JBM Auto
JBM Auto
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Key Insights
Strengths
1- Company has delivered good profit growth of 35.5% CAGR over last 5 years
Weaknesses
3- Stock is trading at 8.37 times its book value
- Company has low interest coverage ratio.
- Debtor days have increased from 82.4 to 131 days.
Growth Rate
AI Analysis — Bull vs Bear
JBM Auto Ltd trades at a market cap of ₹14,154 Cr with a P/E of 57.7x and P/B of 9.12x, reflecting premium valuations. The company has delivered strong 5-year profit CAGR of ~36% and sales CAGR of 25%, though recent growth has moderated to 12% TTM on both revenue and profit, and the stock has declined 19% over the past year.
- Strong 5-year compounded profit growth of 36% CAGR, significantly outpacing the 25% sales CAGR over the same period, indicating margin expansion
- Consistent ROE of 16% over the last 1, 3, and 5-year periods, demonstrating stable return generation on equity
- Impressive 5-year stock CAGR of 45% and 10-year CAGR of 29%, reflecting long-term wealth creation
- 10-year compounded sales growth of 15% shows the company has a durable revenue growth trajectory across cycles
- TTM sales and profit growth both at 12%, indicating the company continues to grow even as the base has expanded significantly
- 3-year compounded profit growth of 22% outpaces the 3-year sales growth of 16%, suggesting improving operational leverage
- Presence in the electric bus and mobility segment positions the company within India's policy-driven EV transition, supported by government procurement programs
- P/E ratio of 57.7x is significantly above the broader auto sector average, leaving limited room for earnings disappointment
- Stock trading at 9.12x book value is expensive and implies the market is pricing in aggressive future growth that may not materialize
- Debtor days have increased sharply from 82.4 to 131 days, signaling deteriorating working capital efficiency and potential collection risk from government or institutional clients
- Low interest coverage ratio indicates the company's operating profits provide limited cushion over interest obligations, raising financial risk
- Stock has declined 19% over the past 1 year, underperforming despite continued earnings growth, suggesting possible re-rating concerns
- Dividend yield of just 0.14% offers negligible income return to shareholders relative to the premium valuation paid
- TTM profit growth has decelerated to 12% from the 3-year CAGR of 22% and 5-year CAGR of 36%, indicating a slowing growth trajectory
- 3-year stock CAGR of -7% despite 22% profit CAGR over the same period suggests the stock had run ahead of fundamentals and is now correcting
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Strong FY26 revenue and PAT growth Sep 16
FY26 revenue rose 12.7% YoY to ₹6,227 crore and PAT grew 10.9% to ₹238 crore, with a robust order book of over 10,000 electric buses.
- ₹1,500 Cr fundraise and dividend Aug 25
Board proposed ₹0.85 per share dividend and seeks shareholder approval to raise up to ₹1,500 crore via security issuance at the 30th AGM on September 16, 2026.
- AGM resolutions approved smoothly Sep 18
All seven resolutions passed at the 30th AGM on September 16, 2026, including reappointment of MD Nishant Arya and adoption of FY26 financials.
- BRSR report filed with exchanges Aug 25
JBM Auto submitted its FY26 Business Responsibility and Sustainability Report covering ESG metrics including energy usage, waste management, and employee safety.
TL;DR: JBM Auto delivered solid FY26 results with double-digit revenue and profit growth, supported by a large electric bus order book exceeding 10,000 units. No material headwinds emerged in recent news. The proposed ₹1,500 crore fundraise signals capital deployment plans that could accelerate EV bus deliveries, making the near-term trend constructive.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 946 | 1,231 | 1,346 | 1,486 | 1,144 | 1,286 | 1,396 | 1,646 | 1,254 | 1,368 | 1,614 | 1,852 | 1,442 |
| Expenses | 833 | 1,091 | 1,190 | 1,314 | 1,014 | 1,128 | 1,228 | 1,461 | 1,134 | 1,218 | 1,441 | 1,623 | 1,287 |
| Operating Profit | 114 | 140 | 157 | 172 | 130 | 158 | 168 | 185 | 120 | 150 | 173 | 229 | 155 |
