Pricol Ltd, a leading vehicle dashboard manufacturer, has announced plans to invest in the range of ₹200-220 crore in capital expenditure for FY25 to expand its production capacities across various product lines.

“Our capacity utilisation is currently hitting almost 85 per cent. Hence, we are now enhancing capacity and undertaking capex at our new plants in Pune, and upgrading our facilities in Coimbatore and Manesar,” said Vikram Mohan, Managing Director of Pricol, during the Q4FY24 earnings call.

The company had previously indicated a total capex of ₹600 crore over three years (FY23-25) for organic growth.

The proposed capex for FY25 will focus on expanding capacities in product verticals such as digital instrument clusters and PCB manufacturing.

Pricol’s market share in instrument clusters has improved and is expected to expand further amid strong order wins, significantly boosting the company’s topline. A major order was received from Honda Motorcycle & Scooters India, the country’s second-largest two-wheeler manufacturer by volume.

Growth potential

Despite being in the early stages of the electric vehicle (EV) business, Pricol sees significant growth potential. The company is working with 18 EV OEMs for instrument clusters. Pricol expects its market share to grow from 6.8 per cent to 10 per cent in the passenger vehicle segment.

With a current setup capacity of ₹120 crore per annum in the disc brake business, Pricol has secured orders from six companies. The company is ramping up its disc brake capacity through two new units, one under construction and another just starting. Upon completion, Pricol will have a capacity of ₹300 crore per annum.

The ₹2,285 crore Coimbatore-headquartered Pricol has developed a prototype of the ‘E-cockpit’ targeted at passenger and commercial vehicle customers. The company has also showcased new products such as connected vehicle solutions and Heads-Up Display (HUD) for passenger vehicles.

“We have developed prototypes and proof of concepts for the E-cockpit and showcased them to various customers. We have announced a partnership with Chinese company TYW for vertically integrating screens and other components, positioning us well for future discussions”, said Siddharth Manoharan, Director of Strategy, Pricol.

For connected vehicle solutions, in partnership with Sibros, Pricol has showcased proof of concepts to both domestic and international customers, with ongoing testing with international two-wheeler OEMs.