Jay Ushin Limited has received a credit rating of IND BBB/Stable from India Ratings and Research (Ind-Ra) for its bank loan facilities totaling Rs. 1,580 million. The rating assignment was communicated to BSE Limited on April 15, 2026, pursuant to SEBI regulations.

Rating Details and Rationale

The credit rating reflects Jay Ushin's strong market position in the Indian four-wheeler and two-wheeler automotive ancillary market. The company benefits from established business relationships with original equipment manufacturers (OEMs) and a consistently improving premium product mix in the passenger vehicles segment.

Financial Performance and Growth

Jay Ushin has demonstrated steady revenue growth over the past few years. The company's revenue increased to Rs. 8,552 million in FY25 from Rs. 7,263 million in FY24, representing substantial growth backed by increased realisations per unit across all product segments. For 9MFY26, revenue stood at Rs. 7,015 million.

Business Strengths and Product Portfolio

The company operates with a diversified product base across various automotive components. Lock sets and components represent the largest revenue segment at 56% in FY25, followed by switches at 21% and door latches and components at 17%. All product segments are power-train agnostic, limiting risks from the transition to electric vehicles.

Jay Ushin benefits from its technical collaboration with Japanese partner U-Shin Limited, which supports advanced automotive component development and future product enhancements. The company serves leading OEMs including Maruti Suzuki India Limited, Suzuki Motor Gujarat Private Limited, and Honda Motorcycle & Scooter India Private Limited.

Credit Metrics Improvement

The rating agency highlighted significant improvement in Jay Ushin's credit metrics. Net adjusted leverage improved to 3.46x in 9MFY26 from 5.77x in FY24, owing to improved EBITDA coupled with reduced outstanding debt. The interest coverage ratio also strengthened to 2.51x in 9MFY26 from 1.83x in FY24.

Key Challenges

Despite the positive rating, India Ratings identified several areas of concern. The company operates with modest EBITDA margins of 3.67% in 9MFY26, primarily due to fixed margin terms with OEMs and elevated raw material prices. High customer concentration remains a risk factor, with the top five customers contributing 77% to total sales in FY25.

Bank Facility Details

The rated facilities are distributed across multiple banks, with Kotak Mahindra Bank providing the largest exposure of Rs. 610 million through working capital limits and term loans. State Bank of India contributes Rs. 300 million in fund-based working capital limits, while Deutsche Bank provides Rs. 380 million in term loans.

Jay Ushin Limited has published advertisements for its unaudited financial results for the quarter ended December 31, 2025, in leading newspapers following regulatory compliance requirements. The company submitted the advertisement copies to BSE Limited on February 16, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Advertisement Publication and Regulatory Compliance

The company published its Q3 FY26 financial results advertisement in Financial Express (English newspaper) and Jansatta (Hindi newspaper) as required under SEBI regulations. The submission was made to BSE Limited's Corporate Relationship Department with script code 513253.

Financial Performance Highlights

The published financial results show strong operational performance for the quarter ended December 31, 2025. The company reported total income from operations of ₹24,510.51 lakhs, representing growth from the previous year's corresponding quarter of ₹21,851.19 lakhs.

Board Approval and Corporate Governance

The Board of Directors approved the unaudited financial results during their meeting held on February 14, 2026. The results were prepared in accordance with Indian Accounting Standards and reviewed by statutory auditors before approval.

Company Information and Operations

Jay Ushin Limited operates as a joint venture with Ushin Ltd. Japan, primarily engaged in manufacturing automobile components. The company maintains its registered office at GI-48, G.T. Karnal Road, Industrial Area, Delhi-110033, with corporate office in Gurgaon, Haryana.

The complete financial results are available on BSE website www.bseindia.com and the company's official website for stakeholder reference.