Dynamatic Technologies Ltd

BSE: 505242 | NSE: DYNAMATECH | ISIN: INE221B01012 
Market Cap: [Rs.Cr.] 1,025 | Face Value: [Rs.] 10
Industry: Engineering

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Investors are cautioned that this discussion contains statements that involve risks anduncertainties. When used in this discussion, ‘anticipate’, ‘believe’,‘estimate’, ‘intend’, ‘will’ and ‘expect’ andother similar expressions as they relate to the Company or its business are intended toidentify such forward looking statements. The Company undertakes no obligations topublicly update or revise any forward looking statements, whether as a result of newinformation, future events, or otherwise. Actual results, performances or achievementscould differ materially from those expressed or implied in such statements. Therefore as amatter of caution, undue reliance on forward looking statements should not be made. Thefollowing discussion and analysis should be read in conjunction with the Company’sfinancial statements included herein and notes thereto.


Despite improved global financial conditions and reduced short-term risks, the worldeconomy continues to expand at a subdued pace in 2013, with the IMF projecting Global GDPgrowth at a little above 3%. Following the marked down turn over the past two years,global economic activity is expected to slowly gain momentum in the second half of 2013and 2014 on the back of accommodative monetary policies in developed and developingeconomies. Most world regions are likely to see a moderate pick-up in activity, howevergrowth will continue to be below potential. What was until now a two-speed recovery -strong in emerging markets and developing economies but weaker in advanced economies - isbecoming a three-speed recovery. The projected growth for emerging markets and developingeconomies is higher than that of advanced economies, where there appears to be a growingbifurcation between the United States and the 17 countries Euro Zone.

The IMF growth forecasts for the emerging markets and developing economies is 5.3 % in2013 and 5.7 % in 2014. Growth in the United States has been forecast at 1.9 % in 2013 and3.0 % in 2014. In contrast, growth in the Euro Area has been projected at 0.3 % in 2013and 1.1 % in 2014. The negative growth forecast for the Euro Zone not only reflectsperipheral weakness but an unstable core as well. While Germany’s growth isstrengthening, it is still forecast at less than 1% in 2013.

South Asia’s GDP is projected to expand by 4.7 per cent in 2013 and by 5.4 percent in 2014 and the expected recovery, though moderate, will be based partly on an upturnin private demand following the recent easing of monetary policy, and a gradualstrengthening of exports amidst slowly improving global conditions. Structural factorssuch as stubbornly high inflation, large fiscal deficits, political uncertainties, fragilesecurity conditions, and transport and energy constraints will keep growth and investmentin the region below potential.

In India, full-year growth slowed to 5.1 per cent in 2012 owing to ongoing weakness ininvestment, a significant deceleration in household consumption and sluggish exports.While India’s growth is predicted to have bottomed out, the recovery will be slowerthan expected, with economic activity forecast to expand by a little over 5% in 2013 and6.1% in 2014. Significant capital outflows from India in an environment of already weakgrowth, rupee depreciation which in turn increases external stability risks andconstrained policy rate cuts, and slow progress in undertaking much needed policy reformshave been identified as the causes weighing down potential growth. Other key factorsinclude political uncertainty and reform momentum, high cost of capital that can possiblyreverse the gains realized on macro stability indicators like inflation, current accountdeficit and fiscal deficit; and a continued slowdown in new project inflows delaying acapex cycle recovery.

Looking ahead, although the brakes behind the recent under performances are expected toease, it will do so gradually due to the continuing growth disappointments in majoremerging market economies like India and China, a deeper recession in the Euro Zone and aslower U.S. expansion than expected. Although the short-term risks associated with thecurrent situation in the euro area, the fiscal adjustments in the United States and theeconomic slowdown in large developing countries have diminished, they have not entirelydisappeared. At the same time, new medium-term risks have emerged, including possibleadverse effects of unconventional monetary measures in developed economies on globalfinancial stability, which have the potential to once again derail the feeble recovery ofthe world economy.


Agriculture is the dominant sector of Indian economy, which determines the growth andsustainability. 2/3 of the Indian population still relies on agriculture for employmentand livelihood. Yet this has remained as a to-be-explored Sector. Small scaleagriculturist holding less than 5-10 acres of land should be able to reach the currenttractor prices.

Robust rural liquidity and good monsoons always play a major role in increasing thedemand for tractors and hence cyclical downturns are often witnessed. Last year, tractorsales lost traction. The last year had witnessed poor Monsoon in south and western Indiaand this had serious impact on the sale of tractors, especially where rain fall was eitherpoor or delayed. Obviously this reduced the demand for tractor pumps and also for pumpsrequired in the aftermarket. This lean period was well utilised by your company indevelopment of new products / valves, which helped us reaching a modest target of Rs 162Crores and certainly this will bear fruits in the coming years too. Your company’spresence in other sectors such as lube and oil pumps for power generation group, did helpin ramping up the sales for the year. The keen interest shown by global major playersproducing high horse power engines / generators in Dynamatic Hydraulics forconsidering it as a strategic supplier is appreciable.

Dynamatic Hydraulics which designs, develops, manufactures and markets avariety of Hydraulic pumps, motors, hitch control valves and related products for theIndian and overseas tractor markets, is one of the largest manufacturers of Hydraulicpumps in the world. The Company has sustained its market leadership position for the last35 years and has been working towards enhancing its brand equity in the Hydraulics GearPump market by consolidating and expanding its product range.

Dynamatic Hydraulics designs and manufactures cast iron pumps for theearth moving and construction equipment sectors, which are witnessing steady growth inIndia. These CI pumps have been designed and validated by DynamaticHydraulics, UK, and have an advantage in terms of pressure ratings, higher flow andcompetitive prices. The Company plans to increase the production of these pumps in asteady manner.

Besides the above segments, Dynamatic Hydraulics produces pumps forIndustrial applications such as machine tools and power packs, a sector which demandsvariety to meet varied applications. Volumes involved are relatively low but the returnsare appreciable.

Hitch control Valves and the Rock Shaft Assemblies

The tractor hydraulics includes, besides pumps, the hitch control valves and thecomplete rock shaft assemblies. The filters and mobile valves are the other elements. Itis necessary for Dynamatic Hydraulics to increase its market share in theseareas to consolidate its position as a hydraulics company. As the basket of productsbecomes larger, the Company will have an advantage in selection of strategic customers andincreasing its turnover. The coming years will be focussed on increasing theinfrastructure required in the production of hitch control valves and rockshaftassemblies. The interest shown by tractor major players such as NHI and John Deeresuggests management attention towards reinforcing engineering and production teams in thisdirection.

