🔍

Jullundur Motor Agency (Delhi) Limited (JMA)

₹85.55 -1.03% last close, 16 Oct

📊 NSE: JMA 🏢 Auto Ancillaries 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Jullundur Motor's revenue was ₹160 Cr (+15.4% year on year, -7.0% on the previous quarter), and net profit ₹8.0 Cr (+41.7% year on year); the operating margin was 5.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹160	+15.4%	-7.0%
Operating profit	₹8.8	+62.4%	-19.3%
Net profit	₹8.0	+41.7%	-17.8%
EPS (₹)	3.43	+42.3%	-18.1%
Operating margin	5.5%	—	—

Full quarterly financials → Results calendar →

JMA delivery percentage

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

On Fri, 16 Oct 2026, 63.91% of the JMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.67%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.

63.91%Delivery, 16 Oct

68.67%Own 20-session average

0.3×Volume vs its average

₹85.55NSE close · -1.03%

Delivery in the last 5 sessions: 81.4% · 77.9% · 80.4% · 79.4% · 63.9%

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

JMA Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 03:05 PM

Jullundur Motor Agency (Delhi) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent, Mas Services Limited, for the quarter covering 01/07/2026 to 30/09/2026. Mas Services confirmed that securities received for dematerialization were processed, confirmed, and cancelled within the prescribed limit of 15 days. This is a standard quarterly administrative filing with no impact on business operations or financials.

Compliance certificate pertains to the period from 01/07/2026 to 30/09/2026
Confirmation issued by RTA Mas Services Limited on October 06, 2026
Processed dematerialization requests confirmed within the regulatory limit of 15 days
Security certificates verified, mutilated, and cancelled as per SEBI regulations

💡 No action is required as this is a routine administrative compliance filing. Investors should monitor upcoming quarterly financial results for material business updates.

Jullundur Motor Agency Concludes 77th AGM; 6 Resolutions Put to Vote Including MD Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 05:57 PM

Jullundur Motor Agency (Delhi) Limited conducted its 77th Annual General Meeting on August 25, 2026, via Video Conferencing with 71 members present. The company put forward 6 resolutions to shareholders, covering the adoption of FY26 audited financial statements, dividend declaration, and director re-appointments. Key special business included the appointment of CEO Varoon Malik as Director and Managing Director. Scrutinizer voting results will be declared and submitted to the exchange on or before August 27, 2026.

Concluded 77th Annual General Meeting on August 25, 2026, with 71 members attending via VC/OAVM
Transacted 6 resolutions including FY26 dividend approval and financial statement adoption
Put forward ordinary resolution for appointment of Shri Varoon Malik as Managing Director
Voting window closed post-AGM; final voting results and Scrutinizer report due on or before August 27, 2026

💡 Track the formal disclosure of voting results and Scrutinizer's report to confirm the approval of the dividend and the formal appointment of the Managing Director.

JMA Shareholders Approve Appointment of Varoon Malik as Managing Director w.e.f. Sept 1, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 25 Aug 2026, 05:57 PM

Shareholders of Jullundur Motor Agency (Delhi) Limited approved the appointment of Mr. Varoon Malik as Managing Director at the 77th AGM held on August 25, 2026, effective September 1, 2026. The resolution passed with 99.86% favorable votes among public institutions and non-institutional voters (597,059 votes in favour out of 597,902 polled). Shareholders also approved the adoption of FY26 financial statements and the annual dividend on equity shares.

Appointment of Mr. Varoon Malik as Managing Director approved with 99.8590% votes in favour (597,059 votes)
Effective date of appointment as Managing Director is September 1, 2026
Adoption of FY26 Standalone and Consolidated Financial Statements approved with 99.9932% approval (12,200,207 votes in favour)
Declaration of dividend for the financial year ended March 31, 2026, approved at the 77th AGM

💡 Track the strategic priorities and operational execution under the new leadership in upcoming quarterly results, particularly regarding expansion into Tier-II/Tier-III distribution markets.

JMA Q1 FY27 PAT Grows 48% YoY to ₹6.09 Cr; Revenue Up 17% to ₹124.99 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 02:58 PM

Jullundur Motor Agency (JMA) reported a strong year-on-year performance for Q1 FY27, with standalone revenue rising 17.4% to ₹124.99 Cr compared to ₹106.47 Cr in Q1 FY26. Net profit saw a significant jump of 48.2% YoY, reaching ₹6.09 Cr. However, on a sequential basis, revenue and PAT declined by 8.2% and 22.5% respectively from the March 2026 quarter, reflecting typical seasonality. The company remains debt-free with a conservative P/E of 6.9, maintaining its focus on auto component distribution.

