The company has been actively expanding its product line, including motor control units and magnetic systems, and has acquired key customers such as Switch Mobility, Volvo and Tata.
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The company’s fasteners-focused Bangalore plant currently has a capacity utilisation of 45-50% and is expected to reach 75-80% in the next 18-24 months.
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Aggarwal explained that new government policies in India, such as the e-drive scheme, are expected to boost sales of light commercial vehicles.
He praised the public transport incentive policy and said the aim is to introduce around 8,000 electric buses in India.
As the number of electric buses increases, costs will decrease due to economies of scale, and private operators are also likely to adopt them.
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Sterling Tools’ market capitalization is around ₹1,941.70 crore. Its shares have gained nearly 41% in the past year.
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