NSE: JBMA · BSE: 532605
JBM AUTO LIMITED
Manufactures automotive components and electric buses through three divisions. The Component Division is the largest at 56.6% of segment revenue (Rs 3,447.38 cr in FY26) and supplies parts to vehicle makers. The OEM Division contributes 37.9% (Rs 2,307.37 cr) and, via subsidiary JBM Electric Vehicles, builds electric buses for fleet operators and state transport undertakings. The Tool Room Division is the smallest at 5.6% (Rs 338.91 cr), providing tooling, dies and moulds. The e-bus business has deployed over 3,300 buses across 17 states, holds an order book of 10,000+ buses and runs an annual production capacity of 20,000 buses at its Delhi-NCR facility. The company holds about 25% electric bus market share as of Q1 FY27. Materials are the largest input cost at 66.5% of revenue, followed by other opex at 11.0% and employee cost at 9.6%; depreciation is 2.9% and capex 5.0% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Component Division (57%), OEM Division (38%), Tool Room Division (6%). Capital-intensive auto components and electric bus manufacturing with cyclical exposure to the auto sector and a growth tilt to EV mobility
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,193 | 3,857 | 5,009 | 5,472 | 6,088 |
| EBITDA (ex other income) | 343 | 398 | 584 | 677 | 695 |
| margin % | 10.7 | 10.3 | 11.7 | 12.4 | 11.4 |
| Owners' profit | 156 | 124 | 179 | 202 | 219 |
| EPS, as reported (₹) | 13.22 | 10.58 | 15.12 | 8.54 | 9.25 |
| ROE % · ROCE % | 17.4 · 18.1 | 12.1 · 16.4 | 16.3 · 21.2 | 15.5 · 20.2 | 15.0 · 23.6 |
| Debt / equity (x) | 1.53 | 1.63 | 1.76 | 1.88 | 1.89 |
| Cash from operations | (142) | 484 | 205 | 394 | (60) |
| Capex | (270) | (627) | (228) | (122) | (302) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,286 | 1,396 | 1,646 | 1,254 | 1,368 | 1,614 | 1,852 | 1,442 |
| Profit before tax | 72 | 80 | 102 | 70 | 80 | 77 | 115 | 68 |
| Net profit | 53 | 56 | 72 | 39 | 55 | 60 | 84 | 44 |
| EPS (₹) | 4.19 | 4.45 | 2.81 | 1.56 | 5.67 | 2.33 | 3.14 | 1.78 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Component Division | 2,616 | 42.9 |
| Tool Room Division | 252 | 4.1 |
| OEM Division | 1,857 | 30.5 |
| Component | 832 | 13.6 |
| Tool Room | 87 | 1.4 |
| OEM | 450 | 7.4 |
| Total, before eliminations | 6,094 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.9 | 25.3 | 85 of 119 | 29% |
| P/B | 7.3 | 3.2 | 98 of 117 | 16% |
| ROCE | 12.2 | 12.6 | 67 of 125 | 47% |
| ROE | 15.0 | 11.7 | 37 of 117 | 69% |
| Debt / Equity | 1.9 | 0.3 | 116 of 117 | 1% |
| EBITDA margin | 13.5 | 12.2 | 47 of 118 | 61% |
| Revenue growth | 15.0 | 20.2 | 78 of 113 | 31% |
| Profit growth | 13.4 | 24.4 | 68 of 115 | 41% |
| Market cap | 11568 | 1460 | 27 of 126 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Newspaper publication of Q2 and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 21.06%, net profit increases 12.46% | compliance | low | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 21%, net profit up 11% but margins narrow | results | high | — | — |
| 16 Oct 2026 · Board meeting on Oct 26 to approve Q2 and H1 FY27 results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate for dematerialized securities for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · JBM Auto leads India EV bus market with 33% share in September 2026 | business updates | high | — | — |
| 24 Sept 2026 · Trading Window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · All 7 resolutions passed at JBM Auto 30th AGM on Sept 16, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · JBM Auto 30th AGM: 10000 plus e-bus order book, FY26 results, securities issue | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · 30th AGM notice and FY26 annual report dispatched electronically | compliance | minimal | — | — |
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.