The trading of valves and filters will help in retaining our presence and making as aone stop shop for all hydraulic commodities. The commodity pricing is hardening andcompetition in this field from both organised and un-organised sector is mounting; thisdemands us to resort to lean manufacturing systems to compete and survive. To expand themarket share innovative engineering solutions are mandatory. Decentralising the operationsand de-skilling the manufacturing processes and reducing overheads are the challenges inhand for any hydraulics company.

Automotive Industry

It has been a period of recession in the Global and Indian automotive Industry.

In India, except for Hyundai Motor India Limited which exports 40% of its vehicles andengines, it has been a turbulent period for the entire automotive industry. Chennai, alsoknown as the ‘Detroit of India" has the largest chunk of car manufacturingindustries, accounting for 60% of the country’s automotive exports. Hyundai continuesto be the single largest exporter of cars to over 100 countries, all of which aremanufactured at their facility in Chennai. Nissan has started manufacturing cars fromChennai and has made it one of their largest export hubs. Daimler has been verysuccessful.

While there is an opportunity for steep growth, India continues to face challenges dueto high investment on production facilities, availability of electricity, skilledmanpower, rising fuel costs and interest rates. The key to success in the Automotiveindustry is to improve labour productivity and flexibility as well as capital efficiency.Qualitative manpower, the ability to make infra structural improvements and raw materialavailability also plays a major role. Access to the latest and most efficient technologiesand techniques will endow major players with a competitive advantage. The ability toutilize manufacturing plants to optimum levels and understanding the implications ofGovernment policies are also essential for growth in India’s Automotive Industry.

JKM Automotive™, the automotive division of the Company, is located in Chennai andpossesses state-of-the-art manufacturing technology to produce and supply high qualityautomotive components to leading OEMs including Hyundai Motor India Limited, Fiat India,Tata Motors, Ford Motor Company, John Deere, Cummins, Nissan and Honeywell on a singlesource basis.

The unique locational advantage offered by Chennai has enabled JKM Automotive™ toforge strong partnerships with each of its customers. With backward integration due toacquisition of Ferrous Foundry, Automotive unit has better advantage on its supply chainmanagement.

Aerospace & Defence Industry

Whilst the global economic crisis has had a significant impact, prospects for thesector look positive, with the market predicted to be valued at US$1190 billion by end of2014. This is underpinned by the large order backlog of both Boeing and EADS. Defence isthe largest segment accounting for around 71%, with the rest comprising of the civilaviation sector. The US is the largest market accounting for 59% of the global aerospace& defence sector, followed by Europe with 22% share and Asia-Pacific with 19%.

The Aerospace market in the UK is estimated to generate 20 billion of sales per annumand 250,000 jobs. The growing Aerospace market is being supported and developed by worldclass companies such as BAE and Rolls Royce and a whole raft of high quality businessessuch as GKN Aerospace, Airbus UK, Spirit AeroSystems.

Defence Procurement Procedure 2013

The recently released Defence Procurement Policy 2013, which supercedes all previousversions, contains unprecedented clauses and rules that add teeth to the MoD’sdeclared intention to promote indigenisation. So far, successive DPPs of 2002, 2005, 2006,2008, 2009 and 2011 have regarded all equipment purchased from Indian suppliers as‘indigenous’ even when it contains 80-90% foreign-built items and just 10-20%Indian components which are often in secondary fields like assembly and delivery. DPP 2013recognises that the ‘Buy and Make (Indian)’ and the ‘Make’ proceduresmust be simplified to enhance indigenisation by attracting more Indian companies intodefence production and mandates a greater role for Indian industry, both in the public andprivate sector, by according higher preference to the ‘Buy (Indian)’, ‘Buyand Make (Indian)’ and ‘Make’ categorisations, by bringing further clarityin the definition of the ‘Indian Content’ and by simplifying the ‘Buy andMake (Indian)’ procedure.

Defence Industry Projects P-8A Poseidon

The P-8A Poseidon is a long-range anti- submarine warfare, anti-surface warfare,intelligence, surveillance and reconnaissance aircraft capable of broad- area, maritimeand littoral operations.

A derivative of the Next-Generation 737-800, the P-8A combines superior performance andreliability with an advanced mission system that ensures maximum interoperability in thefuture battle space. The P-8A is being developed for the U.S. Navy by a Boeing-ledindustry team that consists of CFM International, Northrop Grumman, Raytheon, GE Aviation,BAE Systems and Spirit AeroSystems.

The U.S. Navy plans to purchase 117 P-8As to replace its fleet of P-3C aircraft. InJanuary 2011, Boeing received a $1.6 billion contract for low-rate initial production ofthe first six aircraft, spares, logistics and training devices; in November 2011, Boeingreceived a $1.7 billion LRIP award for seven additional P-8As. In September 2012, Boeingreceived a $1.9 billion contract for 11 aircraft, bringing the total to 24. P-8A initialoperational capability is slated for 2013.

On Jan. 1, 2009, Boeing signed a contract with the government of India to provide eightP-8I long-range maritime reconnaissance and anti-submarine warfare aircraft to the Indiannavy. The P-8I is a derivative of the P-8A designed specifically for the Indian navy.

The first test aircraft began U.S. Navy formal flight testing at Boeing Field in late2009 and ferried to Naval Air Station Patuxent River, Md., on April 10, 2010, forcompletion of flight test. Six P-8A test aircraft currently are in flight test.Boeing’s first production P-8A made its initial flight July 7, 2011 and wasofficially delivered to the Navy March 4, 2012. Boeing completed the last if its LRIP-1deliveries in January 2013.

CH-47 Chinook

The Indian Air Force has chosen the Boeing Chinook over Russian Mi-26 helicopters in atender for the delivery of 15 heavy-lift helicopters 5th Dec 2012. The cost of the futurecontract will be determined following contract negotiations with Boeing, which arecurrently underway.

Boeing is pursuing a multi-year $4 billion order from the US Army for 177 more CH-47FChinook helicopters. The five-year deal includes an option for the Army to buy 38additional Chinooks, a multi-mission, twin-engine transport helicopter. This order wouldeventually bring the Army’s CH-47F total procurement close to its target of 464aircraft, including 24 to replace peacetime attrition aircraft. The Deliveries areexpected to begin in 2015.

Sukhoi 30MKI Fighter Bomber for Hindustan Aeronautics Limited

The Sukhoi 30MKI which is one of the finest multi-role aircraft in the world, combinesa robust Russian airframe with state-of-the-art western avionics and locally developedcomputers. The addition of this aircraft has given the Indian Air Force a quantum leap inoffensive capability unrivalled in Asia. The Government of India plans to more than doublethe number of Russian-made Sukhoi 30MKI fighter aircraft in the Indian Air Force fleet to230 by 2015.

