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Jamna Auto Industries Limited (JAMNAAUTO)

₹140.85 -1.19% last close, 16 Oct

📊 NSE: JAMNAAUTO 🏢 Auto Ancillaries 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Jamna Auto's revenue was ₹611 Cr (+6.7% year on year, -27.2% on the previous quarter), and net profit ₹48.5 Cr (+6.1% year on year); the operating margin was 13.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹611	+6.7%	-27.2%
Operating profit	₹85.1	+11.6%	-37.9%
Net profit	₹48.5	+6.1%	-44.2%
EPS (₹)	1.21	+5.2%	-44.5%
Operating margin	13.9%	—	—

Full quarterly financials → Results calendar →

JAMNAAUTO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.52% of the JAMNAAUTO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.97%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

42.52%Delivery, 16 Oct

38.97%Own 20-session average

0.3×Volume vs its average

₹140.85NSE close · -1.19%

Delivery in the last 5 sessions: 33.6% · 39.2% · 42.8% · 46.4% · 42.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

High Court Disposes Writ on Rs 1.86 Cr Tax Dispute; Jamna Auto to File Reply in 8 Weeks

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 05 Oct 2026, 02:18 PM

The Punjab and Haryana High Court has disposed of Jamna Auto Industries' writ petition concerning an Input Tax Credit (ITC) dispute of Rs 1.86 crore from the Haryana State Tax Department. The court granted the company eight weeks to submit a reply or supplementary reply to the show cause notice before the tax authorities. The Proper Officer will subsequently pass a reasoned speaking order after granting a personal hearing. Given Jamna Auto's TTM Net Profit of Rs 233 crore, the Rs 1.86 crore dispute represents less than 1% of net profit and poses minimal financial risk.

High Court disposed of Civil Writ Petition 21801 of 2023 via order dated October 01, 2026
Litigation pertains to disputed Input Tax Credit of Rs 1.86 Crores claimed and utilized
Company granted eight weeks to submit reply or supplementary reply with supporting materials to tax authorities
Disputed amount represents ~0.80% of TTM Net Profit (Rs 233 Cr)

💡 Track the outcome of the tax authority's final order following the company's eight-week submission window; no operational impact is anticipated.

Jamna Auto Shareholders Approve ₹1.50 Final Dividend and All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 05:22 PM

Jamna Auto Industries Limited submitted the voting results for its 60th Annual General Meeting held on September 29, 2026. Shareholders approved all agenda items, including the declaration of a final dividend of ₹1.50 per share (alongside confirmation of the ₹1.00 interim dividend) and material related-party transactions with Jai Suspension Systems Private Ltd. The final dividend approval received 99.9995% votes in favor across 24,36,60,165 shares polled.

Confirmed interim dividend of ₹1.00 and declared final dividend of ₹1.50 per equity share for FY26
Approval of material related-party transactions with Jai Suspension Systems Private Ltd with 99.9713% votes in favor (promoter votes excluded)
Resolution on adoption of FY26 financial statements approved with 99.9995% votes in favor
Approved reappointment and remuneration revision for Whole Time Director Mr. S. P. S. Kohli

💡 Track the dividend payment date if not yet credited, and monitor upcoming Q2 FY27 earnings for updates on the CV cycle and 'Lakshya 50XT' milestones.

Jamna Auto Faces ₹3.53 Cr GST Tax Demand and ₹46.58 Lakh Penalty Following Appellate Order

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 17 Sep 2026, 05:21 PM

Jamna Auto Industries has received an appellate order from the Principal Commissioner (Appeals-II) confirming a GST demand of ₹3,53,29,906 alongside interest and a penalty of ₹46,57,573. This partially reduces an earlier confirmed demand of ₹4,06,27,815 and penalty of ₹51,87,434 relating to alleged excess input tax credit availed under GSTR 3B versus GSTR 2A. The combined liability of approximately ₹4.00 crore represents under 0.2% of FY26 revenue (₹2,612 Cr) and about 1.7% of TTM PAT (₹233 Cr). The company stated there is no material impact on its operations and plans to appeal the order.

