JAYBARMARU - Jay Bharat Maru.

📊 NSE: JAYBARMARU 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 8:35

💰 Financial Performance

Revenue Growth by Segment

The company operates entirely in the domestic Passenger Vehicle (PV) segment. Revenue grew by ~39% in FY2022 and ~13% in FY2023. However, revenue remained flattish in FY2024 (INR 2,295.86 Cr) and FY2025 (INR 2,292.95 Cr), representing a marginal decline of 0.13% due to static growth in customer volumes.

Geographic Revenue Split

100% of revenue is derived from the domestic Indian market, with manufacturing hubs strategically located in Gujarat and Haryana to serve Maruti Suzuki India Limited (MSIL) plants.

Profitability Margins

Operating profit margins were 7.4% in FY2023, 7.3% in FY2024, and 7.2% in FY2025. Net Profit Margin improved slightly from 1.37% in FY2024 to 1.39% in FY2025. Margins have been constrained by adverse commodity prices and pre-operative expenses for new plants.

EBITDA Margin

EBITDA margin was 7.30% in FY2025 (INR 167.49 Cr) compared to 7.42% in FY2024 (INR 170.26 Cr), a YoY decline of 12 basis points due to higher fixed costs and commodity price volatility.

Capital Expenditure

Planned capital expenditure of approximately INR 160 Cr for FY2025-FY2026 to support new manufacturing facilities. Historical capex was significant and debt-funded for the Gujarat greenfield facility.

Credit Rating & Borrowing

ICRA maintains a Stable outlook. Borrowing is characterized by a high dependence on short-term fund sources, leading to an asset-liability mismatch (ALM). Interest coverage ratio stood at 2.32 in FY2025.

⚙️ Operational Drivers

Raw Materials

Steel and other automotive-grade commodities represent the primary raw material costs, accounting for approximately 78.07% of total income as of 9M FY2022.

Import Sources

Not disclosed in available documents; however, the company maintains technical tie-ups with Japanese suppliers for component design.

Capacity Expansion

The company commercialized the third phase of its Gujarat greenfield facility in FY2021. Current expansion is focused on catering to MSIL's new manufacturing facilities in Gujarat.

Raw Material Costs

Raw material costs represent ~78% of revenue. Adverse commodity price movements have historically constrained operating margins by 10-20 basis points.

Manufacturing Efficiency

EBITDA of INR 167.49 Cr in FY2025 was supported by cost-control measures and benefits of operating leverage, despite flattish sales.

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

Growth is driven by following the expansion of Maruti Suzuki (MSIL) in Gujarat. The company is leveraging INR 280 Cr in government incentives (INR 78 Cr already booked) and technical tie-ups with Japanese suppliers to increase kit value per vehicle and improve revenue visibility.

Products & Services

Body in White (BIW) parts and model-specific automotive components for passenger vehicles.

Brand Portfolio

JBM Group (Flagship entity).

New Products/Services

Model-specific components for new vehicle launches by MSIL, contributing to revenue visibility through technical tie-ups.

Market Expansion

Expansion of greenfield facilities in Gujarat to cater to the OEM's new manufacturing phases.

Market Share & Ranking

Key customer MSIL holds ~41% market share in the domestic PV industry as of FY2023.

Strategic Alliances

Joint Venture with Maruti Suzuki India Limited (MSIL), which holds a 29.3% equity stake.

🌍 External Factors

Industry Trends

The PV industry is evolving toward stringent emission norms. JBML's products are powertrain-neutral (used in petrol, diesel, and EVs), mitigating technology shift risks.

Competitive Landscape

The industry is capital-intensive with high entry barriers; JBML's leadership is protected by its JV status with the market leader MSIL.

Competitive Moat

Durable competitive advantage derived from the 29.3% equity stake held by MSIL, ensuring JBML's status as a preferred strategic supplier with high switching costs.

Macro Economic Sensitivity

Highly sensitive to the domestic Passenger Vehicle (PV) industry demand; revenues declined in FY2020 and FY2021 due to economic slowdowns and lockdowns.

Consumer Behavior

Demand is driven by the shift toward new PV models and increased vehicle production volumes in the domestic market.

Geopolitical Risks

Indirect exposure through customers' ability to meet tightening emission control requirements and potential trade barriers affecting the automotive supply chain.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Indian Accounting Standards (Ind AS) and Section 133 of the Companies Act, 2013. Operations are affected by automotive emission and safety standards.