Revenue from operations increased 17.4% YoY to ₹124.99 Cr from ₹106.47 Cr.
Net Profit after tax surged 48.2% YoY to ₹6.09 Cr from ₹4.11 Cr.
Earnings Per Share (EPS) improved to ₹2.67 from ₹1.80 in the year-ago quarter.
Total expenses for the quarter rose to ₹118.62 Cr, primarily driven by stock-in-trade purchases of ₹109.52 Cr.
The company maintains a debt-free status with a net worth of ₹234 Cr as per latest annual data.

💡 Investors should monitor if the company can maintain this double-digit YoY growth momentum in the coming quarters and track the progress of its expansion into Tier-II and Tier-III cities.

Aug 18, 2026 set as Record Date for Final Dividend and 77th AGM

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 31 Jul 2026, 02:22 PM

Jullundur Motor Agency (JMA) has fixed August 18, 2026, as the record date to determine shareholder eligibility for its final dividend and e-voting at the upcoming 77th Annual General Meeting. The AGM is scheduled for August 25, 2026, via video conferencing. If approved, the dividend will be paid to eligible members on or before September 23, 2026. The company maintains a debt-free balance sheet with a TTM PAT of Rs 30.22 cr as of FY26.

Record date fixed for August 18, 2026, for dividend and e-voting eligibility.
77th Annual General Meeting (AGM) scheduled for August 25, 2026, at 11:00 A.M.
Final dividend payment deadline set for September 23, 2026, within 30 days of the AGM.
Company reported FY26 revenue of Rs 621.90 cr and PAT of Rs 30.22 cr.

💡 Investors should ensure shares are held in their demat account by the record date to be eligible for the dividend; the specific dividend amount per share will be confirmed in the AGM notice.

₹3 Dividend Announced; JMA Schedules 77th AGM for August 25, 2026

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 31 Jul 2026, 02:16 PM

Jullundur Motor Agency (JMA) has scheduled its 77th Annual General Meeting for August 25, 2026, to approve a final dividend of ₹3 per share (150% of face value), which includes a ₹1 special dividend. The company has fixed August 18, 2026, as the record date for this payout. For FY26, JMA reported a net profit of ₹30.22 Cr on revenues of ₹621.90 Cr, reflecting steady growth from FY25's ₹26.21 Cr profit. The dividend represents a yield of approximately 3.4% based on the current price of ₹87.

Recommended final dividend of ₹3 per equity share (150% of ₹2 face value), including a ₹1 special dividend.
Record date for dividend entitlement fixed as August 18, 2026.
FY26 Revenue grew to ₹621.90 Cr from ₹555.72 Cr in the previous year.
FY26 Net Profit increased to ₹30.22 Cr, resulting in an EPS of ₹13.01.
The company remains debt-free with a net worth of ₹234 Cr as of March 2026.

💡 Investors should note the August 18 record date to be eligible for the ₹3 dividend. Review the full Annual Report for management's strategy on expanding into Tier-II and Tier-III cities to counter OEM competition.

JMA Clarifies Signing Authority for FY26 Results Following NSE Query

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Jul 2026, 06:17 PM

Jullundur Motor Agency (JMA) has provided a clarification to the NSE regarding the signing of its audited financial results for the quarter and year ended March 31, 2026. The company explained that it currently operates without a Managing Director or Whole-time Director. Consequently, the Board passed a resolution on May 28, 2026, authorizing Smt. Shuchi Arora, a Non-executive Director, to sign the results. This procedural clarification does not impact the company's reported TTM revenue of ₹622 Cr or TTM PAT of ₹30 Cr.

Board Resolution No. 3 dated May 28, 2026, formally authorized the signing of financial results by a Non-executive Director.
The company confirmed it has no Managing Director or Whole-time Director currently on its Board.
The Chairperson, a practicing Chartered Accountant, abstained from signing to comply with ICAI Code of Ethics.
The clarification was submitted on June 25, 2026, in response to an NSE query dated June 24, 2026.
JMA reported a TTM PAT of ₹30 Cr and maintains a debt-free balance sheet as of the latest filings.

💡 Investors should note this as a routine governance clarification; however, they may monitor for any future appointments of executive directors (MD/WTD) to the board.

