Jay Bharat Maruti Limited

Consumer Cyclical — Auto Parts · NSE

₹119.62−₹1.46 (−1.21%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Jay Bharat Maruti Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jay Bharat Maruti Limited engages in the manufacture and sale of auto components and assembly systems in India.

IndustryAuto Parts

SectorConsumer Cyclical

Employees1,137

Annual revenue₹2,234 Cr

How does it make money?

Turns over ₹2,234 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 1,137 employees supports ₹1.96 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.96 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 15.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE23.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +4% while net margin moved +254% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+4%

Margin effect+254%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.59 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

64/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

86/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

9.4x

3Y Median

30.2x

40 monthly readings · mean 29.4x · range 9.3x–56.3x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 69% below its 3y median of 30.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 80% below the peer median of 45.7x.

vs. its own history

Cheap

30.2x median over 40 months · -69%

vs. sector peers

Cheap

45.7x median of 4 peers · -80%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.3x

PEG

0.17

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 8.2% to 12.9% over 3 years.
Return on equity is rising
ROE has improved from 7.5% to 20.1%.
Return on capital is rising
ROCE has improved from 12.5% to 15.4%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 1 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 58% over 3 years, from ₹336 Cr to ₹531 Cr.
🟡Receivables growing faster than salesFinancial
Receivables up 42% against revenue up 4% — sales are being booked faster than they are collected.
🟡Inventory building faster than salesFinancial
Inventory up 32% against revenue up 4% — stock may not be moving.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.85 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.2% to 12.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 69% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 80% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 42% against revenue up 4%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 1.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 11%✓ 12.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 1.3% CAGR
Latest reported year was 12.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹47 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 12%✓ 15.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹1,295 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.4x

Cheap

Cheap against the generic band

P/B Ratio

1.86x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.77

Profitable

Profitable on a per-share basis

ROE

20.1%

Strong

Strong capital efficiency

ROCE

15.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.76x

Moderate

Moderate leverage

Revenue Growth (YoY)

12.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-6.0%

Falling

Profits are shrinking

Dividend Yield

0.59%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹47 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

6.2%

Average

Average margins

Net Margin

5.3%

Average

Average bottom-line conversion

Current Ratio

0.85

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.59

Defensive

Steadier than the market

52W Range Position

34%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

122.7 / 123.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

48.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2,146 Cr	₹2,112 Cr	₹2,104 Cr	₹2,234 Cr	+1.3%
EBITDA	₹175 Cr	₹171 Cr	₹167 Cr	₹289 Cr	+18.2%
EBITDA Margin	8.2%	8.1%	8.0%	12.9%	—
PAT (Net Profit)	₹38 Cr	₹32 Cr	₹33 Cr	₹140 Cr	+54.5%
EPS	₹3.5	₹2.98	₹3.04	₹12.9	+54.5%
ROE	7.5%	6.0%	5.8%	20.1%	—
ROCE	12.5%	10.0%	8.0%	15.4%	—
Total Debt	₹336 Cr	₹440 Cr	₹540 Cr	₹531 Cr	+16.5%
Free Cash Flow	₹87 Cr	₹43 Cr	-₹66 Cr	₹47 Cr	-18.5%

🟡 Revenue has been broadly flat over 3 years (1.3% a year).

🟢 EBITDA has grown at 18.2% a year over 3 years.

🟢 EBITDA Margin has risen from 8.2% to 12.9% over 3 years (+4.8 pts).

🟢 PAT (Net Profit) has grown at 54.5% a year over 3 years.

🟢 EPS has grown at 54.5% a year over 3 years.

🟢 ROE has risen from 7.5% to 20.1% over 3 years (+12.6 pts).

🟢 ROCE has risen from 12.5% to 15.4% over 3 years (+2.9 pts).

🔴 Total Debt has grown at 16.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 18.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,831 Cr

Total Liabilities

₹1,135 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

₹197 Cr

Capex

-₹149 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

78.2%

Corporate Actions

Dividend Rate

₹0.7

Ex-Dividend Date

19 Aug 2026

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

2 positive2 mixed1 negative1 general

Jay Bharat Maruti (NSEI:JAYBARMARU) - Stock Analysis

Simply Wall Street, 13 Oct

Jay Bharat Maruti profit falls 8% in Q1FY27 despite revenue growth

scanx.trade, 04 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Small-cap stock below ₹200: Jay Bharat Maruti share price hits 20% upper circuit after Q4 results

Livemint, 20 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Jay Bharat Maruti Q4 Net Profit Surges 302% to ₹78.9 Cr as Margins Expand

Sahi, 19 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Jay Bharat Maruti Share Price Hits 20% Upper Circuit After Strong Q4 FY26 Results

Samco, 20 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Jay Bharat Maruti Hits 20% Upper Circuit on 287% Profit Surge

Equitypandit, 20 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Profitability · Valuation

MiddlingBusiness Quality · Financial Health

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