Hindustan Aeronautics Limited (HAL) has mastered the manufacturing of wing and tail,and has started producing the Fuselage this year. The manufacturing of the engine is themost challenging aspect of indigenisation and will be undertaken soon.

Commercial Industry

Despite the negative sentiments due to the Eurozone crisis and worries aboutChina’s growth stalling, the Aerospace market in 2012 has beaten expectations ofbeing a washout. The giant mega-deals of recent years have resulted in huge productionbacklogs for aircraft manufacturers. Airbus is slated to set up a fourth A320 plant in theUS, while Boeing is boosting production 30% to reduce its backlog.

The civil aerospace is now very much in production and delivery mode, rather thanracking up mammoth sales. The single-aisle market is the fastest-growing sector of theworld aircraft fleet. Boeing predicted that the vast majority of new jet sales during thenext 20 years around 69% - would be of Single-Aisle Aircraft like the Boeing 737 and theAirbus A320, which normally seat around 150 passengers. The demand from emerging marketsin Asia and the low-cost carriers in Europe and North America are expected to drive thosefuture sales.

Rapidly expanding Indian carriers, including a crop of new discount airlines, haveordered close to $40 billion worth of big jets over the past two years. Airbus has bagged295 orders from Indian customers, while Boeing has secured 138 orders. The value ofBoeing’s order book, which is close to $20 billion at list prices, is nearer toAirbus’ approximate $22 billion in Indian orders. The growth potential of the Indianaviation sector has led global manufacturers to recognize that India would continue to beone of the fastest growing aviation markets in the world. With the average growth ratenext 10 years pegged at 12.2%, the number of new aircrafts required by Indian carriersplaces the country at the fifth largest in the world.


Airbus-built aircrafts have become a key element in the operations of Indian basedairlines. Starting with the 1960 delivery of an A300 to Indian Airlines, the fleet ofIndian carriers now include both Single-Aisle and Wide-Body Aircraft and is poised toexpand with the future introductions of A350 and A380 by King Fisher Airlines, whosedeliveries start next year.

In recognition of the country’s strategic importance, Airbus has pledged to play along term role in the development of the Indian aviation sector. Apart from establishingan engineering center and a full-fledged flight training center, Airbus also worksdirectly with Indian Companies in the design and manufacture of Aero-Structures andencourages its major tier-one partners to do so, as appropriate. Airbus continues topursue other potential areas of co-operation with India, including air traffic control,management and safety management.


Boeing is continually exploring new business and investment opportunities and potentialpartnership businesses in India. In addition to direct work placement, Boeing collaborateswith industrial partners in lean manufacturing techniques. The Boeing program managementincludes best practices as a part of its drive to bring the best of Boeing to India andthe best of India to Boeing.

Bell Helicopters

Bell Helicopters, an industry leading producer of commercial and military aircraft,is globally recognized for world-class customer service, innovation and superior quality.Bell has experienced considerable growth in both commercial and military sectors. Thisincrease in the demand of Bell Helicopter existing products and new program developmentsresulted in the need to investigate for new Strategic Suppliers in the commodities ofMinor and Major Structures, Bonded Panels and Tooling. In the light of the above, Bell hasidentified the Company as a potential supplier that may be interested in becoming a keystrategic supplier to Bell and share in their tremendous growth.

Dynamatic-Oldland AerospaceTM, India, is a pioneer and a recognizedleader in the Indian Private Sector for the development of Complex Aero-Structures andmanufacture of Aircraft Parts & Accessories. Dynamatic-OldlandAerospaceTMisverticallyintegratedtomanufactureCNC components, Sheet Metal Components, Soft Tooling, Hard Tooling, Jig Manufacturing andhas Comprehensive Engineering capabilities. The Aerospace Division has the largestinfrastructure in the Indian Private Sector for the manufacture of complex Aero-Structuresand is is AS9100 approved, NADCAP approved for Heat Treatment and Non Destructive Testingand Airbus / Boeing approved. This is the first time such capabilities have been developedin the Indian private sector.

Dynamatic-Oldland AerospaceTM has successfully executed important projectsfor defence agencies of national importance such as DRDO, HAL, etc. Products include thewing and rear fuselage of the LAKSHYA, India’s first pilotless target aircraft andailerons & flaps for the HJT-36 intermediate jet trainer (IJT). The largest defenceprogram in India is the manufacture and assembly of major airframe structures for theSu-30MKI fighter-bomber. There are 6 different control surfaces - Vertical Fins, VentralFins, Horizontal Stabilizers, Slats, Canard and Airbrake - that go on to the aircraft. Tomeet the production demand, the Jigs have been duplicated and all the assemblies are beingrelocated to the new facility in Nasik, where the complete Sukhoi Aircraft is assembled byHAL.

The Company partners Boeing for the manufacture of cabinets to house critical power andmission equipment for the P-8 program and was recently awarded a contract for themanufacture the Aft Pylon and Cargo Ramp Assemblies for Boeing’s CH-47F Chinookhelicopter. On the commercial aircraft business, Dynamatic-Oldland AerospaceTMhas achieved global single source status for the supply of Flap Track Beam assemblies forthe Airbus Single Aisle Aircraft family. The Company is working closely with SpiritAeroSystems, the world’s largest Aero- Structure manufacturer, as an industrialpartner in this project. Dynamatic-Oldland AerospaceTM also signed a MoU withBell Helicopter for the Bell 407 Air Frame Cabin Assembly, Air Frame Component andDetails. The estimated business volume of the work proposed is approximately $243 millionUSD over a ten year period starting in 2013. Dynamatic has already qualifieditself as well as an eco-system of sub-tier suppliers under the BELL PRODUCTION SYSTEM andhas commenced trial production of airframe components and detailed parts.

Dynamatic Oldland AerospaceTM, UK is a demonstrated leader in thedevelopment of exacting Airframe Structures and Precision Aerospace Components. It has twounique state of the art facilities in Bristol and Swindon possessing complex 5 Axismachining capabilities for the manufacture of Aerospace components and tooling. We alsooffer a fast track facility working with all major primes & manufacturing holdingfixtures. We specialise in Reverse Engineering, Fixtures & Design Manufacturing. ThisDivision is a certified supplier to Airbus UK, GKN Aerospace Europe & USA, SpiritAerosystems, Boeing, Magellan Aerospace, GE Aviation Systems, Lockheed Martin &Augusta Westlands. We are supported by BSI ISO 9001:2000 and AS 9100 revc.Dynamatic-Oldland AerospaceTM has been accredited with Environmental ManagementSystem (EMS) certification ISO:14001. The induction of Oldland Aerospace into theDynamatic group has conferred the business with the strategic locationaladvantage required for the forging of strong direct relationships with leading AerospaceCompanies in Europe and Americas.