JMA Submits Quarterly Compliance Certificate for Share Dematerialization (Q1 FY27)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 03:13 PM

Jullundur Motor Agency (Delhi) Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by its Registrar and Share Transfer Agent (RTA), Mas Services Limited, covers the period from April 1, 2026, to June 30, 2026. It confirms that all share dematerialization requests were processed and certificates mutilated within the mandated 15-day timeline. This is a standard administrative filing with no impact on the company's TTM revenue of ₹622 Cr or its operational performance.

Compliance certificate covers the quarterly period from 01st April, 2026 to 30th June, 2026
RTA confirmed processing of dematerialization requests within the regulatory limit of 15 days
Physical security certificates were mutilated and cancelled after due verification as per SEBI norms
The company maintains a debt-free status with a net worth of ₹234 Cr as per latest financial context

💡 This is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results to track its expansion into Tier-II and Tier-III cities.

Trading Window Closure from July 1, 2026, for Q1 FY 2026-27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 01:58 PM

Jullundur Motor Agency (Delhi) Limited (JMA) has announced the closure of its trading window for all designated persons and their relatives starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. The company currently maintains a debt-free balance sheet with a TTM revenue of ₹622 Cr.

Trading window closure effective from July 1, 2026.
Window to remain closed until 48 hours after the Q1 FY 2026-27 results declaration.
Company reported TTM revenue of ₹622 Cr and TTM PAT of ₹30 Cr.
Promoter holding remains stable at 51.0% as of March 2026.

💡 Investors should watch for the upcoming announcement of the Board Meeting date, which will specify when the Q1 FY 2026-27 results will be released.

JMA Promoter Shuchi Arora Acquires 8.18% Stake via Transmission

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 Jun 2026, 04:15 PM

Smt. Shuchi Arora, a promoter of Jullundur Motor Agency (Delhi) Limited, has acquired 18,67,311 equity shares, representing 8.18% of the company's total share capital. This acquisition occurred through the transmission of shares from the late Santosh Sondhi, who was also a promoter and the mother of the acquirer. Following this transaction, Shuchi Arora's individual holding has increased from 31.55% to 39.73%. The transaction is exempt from the open offer requirement under Regulation 10(1)(g) of the SEBI (SAST) Regulations, 2011.

Acquisition of 18,67,311 shares representing 8.18% of the total share capital
Shares transferred from Late Santosh Sondhi (Deceased Promoter) to Smt. Shuchi Arora
Acquirer's individual stake increased from 72,06,400 shares (31.55%) to 90,73,711 shares (39.73%)
Transaction executed as a transmission of shares, qualifying for SEBI exemption from open offer

💡 This is a routine administrative transmission of shares within the promoter group due to inheritance. It does not reflect a change in company fundamentals or market-driven sentiment, so no immediate action is required.

JMA Updates Promoter Group Following Share Transmission; Total Stake Remains at 51.00%

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Jun 2026, 03:07 PM

Jullundur Motor Agency (Delhi) Limited has informed the exchange of a change in its promoter group following the demise of Smt. Santosh Sondhi. Her shareholding has been transmitted to her daughter, Smt. Shuchi Arora, who is an existing Promoter and Director of the company. As a result of this transmission, Smt. Santosh Sondhi has ceased to be a promoter. Crucially, there is no change in the aggregate shareholding of the promoter and promoter group, which remains at 51.00%.

Smt. Santosh Sondhi ceases to be a promoter following her demise and subsequent share transmission.
Smt. Shuchi Arora's individual promoter holding now stands at 90,73,711 shares, representing 39.73% of the share capital.
The total promoter and promoter group shareholding remains unchanged at 1,16,49,038 shares or 51.00%.
The update is a regulatory compliance filing under Regulation 31A (6) (c) of SEBI LODR Regulations.

💡 This is a routine administrative update regarding inheritance-based share transmission; investors should note that the controlling interest and total promoter stake remain stable.

JMA Recommends ₹3/Share Final Dividend (150%) for FY26, Including Special Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 28 May 2026, 05:37 PM

Jullundur Motor Agency (Delhi) Limited has recommended a final dividend of ₹3 per equity share (150% of ₹2 face value) for the financial year ended March 31, 2026. This payout includes a special dividend of ₹1 per share (50%) in addition to the regular final dividend of ₹2. The company has also announced the appointment of Varoon Malik as Managing Director for a five-year term starting September 2026. The dividend is subject to shareholder approval at the upcoming AGM scheduled for August 25, 2026.

