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JAYBARMARU - Jay Bharat Maru.

📊 NSE: JAYBARMARU 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 8:35

📢 Recent Corporate Announcements

Jay Bharat Maruti Reports Zero Requests Under SEBI Special Window for Physical Share Transfers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Mar 2026, 05:55 PM

Jay Bharat Maruti Limited has informed the exchanges that no requests were received during the special window for the transfer and demat of physical shares. This window was open from February 05, 2026, to March 04, 2026, following a SEBI circular dated January 30, 2026. The company's Registrar and Share Transfer Agent (RTA), MCS Share Transfer Agent Ltd, confirmed that zero requests were processed, approved, or rejected. This update is a standard regulatory compliance filing and does not impact the company's financial or operational performance.

Zero requests received for transfer and demat of physical shares during the special window.
The reporting period for this window was from February 05, 2026, to March 04, 2026.
Compliance was maintained as per SEBI Circular dated January 30, 2026.
The RTA, MCS Share Transfer Agent Ltd, issued a certificate confirming the nil status on March 13, 2026.

💡 No action is required from investors as this is a routine regulatory update with no impact on the company's fundamentals or stock price.

Jay Bharat Maruti Seeks Approval for MSIL Nominee Director and Chairman Remuneration

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Feb 2026, 06:22 PM

Jay Bharat Maruti Limited has issued a postal ballot notice to seek shareholder approval for two key board-related resolutions. The first involves the appointment of Mr. Sunil Kumar Kakkar as a Nominee Director representing Maruti Suzuki India Limited (MSIL). The second is a special resolution for the remuneration of Chairman Mr. Surendra Kumar Arya for FY 2025-26, specifically seeking approval if his pay exceeds 50% of the total annual remuneration payable to all non-executive directors. The e-voting process is scheduled to take place between February 13 and March 14, 2026.

Appointment of Mr. Sunil Kumar Kakkar as a Nominee Director representing Maruti Suzuki India Limited (MSIL)
Special resolution for Chairman Surendra Kumar Arya's remuneration for the Financial Year 2025-26
Approval sought for Chairman's pay exceeding 50% of total Non-Executive Director remuneration pool
Remote e-voting period starts February 13, 2026, and ends March 14, 2026
Final results of the postal ballot to be announced by March 17, 2026

💡 Investors should monitor the voting results to ensure continued board stability and alignment with Maruti Suzuki. No immediate portfolio action is required as these are standard governance procedures.

Jay Bharat Maruti to Invest Rs 170 Crores in Phase II of Kharkhoda Plant

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Feb 2026, 08:45 PM

Jay Bharat Maruti Limited (JBML) has announced a fresh investment of approximately Rs 170 crores for Phase II of its Plant J7 located in Kharkhoda, Haryana. This expansion is designed to cater to the increasing requirements of its primary customer and joint venture partner, Maruti Suzuki India Limited. The investment includes the utilization of Rs 40 crores remaining from a previously approved Rs 350 crore capex plan. This move signifies the company's commitment to scaling its manufacturing capacity for auto systems and assemblies.

Investment of approximately Rs 170 crores approved for Phase II of Plant J7 in Kharkhoda, Haryana.
Utilizes Rs 40 crores of unutilized funds from a previous Rs 350 crore capex plan announced in May 2023.
Expansion specifically targets meeting the supply requirements for Maruti Suzuki's regional operations.
Board of Directors officially approved the investment in a meeting held on February 06, 2026.

💡 Investors should view this expansion as a positive indicator of long-term revenue visibility and a strengthening relationship with Maruti Suzuki. Monitor the project's completion timeline and its subsequent impact on the company's asset turnover and margins.

Jay Bharat Maruti Q3 FY26: Net Profit Jumps to ₹18.37 Cr; Announces ₹130 Cr Capex

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:29 PM

Jay Bharat Maruti Limited (JBML) reported a strong performance for Q3 FY26, with consolidated net profit surging to ₹18.37 crore from ₹3.92 crore in the same quarter last year. Revenue from operations grew to ₹645.49 crore, significantly aided by ₹35.50 crore in incentives from the Gujarat Industrial Policy. The company also announced a strategic expansion with an additional ₹130 crore capex for Phase II of its Kharkhoda plant. Furthermore, Maruti Suzuki India Limited has nominated Sunil Kumar Kakkar as a new director, strengthening the partnership with its primary customer.

