Jay Ushin Ltd (513252)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jay Ushin's revenue was ₹277 Cr (+29.3% year on year, +3.5% on the previous quarter), and net profit ₹4.9 Cr (+6.3% year on year); the operating margin was 3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹277 | +29.3% | +3.5% |
| Operating profit | ₹8.4 | -8.4% | -12.6% |
| Net profit | ₹4.9 | +6.3% | -9.9% |
| EPS (₹) | 12.60 | +6.3% | -9.8% |
| Operating margin | 3.0% | — | — |
📢 Recent Corporate Announcements
CRISIL Ratings has reaffirmed Jay Ushin Limited's bank loan ratings at 'CRISIL BBB-/Stable' for long-term facilities and 'CRISIL A3' for short-term facilities, and simultaneously withdrawn them at the company's request following receipt of a no-objection certificate from its banker. The total rated facilities amount to ₹125 crore, representing ~88.7% of the company's total debt of ₹141 crore. The rationale highlighted revenue growth to ₹969 crore in FY26 (up from ₹855 crore in FY25) with PAT of ₹18 crore, while noting modest operating margins of 3–4% and high customer concentration.
- CRISIL reaffirmed Long-Term rating at 'CRISIL BBB-/Stable' and Short-Term rating at 'CRISIL A3' before withdrawal.
- Ratings for total bank loan facilities of ₹125 crore were withdrawn upon company request and banker NOC.
- Facilities include ₹55 crore purchase bill discounting, ₹39.8 crore working capital facilities, and ₹30.2 crore term loans.
- FY26 operating revenue stood at ₹969 crore with PAT of ₹18 crore and interest coverage at 2.23 times.
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.
- 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.
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.
- 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.
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.
- 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.
Jay Ushin Ltd has informed the exchange regarding the loss of a share certificate for 100 equity shares under Folio No. H000404. The request involves the transmission of these shares from the original holder, Haridas M Nayak, to Ms. Pushpa Haridas Nayak, along with the issuance of a duplicate certificate. This is a standard administrative filing under Regulation 39(3) of SEBI (LODR) Regulations, 2015. The financial impact is negligible, representing approximately 0.0026% of the company's total equity capital.
- Intimation received for the loss of 100 equity shares under Folio No. H000404.
- Certificate number 2668 is involved in the transmission and duplicate issuance request.
- Distinctive numbers for the shares are 1941301 to 1941400.
- The request is for transmission in favor of Ms. Pushpa Haridas Nayak.
Jay Ushin Ltd has scheduled a board meeting for August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The company enters this reporting period with a TTM revenue of ₹969 Cr and a thin operating profit margin of 3.7%. The trading window for insiders has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared. Investors will be monitoring if the company can sustain its FY26 revenue growth of 17.75% while managing its debt-to-equity ratio of 1.04.
- Board meeting scheduled for August 13, 2026, at 11:30 AM to approve Q1 results.
- Trading window closed from July 1, 2026, until 48 hours post-result announcement.
- Company reported a TTM PAT of ₹18 Cr against a market cap of ₹336 Cr.
- Operating profit margin (OPM) stood at 3.7% for the trailing twelve months.
- Revenue for the most recent quarter (March 2026) was ₹267.56 Cr.
Jay Ushin Ltd has received a Show Cause Notice from the GST authority in Tamil Nadu alleging tax dues of ₹1.22 crore for FY 2023-24. The notice pertains to alleged discrepancies in Input Tax Credit (ITC) reconciliation. While the company intends to contest the demand, the total potential exposure (including a possible 100% penalty) could reach approximately ₹2.44 crore plus interest. This total exposure represents roughly 13.5% of the company's TTM Net Profit of ₹18 crore, making it a notable development for a small-cap entity with thin margins.
- GST demand of ₹1,21,68,632 (₹1.22 Cr) raised by the Assistant Commissioner, Sriperumbudur.
- Notice alleges discrepancies in Input Tax Credit (ITC) reconciliation for the FY 2023-24 period.
- Potential penalty equivalent to the tax dues (up to ₹1.22 Cr) plus applicable interest may be levied.
- Total potential exposure of ~₹2.44 Cr accounts for ~13.5% of the company's TTM PAT of ₹18 Cr.
- Company claims the GST department had previously audited these records without raising any disputes.
