Varroc Engineering Bags $48M EV Deal, Shares Rally 5.5%

Shares of Varroc Engineering Ltd surged 5.5% to touch a day’s high of Rs 615 on 4th February, after the company announced a strategic contract win from a leading global electric vehicle (EV) original equipment manufacturer (OEM) for the supply of AC bi-directional wall chargers. 

The agreement marks a key step in Varroc’s expansion within the global electric mobility ecosystem. It was announced on Tuesday (3rd February).

Under the contract, Varroc will supply Energy Star-compliant AC bi-directional wall chargers equipped with advanced safety features and stable charging performance. These chargers will be manufactured at the company’s Romania facility. This will be done in accordance with global quality and delivery standards.

The programme will run for six years, with production capacity aligned to the OEM’s expected demand. At peak capacity, the annual business value is estimated at Rs 4,391 million, or about $48 million, according to the company.

Dhruv Jain, CEO – Business II at Varroc, said the deal reflects the company’s focus on delivering advanced electronics solutions to global OEMs. He added that Varroc aims to work closely with the automotive ecosystem. This is to support safe, smart, and sustainable mobility worldwide.

The order strengthens Varroc’s position in the global passenger vehicle electronics segment. It also supports its growth strategy across advanced safety, lighting, and electric powertrain solutions. The company said the partnership further reinforces its standing as a trusted Tier-1 automotive supplier.

At 10:51 AM, shares of Varroc Engineering were trading 5.39% higher at Rs 610.50 on NSE.

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