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Jamna Auto Industries Ltd share Price

Company details

6M Return 19.61%
1Y Return 2.88%
Mkt Cap.(Cr) 4,706.22
Volume 611,641
Div Yield 1.62%
OI Chg %
Volume 611,641

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Technical Outlook
    Auto and auto ancillary space continued to outperform as the Nifty Auto index is on the cusp of generating a breakout above its multiyear highs since CY17. Within auto ancillary we remain positive on CV space in which Jamna Auto with high relative rank is our preferred pick which we expect to outperform
    Buying demand is seen emerging in the stock from the major support area around  ₹ 100 being the confluence of the rising 52 weeks EMA (currently placed at ₹ 100 levels) and the previous major multi-year breakout area signalling resumption of up move and offers fresh entry opportunity
    Structurally, the share price has retraced its four months up move (₹ 79-125) by only 61.8% over the  last six months. Slower pace of retracement indicates inherent strength and a higher base formation after the strong rally of CY21
    We expect the stock to extend the current up move and head towards ₹ 133 levels in coming months as it is the 123.6% external retracement of the last six month’s base formation (₹ 125-95)
Fundamental Outlook
    Jamna Auto Industries (JAI) is a manufacturer of suspension products (leaf & parabolic) for commercial vehicles (largely M&HCV space) and was established in 1965. It has eight manufacturing plants in India, each in close proximity to CV OEMs’, with installed capacity of ~3,00,000 metric tonne. FY22 sales market mix is pegged as OEM:77%; New Market (aftermarket + exports): 23%
    Commercial Vehicle (CV) is a cyclical industry with the industry witnessing a down cycle of two years i.e. FY20, FY21 and now geared up for a two to three year upcycle starting present financial year i.e. FY22. Recent volume prints (consistent MoM growth) by leading OEM’s affirm our thesis on this. The key drivers for growth are: (i) revival of capex cycle domestically by both private as well as public sector enterprises. Union budget’s capex outlay for FY23 was at ₹7.5 lakh crore, up 35% YoY basis; (ii) High age of existing fleet thereby indicating healthy replacement demand in the offering and (iii) Scrappage policy- which makes automated testing compulsory for aged vehicles from April 2023 thereby generating demand for new fuel efficient vehicles. With cyclical recovery underway, we expect domestic CV industry volumes to grow at a 15.2% CAGR over FY22-24E, with volumes in M&HCV space seen growing at a CAGR of 25% in the same timeframe. JAI with a market share of ~70% in the OEM space is a direct proxy to M&HCV cyclical recovery with spare capacity to capitalize upon the impending growth
    Majority of JAI’s topline is contributed by OEMs (~77%) & with prominent players like Tata Motors & Ashok Leyland contributing ~60% of its top line. With the view to reduce client concentration risk, JAI has been focusing on increasing the share of aftermarket revenue to diversify its customer base. To strengthen its aftermarket, it is actively adding new parts as well as expanded its reach with touchpoints now placed at 16,000+ levels from ~13,000+ levels as of FY19. Revenue from new markets increased from ~16% in FY19 to 23% in FY22.
    High return ratios have been the key differentiator at JAI – the key barometer of its highly capital efficient business model. However, they were in low double digits in the recent past (FY20-21) amidst subdued demand in the CV space & industrial downturn due to Covid-19 led disruption. With worst of the decline behind us and cyclical recovery underway in the CV space and consequent CFO generation as well as decline in debt on its books, return ratios are expected to improve substantially with ~30%+ levels seen by FY24E. This is amidst its broader vision to attain 50% RoCE by FY26E
    With macro tailwinds in place and JAI’s intent to diversify its product as well as client mix, we expect 29.6% net sales CAGR for JAI over FY22-24E. This coupled with its ability to maintain ~14% margin trajectory amid increasing share of new markets (aftermarket + exports), PAT is seen growing at a CAGR of 40.6% over FY22-24E to ₹278 crore by FY24E. At the CMP, it trades at inexpensive valuations of ~16x P/E and ~11x EV/EBITDA on FY24E

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Jamna Auto Industries declares Q4FY22 result:

  • Q4FY22:
    • Net Sales: INR 621 Crores (Up 40% QoQ, Up 28% YoY) 
    • EBIDTA: INR 88 Crores (Up 46% QoQ, Up 17% YoY)
    • PBT: INR 76 Crores (Up 50% QoQ, Up 20% YoY)
    • PAT: INR 57 Crores (Up 51% QoQ, Up 19% YoY)
    • EBIDTA Margins up by 64 bps QoQ, Down (-130) bps YoY
    • PBT Margins up by 81 bps QoQ, Down (-83) bps YoY
  • 12M FY22:
    • Net Sales : INR 1713 Crores (Up 59% YoY)
    • EBIDTA: INR 231 Crores (Up 62% YoY)
    • PBT: INR 191 Crores (Up 89% YoY)
    • PAT: INR 141 Crores (Up 93% YoY)
    • EBIDTA Margins Up by 28 bps
    • PBT Margins Up by 181 bps