Appellate authority confirmed tax demand of ₹3,53,29,906 against original demand of ₹4,06,27,815
Penalty confirmed stands at ₹46,57,573 alongside applicable interest
Dispute originates from a Show Cause Notice dated August 22, 2022 regarding ITC reconciliation (GSTR 3B vs 2A)
Order received on September 17, 2026; company intends to file a further appeal

💡 Monitor subsequent filings to check if an appeal is formally admitted at the appellate tribunal or high court, and if any pre-deposit of the disputed amount is required.

Jamna Auto Fixes September 22, 2026 as Record Date for Final Dividend and 60th AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 06 Sep 2026, 12:10 PM

Jamna Auto Industries Limited has scheduled its 60th Annual General Meeting (AGM) for Tuesday, September 29, 2026, via Video Conferencing. The company has fixed Tuesday, September 22, 2026, as the record date to determine shareholder eligibility for the final dividend. Share transfer books and the Register of Members will remain closed from September 23 to September 29, 2026. If approved at the AGM, the dividend will be disbursed within 30 days of declaration.

Record date set for September 22, 2026, to determine final dividend eligibility
60th Annual General Meeting scheduled for September 29, 2026, at 11:30 A.M. IST
Book closure period runs from September 23, 2026, to September 29, 2026 (both days inclusive)
Dividend payment to be completed within 30 days of declaration at the AGM

💡 Track the 60th AGM proceedings on September 29, 2026, for formal shareholder approval of the final dividend and management commentary on CV industry demand.

Jamna Auto Sets Sep 22, 2026 Record Date for Final Dividend & 60th AGM on Sep 29

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 11:24 AM

Jamna Auto Industries Limited has scheduled its 60th Annual General Meeting (AGM) for Tuesday, September 29, 2026, at 11:30 AM IST via video conferencing. The company has fixed September 22, 2026, as the record date for determining shareholder eligibility for the final dividend. The Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026. If approved at the AGM, the final dividend will be paid within 30 days of declaration.

60th AGM scheduled for September 29, 2026, at 11:30 AM IST via Video Conferencing.
Record date set for September 22, 2026, to determine final dividend entitlement.
Book closure period scheduled from September 23, 2026, to September 29, 2026 (both days inclusive).
Final dividend to be disbursed within 30 days from the date of declaration at the AGM.

💡 Track the ex-dividend date aligned with the September 22, 2026 record date and monitor AGM voting results after September 29, 2026.

Jamna Auto Completes 100% Acquisition of UK-based Owen Springs for £2.0M

🟢 POSITIVE ⭐ 6/10

M&A 📅 01 Sep 2026, 05:23 PM

Jamna Auto Industries has completed the acquisition of a 100% equity stake in UK-based Owen Springs Limited for an all-cash consideration of £2.0 million (approx. ₹22 crore). Owen Springs manufactures and trades leaf and parabolic springs, generating calendar year 2025 revenue of £2.76 million (~₹30 crore) and a PAT of £132 thousand. This bolt-on acquisition provides Jamna Auto with its first operational and aftermarket distribution presence in the United Kingdom. Relative to Jamna Auto's TTM revenue of ₹2,650 crore, the financial size is modest (~1.1% of revenue) but strategically expands export market access.

Acquisition cost of £2,000,000 paid via 100% cash consideration.
Target CY2025 revenue stood at £2,760 thousand with PAT of £132 thousand and net worth of £1,041 thousand.
Target revenue shows a 2-year declining trend: £3,854 thousand (2023), £3,165 thousand (2024), and £2,760 thousand (2025).
Acquisition completed on September 01, 2026, establishing Owen Springs as a wholly owned subsidiary.

💡 Monitor upcoming quarterly results for commentary on cross-selling synergies and how rapidly Jamna Auto scales exports through Owen Springs' UK distribution network.

