Talbros Automotive Components Ltd
NSE:TALBROAUTO
Talbros Automotive Components Ltd
NSE:TALBROAUTO
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Ladies and gentlemen, good day, and welcome to Talbros Automotive Components Limited Q2 and H1 FY Q3 Earnings Conference Call.
This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involves risks and uncertainties that are difficult to predict. [Operator Instructions]
Please note that this conference is being recorded.
I now hand the conference over to Mr. Anuj Talwar, Joint Managing Director of Talbros Automotive Company Limited. Thank you, and over to you, sir.
Thank you so much. Very good afternoon, everybody, and a very warm welcome to our Q2 & H1 FY '23 earnings call. I hope you all are safe and healthy. On the call today, I'm joined by Mr. Navin Juneja, our Director, the Board and Group CFO, [indiscernible] our IR adviser.
The results and the presentation are uploaded at the Stock Exchange and the company's website. Happy to announce that this phase company has delivered its highest ever quarterly sales of INR 162 crores for the quarter with the highest ever that we have achieved in these uncertain times.
Let me begin with the industry in the economy overview. The auto and the auto component space is progressing well and in a high-growth trajectory with demand coming in all segments, although commercial [indiscernible] to pick up what we hear from the industry leaders and the pioneers, which will start picking up November, December, January, February, March onwards, partially because we know is going through a boom of an all time.
The current festive season ended up being the best of business in the previous 4 years as the tradition of [indiscernible] Dealers Association reported that October BPA sales of [indiscernible] in India increased by 48% on a yearly basis. All vehicle categories increased [indiscernible], commercial vehicles, [indiscernible] tractors that outperformed the same time last year. As I mentioned to you, commercial vehicle is picking up. We've seen a larger spend by the government and private sector in CapEx. A lot of highway has been built in the country, a lot of warehouses are being built. We've seen a lot of airports we built in Tier 2 to Tier 3 cities, small hotels are being built. So for this, this sector is very important and as you come through good very soon. The package [indiscernible] segment recorded highest ever half year sales on the back of a robotic demand and improvement in supply of semiconductors.
On the raw material front, by the price of metals at the steel alumni soften, energy and food costs continue to remain elevated. At Talbros, we do import a lot of materials from the U.S. and Europe and have been hit and dented slightly by these raw material prices but we're working with our customers and [indiscernible] the price increases. And this Navine Juneja can explain to you that when I can in the Q&A section. The company delivered the highest ever quarterly sales of INR 162 crores for the quarter, a growth of 12% Y-o-Y. Our EBITDA increased by 8% to INR 22 crores and PAT increased at 18% Y-o-Y by duly INR 13 crores. For H1 [indiscernible] by 11%, EBITDA by 9% and our PAC grew by 18%. We are continuously looking to increase our share with existing customers and added new customers across geographies that will help us grow and gain market share in the coming years.
As you already know, our export country to be around 24% to 25% of our [indiscernible] and our endeavor is in the next 2 to 3 years, you get beat least 2%. And [indiscernible] we're getting a lot -- there is a lot of requirements and inquiries from markets such as U.S.A. And the work in existing customers, but we also added new customers such as [top] highway, construction and which is what we have to work. We had mentioned that during the first quarter, the company received a multiyear orders worth INR 400 crores for domestic and overseas customers across all division and various segments.
In Q2, FY '23, the company has begun implementation of these orders. We had begun trials and a customer very happy with [indiscernible]. As mentioned earlier, these products are -- products such as [indiscernible], which is a new technology and also product with a control arms through our [indiscernible], which is going to [indiscernible]vehicles of Tata Motors. And on the entire order book of about INR 400 crores, about 18% will be directly into Europe in the state. We're also looking, as I mentioned to you earlier, looking at getting some more orders in the exports, sales in a different category, which is the long wall space, the marine applications, some industrial application, offload construction equipment as well as direct increases, domestic elective vehicle space, which we will mail in the coming quarters once we have closed on.