The Aerospace Division has been continuously expanding to build capabilities in largeAero-Structures and Complex

Engineering both in the UK & India. UK has seen recent expansion into its Swindonfacility and this facility is now manufacturing Main Landing Gear parts and Over Wingdetails for the airbus fleet. As pioneers in the Indian & UK Private Sectors, with ademonstrated track record for the manufacture and development of complex Aero-Structures,the Company enjoys the first mover advantage and has formulated a strategic growth planfor its future.

Dynamatic’s aerospace business offers its customers a total solution of highcapex, highly skilled multi axis machining from the UK and high value added, highlyskilled sheet metal details and assembly in India, giving its customer offset credits withbest value from two cost models. The strategy is to continue to consolidate on itsleadership position and emerge as technological leaders in multi axis high speed long bedmachining with fully automated processes, which in turn will reduce costs and maximise onproductivity.


Your Company designs and builds highly engineered products for Automotive, Aeronautic,Hydraulic and Security applications at its futuristic design, engineering andmanufacturing facilities in Europe and India, meeting exacting customer requirements on 6continents. With over three decades of manufacturing experience, Your Company isvertically integrated, with its own alloy-making and casting capabilities as well as itsown captive green energy sources. Its manufacturing facilities, which are lean, green andclean, are located in India (Bangalore, Chennai, Coimbatore, Nasik), United Kingdom(Swindon, Bristol) and Germany (Schwarzenberg. Your Company’s products and solutionsare engineered by the following business units:

• DynamaticR Hydraulics, India & UK

• Dynamatic-Oldland AerospaceTM, India & UK

• Dynamatic Homeland Security , India

• DynametalR , India

• Eisenwerk Erla GmbH, Germany

• JKM Ferrotech , India

• JKM Automotive, India

• JKM Wind Farm, India

• PowermetricR Design, India

With three design laboratories in India and Europe, Your Company is a leading PrivateR&D Organisation, with numerous inventions and patents to its credit. The Company andits Subsidiaries employ around 50 scientists and 500 engineers with expertise inMechanical Engineering, Advanced Computer Aided Engineering, Materials & MetallurgicalEngineering, Fluid Dynamics and Defence & Aerospace Research. Your Company’sbi-continental presence equips it with a geographical advantage in managing customerrelationships and enables it to combine the strengths of each location, to deliver costand long-term global manufacturing advantages to its customers.

Your Company enjoys a leadership position in each business segment it operates in andbelieves it is well positioned to sustain its existing leadership position across keymarkets and to exploit significant growth opportunities that exist in each of itsbusinesses.

The ‘Yellow Brick Road’ strategy, which uniquely positions the Company toachieve greater economic relevance, enables synergies in competence & skills, cost ofefficiency and the maximizing of capacities, without departing from the Company’sphilosophy of building a green enterprise. It enables your Company to respond swiftly tocustomer needs of the Company, achieve business synergy, the cost competitiveness, riskmitigation, and develop a stable supplier base. The Strategy has been delivering resultsover the past year with strong order intakes from Global Majors in each business segmentthe Company operates in.

Despite the advantageous position, the external environment poses various risks andthreats to the growth of your Company. Key amongst these risk factors is the GlobalEconomic Slowdown, Stubborn Recessionary Conditions of the Euro Zone and Underperformanceof the Indian Economy, Global Financial Risks, Political Uncertainties and GovernanceRisks in India, Fragile Security Conditions, Transport and Energy Constraints, High costof capital and Capital Constraints and the instability of the Indian Rupee.

Understanding the opportunities for growth and the barriers in each segment as well asthe threats and risks posed by the economic environment, Your Company plans to grow byleveraging on its competitive strengths namely:

Presence in diverse, synergistic business segments

• Leadership position in Hydraulics business

• Strong competence in Automotive business

• Captive Green Energy Source

• Early-Bird-Advantage in the Aerospace business

• Strong Design capability and scalability

• Proven management team and skilled manpower with wide experience

• Well-developed, strong Blue-Chip Customer base

Dynamatic Hydraulics, India and UK

Rs in lacs
31 March 2013 31 March 2012
Financial Segment sales 31,139 30,388
Highlights Profit before interest & Tax 2,083 3,706
Capital Employed 10,853 15,568


Business Highlights GLOBAL SCALE: One of the World’s largest manufacturers of Hydraulic Gear Pumps, with deliveries into 6 continents.
GLOBAL PRESENCE: Production facilities in India and UK. Strong design and development partnerships with major tractor OEMs. Customers/suppliers include Mahindra & Mahindra, Eicher Tractors, Mahindra Swaraj Tractors, Same Deutz-Fahr, Escorts Limited, John Deere, New Holland India, BEML, Godrej & Boyce, HMT, BHEL, Telco, VST Standard combines, ZF, CNH Brazil and France, Womack, Terex etc.
INTELLECTUAL PROPERTY OWNERSHIP: Owns the design of every part made.
DESIGN & DEVELOPMENT: World-class design laboratories in India and UK which use enhanced technologies to support the Company’s growth plans in a sustainable manner.
COMPREHENSIVE RANGE: Manufactures a wide range of sophisticated Hydraulic Valves and custom tailored Hydraulic Solutions extending from simple Hydraulic Pumping Units to sophisticated Marine Power Packs, complex Aircraft Ground Support Systems to Turnkey Industrial Installations.
STATE-OF-THE-ART MANUFACTURING: Uses cutting edge technologies and highly sophisticated machinery for product manufacturing.
COMPREHENSIVE DISTRIBUTION BASE: Possesses a global delivery chain and a vastly broadened product offering. An incomparable distribution network of over 50 distributors and 500 stockists have given us the broadest possible coverage of the Indian Hydraulics Market, catering to over 80% of mobile hydraulic gear pump applications.
DOMINANT PLAYER IN INDIAN MARKET: Single source supplier to 75% of India’s Tractor OEMs and Construction Equipment Industry. Exports to over 30 countries, with products being used in original Equipment in USA, UK, Canada and South Korea.
• Supplier to the Infrastructure Sector with its cast iron body pumps for clients like JCB, Caterpillar, Cummins, Terex, CNH USA, .etc.
• Supplier of Total Tractor Hydraulics Systems (Hitch lifts) to new generation tractor manufacturers, currently catering to Same Deutz-Fahr.
• Producer of Hydraulic Transmission System for India’s T-72 Battle Tanks. Additionally, the Company has designed the Steering Control System, Turret Control System and Braking System for the ARJUN Main Battle Tank.
QUALITY MANAGEMENT SYSTEMS: Certified to ISO 9001 specifications (ISO 9001:2008) and also to ISO 14001 specifications for Environmental Management System.
DEVELOPING NEW MARKETS: During the downturn, DynamaticR Hydraulics, UK, utilized its resources to discover its replacement market, along with OEMs, developing various products for customers. To ease the capacity constraints faced by the Indian operations, the John Deere US orders for the Thor, Argos and Zenith tractor programs were transferred to UK.
• DynamaticR Hydraulics, India, has been working towards expanding its product range by focussing on hitch control valves and rock shaft assemblies. New divisions - JKM Pump Division and Center For Bush Excellence - have been established to cater to the OE market, which demands products at competitive prices.