Rs 47 Cr Expansion: Jamna Auto to Add 1,500 MT/Month Leaf Spring Capacity in Jharkhand

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Aug 2026, 04:23 PM

Jamna Auto's board has approved a Rs 47 crore brownfield expansion at its Adityapur facility through its subsidiary, Jai Suspensions Limited. The project will add 1,500 MT per month (18,000 MT per year) of leaf spring capacity, representing a ~6% increase over the current consolidated capacity of 3,00,000 MT. The expansion is aimed at catering to OEMs and the aftermarket in East India and will be funded via internal accruals. Commercial production is expected to commence by December 2027.

New manufacturing capacity of 1,500 MT per month to be added at the Adityapur, Jharkhand plant.
Total investment outlay of approximately Rs 47 crore, funded through internal accruals.
Commercial production is scheduled to begin by December 2027.
Expansion represents a ~6% addition to the existing consolidated annual capacity of 3,00,000 MT.
Strategic focus on East India markets to serve major OEMs and the aftermarket segment.

💡 Investors should monitor the execution progress toward the December 2027 deadline and track the demand trends in the M&HCV segment, which accounts for the majority of the company's revenue.

Rs 47 Cr Investment for New 1,500 MT/Month Leaf Spring Facility in Jharkhand

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Aug 2026, 04:20 PM

Jamna Auto's board has approved a brownfield expansion at its Adityapur plant through its subsidiary, Jai Suspensions Limited. The project involves setting up a leaf spring facility with a capacity of 1,500 MT per month (18,000 MT per annum), representing a ~6% addition to the company's existing 3,00,000 MT annual capacity. The Rs 47 crore investment will be funded via internal accruals, maintaining the company's nearly debt-free status. Commercial production is scheduled to begin by December 2027, targeting OEMs and the aftermarket in East India.

New manufacturing capacity of 1,500 MT per month (18,000 MT per annum) to be added.
Total investment outlay estimated at Rs 47 crore, funded through internal accruals.
Commercial production expected to commence by December 2027.
Expansion represents a ~6% increase over the current consolidated capacity of 3,00,000 MT.
Strategic brownfield location in Adityapur, Jharkhand, to leverage existing infrastructure and proximity to East India OEMs.

💡 Investors should monitor the construction progress toward the December 2027 deadline and track M&HCV volume growth in East India, particularly from key clients like Tata Motors.

Jamna Auto Approves Q1 FY27 Results; TTM Revenue at Rs 2,612 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 07 Aug 2026, 04:17 PM

Jamna Auto's board has approved the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of Rs 2,612 Cr and a PAT of Rs 230 Cr. The results are critical for assessing the momentum of the 'Lakshya 50XT' strategy, which targets 50% revenue from new products and markets. With a low debt-to-equity ratio of 0.01 and a high ROCE of 27%, the company's financial health remains robust despite the cyclical nature of its primary CV market.

Board meeting concluded at 4:00 P.M. on August 07, 2026
Financials cover the quarter ended June 30, 2026 (Q1 FY27)
TTM Revenue stands at Rs 2,612 Cr with an operating margin of 15.2%
Consolidated manufacturing capacity remains at 3,00,000 MT
Company maintains a high ROCE of 27.0% as per latest annual data

💡 Monitor the detailed P&L for margin expansion and the revenue contribution from new products like parabolic springs to see if they are meeting the 18% expected growth rate.

Jamna Auto to Acquire UK-Based Owen Springs for £2 Million

🟢 POSITIVE ⭐ 7/10

M&A 📅 27 Jul 2026, 10:28 AM

Jamna Auto Industries has approved the 100% cash acquisition of Owen Springs Limited, a UK-based manufacturer and trader of leaf and parabolic springs. The acquisition cost is £2,000,000 (approx. ₹21.5 Cr), which represents roughly 1.7% of Jamna Auto's net worth. The target entity reported a revenue of £2,761,000 for 2025, contributing approximately 1.1% to Jamna's TTM revenue on a pro-forma basis. This move is part of the 'Lakshya – RISE 5000' strategy to expand international presence and diversify away from domestic OEM cyclicality.