Our subsidiaries that are joint ventures have been extremely well, mainly due to the fact that we have the associated with the PV space, and they have really been growing at double digits. During H1 FY'23 our domestic sales, 24% came -- was contributed by [ EUR 33 ], 43% was by the PV segment, 24% by commercial vehicles, 9% by agriculture and [ offloaders ] and the balance of 10% was by others. As mentioned to you earlier, exports contributed 25% of our income from operations. 17% of gasket revenue some exports, which used to be 25% of [indiscernible]. And in the foreign business, 51% came from the exports, although slightly down in the last couple of quarters because of the Europe semiconductor issues, which will explain to you in the Q&A segment. We have develop achieved higher operational excellence, enhanced product quality, increased customer base and have data geography presence.
With this, I request Navin Juneja, our CFO, to update you on the financial performance. Thank you.
Thank you, Anuj. Good afternoon, and a warm welcome to all the parties. Let me begin with the financial overview. Our total revenue for Q2 FY '23 stood at INR 162.2 crores at a raise INR 145.7 crores, a growth of 11% on a Y-o-Y basis. For H1 FY '23, our revenue stood at INR 315.9 crores at a raise INR 284.5 crores, a growth of 11% on Y-o-Y basis.
EBITDA for Q2 FY '23 stood at INR 22.1 crores as against INR 20.4 crores, a growth of 8% on Y-o-Y basis, and for FY '23, EBITDA stood at INR 42.9 crores, that is at INR 9.5 crores, a growth of 9% on Y-o-Y basis. EBITDA margin for Q1 of FY '23 stood at 13.6% and for H1 FY '23 stood at 13.5%. As for Q2 of FY '23 stood at INR 13.1 crores as against INR 11.1 crores, a growth of 17% on Y-o-Y basis. And for FY '23, that stood at INR 25 crores as against INR 21.1 crores, a growth of 18% on Y-o-Y basis.
ROC and ROE for FY of '23 stood at 14.6% and 15.1%, respectively. In the gasket causes, including different [indiscernible] capital for Q2 of FY '23, our standalone asset sales were INR 107 crores as against INR 91 crores in Q2 FY '22, a growth of 18%. Total revenue of [indiscernible] INR 45 crores in Q2 FY '23 as compared to INR 43 crores in Q2 of FY '22, a growth of 11%. For H1 of FY '23, our stand-alone gasket sale was INR 213 crores as against 179 crores in H1 of FY '22, a growth of 19%. Total revenue of [indiscernible] was INR 47 crores in H1 of '23 as compared to INR 36 crores in Q2 of FY -- H1 of FY '22, a growth of 32%.
This segment saw a combined EBITDA of INR 20.3 crores in Q2 of FY '23 versus INR 18 crores in Q2 of FY '22, a growth of 13%. And for H1 of FY '23, this segment saw a combined EBITDA of INR 38.8 crores as against INR 32.2 crores, a growth of 21%. Now coming to our [indiscernible] business. Revenue of [indiscernible] in Q2 of FY '23 grew by 1%. It's more or less flat at INR 54.7 crores as against INR 55 crores. In Q2 of FY '22, and H1 of FY '23, the revenue grew by 3% to INR 102.9 crores as against INR 106.2 crores in H1 of FY '22. EBITDA for Q2 of FY '23, it grew by 5% to INR 7.5 crores as against INR 7.9 crores in Q2 of FY '22. In H1 of FY '23, EBITDA grew by 9% to INR 14.1 crores as against INR 15.6 crores in H1 of FY '22.
For [indiscernible] chasis permanent, revenue for Q2 of FY '23 stood at INR 55 crores versus INR 40 crores in Q2 of FY '22. It has seen a growth of 36% in on Y-o-Y basis. For H1 FY '23, revenue stood at INR 100 crores versus INR 72 crores, a growth of 38% on a Y-o-Y basis. For our last joint venture that was with Margo Pvt. Ltd, revenues stood at INR 20 crores in Q2 of FY '23 versus INR 1 crores in Q2 of FY '22, [indiscernible] a growth of 58% on Y-o-Y basis. For H1 or FY '23, revenue stood at INR 36 crores as against INR 25 crores, a growth of 47% on a Y-o-Y basis. We are confident towards achieving growth throughout the year and believing that -- we believe that margins are sustainable and there is a scope of improvement in that also.
