The electric motors that drive cars, buses and three-wheelers. Most use permanent-magnet rotors packed with NdFeB magnets - the single biggest use of the scheme's output.
Sona BLW Precision ForgingsDirect supplier · HighListed
UNO MindaDirect supplier · MediumListed
Bharat ForgeDirect supplier · LowListed
Larsen & ToubroEmerging entrant · LowListed
Sona BLW Precision Forgings (SONACOMS)
Sona Comstar: EV traction motors and driveline maker - among India's largest importers of rare-earth magnets
Price
₹890.00
snapshot 30 Oct 2026
Strengths
Restored April-level motor output by July 2025 despite China's curbs, using its own engineering
Has validated rare-earth-free ferrite-assisted motors for three-wheelers and light commercial vehicles
Risks
Imported about 120 tonnes of magnets from China in a year (company, 2025) - the most exposed Indian motor maker to a new curb
Benefit from Indian magnets only arrives once scheme plants run, likely 2028 or later
Note: Largest single magnet importer among Indian motor makers (2025)
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Motor makers buy finished sintered magnets, insert them into slots in the rotor (the spinning part) and assemble the motor and its controller for vehicle makers. A car traction motor typically carries one to two kilograms of magnet (industry estimates).
Why it matters
Permanent-magnet motors are smaller and more efficient than magnet-free designs, so almost every EV maker uses them. That makes motor makers the first to feel a magnet shortage - and the first to gain from a reliable Indian supplier.
Where the value pool sits
Magnets are a small share of a motor's cost but a hard bottleneck: without them, the motor (and the vehicle) cannot ship. The scheme does not pay motor makers anything; their gain is lower supply risk and, over time, negotiating power against Chinese suppliers.
Key drivers
EV adoption in cars, buses, three-wheelers and commercial vehicles
Second-source qualification of Indian magnets once scheme plants start (from about 2028)
Motor designs that cut or remove heavy rare earths
Potential bottlenecks
Nearly all NdFeB magnets used in Indian motors are imported, mainly from China
Chinese export licences need end-use certificates and take weeks per shipment
Magnet grades for traction motors need heavy rare earths (dysprosium, terbium) that India does not refine at scale
Investor metrics to watch
Share of motors on magnet-light or magnet-free designs
Months of magnet inventory held
Domestic vs imported magnet mix disclosed in calls