Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
JBM Auto Ltd.
NSE: JBMAConsumer CyclicalAuto Parts
- Last close
- ₹487.15
- Day change
- −₹19.80 (−3.91%)vs
- Market cap
- ₹12,749 crIndian rupees
- Research updated
- 1 report
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About JBM Auto
JBM Auto Ltd. is a leading manufacturer within the automobile components sector, primarily focused on the production of automotive systems and assemblies. The company plays a crucial role in the automotive supply chain by providing high-quality products such as press parts, welded assemblies, exhaust systems, and tools and dies. With its operations spanning multiple facilities, JBM Auto Ltd. services a diverse client base, ranging from passenger car manufacturers to commercial and heavy vehicle producers. Aside from its core manufacturing activities, JBM Auto Ltd. is active in the development of electric vehicles, making significant contributions to the green mobility movement. This positions the company within key environmental sustainability initiatives, reflecting broader market trends toward eco-friendly automotive technologies. Established in India, JBM Auto Ltd. has expanded its footprint across various regions, impacting numerous sectors within the automotive industry. Through innovation and dedicated R&D efforts, the company maintains its market significance by catering to the evolving demands of a competitive global automotive market.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: JBMA
- Next results
- Employees
- 3,555
- Headquarters
- Gurugram, India
- ISIN
- INE927D01051
- Website
- jbmgroup.com
Public research · Report of
Business model & financial foundation
JBM Auto (NSE: JBMA), Electric buses and sheet-metal auto components: revenue of ₹6,088 crore in FY26 (+11.3% on FY25), an EBITDA margin of 11.6%, net profit of ₹218.8 crore and net debt of ₹3,055 crore.
- Revenue, FY26 (₹ crore)
- 6,088
- consolidated
- Revenue growth, FY26
- +11.3%
- on FY25
- EBITDA margin, FY26
- 11.6%
- EBITDA (operating, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 218.8
- to owners
- Return on equity, FY26
- 14.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 3,055
- Net debt (company definition, Note 54A)
- Market capitalisation (₹ crore)
- 13,911
- at the close of 17 Oct 2026
Company profile
JBM Auto manufactures sheet-metal automotive components and tooling for passenger and commercial vehicle OEMs, and electric buses through its 85% subsidiary JBM Electric Vehicles. It sold about 1,282 electric buses in FY26 (about 24% market share). An equity-accounted JV, JBM Ecolife Mobility, operates buses under gross-cost contracts and buys buses from the group.
| Item | Value |
|---|---|
| Legal name | JBM Auto Limited |
| Exchange and ticker | NSE: JBMA; BSE: 532605 |
| ISIN | INE927D01051 |
| CIN | L74899HR1996PLC123264 |
| Sector | Automobiles and auto components |
| Industry | Electric buses and sheet-metal auto components |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | R N Marwah & Co LLP (since 2022) |
| Market capitalisation | ₹13,911 crore (17 Oct 2026) |
| Shares outstanding | 23.65 crore shares (FY26) |
| Price | ₹539.1 (close, 17 Oct 2026) |
| 52-week range | ₹477.0 - ₹738.5 (to 17 Oct 2026) |
| Website | https://www.jbmbuses.com |
Corporate structure and shareholding
Parent: JBM group promoter entities (67.53% promoter holding).
| Entity | Holding | Business |
|---|---|---|
| JBM Electric Vehicles Pvt Ltd | 85% | Electric bus manufacturing, Banchari; c.20,000 buses/year capacity |
| INDO Toolings Pvt Ltd | 100% | Tooling |
| JBM EV Technologies Pvt Ltd | 100% | EV technology |
| JBM EV Ventures Pvt Ltd | 100% | EV investment; issuer of 342 cr 8% NCD |
| VT Emobility Pvt Ltd | 99% | E-mobility |
| JBM Ecolife Mobility Pvt Ltd (JV, equity accounted) | 83% | GCC e-bus operator with 11 bus SPVs; equity accounted as joint venture |
| JBM Ogihara Automotive India Ltd (JV) | 51% | Automotive sheet-metal components JV, equity accounted |
Ecolife JV holds most GCC operating contracts; its order values are lifetime operating revenue, not JBM Auto sales.
