JBM Auto Limited (JBMA)
₹539.10 +0.79% last close, 16 Oct
Q2 FY27 results
📅 Next results: 26 Oct 2026 (board meeting)JBM Auto Limited's board meets on 26 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, JBM Auto's revenue was ₹1,442 Cr (+15.0% year on year, -22.1% on the previous quarter), and net profit ₹44.3 Cr (+13.4% year on year); the operating margin was 11.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,442 | +15.0% | -22.1% |
| Operating profit | ₹163 | +17.1% | -28.7% |
| Net profit | ₹44.3 | +13.4% | -47.3% |
| EPS (₹) | 1.78 | +14.1% | -43.3% |
| Operating margin | 11.3% | — | — |
JBMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.98% of the JBMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.84%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 35.4% · 48.4% · 35.9% · 42.6% · 41.0%
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
JBM Auto reported achieving a 33% market share in India's electric bus segment for September 2026, registering 274 electric buses as per Vahan data. For H1 FY27 (April–September 2026), the company recorded 892 registrations, accounting for approximately 24% of the total 3,771 industry registrations. This performance highlights continued execution of its multi-thousand e-bus order book, supporting its high-growth electric mobility segment which already contributes about one-third of overall revenues.
- Achieved 33% market share in India's electric bus market in September 2026
- Registered 274 electric buses in September 2026, highest in the country via Vahan data
- Delivered 892 electric buses in H1 FY27, capturing ~24% market share out of 3,771 total industry registrations
- Operates an NCR manufacturing facility with an annual capacity of 20,000 buses
JBM Auto Limited has released the voting results and Scrutinizer's Report for its 30th Annual General Meeting held on September 16, 2026. All proposed ordinary and special resolutions were passed with the requisite majorities, including the adoption of FY26 financial statements, dividend declaration, and an enabling resolution to approve the issue of securities (99.93% votes in favor). Additionally, shareholders approved the re-appointment of Mr. Nishant Arya as Vice-Chairman and Managing Director for three years starting May 18, 2027, despite 90.68% of voting public institutional shareholders dissenting.
- All resolutions passed at the 30th AGM with overall valid votes cast totaling 19,60,30,122 shares (82.89% voting turnout).
- Special resolution to approve the issue of securities passed with 99.93% total votes in favor.
- Re-appointment and remuneration of Mr. Nishant Arya as Vice-Chairman and MD passed with 97.95% overall favor, despite 90.68% institutional votes against.
- Ordinary resolution declaring dividend on equity shares passed with 99.9989% approval.
JBM Auto concluded its 30th Annual General Meeting, where Chairman Surendra Kumar Arya highlighted an order book exceeding 10,000 electric buses. This includes a single key order of 1,021 e-buses valued at approximately Rs 5,500 crore (equivalent to ~88% of TTM revenue of Rs 6,277 crore). The Chairman also discussed an ongoing capital-raising plan of up to Rs 40 billion (Rs 4,000 crore) and international deployments in Dubai, Jakarta, and Bali. Key resolutions placed for voting included the approval to issue securities and the re-appointment of Vice-Chairman and MD Nishant Arya for 3 years effective May 18, 2027.
- Order book stands at over 10,000 electric buses, including a single order of 1,021 e-buses valued at ~Rs 5,500 crore
- Outlined ongoing capital-raising plan of up to Rs 40 Billion (Rs 4,000 crore)
- FY26 consolidated performance reiterated: Total Income of Rs 6,227.30 crore (up 12.7%), EBITDA of Rs 843.83 crore (up 15.5%), and PAT of Rs 238.07 crore (up 10.9%)
- Shareholder approval sought for issuance of securities and re-appointment of MD Nishant Arya for 3 years w.e.f. May 18, 2027
JBM Auto Limited has fixed September 9, 2026, as the record date to determine shareholder entitlement for a final dividend of Rs 0.85 per equity share (face value Rs 1) for FY25-26. The dividend is subject to approval at the company's 30th Annual General Meeting scheduled for September 16, 2026. On an FY26 EPS of Rs 9.26 and current market price of Rs 653, this translates to a modest dividend yield of ~0.13% and a payout ratio of ~9.2%.
