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Latest filing: 2026-08-13 13:32
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Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
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Jay Ushin Q1 Revenue Grows 29% YoY to ₹276.8 Cr; PAT Up 6% to ₹4.87 Cr
Jay Ushin reported a robust 29.3% YoY increase in revenue for Q1 FY27, reaching ₹276.81 Cr, compared to ₹214.13 Cr in the same quarter last year. However, net profit growth was more subdued at 6.3% YoY, totaling ₹4.87 Cr, as the company faced margin pressure from rising employee costs and material consumption. Sequentially, while revenue grew 3.5% from Q4 FY26, net profit declined by 9.8% from ₹5.40 Cr. A positive note was the reduction in finance costs, which fell 19.9% YoY to ₹2.89 Cr.
Confidence: HIGH
What changedThe filing represents the first-quarter financial performance for FY27, showing strong top-line momentum but continued pressure on profitability margins.
Why it mattersThe company is successfully growing its scale (revenue is ~28.5% of TTM revenue in one quarter), but with a low operating margin of ~4%, any spike in input or labor costs significantly impacts the bottom line.
Revenue (Q1 FY27): ₹276.81 CrRevenue Growth (YoY): 29.3%Net Profit (Q1 FY27): ₹4.87 CrFinance Costs: ₹2.89 CrEPS: ₹12.60
📅 Short termThe stock may see mixed reactions as the strong revenue growth is offset by a sequential decline in net profit and margin contraction.
📈 Long termStructural growth depends on the company's ability to leverage its JV with U-Shin Ltd to move into higher-margin components and manage its debt-to-equity ratio of 1.04.
⚠ Risk flags
- Rising employee benefit expenses (up 28.6% YoY)
- Low net profit margins (~1.76% for the quarter)
- High debt-to-equity ratio of 1.04
Key Highlights
Revenue from operations grew 29.3% YoY to ₹276.81 Cr from ₹214.13 Cr.
Net profit increased 6.3% YoY to ₹4.87 Cr, though it fell 9.8% on a QoQ basis.
Employee benefit expenses surged 28.6% YoY to ₹22.53 Cr from ₹17.51 Cr.
Finance costs decreased to ₹2.89 Cr from ₹3.61 Cr in the year-ago period.
Earnings Per Share (EPS) for the quarter stood at ₹12.60 compared to ₹11.85 YoY.
👀 What to Watch
Investors should monitor the company's ability to manage operational costs, particularly employee expenses, to improve its thin net profit margins. Watch for the impact of rural recovery on two-wheeler demand, which is a key growth driver for the company.
Jay Ushin Q1 FY27: Revenue Grows 29% YoY to ₹276.8 Cr; PAT Up 6% to ₹4.87 Cr
Jay Ushin reported a strong 29.3% YoY revenue growth for Q1 FY27, reaching ₹276.81 Cr, likely driven by the automotive component segment. However, net profit growth was more modest at 6.3% YoY (₹4.87 Cr) as margins remained under pressure due to high raw material costs, which accounted for 84.2% of revenue. Sequentially, while revenue grew 3.5% from the March 2026 quarter, PAT declined by 9.8%. A positive note is the reduction in finance costs to ₹2.89 Cr, down from ₹3.88 Cr in the previous quarter.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results, showing significant top-line growth but continued margin pressure and a sequential decline in net profit.
Why it mattersFor a small-cap company with a D/E ratio of 1.04, the ability to grow revenue while reducing finance costs is vital for long-term sustainability, though thin margins leave little room for error in raw material price fluctuations.
Revenue from Operations: ₹276.81 CrNet Profit: ₹4.87 CrPBT Margin: 2.13%Finance Costs: ₹2.89 CrRevenue vs TTM Revenue: ~28.5%
📅 Short termThe stock may see neutral to slightly cautious sentiment as the market weighs strong revenue growth against thin margins and a sequential drop in profitability.
📈 Long termStructural growth depends on the company's ability to leverage its JV with U-Shin Japan and successfully transition into the EV and UV component segments while improving its debt-to-equity profile.
⚠ Risk flags
- High raw material dependency (84% of revenue)
- Thin operational margins (PBT ~2%)
- High debt-to-equity ratio (1.04)
Key Highlights
Revenue from operations increased 29.3% YoY to ₹276.81 Cr from ₹214.13 Cr.
Net Profit for the quarter stood at ₹4.87 Cr, compared to ₹4.58 Cr in the same quarter last year.
Cost of materials consumed remained high at ₹233.13 Cr, representing 84.2% of operational revenue.
Finance costs saw a significant reduction to ₹2.89 Cr from ₹3.61 Cr YoY and ₹3.88 Cr QoQ.
Earnings Per Share (EPS) for the quarter was ₹12.60, down from ₹13.98 in the preceding March quarter.
👀 What to Watch
Monitor the company's ability to improve its thin PBT margins (currently ~2.1%) through operational efficiencies or price hikes. Watch for updates on rural market recovery and the two-wheeler segment, which are key strategic growth drivers for the company.
Jay Ushin Ltd: Brickwork Withdraws Ratings for Rs 63.49 Cr Facilities Under Non-Cooperation
Brickwork Ratings has reaffirmed and simultaneously withdrawn the credit ratings for Jay Ushin Ltd's bank loan facilities totaling Rs 63.49 crore. The ratings (BWR BB-/Stable/A4) were maintained in the 'Issuer Not Cooperating' category because the company failed to provide required documentation and monthly 'No Default Statements'. The withdrawal was executed at the company's request following a No Objection Certificate from its lender, Kotak Mahindra Bank. While the company showed improved FY26 PAT of Rs 18 crore, the lack of transparency with the rating agency remains a governance note.
Confidence: HIGH
What changedThe company has terminated its credit rating engagement with Brickwork Ratings for its primary bank facilities, which were previously under a 'non-cooperating' status.
Why it mattersA withdrawal under 'Issuer Not Cooperating' status often indicates a lack of transparency or administrative lapses in reporting to credit agencies, which can impact a company's ability to negotiate favorable interest rates with lenders.
Total Rated Facilities: Rs 63.49 crSales Invoice Financing: Rs 53.00 crRated Debt vs Total Debt: ~45%FY26 Net Profit: Rs 18.0 cr
📅 Short termNeutral to cautious; the withdrawal is administrative but the 'non-cooperation' tag reflects poorly on internal reporting discipline.
📈 Long termLimited structural impact as long as the company maintains its joint venture with Ushin Ltd (Japan) and continues its revenue growth trajectory (up 13% in FY26).
⚠ Risk flags
- Non-cooperation with credit rating agency
- Irregular submission of No Default Statements
- Debt-to-Equity ratio above 1.0 (1.04)
Key Highlights
Ratings for Rs 63.49 crore in bank facilities reaffirmed at BWR BB- (Long Term) and BWR A4 (Short Term) before immediate withdrawal.
Company remains in the 'Issuer Not Cooperating' category due to failure to submit monthly No Default Statements (NDS).
The rated facilities include a significant Sales Invoice Financing limit of Rs 53.00 crore and a Term Loan of Rs 8.49 crore.
The company has been consistently flagged for non-cooperation in rating cycles dating back to February 2023.
Total debt stands at Rs 141 crore as per latest context, meaning ~45% of total debt was covered by this specific rating mandate.
👀 What to Watch
Investors should monitor if the company engages a new credit rating agency and whether it improves its compliance regarding 'No Default Statement' filings to ensure continued access to low-cost credit.