Dynamatic-Oldland AerospaceTM, India and UK

Rs in lacs
31 March 2013 31 March 2012
Financial Segment sales 17,151 14,123
Highlights Profit before interest & Tax 4,885 4,573
Capital Employed 19,092 13,372


Business Highlights • POLE POSITION: Dynamatic-Oldland Aerospace , India and UK, are recognized leaders for the development and manufacture of exacting Airframe Structures and Precision Aerospace components. Largest Infrastructure in the Private sector in India working closely with EADS and Spirit Aerosystems to assemble Flap-Track Beams for the Airbus A-320 Family of Aircrafts.
• SUPPLIER OF CHOICE: Customers like DRDO, ADE, HAL, Boeing, BELL, GKN, Augusta Westland and Spirit have awarded Dynamatic-Oldland AerospaceTM, key projects and awards.
India: HAL, NAL, ISRO, DRDO, ADE are all headquartered in Bangalore. A rare and exemplary instance of Public Private Partnership, the Company consistently supplies Air Frame Structures for the Sukhoi 30MKI Fighter Bomber from its production facilities in Bangalore and a new facility provided by Hindustan Aeronautics Limited at Nasik.which was established by seamlessly transferring the assembly work from Bangalore without disrupting the deliveries on a running production program
UK: The Company’s Aerospace Facilities in Bristol and Swindon are ideally situated on the M4 corridor and central to the aerospace hub of the South West in the UK and our main customers, GKN, Airbus,Agusta Westland are also based in this region.
PRE SENCE IN BOTH COMMERCIAL AND DEFENCE SEGMENTS: Dynamatic-Oldland AerospaceTM, India is HAL’s largest developmental partner on the Sukhoi 30MKI programme and builds major Air Frame Structures for the Fighter Bomber including Canard, Ventral Fin, Horizontal Stabilizer, Slat, Vertical Fin and Air Brake.
Other Products include Wing &Rear Fuselage of LAKSHYA, India’s Pilotless Target Aircraft & Aileron and Flap for HJT-36, Intermediate Jet Trainer.
Dynamatic-Oldland AerospaceTM, India manufactures Cabinets to house critical power and mission equipment for the P-8I, a multi-mission maritime patrol aircraft customized for the Indian Navy. The success of this program has enabled Boeing to place orders for 11 more sets for the Limited Rate production and 33 additional orders for Full Rate production requirements for the US Navy.
Boeing further enhanced the relationship with Dynamatic-Oldland AerospaceTM, India by placing one of its largest orders in India for 100 Aircraft sets over 5 years of Ramp & Pylon Assembly for Chinook Helicopters. Work on this program is steadily progressing and first delivery is scheduled for Jan 2015.
Bell Helicopters have chosen Dynamatic-Oldland AerospaceTM, India as their supplier of choice for Cabin assemblies beginning with the Aft Cabin Assemblyfor the 407 series of Helicopters. The first articles for over 80 parts have been completed and Dynamatic-Oldland Aerospace TM, India is poised to progressively build 60 Aircraft sets per annum beginning next year.
In the UK, Dynamatic-Oldland AerospaceTM are a major strategic supplier to GKN. Current projects include:, A400m, A380, A340, A320, A321, C130J, Lynx Wildcat and Dassault. A fast track facility is also offered working with all major primes & manufacturing holding fixtures. The UK also specialise in Reverse Engineering, Fixtures & Design Manufacturing.
India & UK work closely with Spirit AeroSystems, the world’s largest Aero-Structure manufacturer, as an Industrial Partner in the manufacture in the UK and assembly in India of the Flap Track Beam Project.
OFFSET POLICY: Poised to ride the tidal wave of business from Government’s offset policy. Agreements signed with Boeing, Lockheed Martin, Northrop Grumman, Bell Helicopters for being their Offset partners in India.
GLOBAL SINGLE SOURCE: Working very closely with EADS and Spirit AeroSystems to manufacture and assemble Flap Track Beams for the Airbus A-320 Family of Aircrafts in the UK and India. This is the first time that a functional aero-structure of a major commercial jet is being manufactured in India. The Company has successfully achieved Single Source Supplier status for the Airbus 320 Flap Track Beams being supplied to Spirit AeroSystems (Europe) Limited.
• DGAQA approval for in-house processes.
• AS 9100 Rev C Certified by Underwriters Laboratories (UL).
• NADCAP approvals for In-house processes.
• Secured three industrial defence production licences from the Ministry of Commerce & Industry, Government of India, for the Industrial Production of Heavy Vehicles such as Battle Tanks, Land Systems and Sub-Systems, and for the manufacture of two defence products - Distribution Mechanism & Hydraulic Coupling which are fitted on Heavy Armoured Vehicles. The Company has also received a license to manufacture Aircraft parts and accessories.
• First Indian Company in the Private sector to be certified by Airbus for Manufacture of Aero- Structures.
Airbus Certification
• GE Aviation
• GKN Aerospace
• Agusta Westland
• BS EN ISO 9001:2008
• AS/EN 9100
• Spirit AeroSystems
• ISO 14001
Dynamatic Aerospace has been continuously expanding to build capabilities in large aero- structural assemblies, composites and complex engineering in India and the UK and is poised to grow into the role of a preferred strategic supplier to both Tier One’s & Primes. As a pioneer in the Indian and UK Private Sectors with a demonstrated track record for the development of complex aero-structures, Dynamatic Aerospace enjoys the ‘First Mover Advantage’ and has formulated a strategic growth plan for its immediate future.
Recognising the growth imperatives in the emerging Aerospace industry in India, the Company has started construction on a state-of-the-art Aerospace Manufacturing Facility at the Aerospace Park to be set up by the Karnataka Industrial Area Development Board (KIADB) adjacent to the International Airport in Bangalore.
As part of the UK’s ongoing expansion plans, manufacturing has now begun at the new Swindon Aerospace facility where Main Landing Gear parts and Over Wing details for the long range Airbus fleet are being produced.
Future plans are to incorporate high speed long bed machining at our Bristol facility.