| Shareholding (% of shares) | FY25 | FY26 |
|---|---|---|
| Promoter | 67.53% | 67.53% |
| Foreign institutions | 2.75% | 1.97% |
| of which mutual funds | 0.07% | 0.10% |
| Retail | 12.88% | |
| Other | 17.52% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
JBM Auto (NSE JBMA) manufactures sheet-metal parts/tooling and e-buses via85%-owned JBM Electric Vehicles. Consolidated reporting is necessary; Ecolife,83%held but joint-controlled, is equity accounted. GCC tender values are lifetime operator receipts, not manufacturer revenue. Segment sums eliminate intra-group sales; FY26 MD&A net segment revenue differs from gross audited Note41, audited columns prevail.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Component Division (auto systems & assemblies) | 3,447 | 56.6% | 272.2 | 40.6% |
| Tool Room Division (tools, dies, moulds) | 338.9 | 5.6% | 66.1 | 9.9% |
| EV Business (ex-OEM Division; e-buses incl. 85% JBM EV sub) | 2,307 | 37.9% | 251.2 | 37.5% |
| Un-allocable income/(expenditure), net | 80.5 | 12.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Olectra Greentech (OLECTRA) | Closest listed electric-bus manufacturer and GCC participant |
| Ashok Leyland (ASHOKLEY) | Bus OEM with electric-bus exposure via Switch Mobility |
| Tata Motors (commercial vehicles) (TMCV) | Large bus OEM and e-bus tender competitor |
| Eicher Motors (EICHERMOT) | Bus and truck OEM through VECV; weak comparable |
| Motherson Sumi Wiring / Samvardhana Motherson (MOTHERSON) | Auto-component comparable for the components segment |
| Bharat Forge (BHARATFORG) | Auto-component manufacturing comparable |
| Sona BLW Precision (SONACOMS) | EV-linked component comparable |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,946 | 3,529 | 5,009 | 5,472 | 6,088 |
| Cost of revenue (vendor classification) * | 2,375 | 2,831 | 3,674 | 3,707 | 4,247 |
| Other operating costs (vendor classification) * | 174.1 | 244.8 | 297.3 | 814.6 | 543.7 |
| EBITDA (vendor classification) * | 351.8 | 418.7 | 592.5 | 694.9 | 810.6 |
| EBIT * | 258.6 | 290.4 | 426.6 | 520.1 | 624.6 |
| Finance costs | 71.5 | 120.8 | 196.8 | 247.0 | 318.2 |
| Profit before tax (after JV and exceptional) | 187.0 | 169.5 | 246.1 | 273.2 | 310.3 |
| Tax expense | 30.7 | 44.4 | 52.4 | 58.6 | 72.2 |
| Profit after tax (incl. NCI) | 156.4 | 125.1 | 193.7 | 214.6 | 238.1 |
| Diluted EPS (INR, split-adjusted) | 6.62 | 5.26 | 7.56 | 8.54 | 9.25 |
| Materials consumed incl. change in inventories | 3,552 | 3,707 | 4,129 | ||
| Employee benefits expense | 463.7 | 552.5 | 586.3 | ||
| Other expenses | 410.2 | 536.1 | 667.7 | ||
| EBITDA (operating, excl. other income) | 583.9 | 676.8 | 704.9 | ||
| Other income | 20.3 | 53.6 | 138.9 | ||
| Depreciation and amortisation | 171.5 | 174.7 | 173.9 | ||
| Exceptional items (signed) | 0.00 | 0.00 | -9.69 | ||
| Share of profit/(loss) of JVs (signed) | 10.1 | -35.5 | -31.8 | ||
| Non-controlling interest | 14.9 | 12.7 | 19.3 | ||
| Profit attributable to owners | 178.8 | 201.9 | 218.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl. NCI | 896.5 | 1,031 | 1,192 | 1,386 | 1,592 |
| Borrowings NC+current incl. current maturities (excl. leases) | 1,388 | 1,703 | 2,101 | 2,481 | 3,006 |
| Cash and cash equivalents | 31.4 | 29.0 | 38.7 | 100.7 | 90.8 |
| Trade receivables | 580.0 | 469.1 | 670.4 | 1,007 | 2,185 |
| Inventories | 413.5 | 423.9 | 743.7 | 610.1 | 518.1 |
| Trade payables (excl. acceptances) | 561.4 | 436.4 | 1,103 | 1,167 | 1,585 |
| PPE net (incl. ROU land; excl. intangibles) | 1,042 | 1,324 | 1,539 | 1,515 | 1,334 |
| Capital work in progress | 178.6 | 265.1 | 61.8 | 38.9 | 158.4 |
| Total assets | 3,229 | 3,540 | 4,865 | 5,850 | 7,370 |
| Acceptances (supplier finance, in net debt) | n.d. | 125.7 | 116.7 | ||
| Other bank balances (mostly restricted margin-money FDs) | 28.2 | 93.4 | 38.7 | ||
| Lease liabilities (current + non-current) | 25.7 | 23.8 | 22.6 | ||
| Net debt (company definition, Note 54A) | 2,088 | 2,530 | 3,055 | ||