- Final dividend of Rs 0.85 per equity share (face value Rs 1) recommended for FY 2025-26
- Record date set for Wednesday, September 9, 2026
- 30th Annual General Meeting scheduled for Wednesday, September 16, 2026 at 11:30 AM via VC/OAVM
- Dividend was originally recommended by the Board of Directors on May 11, 2026
JBM Auto Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI regulations. The disclosure confirms that Auto Components Systems accounted for 56.57% of turnover, Electric Buses contributed 37.90%, and Tool Room operations generated 5.53%. The company operates 18 plants and 3 depots across 21 states in India, while exports contributed 0.32% of total turnover. The non-financial sustainability metrics were audited with limited assurance by Vinay and Keshava LLP.
- Auto Component Systems accounted for 56.57% of total FY26 turnover, while Electric Buses represented 37.90%
- Tool Room operations contributed 5.53% of total turnover, with exports representing 0.32%
- Operational footprint includes 18 plants, 3 working depots, and 1 corporate office across 21 states
- Workforce consists of 2,437 permanent employees, 551 permanent workers, and 9,008 non-permanent workers
JBM Auto Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its annual compliance requirements. The report details the company's business revenue breakdown, with Auto Components contributing 56.57%, Electric Buses (OEM) contributing 37.90%, and Tool Room operations contributing 5.53%. The company operates 21 domestic locations (18 plants and 3 depots) with exports representing 0.32% of total turnover. The total workforce comprises 2,437 permanent employees alongside 9,559 workers, with non-financial reporting backed by limited assurance from Vinay and Keshava LLP.
- Electric Bus segment contributed 37.90% of turnover, while Auto Components generated 56.57% in FY26.
- Exports accounted for 0.32% of total entity turnover.
- Operations span 21 Indian states via 18 manufacturing plants, 3 depots, and 1 corporate office.
- Workforce includes 2,437 permanent employees, 551 permanent workers, and 9,008 contract/non-permanent workers.
JBM Auto Limited has issued the notice for its 30th Annual General Meeting (AGM) scheduled for September 16, 2026. The agenda includes approval of an ₹0.85 per share (85% on ₹1 face value) dividend for FY26, with the record date set as September 9, 2026. Shareholders will also vote on an enabling special resolution to approve the issuance of securities across various debt and equity instruments, alongside routine director re-appointments and adoption of FY26 accounts.
- 30th Annual General Meeting scheduled for September 16, 2026 via Video Conferencing
- Final dividend proposed at 85% (₹0.85 per equity share of face value ₹1 each)
- Record date for determining dividend eligibility fixed as September 9, 2026
- Enabling special resolution proposed for issuance of securities/equity/debt instruments
JBM Auto Limited responded on 24th August 2026 to an inquiry from BSE Limited regarding a significant increase in trading volume. The company confirmed that it is fully compliant with Regulation 30 of SEBI (LODR) Regulations, 2015 and has not withheld any material or price-sensitive information. It affirmed that the recent volume movements in its shares are purely market-driven with no undisclosed events.
- Clarification issued in response to BSE email dated 24th August, 2026
- Confirmed full compliance with Regulation 30 of SEBI LODR Regulations
- Stated no material price-sensitive information has been withheld
- Clarified that share trading volumes are purely market-driven
JBM Auto Limited responded to stock exchange queries regarding an Economic Times media report titled 'Bain Capital looks to drive into JBM Auto's EV business with $300 mn bet.' The company clarified that its subsidiary, JBM Electric Vehicles Private Limited, regularly evaluates strategic options and fund-raising opportunities in the ordinary course of business. However, it stated that as on 21st August 2026, there is no material event requiring disclosure under Regulation 30. The reported $300 million (~Rs 2,500 Cr) figure would represent a substantial capital infusion relative to the company's net worth of Rs 1,288 Cr if materialized.
- Clarified media reports regarding a potential $300 million investment by Bain Capital into the EV subsidiary.
