Jtekt India Limited (JTEKTINDIA)
₹116.30 +1.71% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Jtekt India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Jtekt India's revenue was ₹718 Cr (+26.9% year on year, -8.0% on the previous quarter), and net profit ₹6.2 Cr (-43.4% year on year); the operating margin was 5.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹718 | +26.9% | -8.0% |
| Operating profit | ₹38.2 | +23.2% | -46.2% |
| Net profit | ₹6.2 | -43.4% | -77.0% |
| EPS (₹) | 0.22 | -43.6% | -77.8% |
| Operating margin | 5.3% | — | — |
JTEKTINDIA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.87% of the JTEKTINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.43%. That is close to its usual level.
Delivery in the last 5 sessions: 49.4% · 58.2% · 56.7% · 57.7% · 53.9%
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
Jtekt India received a notice on September 25, 2026, indicating that the GST department plans to appeal before the GSTAT against a previous order passed in the company's favor by the Commissioner (Appeals). The original matter relates to interest on supplementary invoices issued for customer price escalations between July 2017 and March 2020. Contested amounts include a penalty of ₹2.41 crore under Section 74(1) and ₹25,000 under Section 125, plus applicable interest. The total penalty is immaterial, representing approximately 3.2% of the company's TTM PAT of ₹75 crore.
- GST department issued a notice to appeal before GSTAT against Commissioner (Appeals) order dated December 30, 2025.
- Notice involves interest on supplementary invoices for price escalations from July 2017 to March 2020.
- Contested penalties stand at ₹2,40,83,954 under Section 74(1) and ₹25,000 under Section 125.
- Notice received by the company via email on September 25, 2026, at 11:35 a.m.
- Management foresees no material operational or financial impact and is preparing a reply.
JTEKT India Limited has released the voting results and Scrutinizer's report for its 42nd Annual General Meeting (AGM) held on August 26, 2026. All proposed ordinary and special resolutions were approved with requisite majorities, including the adoption of FY26 financial statements, dividend declaration, and re-appointment of directors. Shareholders also approved key material related-party transactions with Maruti Suzuki India Limited and parent JTEKT Corporation, with over 99.9% of polled votes in favour.
- 42nd AGM concluded on August 26, 2026, with a total of 52,397 shareholders on record date.
- Approval of dividend and adoption of audited financial statements for FY ended March 31, 2026 passed with 99.99% votes in favour.
- Re-appointment of Mr. Minoru Sugisawa as Chairman & Managing Director approved via special resolution with 99.99% votes in favour.
- Material related-party transactions with key customer Maruti Suzuki India Limited approved with 99.92% votes in favour among voting non-promoter shareholders.
Jtekt India Limited conducted its 42nd Annual General Meeting on August 26, 2026, with 242 members attending via video conferencing. Key agenda items tabled included adoption of FY26 audited financial statements, dividend declaration, and the re-appointment of CMD Minoru Sugisawa along with other whole-time directors. The company also sought shareholder approval for increasing borrowing limits under Section 180(1)(c) and for material related-party transactions with key client Maruti Suzuki India Limited and parent JTEKT Corporation. Final scrutinizer voting results will be declared within two working days.
- 42nd AGM concluded on August 26, 2026, with 242 members present via video conferencing
- Special resolutions tabled for re-appointment of CMD Minoru Sugisawa and Whole-time Director Rajiv Chanana
- Approval sought for material related-party transactions with Maruti Suzuki India Limited and JTEKT Corporation
- Proposed increase in borrowing powers under Section 180(1)(c) of the Companies Act, 2013
- Final combined e-voting results to be declared within 2 working days
JTEKT India has submitted a compliance certificate regarding its Related Party Transactions (RPTs) as per SEBI Regulation 23 and industry standards. The certificate, signed by the Chairman & Managing Director and the CFO, confirms that all proposed RPTs reviewed by the Audit Committee on May 14, 2026, were conducted at arm's length and in the ordinary course of business. This filing is a procedural requirement to ensure transparency in dealings with related entities, which is significant given the company's high promoter holding of 75%. No specific transaction values or counterparty details were disclosed in this particular document.
- Certificate dated May 14, 2026, issued by the Chairman & Managing Director and CFO regarding RPT compliance.
- Audit Committee reviewed and recorded the certificate in its meeting minutes on May 14, 2026.
- Management confirms all transactions are on an arm's length basis and in the interest of the company.