Dynamatic Homeland SecurityTM, India

Highlights • A division of the Company, Dynamatic Homeland SecurityTM offers cutting edge security products and technologies like the Unmanned Aerial Vehicles, Mobile Surveillance Vehicles, Under vehicle Scanners,Bollards,Boom Barriers and RFID based Access Controls which will enhance potential customers’ capabilities in countering modern day security threats.

Automotive, India and Germany

Rs in lacs
31 March 2013 31 March 2012
Financial Highlights Segment sales 107,964 113,513
Profit before interest & Tax 2,337 3,112
Capital Employed 8,735 18,217


Business Highlights JKM AutomotiveTM, India
• SINGLE SOURCE: Produces high quality ferrous and non-ferrous critical engine and transmission components on a single source basis for Global Automotive OEM’s, approximately 35% of India’s automobiles.
• INNOVATIVE SUPPLY CHAIN CONTROL: Incorporates state-of-the-art technologies to produce high quality automotive components for Hyundai Motor India Limited, Ford Motor Company, TATA Motors, Daimler India, Renault Nissan India & Honeywell on a single source basis.
• Moving from being Hyundai-centric to multiple customer business to mitigate business risk.
• GEOGRAPHICAL ADVANTAGE: JKM Automotive has two manufacturing facilities located in Chennai, one of India’s prominent automotive hubs.
• STRADDLES THREE SEGMENTS: Incorporates highly efficient production systems and processes to produce automotive components for Highway, Off-Highway and Technology oriented applications.
• GREEN ENERGY: The Company’s Wind farm generated 14 Million units of green energy during the year, resulting in 87% of annual grid power being saved and enabled the Automotive production facility to considerably reduce their Carbon Foot-Print.
• QUALITY MANAGEMENT SYSTEMS: JKM AutomotiveTM facilities are certified to the highest quality and safety standards specified by the automotive industry including TS 16949, OSHAS 18000 and ISO 14000 as well as to Ford Q1 quality standards and further approved by various Global Automotive Majors.
JKM Ferrotech Limited :
• Strengthened our position as the largest supplier of automotive castings to Mando India and TVS Sundram Fasteners and a major source outside Europe for Flywheels to VW Germany
• Commenced operations from the DISA Horizontal moulding line . Currently producing 70,000 Exhaust Manifolds in SiMo and High SiMo grades for Hyundai Motors India and 20 different part numbers for Daimler India.
• Approved by Toyota Motors India for the supply of Brake Parts to Chassis Brakes International (Formerly Bosch Chassis Systems)
• Received orders from new automotive customers - PHI Automotive and Addison (part of Amalgamations group)
• "First" Iron foundry in India to be approved by BMW Germany for the supply of Exhaust Manifold in the heat resistant grade SiMoNi. Part finds application in BMW’s 1 series , 3 series and MINI cars.
• Set up an in-house machine shop for machining Daimler India parts this is our first step towards establishing a "best in class" machining facility at JKM Ferrotech
Eisenwerk Erla GmbH
• The main products are Turbine housings, Exhaust manifolds, Crankshaft bearing caps, Compensation shafts.
• The whole team worked for improvements in the production of Turbine housings and Integrated Turbine housings. The intensity of cores in the casting process is much higher compare to the past, so the team developed the process of core assembling well.
• Successful implementation and start of serial production of the project 1.2l MQB Turbine Housing for BoschMahle Turbocharging Systems;
• Successful implementation and start of serial production of the project 1.4 MQB Turbine Housing for IHI Charging Systems International;
• Start of series production of Turbine Housing project N100 for BorgWarner first TriTurbo for serial Diesel engines;

*Financials for the year ended March 31, 2012 includes newly acquired business inGermany.

• First core tooling made completely out of stainless steel for serial production was implemented (1.2l Integrated Turbine Housing);
• Installation of 1st full automatic fettling machines for turbine housings;
• We received our first project in stainless steel from Company ICSI for an Audi project,
• Visit of strategic purchase of Continental as potential new customer as well as followed Pre- Audit were successful, good chances to get new strategic customer for turbine housings in the following business year
• The relationship direct to the OEM’s is improved because of the fact that Erla will is developing a steel production process, Erla was able to secure the position in the European turbocharger market.
• Supplies the automotive industry with more than 88%. Further business segments are the agricultural and mechanical engineering and construction machinery.
• Special knowledge and experience in the core making technology of Turbochargers as well as in the production of high alloy materials, having two patents.
• Has a Quality, Environmental and Energy Management and is certified by the TUV Deutschland according to ISO/TS 16949:2009, ISO 14001:2004 and ISO 500010: 201
• Erla was successful in all costumer audits: Bosch Mahle GmbH & Co KG: A rating, ICSI GmbH: A rating, S A-rating, MItec GmbH A-rating, Vogele AG: A-rating. chlote
• Major customers include IHI Charging Systems International GmbH, BorgWarner Turbo Systems GmbH, BoschMahle Turbo Systems GmbH & Co.KG, Audi AG, Volkwagen AG, Daimler AG AGCO- Fendt, Joseph Vogele AG, Mitec Automotive AG.

Dynametal India - Aluminium Casting (including Metallurgy)

Rs in lacs
31 March 2013 31 March 2012
Financial Highlights Segment sales 4,488 5,484
Profit before interest & Tax (635) (854)
Capital Employed 2,342 1,172


Business Highlights • DynametalR uses the latest metallurgical technologies to produce high quality Non-Ferrous Alloy and Castings for Industrial, Automotive and Aerospace applications at its modern foundry in Chennai.
• The facility is equipped with electric furnaces, which makes it highly eco-friendly.
• Infrastructure created and controlled in-house.

Dynamatic Wind Farm, India - Non-Conventional Energy

Highlights Generating 12MW of power approximately 14 million units annually for captive consumption at JKM Automotive and DynametalR.
Strategically located, less than an hour’s drive from Coimbatore airport.
48 Windmills on 440 acres of free-hold land.
Uninterrupted supply of power to Automotive & Metallurgy businesses.
Giant Leap towards achievement of Zero Carbon footprint by manufacturing facilities in Tamil Nadu.
Freedom from energy price inflation - 87% reduction in monthly energy costs, improving our cost competitiveness.
Scalable- Windmills can be added.