Acquisition of 100% equity of Owen Springs Limited for a cash consideration of £2,000,000.
Target entity reported a declining revenue trend from £3,854,000 in 2023 to £2,761,000 in 2025.
Owen Springs reported a PAT of £132,000 and a Net Worth of £1,041,000 for the year ended December 31, 2025.
The transaction is expected to be completed by August 31, 2026.
Acquisition aligns with the company's strategy to increase revenue from new markets and international regions.

💡 Investors should monitor the successful integration of the UK entity by the August 31, 2026 deadline and watch for any stabilization in Owen Springs' declining revenue trend in future quarterly updates.

£2.00M Acquisition of Owen Springs: Jamna Auto Enters UK Aftermarket

🟢 POSITIVE ⭐ 7/10

M&A 📅 24 Jul 2026, 05:26 PM

Jamna Auto Industries (JAI) has announced its first-ever acquisition, purchasing 100% of UK-based Owen Springs Limited for £2.00M (approx. ₹21.5 Cr). The acquisition is strategically aimed at the UK leaf spring aftermarket, providing JAI with a ready-made network of 250+ distributors and 350+ SKUs. The deal is valued at 6.1x Adjusted CY2025 EBITDA and will be funded entirely through internal accruals, causing no shareholder dilution. While the deal size is small at ~0.8% of JAI's TTM revenue, it serves as a critical platform for the company's 'Lakshya RISE 5000' international expansion strategy.

Acquisition of 100% stake in Owen Springs Limited for a purchase consideration of £2.00M.
Target company reported CY2025 revenue of £2.761M with an adjusted EBITDA of £330K.
Acquisition valuation stands at 6.1x Adjusted CY2025 EV/EBITDA.
Provides access to a distribution network of 250+ retailers and garages in the UK.
Zero debt acquisition funded completely through internal accruals.

💡 Watch for the successful integration of the UK operations and whether this platform can effectively cross-sell JAI's wider suspension and allied product range into the European market.

£2 Million Acquisition of UK-based Owen Springs Limited by Jamna Auto

🟢 POSITIVE ⭐ 7/10

M&A 📅 24 Jul 2026, 02:39 PM

Jamna Auto Industries has approved the 100% acquisition of Owen Springs Limited, a UK-based manufacturer and trader of leaf and parabolic springs, for £2,000,000 (approx. ₹21.6 Cr). The target entity reported a revenue of £2.76 million (approx. ₹29.8 Cr) for CY2025, which represents roughly 1.1% of Jamna Auto's TTM revenue. This strategic move aligns with the company's 'Lakshya – RISE 5000' vision to expand its international footprint and reduce dependency on the domestic OEM market. The acquisition is expected to be completed by August 31, 2026, via cash consideration.

Acquisition of 100% equity of Owen Springs Limited for a cash consideration of £2,000,000
Target entity reported CY2025 revenue of £2,761,000 and PAT of £132,000
Target revenue has seen a decline from £3,854,000 in 2023 to £2,760,000 in 2025
Acquisition is expected to be finalized by August 31, 2026
Target net worth stood at £1,041,000 as of December 31, 2025

💡 Investors should monitor the integration of this UK entity and whether Jamna Auto can arrest the declining revenue trend of the target company. Watch for management commentary on how this facility will be leveraged to increase export share beyond the current levels.

£2 Million Acquisition of UK-based Owen Springs Limited to Expand Global Footprint

🟢 POSITIVE ⭐ 7/10

M&A 📅 24 Jul 2026, 02:29 PM

Jamna Auto Industries has approved the 100% acquisition of Owen Springs Limited, a UK-based manufacturer of leaf and parabolic springs, for a cash consideration of £2 million (approx. ₹21.5 Cr). This acquisition is a strategic move under the company's 'Lakshya – RISE 5000' vision to increase international market presence and reduce domestic OEM cyclicality. While the target's revenue of £2.76 million (approx. ₹29.7 Cr) represents only ~1.1% of Jamna Auto's TTM revenue, it provides a critical foothold in the UK and European markets. The transaction is expected to be completed by August 31, 2026.

