Jamna Auto Industries Ltd(JAMNAAUTO)

NSE: JAMNAAUTOBSE: 520051

₹ 124+0.77%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 4,960 crWebsite: www. jaispring.comUpdated: 27 Oct 2026

About

Jamna Auto Industries (JAI) is India's leading manufacturer of tapered leaf springs, parabolic springs, and suspension systems for commercial vehicles, supplying OEMs such as Tata Motors, Ashok Leyland, and Mahindra & Mahindra. The company reported full-year net sales of ₹2,612 Cr in FY26, its strongest-ever annual performance, and operates 10 manufacturing plants across India. Its revenue is split between existing OEM markets and "New Markets" comprising the Indian aftermarket and exports.^[1][2]

Revenue mix: existing vs new markets

New Markets (Indian aftermarket + exports) contributed 46% of revenue in Q3 FY26, progressing toward the Lakshya target of 40 - 50%.^[3]
New Markets revenue mix was 25% in Q1 FY26, up from 22% in Q1 FY25; the Lakshya target is 50% of revenue from New Markets by FY2026-27.^[4]
New Products (parabolic springs, stabilizer bars, and other non-conventional lines) contributed 47% of revenue in Q1 FY26 and Q2 FY26, approaching the Lakshya target of 50% by FY2026-27.^[4][5]
Allied Products' share within the Aftermarket India portfolio grew to 8% in FY26 from 6% in FY25, reflecting broadening of the aftermarket product range.^[1]

Products and portfolio

Core products include conventional leaf springs, tapered leaf springs, parabolic springs, U-bolts, and stabilizer bars for the commercial vehicle segment.^[4][1]
JAI launched Slipper Suspension and Drop Axle as new products in FY26, commencing supply of both to Ashok Leyland.^[1]
Sleeper Suspension was introduced in Q1 FY26 with Ashok Leyland as the launch customer, reinforcing JAI's positioning as a comprehensive CV suspension system supplier.^[4]
U-Bolt manufacturing was brought in-house for aftermarket supply during Q3 FY26, adding a new internal production capability.^[3]

Manufacturing operations

JAI expanded to 10 manufacturing plants in FY26 after commissioning new facilities at Adityapur (Parabolic Spring) and Indore (Leaf Spring and U-Bolt).^[1]
The Adityapur spring plant was commissioned and commenced commercial production in Q3 FY26 (October 2025).^[3][5]
The Indore U-Bolt plant commenced operations and made its first supply in July 2025; the Indore Leaf Spring plant was commissioned in Q4 FY26.^[4][1]

Key operating numbers

FY26 full-year net sales were ₹2,612 Cr (+15% YoY); Q4 FY26 net sales were ₹840 Cr (+32% YoY, +26% QoQ), the highest-ever quarterly revenue.^[1]
M&HCV industry production was 459K units in FY26 (+17% YoY); LCV industry production was 712K units (+11% YoY).^[1]
Q4 FY26 EBITDA was ₹138 Cr at a margin of 16.5%, up 62% YoY; Q3 FY26 EBITDA margin was 17.5%, up from 13.6% in Q2 FY26.^[1][3]
Total CV production (industry) was approximately 265K units in Q2 FY26 (+12% YoY) and 291K units in Q3 FY26 (+18% YoY).^[5][3]

Customers and distribution

Key OEM customers include Tata Motors, Ashok Leyland, and Mahindra & Mahindra; Stabilizer Bar supply was extended to Mahindra & Mahindra in FY26, having previously been exclusive to Tata Motors.^[1][4]
JAI commenced exports to Stellantis (global OEM) following an export agreement signed in Q3 FY26, broadening its international OEM customer base.^[1][3]
A 3-year export agreement was signed in Q1 FY26 with a European automotive parts distributor to supply conventional and parabolic leaf springs and U-bolts across multiple European countries.^[4]
JAI established a pan-India trailer suspension service network with 29 authorised service centres, a dedicated training centre at Pillaipakkam, and a digital customer care system.^[1]

Expansion and capex

Under the RISE 5000 strategic roadmap, JAI targets revenue of ₹5,000 Cr, ROCE of 40%, and New Markets at 40% of revenue, with a dividend payout target of 50%.^[1][3]
Integrated suspension and rubber projects were under construction as of Q3 FY26, with commissioning on track.^[3]
The Lakshya 5-year plan targets parabolic springs as the core export product and aims for 50% revenue from New Products and 50% from New Markets by FY2026-27.^[4][3]

Recent developments

Digital transformation tools rolled out in FY26 include a Dealer Management System, Vehicle Tracking System, Dealer Portal, RLP App, JAI Connect, and an ERP WhatsApp Bot.^[3]
FY26 was described by management as a 'defining year' with record quarterly and full-year revenue and PBT, with Q4 FY26 net sales of ₹840 Cr marking the strongest-ever quarter.^[1]

Market Cap

₹4,960 Cr

High / Low

₹154 / 90

Stock P/E

21.2

Price / Book

4.3

Book Value

₹29

EPS

₹5.8

No. of Shares

39.97 Cr

ROCE

30.0%

ROE

21.6%

OPM

13.2%

Debt / Equity

0.00

Sales

₹2,612 Cr

Net Profit

₹231 Cr

Promoter holding

44.8%

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