Consolidated Net Profit for Q3 FY26 rose to ₹18.37 crore, a significant increase from ₹3.92 crore YoY.
Revenue from operations reached ₹645.49 crore for the quarter, compared to ₹590.66 crore in Q3 FY25.
Approved additional capital expenditure of ₹130 crore for Phase II of Plant J7 at Kharkhoda, Haryana.
Revenue includes government incentives of ₹35.50 crore for the quarter and ₹124.20 crore for the nine-month period.
Recognized an exceptional loss of ₹6.53 crore (consolidated) due to the impact of new Labour Codes on wage definitions.

💡 Investors should view the strong profit growth and the ₹130 crore capex as positive indicators of long-term growth and alignment with Maruti Suzuki's expansion. However, monitor the sustainability of earnings as a significant portion of current profits is derived from state government incentives.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 08:27 PM

Mr. Rajiv Gandhi, a Nominee Director representing Joint Venture partner Maruti Suzuki India Limited (MSIL), has resigned from the board of Jay Bharat Maruti Limited effective February 5, 2026. The resignation is intended to facilitate MSIL's appointment of a new representative on the board, which is a routine administrative transition. The company has confirmed that there are no other material reasons for this departure. A new nominee has already been proposed by MSIL and will be formally appointed following the next board meeting.

Mr. Rajiv Gandhi (DIN: 07231734) resigned as Nominee Director effective from the close of business on February 5, 2026.
The resignation is specifically to allow JV partner Maruti Suzuki India Limited (MSIL) to rotate its board representation.
MSIL has already nominated a successor whose appointment will be processed in the upcoming board meeting.
The company explicitly stated there are no other material circumstances contributing to the resignation.

💡 This is a routine governance update within the JV framework and requires no immediate action from shareholders. Investors should look for the announcement of the new nominee's profile to ensure continued strong representation from MSIL.

Jay Bharat Maruti Q3 PAT Surges to ₹18.37 Cr; Announces ₹130 Cr Capex & New Director

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:27 PM

Jay Bharat Maruti (JBML) reported a robust performance for Q3 FY26, with consolidated Net Profit jumping to ₹18.37 crore from ₹3.92 crore in the previous year's corresponding quarter. Revenue from operations grew 9.3% YoY to ₹645.49 crore, supported by ₹35.50 crore in state incentives from the Gujarat Industrial Policy. The company also announced a significant expansion move with an additional ₹130 crore capex for Phase II of its Kharkhoda plant. Furthermore, Maruti Suzuki India Limited (MSIL) has nominated Sunil Kumar Kakkar to the board, strengthening the JV partnership oversight.

Consolidated Profit After Tax (PAT) rose significantly to ₹18.37 crore in Q3 FY26 vs ₹3.92 crore in Q3 FY25.
Revenue from operations increased to ₹645.49 crore, up from ₹590.66 crore in the same period last year.
Approved additional capital expenditure of ₹130 crore for Phase II of the Kharkhoda (Haryana) plant expansion.
Recognized an exceptional item of ₹6.53 crore (consolidated) due to the implementation of new Government Labour Codes.
Sunil Kumar Kakkar appointed as Nominee Director representing joint venture partner Maruti Suzuki India Limited.

💡 Investors should take note of the sharp improvement in profitability and the aggressive ₹130 crore expansion plan which signals strong demand visibility from Maruti Suzuki. The stock remains a key play on the Maruti Suzuki ecosystem, though the impact of state incentives on the bottom line should be monitored for long-term sustainability.

Jay Bharat Maruti Q3 PAT Surges 369% YoY to ₹18.37 Cr; Announces ₹130 Cr Additional Capex

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:27 PM

Jay Bharat Maruti Limited (JBML) reported a robust performance for the quarter ended December 31, 2025, with consolidated revenue growing 9.3% YoY to ₹645.49 crore. Net profit (PAT) witnessed a massive jump of 369% YoY, reaching ₹18.37 crore compared to ₹3.92 crore in the previous year's corresponding quarter. The bottom line was significantly bolstered by ₹35.50 crore in incentives from the Gujarat Industrial Policy. Additionally, the board approved a significant ₹130 crore capex for the expansion of its Kharkhoda plant in Haryana.

