JYOTICNC
Small CapJyoti CNC Automation Limited
Industrials
Jyoti CNC Automation Limited is a leading manufacturer of CNC machines with over 200 product variants. It operates two plants in India and one in France, with foreign subsidiaries in France, Germany, Canada, and Turkey. The company has installed over 140,000 machines globally and focuses on innovation and vertical integration.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 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
Bad · 0/100PAT -17% YoY · margin compression · Rev +4% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹599 Cr | +4.0% | +4.0% |
| EBITDA | ₹147 Cr | -17.4% | -5.2% |
| Operating margin | 25.0% | -600 bps | -200 bps |
| PAT | ₹91 Cr | -16.5% | +2.3% |
| PAT margin | 15.2% | -373 bps | -26 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
Consolidated Q4FY26 revenue grew 4% YoY to Rs. 599.2 Cr, impacted by a Rs. 67 Cr revenue reversal at Huron subsidiary. Excluding this, revenue growth would have been ~16%. EBITDA fell 17% YoY to Rs. 147.4 Cr, with margins at 24.6%, due to the reversal and unproportionate cost recognition. FY26 consolidated revenue grew 15% YoY to Rs. 2,093.1 Cr, with PAT up 6.3% to Rs. 336 Cr.
Consolidated Q4FY26 results were significantly impacted by a revenue reversal at the Huron subsidiary, masking underlying operational performance. While management states this is a deferment, the immediate impact on profitability and margins is concerning. Strong standalone performance and a robust order book provide some comfort, but the accounting issue warrants close monitoring.
Revenue Mix from End User Industries (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Electric Vehicles (EV)
Global EV market expected to reach ~USD 2109 bn by 2033 (23.42% CAGR). Indian EV market expected to grow at 29% CAGR during 2024–2030.
Electronics Manufacturing Services (EMS)
India's demand for electronic components projected to be $240 billion by 2030. Potential CNC machine demand for EMS in India is over 100,000 machines in 5 years.
Semiconductor Industry
Indian Semiconductor market to grow from USD 52 bn in FY25 to USD 103.4 bn by 2030 (13% CAGR). Mobile handsets, IT, and Industrial Applications drive growth.
Aerospace & Defence
Global Aerospace and Defence market expected to reach ~USD 1388 bn by 2030 (8.2% CAGR), driven by increased spending and modernization.
Completed Capacity Enhancement
Capacity enhancement of 6,000 machines per annum is already completed.
Upcoming Capacity Enhancement
Further production capacity enhancement of an additional 10,000 machines per annum to be completed by September 2026.
Strong Domestic Demand Outlook
Domestic demand outlook remains strong, supported by healthy order inflows across key sectors.
Government Support for EVs
Government of India reaffirmed commitment towards EVs and its mission for 30% Electric Mobility by 2030.
Diversified Order Book
Healthy and well-diversified order book reflects steady growth and strong customer trust across industries.
Huron Subsidiary Revenue Reversal
Q4FY26 consolidated revenue impacted by ~Rs. 67 Cr reversal in Huron subsidiary due to ongoing investigation and accounting treatment.
Profitability Impact from Reversal
EBITDA and PAT were impacted as costs associated with the revenue reversal were not proportionately reversed, leading to operating de-leverage.
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.
YoY comparison is essential for assessing annual growth and the impact of the Huron revenue reversal. QoQ comparison is relevant for sequential momentum, especially given the Q4 specific accounting adjustment and its effect on profitability.
Order Book (Consolidated)
Total Order Book as of March 31, 2026, stood at Rs. 4,732 Cr.
Order Intake (Consolidated)
Order Intake for Q4FY26 was Rs. 703 Cr.
Revenue Cover (Consolidated)
Order book of Rs. 4,732 Cr covers FY26 revenue of Rs. 2,093.1 Cr by approximately 2.26x.
Consolidated Revenue Growth (YoY)
Q4FY26 revenue grew 4.1% YoY to Rs. 599.2 Cr. FY26 revenue grew 15.2% YoY to Rs. 2,093.1 Cr.
Focus on People Development
Extensive focus on skill development of existing manpower and new entrants through Center of Excellence (COE).
Product Development & Innovation
Leveraging R&D strength to design and develop new product variants in line with global industry demands, including new models and AI tools.
Manufacturing Capacity Expansion
Executing further production capacity enhancement of an additional 10,000 machines p.a. to be completed by September 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Huron Subsidiary Revenue Recognition | Rs. 67 Cr revenue reversal in Q4FY26, deferred to future periods. | Timely recognition of deferred revenue and resolution of accounting treatment issues at Huron. |
| Consolidated EBITDA Margin Recovery | Q4FY26 consolidated EBITDA margin at 24.6%, impacted by Huron reversal. | Improvement in consolidated EBITDA margins as the Huron issue normalizes and operational efficiencies take hold. |
| Capacity Expansion & Utilization | Additional 10,000 machines p.a. capacity to be completed by Sep 2026. | Timely commissioning of new capacity and ramp-up of utilization rates to drive future revenue growth. |
| Order Book Growth & Execution | Order book of Rs. 4,732 Cr as of March 31, 2026. | Sustained healthy order intake and efficient execution of the strong order book to convert into revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is scaling its production capacity from 6,000 machines per annum to 16,000 machines per annum.
"scaling our production capacity from 6,000 machines per annum to 16,000 machines per annum by September '2026"
The company expects Q3 and Q4 FY'26 to have the highest executions, maintaining the traditional 40-60 H1-H2 revenue ratio.
"always the third and fourth quarter is going to be the highest executions we are looking in terms of numbers"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
The company expects larger EMS revenue execution from Q4 FY'26.
"the larger we are expecting from the last quarter execution will be there"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
Revenue conversion from the Huron facility will largely kick in from Q4 FY'26 and will reach full-fledged utilization in the next year (FY'27).
"revenue kicking in from the last quarter of this year, it means the next quarter and then following the next year completely"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
Trend score and candlestick chart
45NeutralSMA20 -23.1% / mo · near 52W low
Technical chart
JYOTICNCweekly · 6M-33.6%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 38.
- RSI(14) at 38 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 38% off 52W high · 10% 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
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; 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: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. No major sub-score weakness stands out.
High Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Small: 85th pctile, median 65
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium 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 holding is 62.6%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 21.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.30
- P/B
- 6.93
- EV/EBITDA
- 25.52
- Market Cap
- 13872.00Cr
Profitability
- ROE
- 18.20%
- ROCE
- 21.30%
- ROA
- 9.29%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 112.50%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 7.53×
- Altman Z
- 6.10
- Book Value
- 88.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 54.00 Cr
- EPS TTM
- 14.77
Shareholding
- Promoter Hold
- 62.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — 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.