Recommended total final dividend of ₹3 per equity share of face value ₹2 each.
Dividend includes a special dividend component of ₹1 per share (50%).
Varoon Malik appointed as Managing Director for a 5-year term effective September 1, 2026.
77th Annual General Meeting to be held on August 25, 2026, via video conferencing.
Dividend payment to be completed on or before September 23, 2026, post-shareholder approval.

💡 Investors should monitor the upcoming book closure or record date to ensure eligibility for the ₹3 per share dividend. The inclusion of a special dividend indicates a healthy cash position and positive management outlook.

JMA Declares ₹3 Dividend (150%) and Appoints Varoon Malik as MD

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 28 May 2026, 05:37 PM

Jullundur Motor Agency (JMA) has recommended a final dividend of ₹3 per equity share (150% of face value), which includes a ₹1 special dividend for the financial year 2025-26. The company also announced a significant leadership transition, appointing Shri Varoon Malik as Managing Director for a five-year term starting September 1, 2026. The board approved the audited financial results for Q4 and FY26 with an unmodified audit opinion, signaling financial transparency and stability.

Recommended a final dividend of ₹3 per share of ₹2 face value, including a ₹1 special dividend.
Appointed Shri Varoon Malik as Managing Director for a 5-year term effective September 1, 2026.
Reported audited financial results for FY 2025-26 with an unmodified auditor's opinion.
The 77th Annual General Meeting is scheduled for August 25, 2026.
Dividend payment is expected to be completed by September 23, 2026, subject to shareholder approval.

💡 Investors should look positively at the 150% dividend payout and the clear leadership succession plan. Existing shareholders should remain invested to benefit from the dividend, while new investors should analyze the detailed FY26 earnings growth before entry.

JMA Submits Annual Promoter Share Encumbrance Disclosure for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 06 May 2026, 07:23 PM

Jullundur Motor Agency (Delhi) Limited has submitted its annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations for the financial year ending March 31, 2026. The declaration confirms that the promoter group and persons acting in concert have not created any encumbrance or pledge on their shareholding during the year. This is a routine annual compliance filing aimed at maintaining transparency regarding promoter holdings. It indicates that the promoters have not used their equity as collateral for loans during the specified period.

Annual declaration submitted under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Covers the full financial year period ending March 31, 2026.
Confirms zero encumbrance or pledges by the promoter group and persons acting in concert.
The filing is a standard regulatory requirement for listed companies in India.

💡 No immediate action is required as this is a routine regulatory filing. Investors should view the lack of pledged shares as a positive sign of promoter financial stability.

JMA to Close Trading Window from April 1, 2026 for Q4 and FY2026 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Mar 2026, 02:00 PM

Jullundur Motor Agency (Delhi) Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the audited financial results for the fourth quarter and the full financial year ending March 31, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated in due course.

Trading window closure begins on Wednesday, April 1, 2026.
Closure pertains to the Audited Financial Results for Q4 and FY ending March 31, 2026.
Window will reopen 48 hours after the official declaration of the financial results.
Designated persons and their relatives are prohibited from trading in equity shares during this period.
The date for the Board Meeting to consider results is yet to be announced.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to assess the company's year-end financial performance.

View All JMA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Company registered a total turnover of INR 43,177.73 lakhs in FY 2024-2025, representing a modest growth rate of 2.18% YoY. Its material subsidiary, JMA Marketing Limited, contributed a turnover of INR 12,394.06 Lakhs, driven by new supply rights for key products in the Western region.

Geographic Revenue Split

While specific regional percentages are not provided, the company is aggressively targeting Tier-II and Tier-III cities to cover previously untapped areas. The subsidiary has a significant presence in the Western region of India.

Profitability Margins

Profit before tax (PBT) stood at INR 2,741.86 lakhs, a decrease of 0.80% compared to INR 2,763.98 lakhs in the previous year. Net profit for the material subsidiary was INR 673.45 Lakhs. The drop in profitability is attributed to increased competition and higher working capital requirements.

EBITDA Margin

Not explicitly disclosed, but the Return on Equity (ROE) dropped from 11.11% to 9.93% due to low growth in profit and pressure on gross margins from enhanced competition in the aftermarket.

Capital Expenditure

Historical and planned CAPEX is focused on opening new outlets and sales units in potential tier-II & tier-III towns to expand the distribution footprint, though specific INR Cr values for future spend are not disclosed.

