15 comparable periods, so its derived ratios are withheld; JTEKT India Ltd (JTEKTINDIA): its two data sources disagree by up to 17% on reported income across 21 comparable periods, so its derived ratios are withheld; Z F Steering Gear (India) Ltd (ZFSTEERING): its two data sources disagree by up to 69% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Shanthi Gears Ltd has the lowest PEG among the 7 Auto Ancillaries - Gears companies compared here, at 3.18×. The Hi-Tech Gears Ltd is next at 3.3×. Rane (Madras) Ltd has the lowest P/E at 27.1×, so level and change sit with different companies. 3 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Shanthi Gears Ltd has the lowest comparable PEG at 3.18×, 3.6% below The Hi-Tech Gears Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Auto Ancillaries - Gears companies show up on 2 of our India lists. The most are on the momentum stocks list (2 companies).

This Auto Ancillaries - Gears comparison names 5 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 7 Auto Ancillaries - Gears companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Rane (Madras) Ltd (RML): its two data sources disagree by up to 395% on reported income across 15 comparable periods, so its derived ratios are withheld; JTEKT India Ltd (JTEKTINDIA): its two data sources disagree by up to 17% on reported income across 21 comparable periods, so its derived ratios are withheld; Z F Steering Gear (India) Ltd (ZFSTEERING): its two data sources disagree by up to 69% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Auto Ancillaries - Gears comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.