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JAMNAAUTO - Jamna Auto Inds.

📊 NSE: JAMNAAUTO 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 8:34

📢 Recent Corporate Announcements

Jamna Auto Secures CARE AA; Stable Rating for Rs 550 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 13 Mar 2026, 04:28 PM

CARE Ratings has reaffirmed the long-term credit rating of 'CARE AA; Stable' for Jamna Auto Industries' bank facilities worth Rs 90 crore. Furthermore, the agency has assigned a new rating of 'CARE AA; Stable / CARE A1+' for additional bank facilities totaling Rs 460 crore. This rating action covers a total of Rs 550 crore in bank facilities, reflecting the company's robust financial profile and strong position in the automotive suspension market. The 'A1+' rating for short-term facilities indicates the highest degree of safety regarding timely servicing of financial obligations.

CARE Ratings reaffirmed 'CARE AA; Stable' for Rs 90 crore long-term bank facilities.
Assigned 'CARE AA; Stable / CARE A1+' rating for bank facilities worth Rs 460 crore.
Total bank facilities rated by CARE Ratings now stand at Rs 550 crore.
The 'A1+' short-term rating signifies the highest level of credit quality and liquidity.

💡 Investors should take confidence in the company's strong credit profile and its ability to access capital at competitive rates. This reaffirmation supports a positive outlook on the company's financial stability.

Jamna Auto to Invest ₹170 Cr in New Plant and Acquires 26% Stake in Solar Project

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Feb 2026, 01:58 PM

Jamna Auto Industries has announced a significant expansion plan with a ₹170 crore investment to set up a new parabolic spring manufacturing facility in Pithampur, Madhya Pradesh. The plant, operated through its subsidiary Jai Automotive Components, will have an annual capacity of 21,600 MT and is expected to commence production by March 2028. Additionally, the company is investing ₹81.68 lakhs for a 26% stake in a solar power project to secure renewable energy for its Yamuna Nagar unit. These strategic moves aim to meet rising demand and optimize long-term energy costs through internal accruals.

Approved ₹170 crore investment for a new 21,600 MT annual capacity parabolic spring plant in Pithampur.
The expansion project will be funded entirely through internal accruals with a target completion of March 2028.
Acquiring up to 26% equity in a solar project by Fourth Partner Energy for approximately ₹81.68 lakhs.
Solar investment provides captive user status for the Yamuna Nagar unit to reduce power costs.
Board approved un-audited financial results for the quarter and nine months ended December 31, 2025.

💡 Investors should monitor the execution of the ₹170 crore CAPEX as it signals management's confidence in long-term demand for parabolic springs. The shift toward captive renewable energy is a positive move for margin protection against rising power costs.

Jamna Auto Q3 FY26 Revenue up 19% YoY to ₹668 Cr; EBITDA Margins Expand to 17.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 01:37 PM

Jamna Auto Industries reported a robust performance for Q3 FY25-26, with revenue growing 19% YoY to ₹668 Crores and EBITDA surging 49% YoY to ₹117 Crores. The company achieved a significant margin expansion to 17.5%, up from 13.9% in the same quarter last year, driven by a recovery in the M&HCV segment and cost-optimization initiatives. Strategic progress includes the commissioning of the Adityapur plant and a new export agreement with the Stellantis Group. The management remains committed to its 'Lakshya Rise 5000' vision, targeting ₹5,000 Crores in revenue and a 50% dividend payout ratio.

Revenue increased 26% QoQ and 19% YoY to ₹668 Crores, benefiting from a 24% QoQ growth in M&HCV production.
EBITDA margins expanded to 17.5% compared to 13.9% in Q3 FY25, despite a ₹12 Crore one-time provision for wage code impact.
The Adityapur Spring Plant has been commissioned, and the Indore Spring Plant is scheduled for production in Q4 FY26.
Signed a strategic export agreement with Stellantis Group to expand the international OEM footprint.
9M FY26 EBITDA stands at ₹267 Crores, representing a 20% YoY growth.

💡 Investors should take note of the significant margin improvement and the successful commissioning of new capacities which position the company for higher volumes. The new partnership with Stellantis and the focus on the high-margin aftermarket segment are key long-term growth drivers.

Jamna Auto to Invest ₹170 Cr in New Plant and ₹81.6 Lakhs in Solar Power Project

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Feb 2026, 01:30 PM

Jamna Auto Industries has announced a major expansion plan to set up a new parabolic spring manufacturing facility in Pithampur, Madhya Pradesh, with an investment of ₹170 crore. The project, funded through internal accruals, will add 21,600 MT of annual capacity and is expected to commence production by March 2028. Additionally, the company is investing ₹81.67 lakhs for a 26% stake in a solar project to secure renewable energy for its Yamuna Nagar unit. These strategic moves aim to meet growing demand and optimize operational costs through green energy.

