What does Federal-Mogul Goetze (India) Limited do?
Federal-Mogul Goetze (India) Limited is a subsidiary of Tenneco Inc., a global automotive parts manufacturer.
Established in 1954, the company operates in the automotive industry, specializing in engine components, exhaust systems, and powertrain solutions.
Headquartered in New Delhi, India, with corporate offices in Gurugram.
Engine components and systems for light and commercial vehicles.
Exhaust systems and emissions control solutions.
Powertrain and ignition systems for automotive applications.
Growth thesis
Federal-Mogul Goetze (India) produces high-value engine components including hydrogen-ready parts and flex-fuel alloys for automotive and industrial applications. Key growth drivers include 10 global OEM hydrogen projects, ₹120–150 cr revenue potential from capacity expansion, and double-digit export growth via shifting European production to India. While FY22 saw partial margin recovery (EBITDA up 3ppt) and utilisation improvements on passenger/CV lines, export revenue stagnated at 14% despite ₹90–100 cr CAPEX and new customers like PSA/Mitsubishi. The critical 2–3 year watchpoint is whether hydrogen/hybrid content and flexible production lines can offset PV/2W demand swings while reducing employee cost ratios below 20%. Management’s history of deferring commodity-cost recovery and export targets underscores execution risks.
Why is Federal-Mogul Goetze (India) Limited stock rising?
- hydrogen engine components with higher value add, 10 global OEM projects underway
- flex-fuel alloys for CNG/ethanol ready, leveraging Brazilian market know-how
- double-digit export growth targeted, shifting select European equipment to India
- capacity expansion to add ~INR 120–150 cr revenue potential once fully commissioned
- CAPEX in INR 90–100 cr range, two-thirds for tech-flex & euro-VII preparation, one-third capacity
- TGDI engine ramp-up to lift content per vehicle
mild hybrids also raise share
- focus on flexible lines to absorb PV/2W demand swings without labour churn
- working-capital turns & cost absorption drive
aim sub-20% employee cost ratio
- 60% of portfolio electric-agnostic
long-term hedge via hydrogen/hybrid content
- dividend restart linked to euro-VII cycle completion, stable raw-material outlook
- global parent debt-free India seen as prerequisite to win export mandates
- new export customers PSA, Mitsubishi, Yanmar onboard
export share rebound >14%
Research report
federal-mogul goetze (india) ltd: federal-mogul goetze (india) limited
ticker: fmgoetze
sector: engines
federal-mogul goetze makes the parts that keep engines running. they manufacture pistons, piston rings, piston pins, valve seats and valve guides - the core components that handle combustion inside diesel and gasoline engines. when you start your car or truck, their parts are managing the explosive force that powers your vehicle.
the company started in 1954 as a joint venture with goetze-wer...
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