JTEKTINDIA

JTEKT India share price & financials

Price
₹137.3
Market cap
₹3.3k Cr
Sector
Automobile and Auto Components
Calls analysed
6
Latest concall · Q4 FY26 · call held 20 May 2026

JTEKT India Q4 FY26

EBITDA Margin 7.5% ROCE 10%

What went well

  • JTEKT India achieved 11% sales growth in FY26, outperforming the passenger vehicle market's 9% growth.
  • H2 FY26 EBITDA margin improved to 8.48% from 7.71% in H2 FY25.
  • Fixed costs (employee and administration) reduced by 0.28% as a percentage of sales in FY26.

What to watch

  • Full year FY26 EBITDA margin declined slightly to 7.5% from 7.6% in FY25.
  • Gross margins continuously declined from 29% to 27% over the last two years.
Read the full call →

What JTEKT India does

JTEKT India manufactures steering systems and driveline components for the passenger car, utility vehicle and light commercial vehicle market in India, using technology licensed from parent JTEKT Corporation, Japan, the world's largest maker of passenger-vehicle steering systems. Its customer base includes Maruti Suzuki, Toyota, Tata Motors, Mahindra & Mahindra, Isuzu Motors, Honda and Renault Nissan, with Maruti Suzuki as its largest customer; it is also the sole supplier of steering to Toyota in India and a 100% supplier to Honda. It earns revenue by supplying steering-column, gear and joint assemblies as an OEM component supplier, and also exports a portion of output.

Segments

  • Steering & Columns (Driveline)
  • Constant Velocity Joints (CVJ)
Manufacturing plants
7 (1 Gurgaon, 3 Dharuhera, 1 Chennai, 2 Bawal), plus a new plant under construction in Gujarat
Employees
over 3,400 across locations
Key OEM customers
Maruti Suzuki, Toyota, Tata Motors, Mahindra & Mahindra, Isuzu Motors, Honda, Renault Nissan
Supplier position with Toyota
Sole supplier of steering requirements
Supplier position with Honda
100% supplier
Parent company
JTEKT Corporation, Japan — world's largest maker of passenger-vehicle steering systems, with 134 subsidiaries/affiliates in 30 countries and ~45,018 employees globally
Founded 1984Headquarters New Delhi, India Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 3 delivered 3 missed 8 open
  • Annual Capital Expenditure delivered said Q2 FY24 Promised: in excess of ₹100 crores per annum Q4 FY26: So, this year, we've done close like a INR400 crores plus capex.
  • CVJ first line capacity utilization missed said Q2 FY24 Promised: 100% by next financial year (FY25) Q4 FY26: Not addressed. The original deadline of FY25 has passed.
  • CVJ market share revised up said Q2 FY24 Promised: 15% Q4 FY26: our first-ever target is to touch about 15% market of CVJ... The third line will start working now. So CVJ third line will give us about a production capacity, which can help us to touch about 15% market share.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 26.8%, net profit down 42.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue605 592 649 566 639 +6%680 +15%780 +20%718 +27%
EBITDA47 44 57 31 46 −2%52 +20%71 +26%38 +24%
Net profit19 16 25 11 18 −6%20 +25%27 +12%6 −43%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −28.9% 1Y

₹120₹140₹160₹180Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025Q4 FY26 — 20 May 2026

1Y: ₹169.49 on 10 Sept 2025 → ₹120.55. High ₹184.86 (23 Sept 2025), low ₹117.55 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−2.4%
20 May
Q2 FY26
−0.3%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.5%.

