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JTEKT India reported full-year FY26 revenue of Rs 26,656 million, up 11% YoY, outperforming industry growth of 9% on the back of new model SOPs where it is a complete system supplier. EBITDA grew 10% to Rs 2,000 million, but the EBITDA margin slipped 10 bps to 7.5% from 7.6% in FY25. Management's detailed analysis attributes the margin decline to loss of volumes from Honda (down 33%) and Renault-Nissan exports (down 16%), unfavourable FX on import costs, rising power tariffs, and one-time items including rights issue expenses. Partially offsetting were improved export sales to the US (up 21%) and lower warranty costs. Q4 FY26 showed stronger sequential recovery with EBITDA margin improving to 9.2% from 7.6% in Q3. The company has multiple new capacity lines ramping up including CVJ Line 2, MS Gear Lines 5 & 6, and CEPS Line 3, with a new Gujarat facility still under CWIP. Management noted the situation is recovering but not yet back to FY23-24 levels.