Consolidated Revenue from Operations increased 9.3% YoY to ₹645.49 crore.
Consolidated Net Profit (PAT) rose nearly 4.7x YoY to ₹18.37 crore from ₹3.92 crore.
Approved additional capital expenditure of ₹130 crore for Phase II of the Kharkhoda (Haryana) plant.
Quarterly revenue includes a state industrial incentive of ₹35.50 crore pertaining to Gujarat operations.
Recognized an exceptional loss of ₹6.53 crore (consolidated) due to the impact of new Government Labour Codes.

💡 The strong earnings growth and the announcement of a ₹130 crore capex expansion indicate a positive growth trajectory and strong alignment with Maruti Suzuki's expansion. Investors should view this as a sign of operational strengthening, though the impact of one-time incentives on margins should be noted.

Jay Bharat Maruti Appoints Sunil Kumar Kakkar as Nominee Director; Rajiv Gandhi Resigns

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 08:27 PM

Jay Bharat Maruti Limited (JBML) has announced a change in its Board of Directors representing its joint venture partner, Maruti Suzuki India Limited (MSIL). Mr. Rajiv Gandhi resigned as a Nominee Director effective February 5, 2026, to facilitate the appointment of a new representative. Consequently, Mr. Sunil Kumar Kakkar has been appointed as a Non-Executive Nominee Director effective February 6, 2026. This transition is a routine administrative change by MSIL and does not involve any material concerns or operational shifts for JBML.

Mr. Rajiv Gandhi resigned as Nominee Director effective close of business hours on February 5, 2026
Mr. Sunil Kumar Kakkar appointed as Non-Executive (Nominee) Director effective February 6, 2026
The change involves representatives from Maruti Suzuki India Limited (MSIL), a key Joint Venture partner
The company confirmed there are no material reasons for the resignation other than the nomination of a new director by MSIL

💡 This is a routine board seat rotation by the JV partner and requires no immediate action. Investors should continue to monitor the company's operational performance and its relationship with Maruti Suzuki.

Jay Bharat Maruti: MSIL Nominee Director Rajiv Gandhi Resigns to Facilitate New Appointment

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Feb 2026, 01:17 PM

Jay Bharat Maruti Limited (JBML) has announced the resignation of Mr. Rajiv Gandhi as a Nominee Director, effective February 5, 2026. Mr. Gandhi represented the company's joint venture partner, Maruti Suzuki India Limited (MSIL), on the board. The resignation is a procedural move to allow MSIL to rotate its representation and appoint a new nominee director. MSIL has already proposed a successor, and the formal appointment will be finalized in the upcoming board meeting.

Mr. Rajiv Gandhi (DIN: 07231734) resigned as Nominee Director effective close of business on February 5, 2026.
The resignation is specifically intended to enable Maruti Suzuki India Limited (MSIL) to appoint a new representative on the board.
MSIL has already nominated a replacement director for the board's consideration at the next meeting.
The company confirmed that no other material reasons exist for the resignation beyond the seat rotation.

💡 This is a routine administrative board rotation by a key joint venture partner and does not impact company fundamentals. No immediate action is required from shareholders.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 01:12 PM

Jay Bharat Maruti Limited (JBML) has announced the resignation of Mr. Rajiv Gandhi, a Nominee Director representing its joint venture partner, Maruti Suzuki India Limited (MSIL). The resignation is effective from the close of business hours on February 05, 2026. This change is a routine administrative move to allow MSIL to appoint a new representative on the JBML board. MSIL has already nominated a successor, whose appointment will be reviewed by the Board in the upcoming meeting.

Mr. Rajiv Gandhi (DIN: 07231734) resigned as Nominee Director effective February 05, 2026.
The director represented joint venture partner Maruti Suzuki India Limited (MSIL) on the board.
MSIL has already nominated a new director to fill the vacancy created by the resignation.
The company confirmed there are no other material reasons for the resignation beyond the planned replacement.

💡 This is a routine administrative change within the joint venture framework and does not impact company operations. Investors should look for the official announcement of the new nominee director in the next board meeting.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 01:06 PM

Jay Bharat Maruti Limited (JBML) has announced the resignation of Mr. Rajiv Gandhi, a Nominee Director representing its joint venture partner, Maruti Suzuki India Limited (MSIL). The resignation is effective from the close of business on February 05, 2026, and is described as a routine move to allow MSIL to appoint a new representative. MSIL has already nominated a successor, whose appointment will be considered in an upcoming Board Meeting following recommendations from the Nomination & Remuneration Committee. The company confirmed there are no other material reasons for this change.

