NSE: JTEKTINDIA · BSE: 520057
JTEKT INDIA LIMITED
Manufactures automotive steering and driveline components — primarily MS Gear systems, Column Power Steering (CPS) and Constant Velocity Joints (CVJ) — for passenger vehicle OEMs in India. Maruti Suzuki is the dominant customer at 60% of revenue; new product starts on Maruti's e Vitara and Victoris contributed Rs 173-174 crore in their maiden year, while sales to Honda declined. The CVJ product line is the stated growth vector, scaling from Rs 130 crore in FY26 toward Rs 250 crore when its second production line reaches full utilisation by October 2026. Exports to Brazil for Stellantis commenced in May 2026 with a long-term potential of 5 lakh units per annum. The business runs 7 manufacturing plants in India and is building a new Gujarat facility with Rs 250 crore of total capex committed (Rs 112 crore already spent); FY26 capex overall was Rs 444.1 crore. FY26 revenue was Rs 2,665.6 crore, up 11% year-on-year and ahead of the 9% passenger vehicle market, with EBITDA margin at 7.5% and materials accounting for 72.2% of revenue as the dominant cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steering systems (MS Gear and CPS), CVJ (Constant Velocity Joints), Exports. Auto component supplier to passenger vehicle OEMs, tied to the Indian PV demand cycle and concentrated on a single key customer.
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Revenue | 1,754 | 1,511 | 1,333 | 1,589 | 2,044 |
| EBITDA (ex other income) | 222 | 137 | 103 | 121 | 184 |
| margin % | 12.6 | 9.1 | 7.7 | 7.6 | 9.0 |
| Owners' profit | 73 | 30 | 12 | 37 | 81 |
| EPS, as reported (₹) | 2.98 | 1.24 | 0.48 | 1.51 | 3.33 |
| ROE % · ROCE % | 12.7 · 20.1 | 5.6 · 8.1 | 2.2 · 3.8 | 6.2 · 8.4 | 11.9 · 15.3 |
| Debt / equity (x) | 0.22 | 0.08 | 0.06 | 0.10 | 0.08 |
| Cash from operations | — | — | 91 | 108 | 95 |
| Capex | — | — | (30) | (121) | (85) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 413 | 470 | 472 | 571 | 471 | 530 | 478 | 584 |
| Profit before tax | 21 | 21 | 21 | 41 | 20 | 32 | 25 | 42 |
| Net profit | 16 | 15 | 16 | 30 | 15 | 26 | 19 | 30 |
| EPS (₹) | 0.59 | 0.58 | 0.58 | 1.14 | 0.59 | 1.03 | 0.70 | 1.11 |
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) | 32.4 | 25.3 | 72 of 119 | 40% |
| P/B | 4.0 | 3.2 | 73 of 117 | 38% |
| ROCE | 8.3 | 12.6 | 85 of 125 | 32% |
| ROE | 6.4 | 11.7 | 85 of 117 | 28% |
| Debt / Equity | 0.1 | 0.3 | 35 of 117 | 71% |
| EBITDA margin | 10.7 | 12.2 | 72 of 118 | 39% |
| Revenue growth | 2.3 | 20.2 | 101 of 113 | 11% |
| Profit growth | 0.2 | 24.4 | 83 of 115 | 28% |
| Market cap | 3085 | 1460 | 45 of 126 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · JTEKT India approves 0.8 million unit CVJ capacity expansion | capex operations | high | — | — |
| 16 Oct 2026 · Newspaper publication about special window for physical share re-lodgement | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance Certificate for Share Dematerialization Filed for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · JTEKT India gets GST notice for Rs 2.41 cr penalty appeal in GSTAT | regulatory legal | high | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 28 Aug 2026 · 42nd AGM voting results - all 11 resolutions passed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 42nd AGM voting results: all 11 resolutions passed | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · 42nd AGM held on Aug 26; 11 resolutions transacted incl dividend and director re-appointments | board shareholder meetings | medium | — | — |
| 14 Aug 2026 · Publication of Q1 FY27 unaudited financial results in newspapers | compliance | minimal | — | — |
| 13 Aug 2026 · JTEKT India Q1FY27 Monitoring Agency Report on Rs 249.89 Cr Rights Issue | 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.