S.J.S. Enterprises Limited
SJS
Quarterly Score
Showing the latest 12 quarterly points (newest to oldest).
Score context (latest 12 quarters)
No additional context available.
No additional context available.
No additional context available.
No additional context available.
No explicit numerical guidance for full FY25 revenue/profit. The company targets exports to comprise 14-15% of consolidated sales by FY28 (from 7.5% in 9M FY25) and has planned capex of INR 140 crore for capacity expansion and new product lines. Long-term visibility is provided by an 8-year program with Stellantis and a new sole supplier contract with Whirlpool in North America.
Rationale
- Consolidated revenue grew 11.2% Y-o-Y to INR 1,785.6 million in Q3FY25, with automotive business growing 15.4% Y-o-Y, significantly outperforming the industry growth of 7.1%.
- Consolidated EBITDA increased 16.9% Y-o-Y to INR 482 million, with margins expanding by 102 bps Y-o-Y to 26.6% due to enhanced operational efficiencies.
Management expects to outperform underlying industry growth by about two times in FY26. The current order book stands at 85% of forecasted FY26 revenues, providing strong visibility. Capacity expansions for SJS Decoplast are on track for H1 FY26 commissioning, expected to double FY24 turnover (to Rs. 320 crores). An additional capex of Rs. 40-45 crores is planned for FY26 for the SJS Bangalore plant due to new export business awards. Long-term target to increase exports to 14-15% of consolidated revenues by FY28.
Rationale
- Delivered robust Q4 FY25 consolidated revenue growth of 7.3% Y-o-Y to Rs. 2,005.1 million and strong FY25 revenue growth of 21.1% Y-o-Y to Rs. 7,604.9 million.
- Achieved significant margin expansion in FY25, with EBITDA margin improving by 129 bps to 26.4% and PAT margin by 203 bps to 15.6%.
Management guided for continued outperformance of underlying industry growth by over 2x. Export contribution is targeted to increase to 14%-15% of consolidated revenue by FY28. Capacity expansion projects are underway with INR 40-45 crores for SJS and INR 100 crores for SJS Decoplast. New customer supplies (Whirlpool, Stellantis) start in Q2 FY26. Cover glass revenues expected to start in FY27.
Rationale
- The company delivered exceptional financial performance with consolidated revenue growing 11.2% Y-o-Y to INR 2,096.6 million, significantly outperforming the 1.2% Y-o-Y growth in overall automotive production volumes. The automotive business (2-wheeler and passenger vehicle) grew 22.8% Y-o-Y, approximately 19x industry growth.
- Robust profitability was achieved with EBITDA growing 16.3% Y-o-Y to INR 587.2 million, resulting in a 106 bps Y-o-Y margin expansion to 27.6%. PAT grew 22.6% Y-o-Y to INR 346.2 million, with margins expanding 154 bps Y-o-Y to 16.5%.
FY26 guidance raised upwards, expecting to outperform the industry growth rate by over 2.5x (vs. previous ~1.5x), with an order book covering over 90% of FY26 forecast revenue.
Rationale
- Q2 FY26 revenue grew strongly by 25.4% YoY to INR 2,417.6 million and 15.3% sequentially, significantly outperforming the combined 2-wheeler and passenger vehicle industry growth of 9.5% YoY by almost 3x.
- Consolidated EBITDA margin expanded by 300 bps YoY to 29.6% in Q2 FY26, reaching the highest-ever quarterly performance, driven by a richer product mix, improved operating leverage, and cost optimization initiatives.
Management reiterated its guidance to outperform the industry growth by over 2.5x for FY26 (currently achieving 3x). The company targets increasing export contribution to 14%-15% of overall revenues by FY28. Sales from the new cover glass segment are expected to commence in FY28.
Quarter summary
- SJS achieved its highest ever operational and financial performance, demonstrating strong execution and market outperformance in the automotive sector.
- The company made a strategic foray into advanced automotive display solutions through a technology partnership, significantly enhancing future content per vehicle and product portfolio.
Rationale
- SJS Enterprises reported its highest ever quarterly revenue of Rs 2,435.3 million in Q3 FY26, representing a robust 36.4% Y-o-Y growth.
- The automotive business grew by 46% Y-o-Y, significantly outperforming the underlying automotive industry (2-wheeler and PV segments) growth of 15.7% Y-o-Y by approximately 3x.
Future Growth Prospects
Catalysts (next 12-24 months)
Swipe or use arrows to browse all triggers.
SJS Decoplast Pune Greenfield Expansion
• Q3/FY26 · concall · Pune plant is set up and under commissioning at the moment... Rs. 100 crores. So far, we have incurred close to Rs. 65 crores to Rs. 70 crores.
Optical Bonding & Assembly (BOE Varitronix TLA)
• Q3/FY26 · concall · Future kit value for passenger vehicles will increase to 5 to 8 times as against 4 to 6 times of our legacy kit value earlier.
Hosur Cover Glass Facility
• Q3/FY26 · concall · Equipment will be installed in FY27, and we should expect to see sales in FY28... marked Rs. 40 crores earlier for the cover glass.
Export Share Expansion
• Q3/FY26 · ppt · SJS targets increasing export contribution to 14% to 15% of our overall revenues by FY28.
Variant perception
Non-consensus viewMarket may underappreciate the kit value jump from mere 'Cover Glass' to full 'Display Assembly' (5-8x multiplier) via the BOE partnership.
- Optical bonding foray provides a much larger TAM (₹3,000-4,000 Cr by FY30) than legacy aesthetic parts.
Show more (1)Hide extras
- Export revenue in 9MFY26 has already surpassed total FY25 levels.
