Jay Bharat Maruti FY26 PAT Surges 324%; Seeks CSE Delisting, Recommends 35% Dividend
Jay Bharat Maruti reported strong FY26 results with consolidated PAT surging approximately 324% to Rs 13,967.43 lakh and standalone PAT growing 333.58% to Rs 137.86 crore, driven by higher MSIL volumes, GST incentives, and deferred tax benefits. The Board recommended a 35% final dividend of Rs 0.70 per share and approved a voluntary re-application for delisting from the Calcutta Stock Exchange, while equity shares remain listed on NSE and BSE.
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Jay Bharat Maruti has announced its audited financial results for the fourth quarter and financial year ended March 31, 2026. The Board of Directors, meeting on May 19, 2026, approved the standalone and consolidated results. The company reported a significant improvement in profitability for the fiscal year, driven by operational efficiency and tax adjustments.
Q4 Operational Highlights
The company delivered a strong operational performance in the fourth quarter. On a standalone basis, net profit for Q4 rose sharply to Rs 78.86 crore versus Rs 19.60 crore year-on-year, representing an increase of 302.29%. Total income stood at Rs 766.98 crore compared to Rs 611.29 crore in the prior-year period. EBITDA for the quarter improved by 57.53% to Rs 91.90 crore, with the margin expanding to 11.98% from 9.54%.
| Metric (Q4 Standalone): | Current Quarter | Previous Year Quarter | Change |
|---|---|---|---|
| Total Income: | Rs 766.98 crore | Rs 611.29 crore | +25.47% |
| Net Profit: | Rs 78.86 crore | Rs 19.60 crore | +302.29% |
| EBITDA: | Rs 91.90 crore | Rs 58.34 crore | +57.53% |
| EBITDA Margin: | 11.98% | 9.54% | +244 bps |
The positive performance was attributed to higher volumes from Maruti Suzuki India (MSIL), improved capacity utilization, and a GST incentive of Rs 35.50 crore for the J5 Plant. Additionally, the company recognized a positive impact of Rs 36.79 crore in the quarter due to the remeasurement of deferred tax assets following the decision to opt for a concessional tax regime under Section 115BAA.
Full-Year Financial Performance
For the fiscal year 2025-26, the company reported robust growth across key financial metrics. On a consolidated basis, revenue from operations rose to Rs 2,55,099.24 lakh from Rs 2,29,012.43 lakh in the previous year. Profit after tax for the year surged to Rs 13,967.43 lakh, compared to Rs 3,291.27 lakh in FY25, representing a growth of approximately 324%. On a standalone basis, total income for the year increased by 11.38% to Rs 2,553.91 crore, while PAT grew by 333.58% to Rs 137.86 crore.
| Metric (Consolidated): | Year Ended Mar 31, 2026 | Year Ended Mar 31, 2025 |
|---|---|---|
| Revenue from Operations: | Rs 2,55,099.24 lakh | Rs 2,29,012.43 lakh |
| Total Income: | Rs 2,55,391.21 lakh | Rs 2,29,295.46 lakh |
| Profit for the Period: | Rs 13,967.43 lakh | Rs 3,291.27 lakh |
| Earnings Per Share – Basic (Consolidated): | Rs 12.90 | Rs 3.04 |
| Earnings Per Share – Basic (Standalone): | Rs 12.74 | Rs 1.81 |
Corporate Actions and AGM
The Board of Directors has recommended a final dividend of 35%, which translates to Rs 0.70 per share, on equity shares having a face value of Rs 2 each for the financial year ended March 31, 2026. This dividend is subject to the approval of shareholders at the ensuing Annual General Meeting. The record date for determining the eligibility of shareholders has been fixed as Tuesday, August 18, 2026. The 39th Annual General Meeting is scheduled to be held on Tuesday, August 25, 2026, via Video Conferencing.
Additionally, the Board approved an enabling resolution for the issuance of securities worth up to Rs 750 crore, subject to shareholder approval. The Board also re-appointed M/s Sahni Natarajan and Bahl, Chartered Accountants, as the Internal Auditor for FY27 and approved the remuneration for the Chairman.
Voluntary Delisting from Calcutta Stock Exchange
In a separate corporate development, the Board of Directors, at its meeting held on May 19, 2026, approved a re-application for the voluntary delisting of the company's equity shares from the Calcutta Stock Exchange (CSE). This follows an earlier application made to the CSE in 2003, as approved by shareholders at the 16th Annual General Meeting held on August 21, 2003. The proposed delisting is being pursued under Regulation 6 of the SEBI (Delisting of Equity Shares) Regulations, 2021.
The company stated that there has been no trading activity in its equity shares on the CSE for several years, making continued listing on the exchange redundant and resulting in avoidable compliance and listing costs. The equity shares of the company will continue to remain listed and traded on the National Stock Exchange of India Limited (NSE) and BSE Ltd. (BSE), which offer nationwide trading platforms with adequate liquidity. The proposed delisting from the CSE is therefore not expected to prejudice the interests of shareholders.
Historical Stock Returns for Jay Bharat Maruti
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +20.00% | +18.17% | +4.82% | +11.90% | +45.04% | +63.09% |
How might Jay Bharat Maruti deploy the Rs 750 crore securities issuance, and what impact could this capital raise have on its capacity expansion and future revenue growth?
Given that the tax regime change under Section 115BAA contributed significantly to Q4 profits, what will be the normalized earnings trajectory for Jay Bharat Maruti in FY27 without these one-time adjustments?
With Maruti Suzuki India's EV push and evolving product portfolio, how well-positioned is Jay Bharat Maruti to secure new component contracts and sustain volume growth beyond FY26?
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