Result PDF

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Investment recommendation
Call Date
07 Nov 2022
Entry Price 110.00
Target Price 135.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Jamna Auto Industries Ltd Stocks COMPARISION


Equity Capital: 784.27 Cr FV: 1.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 19,065.79 -8,050.74
LAST 3M 44,357.20 2,185.25
LAST 6M 53,246.77 150,167.93
LAST 12M 139,937.47 157,645.13

Jamna Auto Industries Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Jamna Auto Industries Ltd. is India’s largest manufacturer of parabolic springs and tapered leaf springs for commercial vehicles. It was incorporated in 1954 with its headquarters in New Delhi. The company’s total income for the quarter ended June 2022 was Rs 549.19 crore, down 12.43% from the previous quarter ended March 2022. On 19 August 2022, the company’s market capitalisation stood at Rs 4,633 crore. 

    The company is listed on the Bombay Stock Exchange with the code 520051 and on the National Stock Exchange with the code JAMNAAUTO.  

    Jamna Auto Industries Ltd. has tied up with US-based company Ridewell Corporation to introduce the latest technology in air suspension systems and ensure world-class ride comfort for buses. Its product portfolio comprises different types of springs, such as multi-leaf springs, parabolic springs, and tapered leaf springs. The company is India’s largest automotive springs manufacturer and the fifth largest in the world.  

    During FY 2021-2022, the company’s total revenue was Rs 1,722.39 crore, up 58.08% from the previous financial year, 2020-2021. The annual revenue growth of 58.08% outperformed its three-year CAGR of -7.0%. The profit after tax for FY 2021-2022 was Rs 140.80 crore.  

    On 30 June 2022, the company’s shareholding pattern highlighted a promoter stake of 49.98%, a foreign institutional investor stake of 6.63%, a domestic institutional investor stake of 13.82%, and a public stake of 29.56%. The promoter’s pledge was 3.8%. In the June 2022 quarter, the company’s mutual fund holdings increased from 13.39% to 13.57%, and its number of mutual fund schemes remained unchanged at 16.  

    The company’s top management comprises Mr Randeep Singh Jauhar, Mr Rakesh Kalra, Mr Pradeep Singh Jauhar, Ms Rashmi Duggal, Ms Shashi Bhushan Bansal, Mr S P S Kohli, and Ms Uma Kant Singhal. The auditors are S R Batliboi & Co. LLP. As on 30 June 2022, the company disclosed a total of 39.86 crore shares outstanding.  

    On 19 August 2022, Jamna Auto Industries Ltd.’s share price closed at Rs 116.10 on BSE, and on NSE, it closed at Rs 116.25. The company’s 52-week high share price was Rs 135.50, and the 52-week low share price was Rs 78.60. Jamna Auto Industries Ltd.’s one-year return to the investors was 39.96%. 

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose

Registered Address

Jai Springs Road, Industrial Area, Yamuna Nagar, Haryana, 135001

Tel : 91-1732-251810/11/14
Email : praveen:jaispring.com
Website : http://www.jaispring.org

Skyline Financial Services Pvt

AGM Date (Month) : Jul
Face Value Equity Shares : 1
Market Lot Equity Shares : 1
BSE Code : 520051
Book Closure Date (Month) :
BSE Group : A
ISIN : INE039C01032

FAQ’s on Jamna Auto Industries Ltd Shares

You can buy Jamna Auto Industries Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Jamna Auto Industries Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Sep 26, 2023 10:59 AM the closing price of Jamna Auto Industries Ltd was ₹ 118.00.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Sep 26, 2023 10:59 AM, the market cap of Jamna Auto Industries Ltd stood at ₹ 4,706.22.

The latest PE ratio of Jamna Auto Industries Ltd as of Sep 26, 2023 10:59 AM is 26.47

The latest PB ratio of Jamna Auto Industries Ltd as of Sep 26, 2023 10:59 AM is 0.17

The 52-week high of Jamna Auto Industries Ltd is ₹ 127.10 while the 52-week low is ₹ 94.40

According to analyst recommendations, Jamna Auto Industries Ltd has a “Buy” rating for the long term.

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