Powermetric Design, India

Highlights • Design and development of foldable struts for HAL’s ALH program.
• Certification of CEMILAC for air-worthiness design of strut.
• Design and development of testing equipments for strut product validation.
• Design and development of "stretch forming machine" required for Boeing programs.
• Design of sheet metal parts for BELL Helicopter structure.
• Proposal submitted to HAL for design / development of ALH door locking mechanism.
• Proposal submitted to MTH, Germany for high flow water pumps for their new energy saving engines.
• Design optimization and validation for static, thermal and dynamic stability of system by using high and mathematical tools.
• Virtual simulation tools are being used for product validation.
• Design of water and oil pumps for new generation cars of Renault-Nissan for their global supply.
• Design of automation integration with sand core shooting machines for aluminium foundry.
• Design validation and optimization of Honeywell Turbocharger Housing for the Ford-Puma engine.
• Technology demonstration and prototyping of Electrical Vehicle Charging point with communication link and built-in intelligence system.
• Design and development of various test rigs for water and oil pump validation.
• Design and development of assembly jigs and tooling for Aerospace applications.
• Upgrading the machines at Foundry by retrofitting / re-conditioning with electro-mechanical systems.


The sales revenues (gross) from each of the major business segments that the Company isinvolved in are as follows:

Segment (Gross Sales) Amount ( Rs In lacs) Percentage (%)
2013 2012 2013 2012
Hydraulics & Precision Engineering 31,139 30,388 19 19
Aluminium Castings 4,488 5,484 3 3
Automotive Components 107,964 113,513 67 69
Aerospace 17,151 14,123 10 9
Others 1,020 607 1 0
TOTAL 161,762 164,115 100 100


The overall outlook for next financial year April 2013 to March 2014 looks positive.Your Company’s reputation for developing innovative, cost-effective and high qualityproducts continues to grow, both in the Domestic and Overseas markets and has resulted inincreasing order intakes. With the Company going global, both in terms of expansion aswell as sales, it becomes very relevant to understand the outlook overseas especially inUK and



The overall outlook for the next accounting year April 2013 looks positive. Accordingto the H. M. Treasury Office of Budget Responsibility, the outlook for the UK economy isto grow through the remainder of 2013 by 0.6%. There is then a gradual upturn forecast in2014 with GDP anticipated at 1.8% at the end of next year. This is a reduction anddownward trend of earlier forecasts which were set initially last December at 1.2% and2.0% respectively for 2013 and 2014.

Business investment is forecast to make a relatively important contribution to therecovery in growth in the medium term at least. The low inflation is an important factorto this growth forecast and with the recent depreciation of the pound the CPI inflationrate will probably rise towards the end of this year and then gradually fall again through2014 and 2015. In terms of what this all means to the Company is somewhat mixed in that,particularly in hydraulics, that our Eurozone business will continue to be challenging.However the market in the UK is expected to be stable and in the U.S. there is smallgrowth forecast where the North American economy continues to grow.


With the global economic downturn caused by the euro crisis, a phase of an economicslowdown in China as well as instability of the US fiscal policy, Germany recorded only aslight growth of the GDP of 0.7 % to EUR 2.645 bn. in 2012. The growth rate slowed downsignificantly especially towards the end of the year which also caused the beginning ofthe year 2013 to proceed considerably weaker than expected.

Nevertheless, a slight growth is expected in Germany for the year 2013 which mightaccelerate towards the end of the year and which, at 0.6 - 0.8 %, is at a similar level tothe previous year. The reason for this is the still present risk of an aggravation of theeuro crisis as well as the related reluctance in the fields of incoming orders, investmentand consumption. The situation is also expected to improve by the end of the year 2014,with a considerable plus of the GDP of 1.9 %. To sum up, a continuous growth at a lowlevel is expected in the next few years despite some risks.

In 2013, the German automotive industry faces a challenging year. Globally speaking, anincrease by approx.

3 % to 70 million vehicles is to be expected, with the German automotive industry alsobeing able to expect a growth due to its high and further increasing global market shareespecially in Asia and North America. However, in the European and domestic market,stagnation, possibly with a decline, must be expected in 2013. For 2014, further growth,also in Europe, is predicted carefully, because existing overcapacities and marketsaturation will reduce by then.

The turbocharger industry will continue to grow disproportionate to the automotivesector. The development of all leading OEMs is concerned with the efficiency increase ofpetrol engines, especially due to legal requirements with regards to a reduction of theCO2 emissions. Another important component besides the increased combustion temperaturesis the use of turbocharging technology. It has to be assumed that more than 80 % of allnewly developed high-volume engines are equipped with a charger. Therefore, from a presentday perspective, a growth rate between 30 40 % is to be expected until the year 2015.


Your Company’s increasing exposure to Global markets and Customers also bringswith it the inherent risks of a Global company like Foreign Currency Risk, ProductLiability, Warranty, and so on. These risks are being mitigated through appropriatede-risking strategies. The Strategic Business Units of your Company are headed by highlyexperienced Chief Operating Officers, who are supported by teams of capable personnel.

All key functions and divisions of your Company are independently responsible formonitoring risks associated within their respective areas of operations. Your Company hasidentified various risks and procedures to mitigate the same.

Your Company has deployed a comprehensive Internal Audit System, which is commensuratewith its scale of operations. Competent and qualified professionals, who are external tothe Company business, conduct regular and detailed internal audits, both at themanufacturing locations and at branches in India. The Internal Auditors submit auditreports & management reports regularly, which highlight areas of concern and alsosuggest improvements in systems and procedures. The Audit Committee periodically reviewsthe audit plans, audit observations of both internal and external audits and adequacy ofinternal controls.

The Board level Audit Committee of the Company meets every quarter to review theInternal Audit Reports as well as Management’s feed back on Internal Audit Reportsand suggests improvements in the control systems from time to time. A detailed report onthe Audit Committee forms part of the Corporate Governance Report. Your Company iscurrently implementing its new operational strategy to decentralise the operations intosmaller divisions so as to facilitate incorporating the state-of-the-art productiontechnologies and shop floor cultures. This will also pave path for innovative ideas withthe employees to surface and get implemented. Monitoring the progress will become easierand internal bench marking for achieving excellence will become possible. Your Company hasevolved a stringent Information Security Management System to protect and safeguard keyinformation and data from unauthorised access across its units in India and abroad. Thesystem has been designed to ensure confidentiality, integrity and availability of criticaldata within the organization. New tools are used to upgrade existing systems periodically,to fit the growing size and needs of the Company


As your Company continues with its transcontinental growth in an economic environmentfraught with uncertainty and risk, there has been a growing need for robust, diverse HumanResource strategies capable of straddling across countries and cultures to help theorganization manage change in a dynamic business environment. The global environmentwithin which the Company operates calls for a subtle but definite shift from thetraditional HR role of being a manager of employee welfare measures and industrialrelations to being a manager of change across borders. The key challenge has been indesigning and setting in place an integrative HR framework based on the Company’svision and values which enables greater synergies between the various business units ofthe Company located in India and Europe, without compromising on the inherent advantagesbestowed by geography and culture.