- One-time ₹18.1 Mn impact from new labor codes in Nov 2025 might recur if implementation varies across states.
Show more (1)Hide extras
- High asset turn business (5x) in displays might initially dilute group margins slightly despite higher ROCE.
Quick takeaway
2.5x outperformance of industry growth in FY26.
Risk watch: Slower-than-expected commissioning of Pune greenfield facility.
Show details (2 drivers, 2 risks)Hide details
Drivers
- 2.5x outperformance of industry growth in FY26.
- EBITDA margins stabilizing at 29-30% on better mix.
Risks
- Slower-than-expected commissioning of Pune greenfield facility.
- Muted growth in the consumer durable segment.
Quick takeaway
Export contribution hitting 14% target ahead of FY28.
Risk watch: Global trade deal volatility (India-EU).
Show details (2 drivers, 2 risks)Hide details
Drivers
- Export contribution hitting 14% target ahead of FY28.
- Accretive inorganic acquisition using ₹203 Cr net cash surplus.
Risks
- Global trade deal volatility (India-EU).
- Competitive pressures in the display vertical.
Quick takeaway
Input cost pressures in Q4 impacting the 30% margin threshold.
Risk watch: Customer concentration risk (single customer <15% of revenue).
Show details (2 drivers, 2 risks)Hide details
Drivers
- Input cost pressures in Q4 impacting the 30% margin threshold.
- Execution delays in Hosur Greenfield cover glass project.
Risks
- Customer concentration risk (single customer <15% of revenue).
- Operational disruption during capacity ramp-ups.
Quick takeaway
2.5x outperformance of industry growth in FY26.
Risk watch: Slower-than-expected commissioning of Pune greenfield facility.
Show details (2 drivers, 2 risks)Hide details
Drivers
- 2.5x outperformance of industry growth in FY26.
- EBITDA margins stabilizing at 29-30% on better mix.
Risks
- Slower-than-expected commissioning of Pune greenfield facility.
- Muted growth in the consumer durable segment.
Quick takeaway
Export contribution hitting 14% target ahead of FY28.
Risk watch: Global trade deal volatility (India-EU).
Show details (2 drivers, 2 risks)Hide details
Drivers
- Export contribution hitting 14% target ahead of FY28.
- Accretive inorganic acquisition using ₹203 Cr net cash surplus.
Risks
- Global trade deal volatility (India-EU).
- Competitive pressures in the display vertical.
Quick takeaway
Input cost pressures in Q4 impacting the 30% margin threshold.
Risk watch: Customer concentration risk (single customer <15% of revenue).
Show details (2 drivers, 2 risks)Hide details
Drivers
- Input cost pressures in Q4 impacting the 30% margin threshold.
- Execution delays in Hosur Greenfield cover glass project.
Risks
- Customer concentration risk (single customer <15% of revenue).
- Operational disruption during capacity ramp-ups.
Story of the Stock - Top Strategies
Premiumization and New Product Development
Drives higher kit value per vehicle, contributing to outperforming industry growth by over 2x.
Show more
Focus on developing new technologies and advanced products, including optical cover glass and illuminated logos, to enhance product offerings and increase kit value.
Evidence
Global Expansion and Export Growth
Targeting 14-15% of consolidated sales from exports by FY28, with current exports at 9.6% of consolidated Q2 revenue.
Show more
Expanding global presence by penetrating deeper into existing geographies and entering new ones, with a focus on increasing export revenue share.
Evidence
Capacity Expansion and Investment in New Facilities
Investing ~₹100 Crs in greenfield expansion for chrome plating plant in Pune.
Show more
Expanding manufacturing capabilities through new plants and capacity enhancements to meet growing customer demand and support new product launches.
Evidence
Capacity Expansion
Capacity expansion at Exotech and WPI to cater to significant new business opportunity
Show more
SJS is expanding its capacity at the existing plant through debottlenecking and partnering with external chrome plating manufacturers. A new greenfield plant for Optical Cover Glass is also planned.
Evidence
New Age Products & Technologies
New generation products contributed ~28% of consolidated revenue during FY25, with kit value increasing 4-6x for PV
Show more
SJS is focusing on developing new technologies and advanced products like Optical cover glass, Illuminated logos, In Moulded Electronic (IME) parts, and other new gen technologies to cater to evolving consumer demands.
Evidence
Exports: Increasing global presence
Targeting 14-15% of consolidated sales from exports by FY28, with recent large global orders from Stellantis and Whirlpool
Show more
SJS is strategically expanding its global footprint by deepening its presence in existing markets, entering new geographies, and optimizing its offerings to meet the dynamic needs of a global clientele.
Evidence
Walter Pack India Acquisition
Acquisition of Walter Pack India is expected to significantly increase TAM and drive revenue growth.
Show more
The acquisition of Walter Pack India is expected to significantly increase SJS's total addressable market (TAM) and provide cross-selling opportunities.
Evidence
New Product Development & Technologies
Focus on new technologies like illuminated logos, In Moulded Electronic (IME) parts, and optical cover glass to drive revenue growth.
Show more
SJS is focusing on developing new technologies and advanced products, including illuminated logos and IME parts, to enhance kit value and expand its addressable market.
Evidence
Expanding Global Presence & Key Customers
Expanding global presence and strengthening relationships with existing customers to drive revenue growth.
Show more
SJS aims to expand its customer base by marketing existing products to new customers and exploring cross-selling opportunities between SJS and Exotech, and also to penetrate deeper into existing geographies and enter new geographies.
Evidence
Business Segments
Community
Share your view anonymously. Comments are public and sorted newest first.
Anonymous post · 1500 characters left