JAMNAAUTO
Micro CapJamna Auto Industries Limited
Auto
Jamna Auto Industries Ltd. is India's pioneer and market leader in automotive suspension solutions, offering leaf springs, parabolic springs, lift axles, and suspension systems. It serves major OEMs and has a pan-India aftermarket network, expanding its global footprint with 10 manufacturing locations.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +32% YoY · PAT +74% YoY · margin expansion · +26% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹840 Cr | +31.7% | +25.8% |
| EBITDA | ₹137 Cr | +63.1% | +20.2% |
| Operating margin | 16.0% | +300 bps | -100 bps |
| PAT | ₹87 Cr | +74.0% | +50.0% |
| PAT margin | 10.4% | +252 bps | +168 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Jamna Auto reported its strongest-ever Q4 FY26 performance with record revenue of INR 840 Cr, up 32% YoY and 26% QoQ, and PBT of INR 116 Cr, up 61% YoY and 40% QoQ, driven by M&HCV/LCV recovery and aftermarket momentum.
The company delivered record quarterly and full-year performance, driven by broad-based recovery in M&HCV and LCV segments, coupled with strong aftermarket momentum. Strategic initiatives like new capacity commissioning, export expansion, and new product launches are progressing, supporting the 'Lakshya RISE 5000' long-term growth trajectory.
Revenue Mix
Latest issuer-disclosed distribution across 2 reported categories.
M&HCV and LCV Segment Recovery
Performance driven by a broad-based recovery across the M&HCV and LCV segments.
Aftermarket Momentum
Strong aftermarket momentum supported the performance, with allied products share expanding to 8% of the portfolio.
New Product Launches
Launched Slipper Suspension & Drop Axle, started supply to Ashok Leyland. Commenced Stabilizer Bar supply to Mahindra & Mahindra Ltd.
Export Expansion
Commenced Exports to Global Players Like Stellantis, expanding global footprint to 17 countries.
New Manufacturing Capacities
Commissioned New Capacities: Adityapur (Parabolic Spring) and Indore (Leaf Spring and U Bolt).
Trailer Suspension Service Network
Established Pan-India trailer suspension service network with 29 Authorised Service Centre's and a dedicated Training Centre.
M&HCV Production Growth
Q4 FY26 M&HCV Production increased 26% YoY and 29% QoQ, indicating strong industry demand.
LCV Production Growth
Q4 FY26 LCV Production increased 16% YoY and 19% QoQ, contributing to overall volume growth.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 FY26 results show strong sequential momentum (QoQ) in revenue and profitability, indicating robust operational execution. The significant YoY growth also reflects a strong recovery and improved market conditions compared to the previous year, making both comparisons relevant.
Net Sales
Q4 FY25-26 Net Sales: 840 Cr (26% QoQ, 32% YoY)
EBITDA
Q4 FY25-26 EBITDA: 138 Cr (31% QoQ, 62% YoY)
PBT
Q4 FY25-26 PBT: 116 Cr (40% QoQ, 61% YoY)
M&HCV Production Growth
Q4 FY26 vs Q4 FY25: 26% Increase; Q4 FY26 vs Q3 FY26: 29% Increase
Lakshya RISE 5000 Targets
Target is to achieve Rs. 5,000 crores Revenue, New Markets (Indian After Market +Export) to be 40% of Revenue, deliver 40% ROCE and 50% Dividend payout.
Focus on New Markets
Deepening our focus on New Markets (Indian After Market +Export) to maintain steady performance in all macro environments.
Future Facilities
Establishing New Facilities for integrated suspension system plant including in-house manufacturing of Axle & Rubber.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | Q4 FY26 Revenue: 840 Cr | Progress towards Lakshya RISE 5000 target of Rs. 5,000 Cr revenue. |
| New Markets Contribution | Aftermarket India Allied Products: 8% of portfolio | New Markets (Indian After Market +Export) reaching 40% of total revenue. |
| Return on Capital Employed (ROCE) | Not explicitly stated for Q4/FY26 | Achieving 40% Return on Capital Employed (ROCE). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -4.0% / mo
Technical chart
JAMNAAUTOdaily · 6M-2.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 37.2%.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 67th percentile within Auto. Main check: results consistency is weak at 49/100.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -5.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 67th pctile, median 71 · Micro: 72nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸ROCE trend is -5.3%.
- ▸2/8 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 19.60
- P/B
- 4.08
- EV/EBITDA
- 10.30
- Market Cap
- 4697.00Cr
Profitability
- ROE
- 22.40%
- ROCE
- 27.50%
- ROA
- 14.02%
- Dividend Y
- 1.79%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 30.46×
- Altman Z
- 9.19
- Book Value
- 28.70
Cash Flow
- FCF Yield
- 5.64%
- FCF Positive Y
- 8/5
- OCF
- 510.00 Cr
- EPS TTM
- 5.78
Shareholding
- Promoter Hold
- 49.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.