Financial Performance
Revenue Growth by Segment
Net revenue from operations grew 17.75% YoY to Rs. 85,519.91 Lakhs in FY25 from Rs. 72,625.19 Lakhs in FY24. Segment-specific growth percentages were not disclosed, but the company noted strong performance in the utility vehicle (UV) and two-wheeler segments.
Geographic Revenue Split
Not disclosed in available documents. The company operates manufacturing facilities in Mehsana (Gujarat), Bhiwadi (Rajasthan), and an R&D center in Gurugram (Haryana).
Profitability Margins
Profit Before Tax (PBT) margin was 2.00% in FY25, compared to 2.24% in FY24. Net revenue grew 17.75% while PBT grew only 5.11% to Rs. 1,713.13 Lakhs, indicating margin pressure from operational costs.
EBITDA Margin
EBITDA margin improved to 5.94% in FY25 from 5.62% in FY24. Absolute EBIDTA grew 24.46% YoY to Rs. 5,080.51 Lakhs from Rs. 4,081.92 Lakhs.
Capital Expenditure
Not disclosed in absolute INR Cr. The company maintains an R&D center in Gurugram and is focused on operational performance and cost control improvements.
Credit Rating & Borrowing
CRISIL assigned a long-term credit rating of BBB-/Stable and a short-term credit rating of A3 for loan facilities. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Specific raw material names were not listed, but the company identified 'raw material availability and prices' as a key risk factor impacting operations.
Key Suppliers
The company engages in ongoing transactions for goods and materials with related parties including U-Shin Ltd. (JV partner), JNS Instruments Limited, and MEW Tools Private Limited.
Capacity Expansion
Not disclosed in available documents. Current facilities are located in Gujarat, Rajasthan, and Haryana.
Raw Material Costs
Raw material costs are identified as a significant risk factor; however, the specific percentage of revenue or YoY cost change was not disclosed.
Strategic Growth
Growth Strategy
The company plans to achieve growth by capitalizing on the rural recovery in the two-wheeler segment, leveraging the dominance of utility vehicles (UVs) in passenger sales, and expanding export opportunities as India becomes a global manufacturing hub. Management is also focused on operational performance improvements and cost control.
Products & Services
Automotive components including locks, keys, and switches (implied by the JV with U-Shin Ltd and industry context).
Brand Portfolio
JPM Group (parent group brand).
Market Expansion
Focus on expanding export opportunities and benefiting from rural market recovery in India.
Strategic Alliances
Joint Venture with U-Shin Ltd. (Japan) and other holding/subsidiary companies of U-Shin Ltd.
External Factors
Industry Trends
The industry is shifting toward utility vehicles (UVs) and electric vehicles (EVs), though EV adoption faces hurdles like high upfront costs and limited charging infrastructure. India is emerging as a key manufacturing hub for global automakers.
Competitive Moat
The company's moat is built on its long-standing Joint Venture with U-Shin Ltd and its integration within the JPM Group, providing established technical and market access.
Macro Economic Sensitivity
Highly sensitive to rural economic recovery (impacting 2W demand) and global economic/demographic factors affecting the automotive industry.
Consumer Behavior
Shift in consumer preference toward utility vehicles and concerns regarding affordability in the entry-level segment due to rising vehicle prices.
Geopolitical Risks
Geopolitical tensions and tariff wars are cited as potential disruptors to the auto component supply chain.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations, 2015 and the Companies Act, 2013. The company is subject to automotive-specific safety and emission standards.
Environmental Compliance
The company must comply with stringent emission norms (BS-VI Phase 2) and safety mandates, which increase production costs.
Legal Contingencies
The BSE imposed a fine of Rs. 75,000 plus 18% GST (Rs. 13,500) on January 12, 2023, due to a delay in filing Related Party Transaction disclosures for the half-year ended September 2022.
Risk Analysis
Key Uncertainties
Key risks include raw material price volatility, exchange rate variations, cyclical demand in the automotive market, and changes in government regulations/tax regimes.
Geographic Concentration Risk
Manufacturing is concentrated in Northern and Western India (Haryana, Rajasthan, Gujarat).
Third Party Dependencies
Significant dependency on related parties and JV partners for ongoing supply of goods and services.
Technology Obsolescence Risk
Risks associated with the transition to Electric Vehicles (EVs) and the need to adapt to new technologies like BS-VI Phase 2.