Year endingFY23FY24FY25FY26
Revenue₹2.1k Cr₹2.2k Cr₹2.4k Cr₹2.7k Cr
Operating profit₹173 Cr₹215 Cr₹185 Cr₹200 Cr
Operating margin8.4%9.6%7.7%7.5%
Interest₹4 Cr₹6 Cr₹10 Cr₹15 Cr
Depreciation₹70 Cr₹81 Cr₹83 Cr₹99 Cr
Net profit₹84 Cr₹107 Cr₹75 Cr₹77 Cr
Net margin4.1%4.8%3.1%2.9%
Cash from operations₹83 Cr₹172 Cr₹194 Cr₹99 Cr
Free cash flow₹-8 Cr₹-14 Cr₹-82 Cr₹-343 Cr
ROCE16.0%17.0%11.0%10.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹24 Cr₹25 Cr₹28 Cr₹28 Cr
Reserves₹553 Cr₹582 Cr₹710 Cr₹796 Cr₹1.1k Cr₹1.2k Cr
Borrowings₹49 Cr₹71 Cr₹69 Cr₹115 Cr₹264 Cr₹340 Cr
Other liabilities₹261 Cr₹269 Cr₹374 Cr₹342 Cr₹369 Cr₹451 Cr
Total liabilities₹887 Cr₹947 Cr₹1.2k Cr₹1.3k Cr₹1.8k Cr₹2.0k Cr
Fixed assets₹391 Cr₹367 Cr₹499 Cr₹503 Cr₹661 Cr₹826 Cr
Capital work in progress₹6 Cr₹93 Cr₹42 Cr₹93 Cr₹241 Cr₹400 Cr
Investments₹5 Cr₹5 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹485 Cr₹481 Cr₹636 Cr₹683 Cr₹868 Cr₹750 Cr
Total assets₹887 Cr₹947 Cr₹1.2k Cr₹1.3k Cr₹1.8k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.46 pp while the public added +0.34 pp. The shareholder count shrank 6% to 45,846.

Promoters
75.0%
FIIs
0.6%
DIIs
10.2%
Public
14.2%

Since Jun 2025

  • DIIs −0.46 pp
  • Public +0.34 pp
  • FIIs +0.14 pp

How it drifted, 12 quarters

Over this window the public fell from 17.1% to 14.2% — −2.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, FIIs 0.4%, DIIs 8.5%, Public 17.1%.Dec '23: Promoters 74.0%, FIIs 0.5%, DIIs 9.2%, Public 16.3%.Mar '24: Promoters 75.0%, FIIs 0.5%, DIIs 8.9%, Public 15.6%.Jun '24: Promoters 75.0%, FIIs 0.6%, DIIs 9.0%, Public 15.5%.Sep '24: Promoters 75.0%, FIIs 0.4%, DIIs 8.8%, Public 15.7%.Dec '24: Promoters 75.0%, FIIs 0.4%, DIIs 9.3%, Public 15.3%.Mar '25: Promoters 75.0%, FIIs 0.5%, DIIs 9.3%, Public 15.3%.Jun '25: Promoters 75.0%, FIIs 0.5%, DIIs 10.7%, Public 13.8%.Sep '25: Promoters 75.0%, FIIs 0.6%, DIIs 11.2%, Public 13.2%.Dec '25: Promoters 75.0%, FIIs 0.5%, DIIs 11.1%, Public 13.4%.Mar '26: Promoters 75.0%, FIIs 0.5%, DIIs 11.1%, Public 13.4%.Jun '26: Promoters 75.0%, FIIs 0.6%, DIIs 10.2%, Public 14.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of JTEKT India above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
JTEKT Corporation 66.02%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund7.62%unchanged
Maruti Suzuki India Ltd 5.43%unchanged
JTEKT Column Systems Corporation 3.53%unchanged
Baroda BNP Paribas Mid Cap Fund Mutual fund2.62%−0.25 pp
Investor Education And Protection Fund Authority M 1.53%unchanged
JTEKT Micromatic Machinery India Private Limited 0.00%unchanged
JTEKT Bearings India Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in JTEKTINDIA

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹263 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹263 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹263 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+14%
vs est. average cost
Held by funds
₹263 Cr
1 schemes · ≈ 8.7% of the company

Shares held by these funds +46%

Aug '23 2.11 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹121, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹18 — downside of 85%.

Growth the price implies
30.6% a year
for 7 years, fading to 4%
It has actually compounded at
-3.9% a year
net profit, FY23–FY26 · EPS -5.1%
The gap
0.4 pp
-85% downside if it only repeats history
Price today ₹120.55 Value at the reference growth ₹18.36

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse JTEKT India

Guides on how to read this kind of business and the numbers that matter.