This is all from our side, and I will now like to open the floor to question answers. Thank you.
[Operator Instructions] The first question is from the line of Shikha Mehta from Equity Capital.
Congratulations on a great set of numbers. I just have a few questions. Sir, could you shed some light on the kind of demand and orders that we're seeing for the heat shields currently?
Yes, I would like to do that. We are saying it good demand in [heat shield], we are getting very good inquiries. But the uptick has yet to start. Maruti will start this month. Hyundai work is delayed by [indiscernible] it will start from December [indiscernible] And [indiscernible] and Maruti, it was [booked with us] from December, but we are now launching the vehicle in first week of April '23. Plus we have some good orders from Volvo, export order from Volvo, and we are clearly negotiating some other orders from overseas customers and the big customers.
So we are seeing a good uptake. But the clarity will come -- more clarity will come in next couple of quarters.
Okay Sir, surely. And could you help me understand our growth better. So if you could break it up how much has come from new products, how much has come from new customers? How much has come and how much has come from gaining market share from the same customers?
We will show you [indiscernible] at by the end of the year. We had the purchase of preparing that, and we are in the process of rolling some good more orders in these coming quarters. So I refer you to please wait for the end of the year to issue everything like that.
Okay. Definitely, sir. Sir, there is a slowdown happening currently in Europe. So are we looking at entering into other geographies. Could you shed some light on that as well?
Yes. I think on the slowdown, it was there, it's not been -- seem to be revised for us. And we are getting [indiscernible] customers to [indiscernible] talk about my customer in porting, we are family in [JLR] and they are showing some good uptakes now, even we can increase the schedule. Because the new customers that we had to [indiscernible] in U.K., it has nothing to do with the [chips], et cetera, and this is off loader. And in fact, we are getting very good demand from them, and they are -- I think we have just been told last week that their vendors in [indiscernible] have closed out. So they have now started linking the material by here. So I can -- there is no -- I can see a good uptake from Europe in the coming quarters.
Right, sir. So to put it bluntly, we are not expecting to be impacted very severely.
No, no, no. In fact, [indiscernible] increase in the coming quarters.
Because we're adding new customers in the same time.
And new customer is showing very good.
Yes.
And are we adding new countries as well?
Yes.
Not now. We are already there in Europe, U.S., so exports happen in those countries, I think majorly for us.
Right, sir. And could you also shed some light on the JVs and how they are expected to grow?
Yes. [indiscernible], as you are aware, it will grow the way it approve the industry of Hero. Hero [indiscernible] shown [indiscernible]. Honda has shown good traction in the first 2 quarters of this year, and Hero [indiscernible] are also bond well in the last quarter. Let's see how we do. It will go up in the same way. [indiscernible] is going at a very phenomenal pace. As you can see, in the 6 months, the have done over of INR 100 crores. And I think the way that they are moving, the way they are -- market share of -- in Tata Motors, the vehicles are growing, the way Maruti is growing. They will grow very fast, but they have some orders this year also plus they are on the verge of rolling some major orders.
And hopefully, that this company will grow at a pace of approximately 40% to 50% per annum for a couple of years.
And the last line from JV [indiscernible] can see now it's growing and integrated. And their major customers is Maruti. I think [indiscernible] plus. They have now added some more [indiscernible] business in the Maruti [indiscernible] products have been added. So we can see a growth of around 30% to 40% in the JV also going forward.
Right. And sir, lastly, could you help me understand our non-auto space better? Or is it too nascent to discuss that?
Anuj will talk about that.
Non-auto is not that large. We do supply to 2 customers in Europe ex GE is called [indiscernible] now that industrial component [indiscernible]. And also through our customer called comings in the U.S., we are supplying to [indiscernible] million applications. We have just right now won an order book with a long year or more maker in the U.S. as well. But like Navin mentioned, you give us time till the end of the year December 31, you'll have a better picture for you in terms of new segments in deep market share, new products. So give us time -- that is still auto -- still a major, major, major in thing in a model.