Credit Rating & Borrowing

JMA is a debt-free company. However, the management noted that high borrowing interest rates in the market (impacting the distribution chain) led to lower inventory levels at dealer premises, which the company expects to reverse as rates decrease.

⚙️ Operational Drivers

Raw Materials

Auto spare parts and components (distribution model). Raw material pricing for manufacturers was stable in FY 2024-2025, resulting in minimal revenue increases from price hikes.

Capacity Expansion

The company operates as a distributor rather than a manufacturer; expansion is measured by the addition of new product lines and the opening of new sales outlets in uncovered Tier-II and Tier-III locations.

Raw Material Costs

Raw material prices were stable in FY 2024-2025; however, the company noted that gross profit was under pressure due to aggressive competition from Original Equipment Manufacturers (OEMs) in the secondary market.

Manufacturing Efficiency

As a distribution-led business, efficiency is driven by the ERP system and the widening replacement window for aftermarket spares due to improved technology and part quality.

Logistics & Distribution

Distribution is handled through a network of outlets; transport is cited as an integral cost, with the company advocating for a reduction in the 28% GST rate to provide relief to the industry.

📈 Strategic Growth

Expected Growth Rate

2.18%

Growth Strategy

Growth will be achieved by adding more products and lines to the existing product mix and focusing on geographic expansion into Tier-II and Tier-III cities. The company is also leveraging its material subsidiary, JMA Marketing Limited, which recently bagged supply rights for key products in the Western region.

Products & Services

Distribution of auto spare parts and auto components in the secondary/aftermarket.

Brand Portfolio

Jullundur Motor Agency (Delhi) Limited, JMA Marketing Limited.

New Products/Services

The company is in the process of adding more products/lines to its product mix to cater to uncovered areas, though specific revenue contribution percentages for new launches are not disclosed.

Market Expansion

Targeting expansion in Tier-II and Tier-III cities and towns across India to reach uncovered territories.

Strategic Alliances

The company operates through its material subsidiary, JMA Marketing Limited (100% or majority ownership implied by 'material subsidiary' status).

🌍 External Factors

Industry Trends

The secondary market for auto components is seeing increased competition from OEMs and new entrants. While better infrastructure reduces part wear, the overall market is evolving with technology improvements that extend part life.

Competitive Landscape

Facing aggressive competition from OEMs and new entrants expanding their product lines in the aftermarket segment.

Competitive Moat

The company possesses a 98-year legacy (76 years as a limited company) and a deep-rooted distribution network. Its moat is built on long-term relationships with suppliers and customers, though this is being challenged by OEM direct-to-market strategies.

Macro Economic Sensitivity

Highly sensitive to interest rates; high borrowing costs for dealers lead to lower inventory holding, while expected rate cuts are projected to boost inventory levels and company sales.

Consumer Behavior

Dealers are exhibiting cautious behavior by holding lower inventory levels due to high interest rates, though demand remains linked to the overall transport activity in the country.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and SEBI (LODR) Regulations. The company is not required to have a Risk Management Committee as it does not fall within the top 1000 listed companies by market capitalization.

Environmental Compliance

The company spent INR 57.93 lakhs on CSR initiatives in FY 2024-2025, exceeding the statutory requirement of INR 57.90 lakhs (2% of average net profit of INR 2,895.12 lakhs).

Taxation Policy Impact

Most automobile vehicles and spare parts attract the highest GST rate of 28%, which the company identifies as a major hurdle for industry growth.

Legal Contingencies

The company reported that there were no investor complaints unresolved or pending as of March 31, 2025. Specific values for other pending court cases were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the aggressive posture of OEMs in the secondary market which could lead to a loss of market share for independent distributors. Gross profit margins are expected to remain under pressure.

Geographic Concentration Risk

The company is currently concentrated in existing regions but is actively diversifying into Tier-II and Tier-III towns to mitigate regional stagnation.

Third Party Dependencies

Dependency on auto component manufacturers for supply; the subsidiary recently secured supply rights for a key product in the Western region, indicating high dependency on specific product mandates.

Technology Obsolescence Risk

Continuous improvement in the quality and technology of parts is widening the replacement window, which acts as a risk to the frequency of replacement part sales.

Credit & Counterparty Risk

The company monitors credit through its ERP system; working capital has increased across the distribution chain, indicating potential liquidity pressure on counterparties.