Jay Ushin Limited has announced its unaudited financial results for the quarter ended December 31, 2025. The Board of Directors approved these quarterly results during their meeting held on February 14, 2026, in compliance with regulatory requirements under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting and Regulatory Compliance

The Board of Directors meeting commenced at 01:00 P.M. and concluded at 02:00 P.M. on February 14, 2026. The company submitted the financial results to BSE Limited under Script Code 513252, fulfilling its obligations under the SEBI listing regulations.

Auditor Review and Approval Process

The financial results underwent a comprehensive review process before approval. NSBP & Co. Chartered Accountants (Firm Registration Number: 001075N) conducted a limited review as required under SEBI regulations. The statutory auditors issued an unmodified review report on the financial results.

The results were prepared in accordance with Indian Accounting Standards (Ind AS) 34 "Interim Financial Reporting" and reviewed by the Audit Committee prior to Board approval.

Business Operations and Segment Information

Jay Ushin Limited operates primarily in a single business segment focused on manufacturing components for automobiles. The company's operations are mainly conducted within India, with no other reportable segments as per Ind AS 108 "Operating Segments".

Corporate Structure and Leadership

The financial results were signed off by Ashwani Minda, Chairman and Managing Director (DIN: 00049968), representing the Board of Directors. Jyoti Kataria serves as the Compliance Officer and Company Secretary (Membership No. 55376) and handled the regulatory submission to the stock exchange.

Company Information

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

Jay Ushin Limited has received reaffirmation of its credit ratings from CRISIL Ratings, maintaining its position in the automotive components sector despite facing profitability challenges. The company informed BSE through a regulatory filing dated January 21, 2026, about the rating reaffirmation by CRISIL Ratings.

Credit Rating Details

CRISIL Ratings reaffirmed Jay Ushin Limited's credit ratings for bank loan facilities worth ₹125.00 crores. The rating action maintains the company's financial standing in the market.

Financial Performance and Business Strengths

The automotive components manufacturer demonstrated strong revenue growth, with operating income increasing to ₹855.20 crores in FY25 from ₹726.25 crores in FY24. The company has established a strong market position through over three decades of promoter experience and healthy customer relationships.

Jay Ushin serves as a Tier-1 supplier to major 4-wheeler and 2-wheeler original equipment manufacturers, with 70-75% sales from 4-wheeler segment and 20-25% from 2-wheeler segment. The company maintains 99% domestic sales and 1% exports to Suzuki Japan.

Key Rating Drivers and Challenges

CRISIL Ratings highlighted the company's established market position and reputed clientele as key strengths. Nearly half the revenue comes from the top 3 customers, who are leading OEMs in India. The company's association with JPM Group and dominance in the Indian market provides revenue visibility.

However, the ratings also reflect certain weaknesses:

• Low Profitability: Operating margins remained at 3-4% through fiscal 2024 • Moderate Financial Risk: Overall gearing at 1.13 times and TOLANW ratio at 2.39 times as of March 31, 2025 • Interest Coverage: Interest coverage ratio at 2.25 times for fiscal 2025

Liquidity and Financial Metrics

The company maintains adequate liquidity with moderate bank limit utilization at around 67% for the twelve months ended November 2025. Cash accruals are expected to be ₹30-35 crores, sufficient against term debt obligations of ₹9-18 crores over the medium term.

Company Background and Operations

Incorporated in 1986, Jay Ushin Limited operates as a joint venture between the JPM group and U-Shin Ltd, Japan. The company manufactures automotive components including lock and key sets, combination switches, heater control panels, and door latches. It operates manufacturing units across Gujarat, Chennai, Bengaluru, Manesar, Jharsa in Haryana, and Bhiwadi in Rajasthan, with headquarters in Gurugram.