Approved ₹170 crore investment for a new parabolic spring manufacturing facility in Pithampur, MP
Proposed new capacity of 21,600 MT per annum with commercial production expected by March 2028
Expansion to be funded entirely through internal accruals via wholly-owned subsidiary Jai Automotive Components
Investment of ₹81.67 lakhs for up to 26% stake in Fourth Partner Energy for captive solar power
Approved un-audited financial results for the quarter and nine months ended December 31, 2025

💡 The ₹170 crore CAPEX signals strong long-term growth confidence, though the long lead time until 2028 means immediate impact will be limited. Investors should monitor the company's ability to maintain margins while funding this expansion through internal cash flows.

Jamna Auto Allots 7.14 Lakh Equity Shares Under ESOP 2017

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jan 2026, 12:34 PM

Jamna Auto Industries Limited has allotted 7,14,500 equity shares to eligible employees under its Employee Stock Option Scheme 2017. The allotment was finalized on January 29, 2026, at an exercise price of Rs. 50 per share, which includes a premium of Rs. 49. Consequently, the total issued share capital of the company has increased to 39,97,11,135 shares. These newly issued shares will rank pari-passu with the existing equity shares of the company.

Allotment of 7,14,500 equity shares of face value Rs. 1 each
Exercise price fixed at Rs. 50 per share, including a premium of Rs. 49
Total post-allotment issued share capital stands at 39,97,11,135 shares
Shares issued under the Employee Stock Option Scheme 2017 (ESOP-2017)

💡 This is a routine corporate action with negligible equity dilution. No immediate action is required by investors.

Jamna Auto Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:02 PM

Jamna Auto Industries has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Skyline Financial Services Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. This filing ensures that physical share certificates received were duly cancelled and the names of depositories were updated in the company's records. Such filings are standard administrative procedures for listed Indian companies to maintain regulatory transparency.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent, Skyline Financial Services Private Limited
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Verification of dematerialization and cancellation of physical share certificates completed

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for operational performance.

Jamna Auto Credit Rating Upgraded to CARE AA; Stable for Rs 90 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 01 Jan 2026, 05:41 PM

CARE Ratings Limited has upgraded the credit rating for Jamna Auto Industries Limited's long-term bank facilities from CARE AA-; Stable to CARE AA; Stable. This upgrade applies to bank facilities totaling Rs 90.00 crore as per the communication dated December 31, 2025. An upgrade in credit rating typically indicates improved financial health, better debt-servicing capability, and potential for lower borrowing costs in the future. This move reflects the rating agency's confidence in the company's stable operational performance and balance sheet strength.

Long-term bank facilities rating upgraded from CARE AA- to CARE AA.
The rating outlook remains 'Stable' as per CARE Ratings Limited.
The upgrade covers bank facilities amounting to Rs 90.00 crore.
The rating revision was communicated by the agency on December 31, 2025.

💡 Investors should view this upgrade as a positive indicator of the company's creditworthiness and financial discipline. No immediate action is required, but it strengthens the long-term investment case for the stock.

Jamna Auto Shareholders Approve Re-appointment of R.S. Jauhar as Chairman with 96.8% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 30 Dec 2025, 02:52 PM

Shareholders of Jamna Auto Industries have approved the re-appointment of Mr. R. S. Jauhar as Chairman and Executive Director for a three-year term effective from January 1, 2026, to December 31, 2028. The special resolution was passed via postal ballot with 96.82% of the 227.88 million valid votes cast in favor. While the promoter group supported the move unanimously, approximately 13% of public institutional and non-institutional voters opposed the resolution. This outcome ensures leadership continuity for the company over the next three years.

Mr. R. S. Jauhar re-appointed as Chairman and Executive Director for a 3-year term starting Jan 1, 2026
Resolution passed with 220,637,420 votes (96.82%) in favor and 7,240,126 votes (3.18%) against
Promoter and Promoter Group cast 173,593,834 votes, all 100% in favor of the resolution
Public institutional dissent was noted at 12.99%, while public non-institutional dissent stood at 13.92%

💡 Investors should take confidence in the leadership continuity provided by this re-appointment. No immediate action is required as the company maintains its current strategic direction under established management.

Jamna Auto Announces Trading Window Closure from January 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 05:46 PM

Jamna Auto Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the un-audited financial results for the quarter ending December 31, 2025. The window will remain closed for all insiders and their dependent family members until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be disclosed in due course.

Trading window closure begins on January 1, 2026
Closure is related to the un-audited financial results for the quarter ending December 31, 2025
Window will reopen 48 hours after the official declaration of financial results
Restriction applies to all designated insiders and their dependent family members

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should wait for the upcoming Q3 earnings release to assess performance.

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💰 Financial Performance

Revenue Growth by Segment

Net Sales for Q2 FY26 reached INR 531 Cr, growing 3.5% YoY from INR 513 Cr. H1 FY26 Net Sales were INR 1,104 Cr, up 3% YoY from INR 1,069 Cr. The Parabolic Spring segment's contribution to overall revenue increased significantly from ~20% in FY21 to 38.50% in H1 FY25, reflecting a shift toward higher value-added products.

Geographic Revenue Split

The company derives approximately 76% of its revenue from existing domestic OEM markets and 24% from new markets, which include the aftermarket segment and exports. Exports currently represent a small fraction (~1% in FY23), while the aftermarket segment contributes ~19-23% of total sales.