The Global Human Resources Team, which led by the Head - Group HR, works at designingand implementing integrative HR strategies that keep pace with the challenges posed by thechanging business environment. The Business HR representatives work in tandem withCorporate HR to implement policies at the Business level and to ensure that the specificHR, IR and Welfare requirements of their respective businesses are met. The focus of theGlobal Human Resources Team has been to create merit oriented, values based work cultureacross the organization, through talent identification, recruitment, and training anddevelopment initiatives. The HR Function in Your Company assumes three strategic roles inthe ongoing transformation of the

Company into a Global company First of the builder who sets in place necessaryfundamentals of Human Resource Management, secondly, the role of the change partner whichcalls for the realignment of HRD to meet the needs of the changing external environment asthe Company expands its overseas operations, and finally, the role of the Navigator indeveloping the capabilities of the organization and its personnel to manage the balancebetween short-term and long-term HR goals, thus facilitating global integration. Thestrategies and efforts of the Company’s Corporate HRD continue to be shaped andguided by the Leadership, Human Resource Development & Remuneration Committee, a Boardlevel committee, which meets regularly to provide direction and guidance to theCompany’s HR policies, initiatives and to review ongoing programs.

The Company envisages the diversification of its Human Resource base, the nurturing,management and retention of its talent and the development of leadership skills as thebasic requisites for its continued growth. The Company remains focused on these objectivesthrough the provision of safe and healthy work places, harmonious industrial relations,formulation of value based HRM practices and systems across geographies, training andmentoring programmes and through appropriate welfare measures.

The Company is committed to providing all its employees with a safe work environmentthrough adherence to safe work practices, enforcing use of Personal Protective Gear on theshop floor and by continuously educating the workforce through training programmes anddemonstrations. On-site healthcare facilities, Health

& Accident insurance coverage, access to regular health checkups at reputedhospitals, medical feedback from experts and support in maintaining special healthrequirements are all a part of the welfare regimen followed in the Company.

The greater part of the Company’s competent workforce has worked with the Companyfor an average of 20-25 years, contributing greatly to its business stability andenriching its repository of knowledge and skill sets. The Company continues to makesignificant investments in the development of its human resources, especially in theidentification, development and retention of capable, professional talent. The workforcestrength as on March 31, 2013 was 2822 . Despite the post recessionary spurt inrecruitment, the attrition rate across the Company during the year under review hasremained below 7% for the entire Group. The Company’s ability to retain talent inspite of the challenges posed by a competitive business environment can be attributed toits ability to nurture and develop talent through the alignment of individual goals andaspirations to the organization’s goals.




• The Human Resources Teams at various sites contributed to the growth of theirrespective Business Units by delivering significant cost savings on employee costs andwelfare measures.

• The Business HR teams have collaborated with their respective Business Teams toevolve efficient Human Resource Management solutions to counter the challenges posed bythe slow economic environment

• Integrated Performance Management System comprising of Quarterly and Annual WorkAppraisals, to measure sustained performance and behavioural traits, to provide feedbackand to enable development of the employee.

• Based on feedback from the employees and the business heads, the IntegratedPerformance Management System was revised to comprise of Work Books for quarterly reviewsand an updated Performance Appraisal Format for Annual Performance Appraisals.

• Special Training Programmes Technical Skills and Soft Skills - were designed tomeet the specific needs of each Business Segment and implemented at each Business Unit.

• Special Training and Awareness Programmes on Safety are conducted periodicallyat each business unit

• Formulation of a detailed Code of Conduct for all employees of the organization

• Formulation Prevention of Sexual Harassment At Work Policy for theCompany’s operations in India

• Regular Health Check-Ups and Health Awareness Camps are held periodically.

• Streamlining of the Induction process to ensure employee engagement.

• Resource Sharing programmes for greater business synergies between businessunits.

• Establishment of safe and secular work environment.

• Talent identification and retention.

• Two way communication channels between workforce and management.

• Broad-basing of work force through gender diversification.

• Increased participation of women in management.

• Participative Management by workforce in the Company’s business processes.


Peer Comparison

Company Market Cap
(Rs. in Cr.)
Thermax 10,341.62 42.36 5.11 18.15 13.0 19.8 0.05
Alfa Laval (I) 7,166.84 62.98 11.85 0.00 21.0 30.6 0.00
Va Tech Wabag 3,928.63 46.24 6.52 13.31 15.5 18.9 0.13
BEML Ltd 2,862.33 0.00 1.38 20.02 -3.8 1.0 0.52
ISGEC Heavy 1,741.35 18.40 2.69 3.19 10.9 11.7 0.52
Texmaco Rail 1,668.03 0.00 2.87 6.11 17.7 23.3 0.16
Kennametal India 1,647.18 74.35 5.21 19.68 4.8 6.2 0.00
Nitin Fire Prot. 1,419.39 97.95 9.59 35.02 12.2 11.9 1.40
Praj Inds. 1,190.69 24.05 2.04 9.75 9.7 12.0 0.00
Dynamatic Tech. 1,024.74 0.00 7.17 9.45 0.3 9.4 2.50
Elecon Engg.Co 679.30 25.76 1.38 5.29 5.7 9.7 0.53
Hercules Hoists 585.12 29.59 3.36 11.45 11.8 16.8 0.00
Disa India 533.79 29.62 6.62 12.12 27.4 42.3 0.00
Titagarh Wagons 446.84 119.12 0.71 4.92 3.8 7.5 0.11
TIL 439.06 194.56 1.65 9.03 0.9 6.9 0.93

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Key Information

Key Executives:

Vijai Kapur , Chairman  

S Krishnaswamy , Director  

Govind Mirchandani , Director  

Malavika Jayaram , Director  

Company Head Office / Quarters:
Dynamatic Park,
Phone : 91-80-28394933/34/35
Fax : 91-80-28395328
E-mail : investor.relations@dynamatics.net
Web : http://www.dynamatics.com
Karvy Computershare Pvt Ltd
Plot No 17-24
Vittal Rao Nagar

Fund Holding


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