| OPM % | 12% | 11% | 12% | 12% | 11% | 12% | 12% | 11% | 10% | 11% | 11% | 12% | 11% |
| Other Income | 4 | 10 | 6 | 12 | 9 | 10 | 18 | 17 | 40 | 39 | 21 | 30 | 31 |
| Interest | 39 | 48 | 54 | 55 | 52 | 60 | 68 | 67 | 66 | 70 | 74 | 108 | 83 |
| Depreciation | 40 | 41 | 43 | 48 | 43 | 43 | 44 | 44 | 44 | 44 | 42 | 43 | 44 |
| PBT | 38 | 60 | 66 | 82 | 45 | 65 | 73 | 90 | 51 | 74 | 77 | 108 | 60 |
| Tax % | 21% | 19% | 21% | 23% | 26% | 19% | 22% | 20% | 23% | 26% | 23% | 22% | 26% |
| Net Profit | 30 | 49 | 52 | 62 | 34 | 53 | 56 | 72 | 39 | 55 | 60 | 84 | 44 |
| EPS in Rs | 1.28 | 1.87 | 2.06 | 2.36 | 1.41 | 2.09 | 2.23 | 2.81 | 1.56 | 2.23 | 2.33 | 3.14 | 1.78 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,557 | 1,518 | 1,501 | 1,633 | 2,207 | 1,947 | 1,982 | 3,193 | 3,857 | 5,009 | 5,472 | 6,088 | 6,277 |
| Expenses | 1,366 | 1,328 | 1,336 | 1,429 | 1,949 | 1,717 | 1,784 | 2,860 | 3,459 | 4,425 | 4,830 | 5,412 | 5,569 |
| Operating Profit | 191 | 190 | 165 | 204 | 258 | 230 | 198 | 333 | 398 | 584 | 642 | 676 | 708 |
| OPM % | 12% | 13% | 11% | 12% | 12% | 12% | 10% | 10% | 10% | 12% | 12% | 11% | 11% |
| Other Income | 6 | 6 | 35 | 24 | 27 | 16 | 12 | 21 | 27 | 30 | 52 | 126 | 121 |
| Interest | 35 | 53 | 53 | 49 | 59 | 64 | 55 | 76 | 126 | 197 | 247 | 318 | 335 |
| Depreciation | 40 | 59 | 50 | 56 | 75 | 74 | 76 | 91 | 130 | 171 | 175 | 174 | 174 |
| PBT | 122 | 85 | 97 | 124 | 150 | 108 | 78 | 187 | 170 | 246 | 273 | 310 | 320 |
| Tax % | 24% | 26% | 26% | 34% | 35% | 36% | 37% | 16% | 26% | 21% | 21% | 23% | — |
| Net Profit | 93 | 63 | 72 | 81 | 98 | 69 | 49 | 156 | 125 | 194 | 215 | 238 | 243 |
| EPS in Rs | 3.75 | 2.57 | 3.53 | 3.45 | 4.81 | 2.93 | 2.08 | 6.6 | 5.26 | 7.56 | 8.54 | 9.25 | 9.48 |
| Div. Payout % | 13% | 14% | 11% | 12% | 9% | 12% | 14% | 8% | 12% | 10% | 10% | 9% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 20 | 20 | 20 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 280 | 323 | 336 | 397 | 625 | 680 | 722 | 873 | 1,006 | 1,144 | 1,327 | 1,515 |
| Borrowings | 502 | 536 | 522 | 573 | 781 | 627 | 845 | 1,388 | 1,703 | 2,127 | 2,505 | 3,029 |
| Other Liabilities | 451 | 639 | 471 | 445 | 580 | 678 | 873 | 944 | 807 | 1,570 | 1,994 | 2,802 |
| Total Liabilities | 1,254 | 1,519 | 1,350 | 1,435 | 2,006 | 2,009 | 2,464 | 3,229 | 3,540 | 4,865 | 5,850 | 7,370 |
| Fixed Assets | 692 | 711 | 583 | 558 | 834 | 861 | 930 | 1,213 | 1,540 | 1,729 | 1,720 | 1,606 |
| CWIP | 12 | 27 | 35 | 63 | 70 | 90 | 300 | 180 | 268 | 131 | 73 | 172 |
| Investments | 16 | 16 | 76 | 91 | 48 | 54 | 54 | 49 | 74 | 79 | 94 | 409 |
| Other Assets | 534 | 764 | 656 | 723 | 1,054 | 1,004 | 1,179 | 1,788 | 1,657 | 2,926 | 3,962 | 5,183 |
| Total Assets | 1,254 | 1,519 | 1,350 | 1,435 | 2,006 | 2,009 | 2,464 | 3,229 | 3,540 | 4,865 | 5,850 | 7,370 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 66 | 145 | 119 | 69 | 152 | 370 | 216 | -142 | 484 | 205 | 394 | -60 |
| Investing | -200 | -116 | -65 | -61 | -190 | -123 | -363 | -295 | -646 | -443 | -556 | -264 |
| Financing | 138 | -34 | -57 | -8 | 46 | -236 | 140 | 454 | 159 | 248 | 224 | 314 |
| Net Cash Flow | 4 | -4 | -4 | 0 | 9 | 11 | -7 | 16 | -2 | 10 | 62 | -10 |
| Free Cash Flow | -132 | 29 | 54 | 15 | -20 | 249 | -131 | -409 | -134 | -19 | 281 | -358 |
| CFO/OP | 46 | 92 | 84 | 48 | 74 | 170 | 117 | -37 | 134 | 43 | 70 | 5 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 54 | 70 | 75 | 79 | 101 | 93 | 91 | 66 | 44 | 49 | 67 | 131 |
| Inventory Days | 59 | 103 | 75 | 75 | 68 | 80 | 96 | 66 | 57 | 76 | 60 | 46 |
| Days Payable | 73 | 139 | 111 | 82 | 97 | 108 | 154 | 90 | 59 | 113 | 127 | 150 |
| Cash Conversion Cycle | 40 | 34 | 39 | 72 | 73 | 65 | 33 | 43 | 43 | 12 | 0 | 26 |
| Working Capital Days | -25 | -33 | -19 | 6 | 32 | -11 | -49 | -7 | -20 | -19 | 1 | 21 |
| ROCE % | 21% | 15% | 15% | 17% | 17% | 12% | 9% | 14% | 12% | 14% | 14% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY08–FY27.
Documents
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Company Information
Incorporated in 1983, JBM Auto Ltd is in automotive business that manufactures and sells sheet metal components, tools, dies & moulds, and buses including sale of spare parts, accessories and maintenance contract for Buses[1]
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