Acquisition of 100% equity stake for a total cash consideration of £2,000,000
Target entity reported a revenue of £2,761,000 for the calendar year ended December 31, 2025
Target's revenue has seen a declining trend from £3,854,000 in 2023 to £2,761,000 in 2025
The acquisition is expected to be finalized by August 31, 2026
Target PAT for CY2025 was £132,000 with a net worth of £1,041,000

💡 Investors should monitor the post-acquisition integration and whether this UK base leads to increased export orders, which typically carry higher margins than domestic OEM sales.

Jamna Auto Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 11:41 AM

Jamna Auto Industries has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Skyline Financial Services Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. This is a standard administrative filing required for all listed companies to ensure depository records are accurate. It does not reflect any change in the company's financial position or business operations.

Compliance certificate submitted for the quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent, Skyline Financial Services Private Limited
Filing confirms the processing of dematerialization requests as per SEBI regulations
Announcement dated July 14, 2026, following the quarter-end

💡 This is a routine regulatory filing. Investors should monitor the upcoming Q1 FY27 earnings results for updates on the 'Lakshya 50XT' strategy and CV industry demand.

98.2% Approval for Re-appointment of Independent Director Gautam Mukherjee

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Jul 2026, 03:00 PM

Jamna Auto Industries shareholders have approved the re-appointment of Mr. Gautam Mukherjee as an Independent Director for a second five-year term, effective from May 31, 2026, to May 30, 2031. The resolution passed with a significant majority of 98.25% votes in favor. While the promoter group voted 100% in favor, approximately 11.83% of voting public institutions opposed the resolution. This administrative update ensures board continuity as the company executes its 'Lakshya 50XT' growth strategy.

Resolution passed with 98.249% votes in favor, representing 25.45 crore shares.
Public institutional dissent stood at 11.829% of votes polled within that category (45.04 lakh votes against).
The re-appointment is for a second term of 5 years, concluding on May 30, 2031.
Total voter turnout was 64.79% of the eligible voting power as of the May 22, 2026, cut-off date.

💡 No immediate action required; investors should monitor if future board changes align with the company's goal to diversify revenue into new markets and products.

View All JAMNAAUTO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Net Sales for Q2 FY26 reached INR 531 Cr, growing 3.5% YoY from INR 513 Cr. H1 FY26 Net Sales were INR 1,104 Cr, up 3% YoY from INR 1,069 Cr. The Parabolic Spring segment's contribution to overall revenue increased significantly from ~20% in FY21 to 38.50% in H1 FY25, reflecting a shift toward higher value-added products.

Geographic Revenue Split

The company derives approximately 76% of its revenue from existing domestic OEM markets and 24% from new markets, which include the aftermarket segment and exports. Exports currently represent a small fraction (~1% in FY23), while the aftermarket segment contributes ~19-23% of total sales.

Profitability Margins

Profitability remains stable with an EBITDA margin of 13.6% in Q2 FY26 (INR 72 Cr) compared to 13.1% in Q2 FY25. PBT margin for Q2 FY26 was 10.6% (INR 56 Cr), and PAT margin stood at 7.5% (INR 40 Cr). H1 FY26 EBITDA margin was 13.6% (INR 150 Cr).

EBITDA Margin

EBITDA margin was 13.6% in Q2 FY26, showing a YoY improvement from 13.1% in Q2 FY25. Core profitability is supported by economies of scale and a competitive cost structure as India's largest spring manufacturer.

Capital Expenditure

The company has planned capital expenditure of INR 250-300 Cr to be incurred over the next 2 years for the completion of the Adityapur and Indore plants, funded entirely through internal accruals.

Credit Rating & Borrowing

ICRA reaffirmed the long-term rating at [ICRA]AA- and revised the outlook to Positive from Stable in April 2025. CARE assigned a rating of CARE AA-; Stable in February 2025. The company maintains nil long-term debt, resulting in minimal borrowing costs.

