Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirement ) Regulations, 2015, we wish to inform you that India Ratings and ....
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India Ratings and Research (Ind-Ra) has assigned a fresh credit rating to Jay Ushin Limited's bank loan facilities worth Rs.1,580 million. The long-term rating assigned is IND BBB with Stable outlook, and the short-term rating is IND A3+. The rating reflects the company's strong market presence in the auto-ancillary sector with OEM ties, improving credit metrics (net adjusted leverage improved to 3.46x in 9MFY26 from 5.77x in FY24), and consistent revenue growth (INR 8,552 million in FY25). Key weaknesses flagged include modest EBITDA margins (3.67% in 9MFY26), high customer concentration (top 5 customers contribute 77% of sales), and raw material price volatility. The company is a joint venture between JPM Group and Japan's U-Shin Ltd, manufacturing automotive components like lock sets, switches, and door latches.
The BBB rating with Stable outlook signals credible creditworthiness to lenders and investors. It reflects operational improvement and deleveraging, which could lower borrowing costs going forward. However, modest margins and high customer concentration remain watch items.