- Noted that subsidiary JBM Electric Vehicles Private Limited continuously evaluates fund-raising opportunities in the ordinary course.
- Confirmed that as of 21st August 2026, no material event or definitive agreement requires disclosure under Listing Regulation 30.
CRISIL Ratings has reaffirmed JBM Auto Limited's credit ratings at 'CRISIL A/Stable' for long-term and 'CRISIL A1' for short-term bank loan facilities. The total rated amount of Rs 2,020 crores is significant, representing approximately 33% of the company's TTM revenue of Rs 6,088 crores. This affirmation indicates a stable credit profile, which is crucial given the company's current Debt-to-Equity ratio of 1.28 and its capital-intensive expansion into the e-bus segment. The rating supports the company's ability to fund its current order book of over 2,000 electric buses.
- Long-term bank loan facilities of Rs 2,020 crores reaffirmed at 'CRISIL A/Stable'
- Short-term rating reaffirmed at 'CRISIL A1'
- Total rated facilities represent ~33% of TTM revenue (Rs 6,088 Cr)
- Rated amount exceeds current reported debt of Rs 1,654 Cr, providing headroom for growth
- Affirmation dated August 6, 2026, maintains existing credit cost expectations
JBM Auto reported a steady Q1FY27 with consolidated revenue growing 15.04% YoY to ₹1,442.45 cr. Net profit increased 15.96% to ₹42.43 cr, while the EV segment maintained a leading ~25% market share with revenues of ₹460.04 cr. A major highlight is the reduction of long-term debt by approximately ₹500 cr, representing ~30% of its TTM debt, significantly strengthening the balance sheet. Additionally, the company secured a ₹750 cr strategic investment from Motilal Oswal for its e-bus subsidiary and a new order for 500 luxury electric buses.
- Consolidated revenue increased 15.04% YoY to ₹1,442.45 cr in Q1FY27.
- Net profit rose 15.96% YoY to ₹42.43 cr, with EPS improving to ₹1.78 from ₹1.56.
- Long-term debt reduced by approximately ₹500 cr, a significant deleveraging move.
- EV business revenue grew 16.67% YoY to ₹460.04 cr, capturing ~25% market share.
- Secured a ₹750 cr strategic investment for JBM Ecolife Mobility and an order for 500 luxury e-buses.
JBM Auto's board has approved a significant fundraise of up to Rs 1,500 crore through various instruments including QIP and private placement, representing approximately 8.6% of its current market capitalization. This capital infusion is substantial, exceeding the company's current net worth of Rs 1,288 crore. Leadership continuity is secured with the re-appointment of Mr. Nishant Arya as Vice Chairman and Managing Director for a three-year term starting May 2027. The 30th Annual General Meeting is scheduled for September 16, 2026, where shareholder approval for these measures will be sought.
- Board approved fundraising of up to Rs 1,500 crore via securities issuance (QIP/Private Placement).
- Proposed fundraise represents approximately 116% of the company's current net worth of Rs 1,288 crore.
- Mr. Nishant Arya re-appointed as Vice Chairman cum Managing Director for 3 years effective May 18, 2027.
- 30th Annual General Meeting (AGM) set for September 16, 2026, via video conferencing.
- Consolidated net loss of Rs 13.17 crore reported for one joint venture and its twelve subsidiaries for Q1 FY27.
JBM Auto's board has approved the re-appointment of Mr. Nishant Arya as Vice Chairman and Managing Director for a three-year term starting May 18, 2027. The board also recommended the continuation of Mr. Praveen Kumar Tripathi as a Non-Executive Independent Director beyond the age of 75, until his term expires in July 2029. These moves ensure leadership continuity as the company manages its ₹6,088 Cr TTM revenue operations and executes an order book of over 2,000 electric buses. Both appointments are subject to shareholder approval at the upcoming Annual General Meeting.
