SJS Enterprises Limited has formalized its strategic partnership with BOE Varitronix Limited (BOEVX) by executing a Technology License Cum Exclusive Supply Agreement (TLA) on December 18, 2025. This development follows the Memorandum of Understanding signed between the two companies in September 2025, marking a significant milestone in automotive display manufacturing in India.

Agreement Details

The Technology License Agreement encompasses comprehensive collaboration for automotive display systems manufacturing, specifically focusing on optical bonding and assembly of automotive displays for four-wheelers. Key aspects of the partnership include:

Scope of Business Operations

The agreement establishes a comprehensive framework for technology transfer and manufacturing capabilities. BOE Varitronix will transfer Licensed Technology, Know-How, and technical information to SJS Enterprises for the manufacture, assembly, testing, quality control, and supply of automotive display systems.

Strategic Benefits and Leadership Perspective

The collaboration enables SJS Enterprises to enter the automotive display manufacturing space using advanced, proven technology from BOE Varitronix. This partnership supports backward integration, enhances product capabilities, and facilitates localization of key display components.

Mr. Sanjay Thapar, Group CEO Executive Director, SJS Enterprises Limited, commented: "We are pleased to announce our strategic partnership with BOE Varitronix, marking an important step in our journey to diversify and expand into the automotive display segment. Collaborating with a global leader in display technology will enable us to deliver cutting-edge products tailored to the growing demand in India's automotive sector."

Mr. James Park, CSO, BOE Varitronix Limited, stated: "We are delighted to partner with SJS Enterprises in this strategic collaboration, which reflects our commitment to advancing automotive display technologies in India. By combining BOEVX's global expertise with SJS's strong manufacturing capabilities, we aim to deliver to customers in India localized solutions for automotive displays."

Market Implications and Growth Strategy

This formalization positions SJS Enterprises strategically in India's growing automotive display market, opening a new growth vertical in digital automotive displays. The partnership strengthens SJS's position as a comprehensive decorative aesthetics solutions provider in the automotive sector while addressing the growing demand for advanced display systems in India.

Corporate Governance Compliance

SJS Enterprises has confirmed that the transaction does not fall under related party transactions, with promoters and promoter group having no interest in BOE Varitronix. This ensures transparency and adherence to regulatory requirements under SEBI guidelines.

SJS Enterprises Limited, a leading player in the decorative aesthetics industry, has reported its highest ever quarterly performance for Q2 FY26, significantly outpacing industry growth. The company's strong results reflect its strategic focus on premium products, export expansion, and operational efficiency.

Financial Highlights

The company's revenue growth of 25.40% year-on-year significantly outperformed the combined 2-wheeler and passenger vehicle industry growth of 9.50%. This robust performance was driven by strong growth across all segments, particularly in the automotive sector.

Segment Performance

The automotive segment showed impressive growth, with 2-wheeler revenue increasing by 44.30% and passenger vehicle revenue growing by 16.50%. Exports reached a record INR 231.90 million, up 40.90% year-on-year, now contributing 9.60% to total revenue.

Strategic Developments

SJS Enterprises has signed a Memorandum of Understanding (MOU) with BOE Varitronix, a Hong Kong-based company, to collaborate on manufacturing automotive display solutions for the 4-wheeler industry. This partnership marks SJS's entry into advanced display technologies, enhancing its portfolio of premium, high-value products.

The company has also added new customers, including:

• Orafol USA (Nissan supplier)
• River (EV 2-wheeler manufacturer)
• Azad (EV bus manufacturer)

Financial Position and Outlook

SJS Enterprises maintains a strong financial position with a net cash balance of INR 1,588.80 million. The company has revised its guidance upwards, expecting to outperform industry growth by over 2.5x in FY26.

Key targets include:

• Increasing export revenue share to 14-15% by FY28
• Continuing capacity expansion projects at Bangalore and Pune facilities

Management Commentary

K.A. Joseph, Managing Director, commented on the results: "SJS has gained strong momentum, consistently delivering robust growth and outperforming the underlying industry across all business segments. The company has delivered its highest ever quarterly performance across all key financial parameters, reflecting in both top line growth and margin expansion."

Sanjay Thapar, Group CEO and Executive Director, added: "Our focus remains on scaling up our presence in premium aesthetic solutions, driving innovation for next-generation products, deepening relationships with global marquee OEMs, and maintaining a commitment to sustainability and long-term value creation for our shareholders."

SJS Enterprises' record-breaking quarter demonstrates its strong market position and effective strategy execution. The company's focus on premium products, export expansion, and technological advancements positions it well for continued growth in the decorative aesthetics industry.