Profitability Margins

Profitability remains stable with an EBITDA margin of 13.6% in Q2 FY26 (INR 72 Cr) compared to 13.1% in Q2 FY25. PBT margin for Q2 FY26 was 10.6% (INR 56 Cr), and PAT margin stood at 7.5% (INR 40 Cr). H1 FY26 EBITDA margin was 13.6% (INR 150 Cr).

EBITDA Margin

EBITDA margin was 13.6% in Q2 FY26, showing a YoY improvement from 13.1% in Q2 FY25. Core profitability is supported by economies of scale and a competitive cost structure as India's largest spring manufacturer.

Capital Expenditure

The company has planned capital expenditure of INR 250-300 Cr to be incurred over the next 2 years for the completion of the Adityapur and Indore plants, funded entirely through internal accruals.

Credit Rating & Borrowing

ICRA reaffirmed the long-term rating at [ICRA]AA- and revised the outlook to Positive from Stable in April 2025. CARE assigned a rating of CARE AA-; Stable in February 2025. The company maintains nil long-term debt, resulting in minimal borrowing costs.

⚙️ Operational Drivers

Raw Materials

Spring Steel (implied by leaf and parabolic spring production) represents the primary raw material cost, though the specific percentage of total cost is not disclosed.

Import Sources

Not disclosed in available documents; however, manufacturing is concentrated in 11 Indian locations including Haryana, Tamil Nadu, and Madhya Pradesh.

Capacity Expansion

Current consolidated annual manufacturing capacity is 3,00,000 MT. A new spring manufacturing facility at Adityapur was successfully commissioned in October 2025.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; the company manages these through strategic plant locations near OEMs to reduce logistics and procurement overheads.

Manufacturing Efficiency

Manufacturing efficiency is driven by economies of scale as the largest domestic producer and cost advantages from plants located near key customers like Tata Motors and Ashok Leyland.

Logistics & Distribution

Logistics costs are optimized by the strategic location of 11 manufacturing units near OEM plants, ensuring faster delivery and lower transportation expenses.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is driven by the 'Lakshya 50XT' vision, aiming for 50% revenue from new products and new markets. This includes scaling up parabolic springs (38.5% of H1 FY25 revenue), lift axles, and air suspensions, alongside the commissioning of the Adityapur plant in Oct 2025 and expanding the aftermarket distribution network.

Products & Services

Conventional Leaf Springs, Parabolic Leaf Springs, Z-Springs, Hybrid Leaf Spring Assemblies, Bus and Trailer Air Suspensions, Lift Axles, and Stabilizer Bars.

Brand Portfolio

Jamna Auto, JAI Springs.

New Products/Services

New products including lift axles, trailer suspensions, and allied parts contributed 7% of revenues in 9M FY25, with a target to increase this under the Lakshya 50XT vision.

Market Expansion

Targeting 24% revenue share from new markets (aftermarket and exports) by strengthening the distribution network to mitigate OEM cyclicality.

Market Share & Ranking

India's largest CV spring manufacturer and one of the major producers globally.

Strategic Alliances

The company reported no associates or joint ventures (Nil) as of May 2025.

🌍 External Factors

Industry Trends

The industry is shifting from conventional leaf springs to parabolic springs and air suspensions. M&HCV production grew 1% and LCV production grew 9% in Q2 FY26 vs Q1 FY26, indicating a stable but evolving demand environment.

Competitive Landscape

Key competitors include other auto component manufacturers, but JAIL maintains the highest capacity and widest geographical reach in the leaf spring segment.

Competitive Moat

Moat is built on cost leadership through 300,000 MT capacity, 11 strategic plant locations near OEMs, and long-standing relationships with major players like TML and ALL. These advantages are sustainable due to high entry barriers in OEM supply chains.

Macro Economic Sensitivity

Highly sensitive to GDP growth and infrastructure spending, which drive M&HCV demand. A slowdown in industrial activity typically leads to a sharp moderation in OEM volumes.

Consumer Behavior

OEMs are increasingly replacing conventional leaf springs with parabolic springs for better performance and weight reduction.

Geopolitical Risks

Low risk due to primary focus on the domestic Indian market; however, global supply chain disruptions could impact raw material availability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to automotive manufacturing standards and pollution norms; the company maintains a Business Responsibility and Sustainability Report (BRSR).

Environmental Compliance

Direct exposure to climate-transition risk is low as products are powertrain agnostic (used in ICE and EV), but the company is linked to the emission compliance of its OEM customers.

Taxation Policy Impact

The effective tax rate is approximately 30% based on subsidiary financials (INR 222 Cr tax on INR 725 Cr PBT).

Legal Contingencies

Not disclosed in available documents; secretarial audit reports indicate general compliance with statutory provisions.

⚠️ Risk Analysis

Key Uncertainties

Product concentration risk is high with 90-95% of revenue from leaf springs. Segment concentration is also high with heavy reliance on the M&HCV segment.