- Re-appointment of Mr. Nishant Arya as MD for a 3-year term effective from May 18, 2027
- Continuation of Mr. Praveen Kumar Tripathi as Independent Director until July 10, 2029
- Mr. Tripathi will reach the regulatory age threshold of 75 years on December 14, 2027
- Mr. Nishant Arya is the son of the Chairman, maintaining the current promoter-led management structure
- The board meeting for these approvals commenced at 1:45 PM and concluded at 3:10 PM on July 30, 2026
JBM Auto's board has approved a significant fundraise of up to Rs 1,500 crore through various instruments including QIP, FPO, or private placement. This proposed amount is substantial, representing approximately 116% of the company's current net worth (Rs 1,288 Cr) and 8.6% of its market capitalization. The capital is likely intended to fund the execution of its 2,000+ electric bus order book and ongoing expansion in the EV segment. Additionally, the board approved Q1 FY27 results and re-appointed Mr. Nishant Arya as Managing Director for a three-year term starting May 2027.
- Board approved fundraising of up to Rs 1,500 crore via securities issuance subject to shareholder approval
- Proposed fundraise represents ~116% of the company's current net worth of Rs 1,288 crore
- Mr. Nishant Arya re-appointed as Vice Chairman cum Managing Director for 3 years effective May 18, 2027
- Annual General Meeting (AGM) scheduled for September 16, 2026, to finalize these approvals
- Auditor's report for Q1 FY27 noted subsidiary revenues of Rs 57.45 crore and JV profits of Rs 10.97 crore
JBM Auto's board has approved a significant fundraise of up to ₹1,500 Crores through various instruments including QIP and private placement, subject to shareholder approval. This proposed amount is substantial, representing approximately 8.6% of the current market capitalization and exceeding the company's total net worth of ₹1,288 Crores. Additionally, the board approved the re-appointment of Mr. Nishant Arya as Managing Director for a three-year term starting May 2027. The company also finalized its Q1 FY27 results and scheduled its AGM for September 16, 2026.
- Board approved a fundraise of up to ₹1,500 Crores via QIP, FPO, or private placement.
- Mr. Nishant Arya re-appointed as Vice Chairman cum MD for 3 years effective May 18, 2027.
- One consolidated Joint Venture (with 12 subsidiaries) reported a net loss of ₹13.17 Crores for Q1 FY27.
- Five subsidiaries contributed ₹57.45 Crores in revenue and ₹3.60 Crores in PAT for the quarter.
- Annual General Meeting (AGM) fixed for September 16, 2026.
Financial Performance
Revenue Growth by Segment
The component business accounts for 55% of total revenue, while the e-bus division contributed 33% in fiscal 2024. The high-margin tooling business contributes approximately 6% of revenue. Revenue from the e-bus segment is projected to stabilize at 24-25% over the medium term as the company executes its order book of over 2,000 electric buses.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company operates across multiple municipal corporation transport divisions in India and maintains a global scale for mobility solutions.
Profitability Margins
Networth is projected to grow from INR 919 Cr in fiscal 2024 to INR 1,100 Cr in fiscal 2025 (a 19.7% increase) and reach INR 1,300-1,600 Cr over the medium term. Interest coverage is expected to improve to above 3.5 times in fiscal 2026, up from 3.1 times expected in fiscal 2025.
EBITDA Margin
The debt to EBITDA ratio was approximately 4.0 times in fiscal 2024. It is projected to reduce to 3.3 times in fiscal 2025 and further to 2.8-3.0 times over the medium term, representing a significant improvement in core leverage and operational profitability.
Capital Expenditure
The company invested approximately INR 600 Cr over the last 3 years to expand bus manufacturing capacity. Future capex for the next 2-3 years will be limited to maintenance capex and specific investments in JBM Green Energy Systems Pvt Ltd, alongside an INR 800 Cr equity infusion into Gross Cost Contract (GCC) SPVs between fiscal 2024 and 2026.
Credit Rating & Borrowing
CRISIL A/Stable for long-term and CRISIL A1 for short-term bank facilities. Fund-based bank limit utilization averaged 93% through October 2024 but is expected to decrease following the disbursement of INR 450 Cr of debt in GCC SPVs by December 2024.
