Chennai: Coimbatore-based Pricol, a leading manufacturer of vehicle dashboards and driver information systems, continues to outspend most of its Indian auto component peers on research and development (R&D). The sustained investment has helped the company build a competitive edge in high-value segments such as driver information systems (DIS).While R&D expenditure as a percentage of revenue has moderated in recent years amid a sharp rise in topline, the company continues to spend around 3% of its revenue on R&D—roughly twice the average for the Indian auto component industry. Its R&D spend stood at 2.87% in FY26, 2.93% in FY25, 3.4% in FY24 and 4.01% in FY23. During the period, the company’s consolidated revenue more than doubled from ₹1,903 crore in FY23 to ₹3,964 crore in FY26.“We continue to invest heavily in R&D and technology to develop new products and technologies that keep us ahead of the curve compared with the competition,” Vikram Mohan, chairman and managing director, said during the company’s earnings call in May.The company’s sustained focus on R&D and product development has helped it stay ahead of competitors and steadily gain market share.“Globally, Pricol is the second-largest instrument cluster manufacturer by volume, after Nippon Seiki & Co of Japan. In India, the company commands a 55%-60% share of the instrument cluster market and about 65% of the two-wheeler instrument cluster segment,” according to CRISIL Ratings.Pricol has in-house R&D capabilities and a proven track record of rapidly bringing new products to market. It has built a strong position in dashboard instruments and driver information systems over nearly five decades of supplying to leading domestic OEMs.The company has filed 19 patents covering 17 unique inventions in India and overseas markets. Of these, 14 patents have been granted, while the remaining applications are under review. “Innovation continues to remain a key driver across all product development functions, supporting sustainable growth and technological leadership,” the company said in its latest annual report.Two-wheeler manufacturers account for around 70% of the company’s revenue, while it also supplies to passenger and commercial vehicle segments. Pricol operates 16 manufacturing facilities, including those of its subsidiaries, across India, along with one plant in Indonesia.