- Compliance maintained under Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
JTEKT India reported a 26.8% YoY increase in revenue to ₹717.98 Cr for Q1 FY27, driven by volume growth. However, net profit declined sharply by 42.5% YoY to ₹6.22 Cr, primarily due to a 21% surge in employee benefit expenses (₹80.93 Cr) and higher material costs. Sequentially, the performance was weaker, with revenue down 8% and net profit falling 77% from Q4 FY26 levels. The company has confirmed an AGM on August 26, 2026, to approve a ₹0.75 per share dividend for the previous fiscal year.
- Revenue from operations increased 26.8% YoY to ₹717.98 Cr from ₹566.02 Cr.
- Net profit after tax fell 42.5% YoY to ₹6.22 Cr, down from ₹10.82 Cr in Q1 FY26.
- Employee benefit expenses rose significantly to ₹80.93 Cr compared to ₹66.91 Cr in the year-ago period.
- Earnings Per Share (EPS) for the quarter stood at ₹0.22, down from a restated ₹0.42 YoY.
- Final dividend of ₹0.75 per share (75%) for FY26 is scheduled for shareholder approval on August 26, 2026.
Jtekt India Limited has received a Show Cause Notice from the Additional Director General of Foreign Trade (DGFT) for the recovery of MEIS duty credit scrips. The demand, amounting to Rs 622.39, is due to an alleged excess benefit sanctioned because of incorrect foreign exchange rate adoption for FOB value conversion. The company has stated that this notice has no impact on its financial or operational activities. Given the company's TTM revenue of Rs 1,592 Cr, this specific demand is immaterial.
- Demand for recovery of MEIS duty credit scrips amounting to Rs 622.39 confirmed by DGFT.
- Notice received from the Office of the Additional Director General of Foreign Trade, CLA Delhi on August 4, 2026.
- Issue relates to the Foreign Trade Policy 2015-20 and incorrect adoption of foreign exchange rates.
- Company confirms zero impact on financial, operational, or other activities.
JTEKT India has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, detailing its ESG performance and operational structure. The company reported a turnover of Rs 2,665.58 Cr for the fiscal year, with automotive component manufacturing contributing 99.19% of revenue. The workforce is comprised of 1,080 permanent employees and 2,586 workers, though 78% of the worker base is non-permanent. Exports remain a minor segment, accounting for only 2.58% of total turnover.
- Manufacturing and assembly of automotive components contributed 99.19% of the total turnover for FY 2025-26.
- Total turnover for the reporting period was Rs 2,665.58 Cr, with a net worth of Rs 1,185.81 Cr.
- Exports accounted for 2.58% of total turnover, serving 4 international countries.
- Workforce includes 2,586 workers, of which 2,020 (78%) are other than permanent.
- Permanent worker attrition rate improved to 12.28% in FY 2025-26 from 17.50% in the previous year.
JTEKT India has fixed August 7, 2026, as the record date to determine shareholder eligibility for the final dividend of FY 2025-26. The company's 42nd Annual General Meeting (AGM) is scheduled for August 26, 2026, where the dividend will be formally declared. Shareholders holding stock as of the August 19, 2026, cut-off date will be eligible for e-voting, which occurs from August 23 to August 25. Approved dividends will be paid within 30 days of the AGM.
- Record date for final dividend entitlement is fixed as August 7, 2026.
- 42nd Annual General Meeting (AGM) scheduled for August 26, 2026, at 11:30 a.m.
- Remote e-voting period runs from August 23 (9:00 a.m.) to August 25 (5:00 p.m.), 2026.
- Cut-off date for determining e-voting eligibility is August 19, 2026.
- Final dividend payment to be completed within 30 days of the AGM date.
JTEKT India has scheduled its 42nd Annual General Meeting (AGM) for August 26, 2026, and fixed August 7, 2026, as the record date for the final dividend for FY 2025-26. The company's annual report highlights a strategic focus on expanding its driveline division, specifically Constant Velocity Joints (CVJ), and the development of a new manufacturing facility in Western India. Notably, new business from Maruti Suzuki's e-Vitara and Victoris models contributed Rs 26 Cr to H1 FY26 revenue. The company maintains a strong promoter holding of 74.98% and a leading market position in steering systems.
- Record date for final dividend eligibility is fixed as August 7, 2026.
- 42nd Annual General Meeting to be held via video conferencing on August 26, 2026.
- New business from Maruti Suzuki models (e-Vitara and Victoris) contributed Rs 26 Cr to H1 FY26 revenue.
- Remote e-voting period is set from August 23, 2026, to August 25, 2026.