Mr. Rajiv Gandhi (DIN: 07231734) to step down as Nominee Director effective Feb 05, 2026.
The director represented Maruti Suzuki India Limited (MSIL), a key Joint Venture partner of JBML.
MSIL has already nominated a new director to fill the upcoming vacancy.
The resignation is purely to facilitate a new appointment with no other material reasons cited.

💡 This is a routine administrative change within the joint venture framework and does not impact the company's operations or strategy. Investors should simply await the formal announcement of the new nominee director's profile.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jan 2026, 01:32 PM

Jay Bharat Maruti Limited has announced that Mr. Rajiv Gandhi, a Nominee Director representing Maruti Suzuki India Limited (MSIL), will resign effective February 05, 2026. This move is intended to facilitate MSIL in appointing a new Nominee Director to the board. MSIL, a key joint venture partner, has already nominated a successor whose appointment will be reviewed by the Nomination & Remuneration Committee. The company stated there are no other material reasons for the resignation beyond this planned transition.

Mr. Rajiv Gandhi (DIN: 07231734) to step down as Nominee Director effective close of business on February 05, 2026.
The outgoing director represents Maruti Suzuki India Limited (MSIL), a significant JV partner in the company.
MSIL has already proposed a new Nominee Director to replace Mr. Gandhi.
The resignation was officially received by the company on January 31, 2026, at 10:54 A.M.

💡 This is a routine administrative change by a joint venture partner and does not affect the company's operational fundamentals. Investors should watch for the profile of the new nominee once the board approves the appointment.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jan 2026, 01:32 PM

Mr. Rajiv Gandhi, a Nominee Director representing joint venture partner Maruti Suzuki India Limited (MSIL), has resigned from the Board of Jay Bharat Maruti Limited effective February 5, 2026. The resignation is a procedural step to allow MSIL to appoint a new representative on the board. MSIL has already nominated a successor, whose appointment will be considered in the upcoming board meeting. The company has clarified that there are no other material reasons for this resignation.

Mr. Rajiv Gandhi (DIN: 07231734) to step down as Nominee Director effective Feb 5, 2026.
Resignation is intended to facilitate the appointment of a new representative from MSIL.
MSIL has already nominated a new director to fill the upcoming vacancy.
The company confirmed no other material reasons or concerns regarding the resignation.

💡 This is a routine administrative change by the joint venture partner and does not impact business operations. Investors should watch for the profile of the new nominee once the board approves the appointment.

Jay Bharat Maruti Announces Resignation of MSIL Nominee Director Rajiv Gandhi

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jan 2026, 01:32 PM

Mr. Rajiv Gandhi, a Nominee Director representing joint venture partner Maruti Suzuki India Limited (MSIL), has resigned from the Board of Jay Bharat Maruti Limited effective February 5, 2026. This resignation is a procedural move to allow MSIL to appoint a new representative on the board. MSIL has already nominated a successor, and the formal appointment process will follow through the Nomination & Remuneration Committee. The company has clarified that there are no other material reasons for this resignation.

Mr. Rajiv Gandhi (DIN: 07231734) to step down as Nominee Director on February 5, 2026.
Resignation is specifically intended to facilitate the appointment of a new nominee from Maruti Suzuki India Limited.
MSIL has already nominated a replacement candidate for the board's consideration.
The company confirmed no other material circumstances or reasons for the resignation.

💡 This is a routine administrative update within the joint venture framework and does not impact the company's fundamentals. No immediate action is required from investors.

Jay Bharat Maruti to Consider Q3 FY26 Results on February 06, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 28 Jan 2026, 06:29 PM

Jay Bharat Maruti Limited has scheduled a board meeting on February 06, 2026, to approve its un-audited financial results for the third quarter ended December 31, 2025. The meeting will evaluate both standalone and consolidated financial performance. Consequently, the trading window for designated persons remains closed until February 08, 2026, in line with SEBI insider trading regulations. This is a routine regulatory announcement preceding the quarterly earnings release.

Board meeting scheduled for February 06, 2026, to review Q3 FY26 results.
Financial results pertain to the quarter and nine months ended December 31, 2025.
Trading window for insiders is closed until February 08, 2026.
The board will consider both standalone and consolidated financial statements.

💡 Investors should track the earnings release on February 06 for updates on margins and demand from key OEMs. No immediate action is required as this is a standard regulatory notification.