[Operator Instructions] Next question is from the line of [indiscernible] Company.
Sir, what has been the ROE and ROCE in the recent quarter, September ended? And what is the kind of raw material cost decrease that you are seeing in this quarter steel prices, et cetera, have been pretty much tepid. And sir, can you give some idea on what revenue as well as profit projections we have for FY '24 even that now Maruti and a lot of OEMs in India are really revising the business and they are having order books of almost 6 to 7 months. So what is the kind of order book that we foresee? And do we foresee any kind of business increase from them?
Yes. And regard -- first question is regard the ratios, ROCE for the first 6 months is 14.6% and ROE is 15.1%, number one. Regarding your question -- second question, can you please repeat that?
My second question was, sir, with regards to a lot of OEMs now having like almost 6 to 7 months orders and waiting lists. So how we can predict our revenues for FY '24 and some profit for projection, if you could give.
Revenue projection, I can just mentioned earlier because my 2 JVs are based on the passenger vehicles. Now passenger vehicles are growing in a big way, [indiscernible] at present, be Maruti and Tata Motors, which are our customers. And 2 JVs are predominantly working on that, basically I haven't measure [indiscernible], both are expected to grow at about 30%, 40% next year that I can say. Accordingly, our auto- [indiscernible] will grow.
So good assumption to -- that our sales will almost grow 30% for FY '21?
You're talking about the joint venture?
Overall [indiscernible] auto, how much we will grow for FY '24?
It will be 15% plus.
50%?
15%.
No, no. 1-5. We don't get to see the growth of the joint venture on the top line.
So we don't get that. But if we consider those numbers also, it will grow by 15% [indiscernible] But at primary if you are aware because [indiscernible] in December in the presentation it's there. [indiscernible]
Actually, sir, there is a lot of disturbs in your line. I'm just valuable to hear. So you are saying that we will grow 15% to 20% in FY '24 revenues.
Yes. 15% will grow.
But isn't that being too conservative because you have seen the entire auto cycle actually reviving.
Yes. Auto segment is dividing but commercial is still not up to the mark for us. We are majorly in [indiscernible] have commercial. We have commercial sector and which is major 34%, which is growing not to, 1%, 2%, 3%, 4%, 5%, not 10% plus now, but we expect it will grow by that we had to 10% from January onwards as [indiscernible] to our customers.
If you could give some light on our raw material steel and all, how much has it decreased in this quarter?
It has [indiscernible] the prices are cooled out, it's not down heavily. The steel prices has gone up in [indiscernible] has gone by get all of [ 8,500 ] for [indiscernible] has come down by INR 2,000 [indiscernible] So net increase is there [indiscernible], there's a lot of reports coming from Europe and U.S. There in U.S. import, we have supported a lot because the dollar has [indiscernible], but now start rolling up. And that has affected [indiscernible], but we are in the process of recovering the price increases. It will take a couple of quarters contour that. So that is the prescription. .
The next question is from the line of [indiscernible] Singh from Orion Capital Markets.
And my question is on the export side. As currency, we have contribution [indiscernible] 5%. So are the targeting to increase going forward? And second question is on the CapEx trend, how much CapEx we are planning to do for FY '23.
Yes. [indiscernible] definitely, in the next [ 6 ] months, you can see -- you will see a better percentage of export as compared to 25%. Going forward, from next year onwards -- next 2 years to 3 years, we are targeting to [indiscernible] 30%. And we are quite confident of doing that with the way my [indiscernible] business. We have anticipated to close some good and phone businesses. We are quite anticipating that we'll go back to 40% %, we will take it to 30%. And regarding, second question of CapEx in gasket for this quarter, it will start from estate start, we are expected to do a CapEx of around INR 16 crores, INR 17 crores. On the volume side, we will do a CapEx of INR 25 crores because we have been setting some very good orders from our European customers and new orders we have gone from U.K. So with regard to have to do at of those equivalent at porting business.
Okay. And sir, currently, how much inventory we are maintaining?