- Company is initiating a new manufacturing facility in Western India to support future growth.
JTEKT India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed and reported to the depositories. This is a standard administrative filing required for all listed companies to ensure the integrity of electronic shareholding records. It has no impact on the company's financial performance or business operations.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent (RTA) confirmed as KFin Technologies Limited
- Filing confirms compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Document dated July 16, 2026, following the quarter-end
ICRA has reaffirmed JTEKT India's long-term credit rating at [ICRA]AA with a Stable outlook and its short-term rating at [ICRA]A1+. The total rated bank facilities amount to Rs 689.14 Cr, which is approximately 58% of the company's net worth (Rs 1186 Cr). The rating for long-term term loans was reaffirmed and assigned for an enhanced amount of Rs 509.29 Cr. This reaffirmation indicates a stable credit profile and continued access to debt markets at competitive rates.
- Total bank facilities rated by ICRA amount to Rs 689.14 Cr.
- Long-term rating reaffirmed at [ICRA]AA (Stable) for facilities including a Rs 509.29 Cr term loan.
- Short-term rating reaffirmed at [ICRA]A1+ for fund and non-fund based limits.
- The rated amount of Rs 689.14 Cr represents approximately 43% of TTM Revenue (Rs 1592 Cr).
- Ratings were assigned/reaffirmed by ICRA on July 08, 2026.
JTEKT India Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company stated that there is no unpublished price-sensitive information (UPSI) or impending announcements that would impact price or volume behavior. Management clarified that the recent trading activity is purely market-driven and independent of company actions. This comes as the stock has seen a 20.2% price return over the last three months, trading at a P/E of 55.9.
- NSE issued a surveillance query (Ref: NSE/CM/Surveillance/17198) on July 1, 2026, regarding volume spurts
- Company confirmed no undisclosed information exists under Regulation 30 of SEBI LODR
- Stock has delivered a 20.2% return over the last 3 months against a TTM revenue of Rs 1,592 Cr
- Promoter holding remains stable at 74.98% as of the latest filings
- Management explicitly stated they are in no way connected with the increase in price/volume
JTEKT Bearings India Private Limited, a promoter group entity, has submitted its annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The entity holds 10,909 equity shares, which constitutes a marginal 0.004% of the company's total share capital. The filing confirms that no encumbrances, pledges, or liens were created on these shares, directly or indirectly, during the reporting period. This is a routine compliance filing that maintains transparency regarding promoter shareholding status.
- Promoter group entity JTEKT Bearings India Private Limited holds 10,909 equity shares as of March 31, 2026.
- The holding represents approximately 0.004% of the total share capital of JTEKT India Limited.
- The entity confirmed zero encumbrances (pledges/liens) were created during the financial year 2025-26.
- Disclosure submitted in compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
JTEKT India Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results will be communicated separately.
- Trading window for dealing in securities will be closed from Wednesday, July 1, 2026.
- Closure pertains to the declaration of un-audited financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the board meeting results are made public.
- Complies with the Company’s Code of Conduct and SEBI Insider Trading Regulations.
JTEKT India Limited has received three notices of assessment and demand from the Excise and Taxation Authority in Gurugram, Haryana. The demand relates to the Haryana Tax on Entry of Goods into Local Areas Act, 2008, covering the financial years 2015-16 to 2017-18. The total aggregate demand amount is ₹26,91,900. The company believes there is no material impact on its financials or operations and is currently in the process of filing a formal reply against the notice.
- Received tax demand notices from the Excise and Taxation officer-cum Assessing Authority, Gurugram.
- The demand pertains to the Haryana Tax on Entry of Goods into Local Areas Act, 2008.
- Total demand amount aggregates to ₹26,91,900 for the period FY 2015-16 to FY 2017-18.
- Company is contesting the demand and states no material impact on operations or financials.
Financial Performance
Revenue Growth by Segment
The company achieved a sales growth of 4% in H1 FY26, reaching INR 1,205.1 Cr compared to INR 1,158.2 Cr in H1 FY25. This growth outperformed the Passenger Vehicle (PV) market growth of 1.6% during the same period. Q2 FY26 revenue grew 5.6% YoY to INR 639.1 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company primarily caters to the domestic Indian Passenger Vehicle industry with some exposure to overseas supply through its driveline division.
Profitability Margins
Profitability was impacted by higher fixed costs; PAT margin for H1 FY26 stood at 2.4% (INR 28.4 Cr) compared to 3.0% (INR 34.3 Cr) in H1 FY25, representing a 17% decline in absolute profit.