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💰 Financial Performance

Revenue Growth by Segment

The company operates entirely in the domestic Passenger Vehicle (PV) segment. Revenue grew by ~39% in FY2022 and ~13% in FY2023. However, revenue remained flattish in FY2024 (INR 2,295.86 Cr) and FY2025 (INR 2,292.95 Cr), representing a marginal decline of 0.13% due to static growth in customer volumes.

Geographic Revenue Split

100% of revenue is derived from the domestic Indian market, with manufacturing hubs strategically located in Gujarat and Haryana to serve Maruti Suzuki India Limited (MSIL) plants.

Profitability Margins

Operating profit margins were 7.4% in FY2023, 7.3% in FY2024, and 7.2% in FY2025. Net Profit Margin improved slightly from 1.37% in FY2024 to 1.39% in FY2025. Margins have been constrained by adverse commodity prices and pre-operative expenses for new plants.

EBITDA Margin

EBITDA margin was 7.30% in FY2025 (INR 167.49 Cr) compared to 7.42% in FY2024 (INR 170.26 Cr), a YoY decline of 12 basis points due to higher fixed costs and commodity price volatility.

Capital Expenditure

Planned capital expenditure of approximately INR 160 Cr for FY2025-FY2026 to support new manufacturing facilities. Historical capex was significant and debt-funded for the Gujarat greenfield facility.

Credit Rating & Borrowing

ICRA maintains a Stable outlook. Borrowing is characterized by a high dependence on short-term fund sources, leading to an asset-liability mismatch (ALM). Interest coverage ratio stood at 2.32 in FY2025.

⚙️ Operational Drivers

Raw Materials

Steel and other automotive-grade commodities represent the primary raw material costs, accounting for approximately 78.07% of total income as of 9M FY2022.

Import Sources

Not disclosed in available documents; however, the company maintains technical tie-ups with Japanese suppliers for component design.

Capacity Expansion

The company commercialized the third phase of its Gujarat greenfield facility in FY2021. Current expansion is focused on catering to MSIL's new manufacturing facilities in Gujarat.

Raw Material Costs

Raw material costs represent ~78% of revenue. Adverse commodity price movements have historically constrained operating margins by 10-20 basis points.

Manufacturing Efficiency

EBITDA of INR 167.49 Cr in FY2025 was supported by cost-control measures and benefits of operating leverage, despite flattish sales.

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

Growth is driven by following the expansion of Maruti Suzuki (MSIL) in Gujarat. The company is leveraging INR 280 Cr in government incentives (INR 78 Cr already booked) and technical tie-ups with Japanese suppliers to increase kit value per vehicle and improve revenue visibility.

Products & Services

Body in White (BIW) parts and model-specific automotive components for passenger vehicles.

Brand Portfolio

JBM Group (Flagship entity).

New Products/Services

Model-specific components for new vehicle launches by MSIL, contributing to revenue visibility through technical tie-ups.

Market Expansion

Expansion of greenfield facilities in Gujarat to cater to the OEM's new manufacturing phases.

Market Share & Ranking

Key customer MSIL holds ~41% market share in the domestic PV industry as of FY2023.

Strategic Alliances

Joint Venture with Maruti Suzuki India Limited (MSIL), which holds a 29.3% equity stake.

🌍 External Factors

Industry Trends

The PV industry is evolving toward stringent emission norms. JBML's products are powertrain-neutral (used in petrol, diesel, and EVs), mitigating technology shift risks.

Competitive Landscape

The industry is capital-intensive with high entry barriers; JBML's leadership is protected by its JV status with the market leader MSIL.

Competitive Moat

Durable competitive advantage derived from the 29.3% equity stake held by MSIL, ensuring JBML's status as a preferred strategic supplier with high switching costs.

Macro Economic Sensitivity

Highly sensitive to the domestic Passenger Vehicle (PV) industry demand; revenues declined in FY2020 and FY2021 due to economic slowdowns and lockdowns.

Consumer Behavior

Demand is driven by the shift toward new PV models and increased vehicle production volumes in the domestic market.

Geopolitical Risks

Indirect exposure through customers' ability to meet tightening emission control requirements and potential trade barriers affecting the automotive supply chain.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Indian Accounting Standards (Ind AS) and Section 133 of the Companies Act, 2013. Operations are affected by automotive emission and safety standards.