JTEKT India Ltd(JTEKTINDIA)

NSE: JTEKTINDIABSE: 520057

₹ 110.05+1.15%refreshed 26 Oct, 01:23 pm ISTMarket cap: ₹ 3,053 crNext results: 4 Nov 2026Website: www.jtekt.co.inUpdated: 24 Oct 2026

About

JTEKT India manufactures manual steering gears (MS-Gear), column electric power steering (CPS/CEPS), and constant velocity joints (CVJ/driveshafts) for passenger vehicle OEMs in India. The company reported revenue of ₹26,656 mn in FY26, growing 11% against PV industry growth of 9%. It is a subsidiary of JTEKT Corporation Japan and operates plants at Dharuhera, Bawal, Chennai and a greenfield under construction at Jalisana, Gujarat.^[1][2]

Product mix and revenue composition

CPS (column electric power steering) was 46% of net sales in H1 FY26; MS-Gear and CVJ make up the remainder of the product portfolio.^[3]
CVJ (constant velocity joint / driveshaft) generated ~₹1,300 mn in revenue in FY26, having been introduced as a new product line.^[1]
JTEKT is a complete system supplier (MS-Gear, CEPS, and CVJ) for Maruti Suzuki e-Vitara and Victoris, and will supply the same set for the upcoming Maruti MPV EV.^[1][3]

Manufacturing capacity

MS-Gear installed capacity is 32 lakh units per annum as of Q2 FY26, after the sixth line at Dharuhera became operational in August 2025 (up from 28 lakh units).^[3]
CPS installed capacity is 15 lakh units per annum as of Q2 FY26, after the third line became operational in July - August 2025 (up from 10 lakh units).^[3]
CVJ installed capacity is 7.54 lakh units per annum (equal to 3.8 lakh vehicles) as of FY26, after the second line at Dharuhera commenced in November 2025.^[1]

Capacity utilisation

CVJ Line 1 utilisation: 83% in FY26 vs 68% in FY25. CVJ Line 2 (operational from November 2025): 27% utilised in FY26.^[1]
MS-Gear Line 5 utilisation reached 106% in FY26 vs 15% in FY25; MS-Gear Line 6 (new) at just 21% utilisation in FY26.^[1]
CEPS Line 3 (new) was at 48% utilisation in FY26; CPS lines were running at ~110% utilisation as of Q4 FY25 before the third line was added.^[1][4]

Customers and concentration

Maruti Suzuki accounted for 60% of JTEKT India's revenue in FY26, up from 56% in FY25, supported by GST-driven demand and new EV model ramp-ups.^[1]
Honda's share in JTEKT India revenue fell from 8% to 5% in FY26 as Honda PV sales declined ~30%; JTEKT is ~100% supplier to Honda.^[1]
New customer added: JTEKT commenced supply for Tata Coral (EV light-commercial vehicle) from H1 FY26.^[3]

Exports

Export sales were ₹664 mn in FY26, +20% YoY from ₹551 mn, but still 22% below the FY24 peak of ₹867 mn; export share improved from 2.4% to 2.8% of revenue.^[1]
US reciprocal and penalty tariffs on JTEKT India exports cost ₹63 mn (0.24% of revenue) in FY26; the tariff has since been reduced from 50% to 10% following a Supreme Court order.^[1]
First shipment to JTEKT Brazil (MS-Gear / Rack & Pinion) dispatched in May 2026; ~70,000 units targeted for FY27, with potential to grow to 5 lakh units on the Stellantis platform.^[1]

Expansion and capex

Gujarat greenfield plant at Jalisana: total project cost ~₹650 crore; ~₹250 crore committed so far with ₹130 crore spent; ~₹100 crore additional to be spent over the next 1 - 2 years; building completion expected early 2028.^[1][3]
Rights issue (maiden) oversubscribed 2x; ₹114 crore of ~₹249 crore proceeds earmarked for Gujarat factory building and utilities; ₹55 crore allocated for CVJ forging backward-integration machine imports.^[3]
CVJ third line already under development; near-term CVJ market share aspiration is 15%.^[1]
Fourth MS-Gear line at Chennai is under implementation, primarily to service the Brazil export requirement.^[3]
FY25 capex was ₹287 crore vs ₹172 crore in FY24; FY26 capex guided at ~₹300 crore.^[4]

Upcoming model launches and pipeline

Maruti Suzuki MPV EV (Gujarat plant) SOP expected October 2026; JTEKT to supply MS-Gear, CPS, and CVJ as a complete set; expected to lift CVJ two-line utilisation to ~90%.^[1]
Honda new SUV EV launch from Tapukara plant expected around December 2026, with potential revenue of ~₹100 crore for JTEKT.^[1]

Recent regulatory developments

GST notice received 25 September 2026: penalty of ₹2,40,83,954 under Section 74(1) and ₹25,000 under Section 125 on supplementary invoices from July 2017 to March 2020. JTEKT's appeal was allowed by Commissioner (Appeals); department has filed a further appeal in GSTAT.^[5]

Market Cap

₹3,053 Cr

High / Low

₹171 / 108

Stock P/E

33.3

Price / Book

3.9

Book Value

₹43

EPS

₹2.8

No. of Shares

27.74 Cr

ROCE

9.8%

ROE

7.4%

OPM

4.7%

Debt / Equity

0.28

Sales

₹2,666 Cr

Net Profit

₹77 Cr

Promoter holding

75.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials