We recently attended the investor meet of Rico Auto Industries (RAL) to understand its business model. RAL, established in 1983, manufactures & supplies machined components & assemblies of aluminium (71% of revenue) and ferrous (29% of revenue) components; domestic (73% of revenue) & exports (27% of revenue). In terms of customer mix, Hero MotoCorp accounts for 34% of revenue, Renault Nissan & BMW account for 16% each, Maruti Suzuki & Cummins account for 10% each & remaining 14% is from others. It has recently entered the aftermarket...