⚙️ Operational Drivers

Raw Materials

Spring Steel (implied by leaf and parabolic spring production) represents the primary raw material cost, though the specific percentage of total cost is not disclosed.

Import Sources

Not disclosed in available documents; however, manufacturing is concentrated in 11 Indian locations including Haryana, Tamil Nadu, and Madhya Pradesh.

Capacity Expansion

Current consolidated annual manufacturing capacity is 3,00,000 MT. A new spring manufacturing facility at Adityapur was successfully commissioned in October 2025.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; the company manages these through strategic plant locations near OEMs to reduce logistics and procurement overheads.

Manufacturing Efficiency

Manufacturing efficiency is driven by economies of scale as the largest domestic producer and cost advantages from plants located near key customers like Tata Motors and Ashok Leyland.

Logistics & Distribution

Logistics costs are optimized by the strategic location of 11 manufacturing units near OEM plants, ensuring faster delivery and lower transportation expenses.

📈 Strategic Growth

Expected Growth Rate

18%

Growth Strategy

Growth is driven by the 'Lakshya 50XT' vision, aiming for 50% revenue from new products and new markets. This includes scaling up parabolic springs (38.5% of H1 FY25 revenue), lift axles, and air suspensions, alongside the commissioning of the Adityapur plant in Oct 2025 and expanding the aftermarket distribution network.

Products & Services

Conventional Leaf Springs, Parabolic Leaf Springs, Z-Springs, Hybrid Leaf Spring Assemblies, Bus and Trailer Air Suspensions, Lift Axles, and Stabilizer Bars.

Brand Portfolio

Jamna Auto, JAI Springs.

New Products/Services

New products including lift axles, trailer suspensions, and allied parts contributed 7% of revenues in 9M FY25, with a target to increase this under the Lakshya 50XT vision.

Market Expansion

Targeting 24% revenue share from new markets (aftermarket and exports) by strengthening the distribution network to mitigate OEM cyclicality.

Market Share & Ranking

India's largest CV spring manufacturer and one of the major producers globally.

Strategic Alliances

The company reported no associates or joint ventures (Nil) as of May 2025.

🌍 External Factors

Industry Trends

The industry is shifting from conventional leaf springs to parabolic springs and air suspensions. M&HCV production grew 1% and LCV production grew 9% in Q2 FY26 vs Q1 FY26, indicating a stable but evolving demand environment.

Competitive Landscape

Key competitors include other auto component manufacturers, but JAIL maintains the highest capacity and widest geographical reach in the leaf spring segment.

Competitive Moat

Moat is built on cost leadership through 300,000 MT capacity, 11 strategic plant locations near OEMs, and long-standing relationships with major players like TML and ALL. These advantages are sustainable due to high entry barriers in OEM supply chains.

Macro Economic Sensitivity

Highly sensitive to GDP growth and infrastructure spending, which drive M&HCV demand. A slowdown in industrial activity typically leads to a sharp moderation in OEM volumes.

Consumer Behavior

OEMs are increasingly replacing conventional leaf springs with parabolic springs for better performance and weight reduction.

Geopolitical Risks

Low risk due to primary focus on the domestic Indian market; however, global supply chain disruptions could impact raw material availability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to automotive manufacturing standards and pollution norms; the company maintains a Business Responsibility and Sustainability Report (BRSR).

Environmental Compliance

Direct exposure to climate-transition risk is low as products are powertrain agnostic (used in ICE and EV), but the company is linked to the emission compliance of its OEM customers.

Taxation Policy Impact

The effective tax rate is approximately 30% based on subsidiary financials (INR 222 Cr tax on INR 725 Cr PBT).

Legal Contingencies

Not disclosed in available documents; secretarial audit reports indicate general compliance with statutory provisions.

⚠️ Risk Analysis

Key Uncertainties

Product concentration risk is high with 90-95% of revenue from leaf springs. Segment concentration is also high with heavy reliance on the M&HCV segment.