No, inventory is a little bit high on my raw material side because there was a shortage of critical or materials we imported being a single to a lot of customers. we were voted in the open materials in maintain, but consumption will take some time. And by March, it will come down to normal levels of, say, whatever rate is there, little bit high at [indiscernible] as on 30 September, but it will come down by March. Because of the delay in some godowns, some schedule changes are there, so it will be recovered. It will come be recovered. It will come down.
Okay. And sir, earlier we were targeting CV growth around 20%, 40% [indiscernible] the rest '23 to '25. So what's your comment on that?
So of course, as was saying, it will be like that. But we are -- at present, we are not seeing this on growing. We had to come in. We had, I think, an attended the conference call are coming with a couple of days back. And we had a talk with Tata Motors also, but they are saying that everything will be -- things are improved from January onwards. We are given to protection on bending onwards. .
[Operator Instructions] The next question is from [indiscernible] Securities.
I have 2 questions. Firstly, we received the highest to quarterly revenues. So was it on account of volume or realization, you will say some light there.
Sales revenue and a bit of renovation as well. We're also trading going up. Our schedules are enough. Our new product development is going up. And obviously, there is some price increase as well, both.
Right. Okay. And have you are there any new customers? And what are our plans on making our market share?
We have made a statement in quarter 1 that we received [indiscernible] about INR 400 crores across various segments. So those are new customers for you. These are across a vehicle, [indiscernible] across [indiscernible] these are across [indiscernible] export customers across space. So we did this announcement for [indiscernible]. We will also, as you see early in the call, give us time on December 31, but 2 of the orders that [indiscernible] closed. But all we can say to you is that we are trying to gain market share in India, domestically as well as in the extra segment. And to throughout every aspect, whether it's commercial vehicles, whether it's [indiscernible] vehicles, but there's electrical vehicles. Whether it is a -- different segment altogether, like softroaders, construction, mining, industrial, you're working on that. [indiscernible] on our order acquisition.
We're also working -- we'll also working on new government decide on the biofuel, which is to reduce the -- all imports. So with our joint venture [indiscernible], we're also working on that on a product which will be launched very, very soon, which will enable the use of [indiscernible].
Next question is from the line of [indiscernible] from Equity Capital Advisors.
So I just had a follow-up, could you help us understand the forging division were better. We saw flat growth this quarter, which is normally a high growth segment for us. So can you help us with the outlook and what happened.
Yes, yes, I can do that. [indiscernible] you can see is not account of numbers is because of the penalty. We are exporting in Europe in a big way, 90% by a EUR 40. Last year, same period, the euro rate was 86 and last quarter, it was hoovering around 79. So in value terms, it has come down a realization. But of course, on the other hand, there was a normal European side also. But in the coming 2 quarters, we can see good offering importing [indiscernible]
And going forward, it will be a growth of around 20% or [indiscernible]
Sir, could you quantify how much your currency [indiscernible]
Pardon me. What you said? Currently...
The currency impact of falling, could you help with that if you have [indiscernible]
Yes. Yes. For currency impact, it will be around -- but it's currently effect plus, these statements, we have to do every quarter and then every quarter. This quarter, we have a loss of INR 80 lac on account of rate. But I think it will be set up in the next coming quarter. Now euro is [indiscernible] 82, 83 [indiscernible] So it will not be -- this effect will go off. Plus the currency impact, if we compare these 2 quarters, the last year, this year, it was around INR 2 crore plus. .
[Operator Instructions] The next question is from the line of Aditi [indiscernible] from Robo Capital.
This is with regard to the [indiscernible] itself. Given that we have increased [indiscernible] from 750 to 2,500 metric tons, what would be the optimum capacity utilization going forward? And until when can we achieve that opencast utilization?
There are 2 things. One is folding, second machining, okay? We do 90% [indiscernible] machining also. At present, [indiscernible] if I do that, like [indiscernible] is around INR 19 crores to INR 20 crores per annum in [indiscernible]. If we had 100% machining inside, which we [indiscernible] we do 30% machining on OSP basis. And going forward, we are planning to add some more [indiscernible] of 1,000 tonnes. And with this, we are anticipating that by the middle of next year, we will help capacity around INR 22 crores, INR 23 crores -- million per month and other by utilization is around 75% in the in to [indiscernible]
The next question is from the line of -- [Operator Instructions] The next question is from the line of Kunal Patel from [indiscernible] Capital Advisers.
