Multibagger or IBC - Part 10: 4% R&D spend, 300 patents; this company’s DNA has changed for the better

Sometimes, it’s the quiet ones you need to watch. This company spotted the EV shift in 2010, long before it was trendy, and has built a full-stack offering. Its latest EV tie-ups, including one that jacks up kit value to levels considered high in the industry, are a sign of how deep the EV play runs. With exports making up 9% of revenue and 700+ aftermarket dealers in India, it’s not just riding the OEM demand wave. Add to that 300+ patents and rising R&D spends, and you have a company betting big on innovation. Clearly one to track if you're following India’s EV transformation.