Jay Ushin Limited

Consumer Cyclical — Auto Parts · BSE

₹786.05−₹3.95 (−0.50%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

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

What does this company do?

Jay Ushin Limited engages in the manufacture, purchase, and sale of lock and key sets, door latches, heater control panels (HVAC), and switches for automobiles in India and internationally.

IndustryAuto Parts

SectorConsumer Cyclical

Employees346

Annual revenue₹966 Cr

How does it make money?

Turns over ₹966 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 346 employees supports ₹2.79 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin4.7%

Net margin1.8%

Revenue / employee₹2.79 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.

BOSCH LIMITEDP/E 56.9x · ROE 15.9%

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TVS MOTOR COMPANY LTDP/E 56.8x · ROE 35.8%

EICHER MOTORS LTDP/E 34.7x · ROE 23.0%

What is its competitive advantage?Little sign of one

Returns on capital of 14.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE14.6%

ROE13.0%

Peer median ROE23.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +32% while net margin moved +1% 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+32%

Margin effect+1%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

• ROCE of 14.6% is adequate but not distinctive
✗ ROCE has fallen by 4.0 points — returns are eroding
✗ EBITDA margin of 4.7% is thin — little cushion if costs rise
✗ Net margin of 1.8% is slim
• Revenue has compounded at 9.7% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

49/ 100

Average

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

Valuation

70/ 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

16.8x

3Y Median

21.1x

40 monthly readings · mean 22.2x · range 15.7x–39.7x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 20% below its 3y median of 21.1x. 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 63% below the peer median of 45.7x.

vs. its own history

Cheap

21.1x median over 40 months · -20%

vs. sector peers

Cheap

45.7x median of 4 peers · -63%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

16.8x

P/B

2.23x

EV/EBITDA

9.8x

PEG

1.66

Dividend Yield

0.51%

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 16.8x the stock trades 20% below its own median of 21.1x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 27% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on capital is falling
ROCE has declined from 18.6% to 14.6% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 91% against revenue growth of 32% — customers are taking longer to pay.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 91% against revenue up 32% — sales are being booked faster than they are collected.
🟡Debt is increasingFinancial
Total debt is up 27% over 3 years.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹8 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 20% 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 63% 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?

The debt load needs earnings to hold up
Debt is 3.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 91% against revenue up 32%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 3%✓ 4.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.8x
How much operating profit can fall before interest stops being comfortably covered.
5Revenue growth stays above 7% a year✓ 9.7% CAGR
Latest reported year was 29.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.

Investment Checklist

5 / 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

2 good · 8 neutral · 1 weak

Market Cap

₹304 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.8x

Fair

Fairly valued against the generic band

P/B Ratio

2.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹46.74

Profitable

Profitable on a per-share basis

ROE

13.0%

Moderate

Moderate capital efficiency

ROCE

14.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.04x

Moderate

Moderate leverage

Revenue Growth (YoY)

29.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.3%

Modest

Slow profit growth

Dividend Yield

0.51%

Modest

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

Free Cash Flow

-₹8 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹786.05

Operating Margin

1.6%

Weak

Thin margins leave little room for error

Net Margin

1.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.13

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

1.03

Market-like

Moves roughly in line with the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

807.0 / 835.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹732 Cr	₹724 Cr	₹853 Cr	₹966 Cr	+9.7%
EBITDA	₹43 Cr	₹38 Cr	₹47 Cr	₹45 Cr	+1.9%
EBITDA Margin	5.8%	5.3%	5.5%	4.7%	—
PAT (Net Profit)	₹13 Cr	₹14 Cr	₹12 Cr	₹18 Cr	+10.1%
EPS	₹34.42	₹36.98	₹31.72	₹45.99	+10.1%
ROE	13.8%	13.1%	10.2%	13.0%	—
ROCE	18.6%	16.5%	17.9%	14.6%	—
Total Debt	₹112 Cr	₹148 Cr	₹140 Cr	₹141 Cr	+8.2%
Free Cash Flow	₹2 Cr	-₹37 Cr	₹8 Cr	-₹8 Cr	—

🟢 Revenue has grown at 9.7% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (1.9% a year).

🔴 EBITDA Margin has fallen from 5.8% to 4.7% over 3 years (-1.2 pts).

🟢 PAT (Net Profit) has grown at 10.1% a year over 3 years.

🟢 EPS has grown at 10.1% a year over 3 years.

🟡 ROE has held roughly flat at 13.0% over 3 years.

🔴 ROCE has fallen from 18.6% to 14.6% over 3 years (-4.0 pts).

🔴 Total Debt has grown at 8.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹425 Cr

Total Liabilities

₹289 Cr

Total Debt

₹141 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹11 Cr

Capex

-₹20 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

90.8%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

18 Sept 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

1 positive1 mixed4 general

Jay Ushin Share Price Fall: key numbers and sector view

Univest, 01 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Jay Ushin Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 28 Aug

Shilayan Industries (BSE:505075) - Stock Analysis

Simply Wall Street, 12 Sept

Jay Ushin Ltd Upgraded to Sell: Technical Improvements and Valuation Support the Shift

MarketsMojo, 01 SeptAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

MENNPIS Stock Price and Chart — NSE:MENNPIS

TradingView, 20 Apr

Jay Ushin Limited Reports Inter-se Transfer of 2,758 Equity Shares Between Promoters

scanx.trade, 29 Dec

Watch Items

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

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate9.1/20

🟢GrowthStrong13.4/20

🔴ProfitabilityWeak6.5/15

🟢ValuationAttractive10.7/15

🟡RiskModerate4.8/10

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. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 3%4.7%
✗Debt / EBITDA falls below 3x3.1x
✗Free cash flow remains positive-₹8 Cr
✗Interest cover stays above 3x2.8x
✓Revenue growth stays above 7% a year9.7% CAGR