Operational Drivers
Raw Materials
Sheet metal, steel, tools, dies, and moulds are the primary raw materials used for manufacturing components and assemblies. Specific percentage of total cost for each material is not disclosed.
Capacity Expansion
Current bus manufacturing capacity was recently expanded via an INR 600 Cr investment. The company is currently executing an order book of over 2,000 electric buses for various municipal corporations.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company's profitability is sensitive to the ability of auto OEMs to sustain performance, which dictates procurement volumes.
Manufacturing Efficiency
The tooling business is identified as a high-margin segment (6% of revenue) that supports overall manufacturing efficiency. Capacity utilization for bank limits was 67% as of March 2025.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by the ramp-up of the e-bus segment, which already contributes 33% of revenue, and the execution of orders for over 2,000 e-buses. The company is investing INR 800 Cr in GCC SPVs to support tenders won under CESL-1 and CESL-2. Diversification into EV ecosystem solutions like charging infrastructure and renewable energy projects further supports this CAGR.
Products & Services
Electric buses (e-buses), sheet metal components, assemblies, sub-assemblies, tools, dies, moulds, logistics vehicles, and construction machinery.
Brand Portfolio
JBM, JBM Ecolife, JBM Electric Vehicle.
New Products/Services
Tailor Welded Blanks (TWBs), EV charging infrastructure, and specialized electric logistics vehicles.
Market Expansion
Expansion into the electric bus market via municipal corporation contracts and setting up dedicated subsidiaries/SPVs to cater to regional demand (e.g., Surat, Bhubaneswar, Mumbai, Haryana).
Market Share & Ranking
Not disclosed as a specific percentage, but the company is described as having an established market position in auto components and a strong foray into e-bus manufacturing.
Strategic Alliances
Joint Ventures include JBM Green Energy Systems Pvt Ltd, JBM EV Industries, JBM Ogihara Automotive India Ltd, and JBM Ogihara Die Tech Pvt Ltd.
External Factors
Industry Trends
The industry is shifting toward electric mobility and green energy. JBM is positioning itself by transitioning from a pure component maker to an EV bus OEM and ecosystem provider, with e-buses now making up 33% of revenue.
Competitive Landscape
Competes with other auto component manufacturers and bus OEMs; competitive edge is maintained through integrated EV solutions and high-margin tooling capabilities.
Competitive Moat
Moat is built on long-standing relationships with major OEMs (Tata, M&M), specialized manufacturing of Tailor Welded Blanks, and early-mover advantage in the Indian e-bus market with a robust order book.
Macro Economic Sensitivity
Highly sensitive to the cyclical demand patterns of the Indian automobile industry and government decarbonization agendas.
Consumer Behavior
Increasing preference for sustainable and clean public transport is driving municipal demand for JBM’s electric buses.
Geopolitical Risks
Not disclosed; however, the company notes that global decarbonization trends are a primary driver for its e-bus business.
Regulatory & Governance
Industry Regulations
Operations are subject to automotive safety standards, environmental regulations regarding emissions, and municipal tender requirements for electric vehicle deployment.
Environmental Compliance
The company adheres to ISO 45001:2018 and is focused on reducing freshwater use, cutting GHG emissions, and improving waste management. ESG performance is overseen by the Risk Management and Sustainability Committee.
Legal Contingencies
Not disclosed in available documents; however, the company has established a Code of Conduct to manage potential conflicts of interest and unethical business conduct risks.
Risk Analysis
Key Uncertainties
Sustained high leverage (debt to EBITDA of 4.0x) and the potential for lower-than-expected cash accruals (below INR 250-350 Cr) are primary risks that could impact credit ratings.
Geographic Concentration Risk
Significant exposure to the Indian market, specifically through municipal contracts for e-buses across various states.
Third Party Dependencies
High dependency on major auto OEMs (Tata Motors, M&M) for 55% of revenue in the component segment.
Technology Obsolescence Risk
Risk is mitigated by active investment in EV technologies and renewable energy projects to stay ahead of the transition from internal combustion engines.
Credit & Counterparty Risk
Exposure to municipal corporations for bus contracts; however, the company reports no related party defaults in the last financial year.