EBITDA Margin
EBITDA margin for H1 FY26 was 6.3% (INR 76.2 Cr), down from 7.5% (INR 86.8 Cr) in H1 FY25. However, Q2 FY26 showed sequential improvement to 7.2% from 5.3% in Q1 FY26.
Capital Expenditure
Planned capital expenditure of INR 300-350 Cr for FY26. The company has a long-term capex plan of INR 700-750 Cr over FY26-FY28 focused on capacity expansion and backward integration.
Credit Rating & Borrowing
ICRA reaffirmed healthy ratings supported by low leverage. Total Debt/OPBDIT stood at 0.8x in FY25. The company enjoys financial flexibility through its parent JTEKT Corporation, accessing unsecured loans from Japanese banks at competitive interest rates.
Operational Drivers
Raw Materials
Material costs represent the largest expense at 72.7% of total revenue (INR 875.9 Cr in H1 FY26). Specific components include forging parts like JF outer and JPL used in Constant Velocity Joints (CVJ).
Import Sources
Not disclosed in available documents, though the company receives technical support from JTEKT Corporation in Japan.
Key Suppliers
Not disclosed in available documents; however, the company currently sources critical forging parts from external vendors and is moving toward in-house production.
Capacity Expansion
Expanding capacity for CVJ and steering systems. Planned backward integration for forging parts to maintain competitiveness and secure quality for both domestic and overseas markets.
Raw Material Costs
Raw material costs increased 5% YoY to INR 875.9 Cr in H1 FY26. The company is implementing backward integration in forging to mitigate cost pressures and improve margins.
Manufacturing Efficiency
Lower capacity utilization for new production lines under trial impacted margins by 0.1%. Amalgamation of JFIN is expected to rationalize overheads and optimize resources.
Logistics & Distribution
Selling costs decreased by 11% YoY to INR 19.2 Cr in H1 FY26, suggesting improved distribution efficiency.
Strategic Growth
Expected Growth Rate
4%
Growth Strategy
Growth will be driven by new business from Maruti Suzuki (e-Vitara and Victoris models contributing INR 26 Cr in H1), expansion of the driveline division through CVJ products, and backward integration into forging to improve cost competitiveness.
Products & Services
Steering systems (CEPS, HPS, MSG) and driveline products (axle assemblies, case differentials, propellant shafts, and Constant Velocity Joints).
Brand Portfolio
JTEKT
New Products/Services
Drive Shaft (CVJ) and components for Maruti Suzuki's e-Vitara and Victoris models, which contributed INR 26 Cr to H1 FY26 revenue.
Market Expansion
Focusing on increasing market share in CVJs and expanding the driveline division to diversify the product portfolio beyond steering systems.
Market Share & Ranking
Leading position in the steering system segment in India for manual steering gears (MSG) and electronic power steering (EPS).
Strategic Alliances
Strong parentage with JTEKT Corporation (Japan) holding a 69.55% stake, providing marketing, technical, and financial support.
External Factors
Industry Trends
The PV industry is seeing a shift toward new models and EVs (like Maruti e-Vitara). JTEKT is positioning itself by introducing CVJs and supplying to new EV platforms.
Competitive Landscape
Intense competition in the steering system space and high dependence on select OEMs.
Competitive Moat
Durable moat derived from strong technological support from JTEKT Japan, a leading global manufacturer, and a robust share of business (SoB) with major Indian OEMs.
Macro Economic Sensitivity
Highly sensitive to the Indian Passenger Vehicle industry growth, which slowed to 1.6% in H1 FY26.
Consumer Behavior
Shift toward utility vehicles and new technology models is driving demand for advanced steering and driveline components.
Regulatory & Governance
Industry Regulations
Subject to automotive safety and quality standards; product recalls or high warranty costs are noted as social risks.
Risk Analysis
Key Uncertainties
Inability to absorb fixed costs (employee costs up 11% YoY) if sales targets are missed, and high concentration in the cyclical PV segment (95%).
Geographic Concentration Risk
High concentration in the domestic Indian market, specifically catering to major PV manufacturing hubs.
Third Party Dependencies
Currently dependent on external suppliers for forging parts, which the company aims to mitigate through in-house production.
Technology Obsolescence Risk
Mitigated by continuous technology transfer and support from the Japanese parent entity.
Credit & Counterparty Risk
Low risk due to long-standing relationships with leading automotive OEMs like Maruti Suzuki and Toyota.