Yes. Sir, my question is regarding our gasket business. Now Gasket is our major contributor, but the growth rate is also pretty slow there. So what is our game plan with regard to basket, where do we see just the dividend say 2, 3 years down the line? What steps you are taking to mitigate this lowness in growth because of the gasket dividend? And how do we see other divisions taking over the majority of revenue and minimizing the gasket basket?
First of all -- Navin will answer, and then I'll answer after that.
I will start with that. You can add to that. Kunal, first of all, I must say that gasket division is not a slow growing division. In the first Q2, the gasket division grew by 18%. It's not a small growth. Thus, your question is gasket is a saving component, don't speak as it [indiscernible] component. Now we have added heavy commercial [indiscernible] We are not [indiscernible] number one. We are entering into heavy commercial meters. We are not in positive there none. We are in heavy commercial vehicles, off-loaders. And we are sensing into other segments like Anuj mentioned of [indiscernible] is like aviation, like loan mover [indiscernible] Anuj, now you can go with that. .
So as Navin mentioned to you, gasket is our strongest division. We have a market share about 52% in our country. We have already aligned ourselves with global OEMs, which are in the heavy duty segment in such as let's come in or a John [indiscernible] or Kawasaki or GE and Volvo, and we got very strongly with them. I recently had the come in November week in Puna last week. They are very, very bullish. We are still looking at making engines to 2040, 2050. We are aligned with them. I don't see any stress. Obviously, very easy impact will happen in the 2-wheeler segment. There's no doubt about it. But for that, you'll see that how are the share in the free space for the instruction space will go up in the Gasket division [indiscernible], which is an added on product in the gasket business line will grow meaningfully in the EV space. And obviously, Talbros is a very hedged perform company. You will see [indiscernible] growing let's say, about 20%, 25%, but maybe going at about 30%, [indiscernible]. So they will now take off. We have a number the [indiscernible]. The gaskets as the cash cow for the business, could we casted well and give you better margins going forward.
So where do you see gas case, say, 3 years on the run? Right now, it's roughly around INR 500 crores of top line for us, or INR 450-odd crores. So where do you see this division [indiscernible] years now?
So it will go for a 15% per annum minimum.
Minimum 15% per annum.
So 15% CAGR is what you are expecting on asset and other regions would be roughly around 20%, 25% odd. Because they are still relatively lower in the [indiscernible] contention for us?
Absolutely right.
Yes.
[Operator Instructions] The next question is from the line of Alok Shah from [indiscernible] Securities.
So can you discuss your performance across all segments of wheeler passenger increase in others for Q2 and H1 FY '23?
[indiscernible]
Performance for wheeler passenger vehicles and other segments [indiscernible]
Yes. Yes. I will give you -- for the H1 I can give you if you're okay with that.
Yes, no problem, sir.
Yes. My -- for H1, my 2, 3 year [indiscernible] is 24%, okay? And my passenger vehicle is 33%, SEB around 24%. [indiscernible] 9%, and others is 10%.
Sure. So that's it. Also if you can say discuss about its joint venture performance during the quarter? And what should we expect in the next quarter and FY '23?
Joint venture. I'll tell you the performance. Yes. On the revenue side, [indiscernible] they can talk like just in -- just a second. In Q2 -- I'm talking about Q2 first. invest takeovers. On JV basis, -- sorry, I'm talking about life weakness. [indiscernible] a turnover of -- in the second quarter of turnover of -- INR 25.5 crores approximately with an EBITDA of 23.28%. [indiscernible] achieved a turnover of INR 54.9 crores with an EBITDA of 9.85%. [indiscernible] achieved a top line of INR 19.61 crores with EBITDA of [ 5.48% ].
The next question comes from the line Asha Jane from Jane Capital.
A couple of questions for is. Firstly, was the capacity utilization around H1 FY '23. And any capacity expansion plans for the next year? And if yes, then the kind of revenues can we achieve from that?
