We recently met the management of Talbros Automotive Components (TAL) to understand its business model. TAL enjoys leadership position in gaskets with a market share of 38% in India. Its standalone business accounts for 77% of its consolidated revenue (with gaskets & forging accounting 61% & 16%, respectively) while balance 23% is through three JVs (Nippon Leakless -10%, Magnetti Marelli -10% & Marugo Rubber 3%). Further, 83% of its business is from domestic market (of which 73% is OEM & 10% is aftermarket) & balance 17% is from export market (US & Europe). The management is aiming for higher growth by deepening its...