the short version
the share is 18 points ahead of the NIFTY 500 in three months: up 11.5% while the index fell 6.2% (30 jul to 30 oct 2026). most of that came before its results, ₹508 to ₹551.30 by 4 aug, and the jump after them was mostly given back
the quarter: big, but less big than it looks. sales rose 52% in april to june 2026, and about two thirds of that growth was dearer aluminium
the worry: spending on plants is running ahead of the cash coming in. the spending plan for the year to march 2027 went from about ₹400 cr in may to about ₹700 cr in august
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ASK Automotive share price: up 80.4% since november 2023
ASK Automotive (NSE: ASKAUTOLTD) went from ₹313.85 on 16 nov 2023 to ₹566.30 on 30 oct 2026, up 80.4%. the NIFTY 500 rose 24.5% in that time. 16 nov is the first close in my price data. this piece is about the last three months, and what that big quarter was really made of.
why ASK Automotive is beating the NIFTY 500: three numbers
ASK Automotive rose 11.5% from 30 jul to 30 oct 2026 while the NIFTY 500 fell 6.2%, so it’s 18 points ahead. most of that rise came before the 4 aug results, and the jump after them was mostly given back. sales rose 52%, about two thirds of that growth from aluminium, and planned spending on plants and machines was near ₹700 cr by 5 aug.
what ASK Automotive makes: brakes and aluminium parts for two-wheelers
ASK Automotive says it is India’s largest maker of two-wheeler brake shoes and braking systems, with about 50% of what bike makers buy. it also casts aluminium parts like engine covers and crank cases. on its july 2025 call Honda was about 35% of sales, TVS 20-21% and Hero about 17%.
why ASK Automotive’s sales jumped: think of a tailor’s bill
ASK Automotive puts aluminium on the bike maker’s bill at cost, like a tailor who charges you what he paid for the cloth. if cloth doubles, your bill jumps and his stitching charge doesn’t. those numbers are my own, to show the idea. ASK’s real ones come next.
does ASK Automotive pass on aluminium prices? its chairman says fully
on the 5 aug 2026 call, ASK’s chairman Kuldip Singh Rathee said the aluminium cost goes straight through to the customer. asked if any of it was still pending, he said “No lag pending, we have received everything.”
how much of ASK Automotive’s growth was aluminium: about two thirds
about two thirds of ASK’s 52.1% sales growth in april to june 2026 was aluminium. aluminium alone added 33.4% to last year’s sales, and closing wheel assembly took off 6.6%. what’s left is 25.3%, a little above the 22.8% rise in two-wheeler output its chairman quoted from SIAM, the industry body. still a good quarter, just smaller than 52% looks.
ASK Automotive’s margin fell to 12.0%, and its profit still rose
ASK kept ₹12.0 out of every ₹100 of income after running costs, down from ₹13.8, and still kept 32.7% more rupees. profit after tax rose 28.8% to ₹85 cr. Rathee expects margins of 13.5% to 14%, above the 13.1% of the year to march 2026, but added “its all depends on the geopolitical situation.”
why ASK Automotive share price jumped 15.6% on 5 august 2026
ASK jumped 15.6% the day after its results, to ₹637.55, and closed at ₹678.80 on 6 aug, its highest in my data. by 30 oct it was ₹566.30, not far above the ₹551.30 before results. it fell 5.1% on 8 oct, the day after filing news of a state GST search. the company said there was no material impact.
ASK Automotive’s new Bangalore plant: spending plan up to ₹700 cr
ASK’s spending plan for the year to march 2027 went from about ₹400 cr in may to about ₹700 cr in august. Karoli, one of its two newest big plants, went from 60-65% busy to about 75%, and Rathee hopes for about 80% by january to march 2027. he says the existing Bangalore plant is near full.
why ASK Automotive is building another plant: new orders
Rathee says the Bangalore plant is for new orders from one customer he wouldn’t name. he said it wasn’t in the plan. the growth goal moved too: mid-teens for the year on the 20 may call, then “we will be now growing for the full year in high teens” on 5 aug.
ASK Automotive debt: borrowings rose from ₹393 cr to ₹654 cr
in the year to march 2026 ASK spent ₹484 cr on plants and brought in ₹301 cr of cash from running the business. this is what worries me. borrowings reached the line Rathee says won’t be crossed, and its finance head said debt rose again in april to june because dearer aluminium tied up more cash.
did ASK Automotive’s management do what it said? growth yes, exports no
ASK kept its growth promise for the year to march 2026 and missed its export one. it said mid-teens without wheel assembly. its own count, leaving out wheel assembly and aluminium, was 20.1%, and it was 16% with both in. exports were meant to grow 20%, and they fell. Rathee blamed tariffs and supply trouble.
ASK Automotive vs Endurance: the bigger rival’s share fell 18.9%
Endurance Technologies, about 3 times ASK’s size by income, fell 18.9% over the same three months. its group profit rose only 8.0% in april to june 2026. but Europe pulled that down, falling 22.4%, while profit in its main company alone rose 17.4%. so it isn’t a clean comparison.
what to check in ASK Automotive’s july to september 2026 results: three things
ASK’s board meets on 3 nov 2026 and its call is on 4 nov at 5 pm, so three things are worth checking. growth without aluminium and wheel assembly, borrowings at 30 sep and the plants. i’d change my mind if Karoli slipped under 65% busy and that growth ran under 12% for two quarters in a row while the spending goes ahead.
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