So regarding -- yes, I'll do that. First, I do talk water capacity utilization -- let me take out the numbers for me meaning afternoon. If you come into gasket, it's around 82%. [indiscernible] accrete [ 40% to 75% ]. [indiscernible] is around 80%. [indiscernible] business is around 80%, [indiscernible] is around 90%, [indiscernible] is around 40%. These are the capacity utilization. As regards to CapEx, we are -- it at balance of this year plus next year taking forward around INR 15 crores to INR 16 crores will be the CapEx in the gasket business, primarily the CapEx will be for the new [indiscernible], which we are expecting to get the increased volume of protocols.
They are forcing us to put that because they're expecting a good demand next year, plus my CapEx for betting machines reported machine, which is required for the gasket business of Volvo and my [indiscernible] business going forward, major capes are in that. And in the [indiscernible], we are expecting to do a CapEx around INR 20 crores, it will take my capacity around INR 54 crores, INR 55 crores per month and [indiscernible] mix of all prices and by machining lines also in that [indiscernible] or for [indiscernible]. These are 2 and on the [indiscernible] side. I not comment because we are expected to do some good orders. So mix will be finalized after that. And for Margo, we are doing hedges of around 67 routes which will take my top line going up by 25% next year. These are the main [indiscernible].
With this, we are expecting a growth of stand-alone business, around 15%, 20% of the stand-alone business. In the [indiscernible] and mainly 40% growth, and [indiscernible] will be 10% growth because 2-wheeler being to go buy back. We expect to grow by 10% [indiscernible]
Understood. Sir, second question. What are top customers in gasket and [indiscernible] business? And how much do you top can contribute to the overall in the business.
Yes. Yes. I will just give you the numbers for that also.
We give you a percentage in gasket come in Bajaj, So, [indiscernible] Garland over our top customers in forging [indiscernible] Volvo, PCM, BMW.
BMW [indiscernible]
BMW is a [indiscernible] big customer there. You just recently added JCB in the U.K. that give you a large, large customer for the forging business line. But we can give you the percentages of the divisions.
So it will coming into the H1 of gasket to our customers, Bajaj #1, the Tata company -- Bajaj was INR 32 crores, Tata INR 30 crores, Tata Motors INR 15 crores, Volvo INR 11 crores, Hero Motor is INR 8 cores. These are the major customers. [indiscernible] customers with BMW [indiscernible] INR 20 crores, Jaguar [indiscernible] INR 15 crores. [indiscernible] is around INR 8 crores, then other customers are there. [indiscernible] is INR 24 crores, [indiscernible] INR 14 crores, [indiscernible] INR 44 crores, Tata Motor 19 INR crores, Jaguar INR 16 crores. [indiscernible] INR 14 crores or Maruti, including Suzuki around INR 16 crores. Then other customers are INR 6 crores. These are [indiscernible]
Understood. The best part about [indiscernible] Automotive is that you remain -- that not one customer for the group should be more than 8% to 10% at the most, number one. And we across all segments. So if we look at it today, where Tata is really doing very, very well and so as Martin market share. Our PVs have suddenly accelerating in a very strong manner. Because we have just structured a lot of market share from customer competition through our joint venture and also through our stand-on businesses here. So we see good growth next 3 to 5 years. I think -- to be honest with you have in India is in a great spot, which is a great spot. And coming it at the moment, but slowdown of our a lot of inflation out there where I could see that India is a very, very sweet spot. And this is to that by customers also who we meet in the overseas market also. This whole China plus 1 strategy. The whole strong [indiscernible] China. They're coming to us slowly, slowly even India.
Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Ms. Anuj Talwar for closing comments.
Yes. Thank you so much for everybody who paid today in earnings call in to remain committed and confident about our growth, and we have a good position. And I mentioned to you, India is in a good stable sales, and we're looking at some solid growth and good operational excellence will give us some good margins going forward. Thank you so much.
Thank you.
Thank you. Ladies and gentlemen, on behalf of Talbros Automotive Conference Limited, that concludes this conference call. Thank you for joining us, and you may now connect lines.