Jay Ushin Limited reported a 45% rise in net profit to ₹1,777.26 lakh for the financial year ended March 31, 2026, compared to ₹1,225.82 lakh in the previous year. Revenue from operations increased to ₹96,907.32 lakh from ₹85,519.91 lakh in FY25, while total income stood at ₹98,307.18 lakh. The company’s board has recommended a dividend of ₹4 per equity share of ₹10 each for FY26, subject to shareholder approval at the upcoming Annual General Meeting and the joint Venture Partner, Ushin Ltd. in terms of Joint Venture Agreement.

For the quarter ended March 31, 2026, the company posted a net profit of ₹540.40 lakh, a significant increase from ₹294.11 lakh in the same period last year. Revenue from operations for the quarter was ₹26,756.20 lakh, up from ₹22,889.84 lakh in Q4FY25. The statutory auditors, NSBP & Co., issued an unmodified opinion on the audited financial results submitted pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company’s earnings per share (EPS) for the year improved to ₹45.99 from ₹31.72 in the previous year. For the quarter, basic and diluted EPS stood at ₹13.98. Total expenses for the year increased to ₹96,369.98 lakh from ₹85,152.05 lakh, primarily driven by the cost of materials consumed, which rose to ₹79,675.40 lakh. Finance costs for the year decreased to ₹1,393.46 lakh from ₹1,649.91 lakh in the prior year.

Key Financial Metrics

Corporate Governance and Approvals

The Board of Directors, in its meeting on May 29, 2026, approved the audited financial results and the re-appointment of M/s. Tattvam & Co as Internal Auditor and M/s. Ahuja Sunny & Co as Cost Auditor for FY27. The 40th Annual General Meeting is scheduled for September 30, 2026, via video conferencing. The register of members will remain closed from September 19, 2026, to September 30, 2026, with September 18, 2026 fixed as the record date for dividend payment eligibility. The dividend will be paid within 30 days from the date of declaration.

Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the company submitted an advertisement for the publication of these audited financial results in the Financial Express and Jansatta newspapers on May 30, 2026.

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.