BSE: 513252
JAY USHIN LTD.
Manufactures automotive components including lock sets, door latches, switches and HVAC panels, primarily for passenger vehicle OEMs in India. Operates as a joint venture with Japan's Ushin Ltd, supplying OEMs such as Maruti Suzuki and Honda, though the top five customers together account for 77% of sales. FY26 revenue stood at ₹969.07 crore, with raw materials accounting for 82.2% of that revenue, making it a structurally raw-material-intensive business with thin EBITDA margins of 5.1%. Net profit for FY26 was ₹17.77 crore. Operations include a manufacturing presence at Sriperumbudur in Tamil Nadu, with a single operating segment covering all its auto component manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automobile components manufacturing. Auto component manufacturer, single segment, raw-material-intensive, high customer concentration
Exhibit 1: Financial summary, FY19–FY19 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 |
|---|---|
| Revenue | 855 |
| EBITDA (ex other income) | 35 |
| margin % | 4.1 |
| Owners' profit | 12 |
| EPS, as reported (₹) | 29.77 |
| ROE % · ROCE % | 15.4 · 19.3 |
| Debt / equity (x) | 1.72 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 |
|---|---|---|---|---|
| Revenue | 0 | 181 | 170 | 158 |
| Profit before tax | 0 | 2 | 2 | 1 |
| Net profit | 0 | 2 | 3 | 1 |
| EPS (₹) | 0.00 | 4.14 | 6.77 | 3.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.7 | 25.3 | 96 of 119 | 20% |
| P/B | 3.4 | 3.2 | 60 of 117 | 49% |
| ROCE | 2.5 | 12.6 | 109 of 125 | 13% |
| ROE | 5.3 | 11.7 | 93 of 117 | 21% |
| Debt / Equity | 1.6 | 0.3 | 112 of 117 | 4% |
| EBITDA margin | 6.2 | 12.2 | 104 of 118 | 12% |
| Market cap | 267 | 1460 | 89 of 126 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Certificate under Reg 74(5) for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · 40th AGM e-voting results: 5 resolutions passed, Rs.4 dividend approved | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 40th AGM concluded; Rs.4/share dividend declared | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 FY26 results declaration | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 40th AGM published in newspapers; AGM on September 30 | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report FY25-26 and 40th AGM Notice filed with BSE | results | high | — | — |
| 17 Aug 2026 · Jay Ushin publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 13 Aug 2026 · Jay Ushin Q1 FY27 PAT up 6.3% to Rs 4.87 cr on 29% revenue growth | results | high | — | — |
| 13 Aug 2026 · Jay Ushin Q1 FY27 results approved, revenue up 29% YoY | results | high | — | — |
| 12 Aug 2026 · Brickwork withdraws credit rating for Jay Ushin bank loans worth Rs 63.49 cr | credit debt | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.