| Equity attributable to owners | 1,168 | 1,351 | 1,538 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -288.9 | 556.3 | 204.8 | 393.9 | -59.9 |
| Free cash flow (vendor definition) * | -412.2 | -142.6 | -22.8 | 271.8 | -361.9 |
| Dividends paid (the provider's sign: an outflow is negative) * | -7.09 | -11.8 | -15.4 | -19.2 | -21.6 |
| Capital expenditure, sign as reported | -267.0 | -617.7 | -227.6 | -122.1 | -302.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore, split-adjusted) | 23.65 | 23.65 | 23.65 | 23.65 | 23.65 |
| EBITDA, company definition (incl. other income) | 604.2 | 730.4 | 843.8 | ||
| PBT before JV share and exceptional | 236.0 | 308.7 | 351.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,286 | 1,396 | 1,646 | 1,254 | 1,368 | 1,614 | 1,852 | 1,442 |
| Cost of revenue (vendor classification) * | 855.7 | 923.8 | 1,150 | 844.0 | 1,132 | 1,235 | 985.9 | |
| Other operating costs (vendor classification) * | 125.1 | 158.3 | 155.5 | 129.4 | 155.6 | 233.5 | 130.2 | |
| EBITDA (vendor classification) * | 167.9 | 185.7 | 201.6 | 160.3 | 203.3 | 259.4 | 186.9 | |
| EBIT * | 124.5 | 141.2 | 157.5 | 116.3 | 151.3 | 216.1 | 142.9 | |
| Finance costs | 59.5 | 68.5 | 67.0 | 65.8 | 70.4 | 73.8 | 108.2 | 82.9 |
| Profit before tax (after JV and exceptional) | 64.9 | 72.8 | 90.5 | 50.6 | 74.4 | 77.5 | 107.9 | 60.0 |
| Tax expense | 12.3 | 16.3 | 18.5 | 11.5 | 19.2 | 17.5 | 24.1 | 15.8 |
| Profit after tax (incl. NCI) | 52.6 | 56.5 | 72.0 | 39.0 | 55.2 | 60.0 | 83.8 | 44.3 |
| Diluted EPS (INR, split-adjusted) | 2.09 | 2.23 | 2.81 | 1.56 | 2.23 | 2.33 | 3.14 | 1.78 |
| Materials consumed incl. change in inventories | 855.7 | 923.8 | 1,150 | 844.0 | 917.9 | 1,132 | 1,235 | 985.9 |
| Employee benefits expense | 139.2 | 139.1 | 143.5 | 141.0 | 145.1 | 153.1 | 147.1 | 163.0 |
| Other expenses | 126.0 | 158.3 | 155.5 | 129.4 | 149.3 | 155.6 | 233.5 | 130.2 |
| EBITDA (operating, excl. other income) | 165.1 | 175.0 | 197.0 | 139.5 | 155.9 | 173.2 | 236.3 | 163.4 |
| Other income | 9.74 | 17.8 | 16.6 | 40.2 | 38.8 | 29.8 | 30.2 | 31.5 |
| Depreciation and amortisation | 43.5 | 44.5 | 44.2 | 44.0 | 44.3 | 42.4 | 43.2 | 44.0 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -9.64 | -0.05 | 0.00 |
| Share of profit/(loss) of JVs (signed) | -6.90 | -7.14 | -12.0 | -19.4 | -5.62 | 0.41 | -7.18 | -7.94 |
| Non-controlling interest | 3.08 | 3.81 | 5.69 | 2.24 | 2.59 | 4.88 | 9.58 | 2.06 |
| Profit attributable to owners | 49.5 | 52.6 | 66.3 | 36.8 | 52.6 | 55.1 | 74.2 | 42.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 59.8% | 19.8% | 42.0% | 9.2% | 11.3% |
| EBITDA margin | 11.7% | 12.4% | 11.6% | ||
| Net margin | 3.6% | 3.7% | 3.6% | ||
| Return on equity | 16.1% | 15.7% | 14.7% | ||
| Return on capital employed | 13.3% | 11.6% | 14.2% | 14.5% | 14.8% |
| Return on assets | 4.3% | 3.8% | 3.3% | ||
| Net debt (₹ crore) | 2,088 | 2,530 | 3,055 | ||
| Net debt / EBITDA | 3.58x | 3.74x | 4.33x | ||
| Interest cover | 3.61x | 2.40x | 2.17x | 2.11x | 1.96x |
| Asset turnover | 1.04x | 1.04x | 1.19x | 1.02x | 0.92x |
| Receivable days | 72 | 49 | 49 | 67 | 131 |
| Inventory days (on revenue) | 51 | 44 | 54 | 41 | 31 |
| Payable days (on revenue) | 70 | 45 | 80 | 78 | 95 |
| Cash conversion | 1.15x | 1.95x | -0.27x | ||
| Capex intensity | 9.1% | 17.5% | 4.5% | 2.2% | 5.0% |
| Free cash flow (₹ crore) | -555.9 | -61.4 | -22.8 | 271.8 | -361.9 |
| Dividend payout | 8.6% | 9.5% | 9.9% | ||
| EPS, diluted (₹) | 6.62 | 5.26 | 7.56 | 8.54 | 9.25 |
| Book value per share (₹) | 37.91 | 43.59 | 50.41 | 58.62 | 67.31 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (operating, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company definition, Note 54A); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (operating, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, split-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on JBM Auto includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on JBM Auto
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.