S.J.S. Enterprises Limited

Consumer Cyclical — Auto Parts · NSE

₹2,000.00+₹3.30 (+0.17%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by high debt relative to equity, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:03 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 S.J.S. Enterprises Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

S.J.S. Enterprises Limited designs, develops, manufactures, sells, and exports decorative aesthetics primarily to automotive and consumer appliance industries in India and internationally.

IndustryAuto Parts

SectorConsumer Cyclical

Employees3,499

Annual revenue₹952 Cr

How does it make money?

Turns over ₹952 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹30 left at the operating level before interest, tax and depreciation. Each of its 3,499 employees supports ₹27.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin29.6%

Net margin17.9%

Revenue / employee₹27.2 lakh

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?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 25.8%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 19.7% against a peer median of 23.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE25.8%

ROE19.7%

Peer median ROE23.0%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 21.1% and earnings to grow about 23.9% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+21.1%

Est. earnings growth+23.9%

Analysts5

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 +120% while net margin moved +15% 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+120%

Margin effect+15%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.43 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings

Quality vs. Valuation

Company Quality

80/ 100

Excellent

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

Valuation

71/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

30.9x

3Y Median

39.4x

40 monthly readings · mean 39.9x · range 27.6x–64.9x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 21% below its 3y median of 39.4x. 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 32% below the peer median of 45.7x.

vs. its own history

Cheap

39.4x median over 40 months · -21%

vs. sector peers

Cheap

45.7x median of 4 peers · -32%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

30.9x

P/B

7.37x

EV/EBITDA

22.9x

PEG

0.85

Dividend Yield

0.18%

What's Good / What's Bad

🟢 What's Going Well8

Margins are improving
EBITDA margin is up from 25.7% to 29.6% over 3 years.
Debt is being paid down
Total debt is down 24% over 3 years.
Cash generation is improving
Free cash flow is up 150% over 3 years.
Return on equity is rising
ROE has improved from 15.7% to 19.7%.
Return on capital is rising
ROCE has improved from 21.0% to 25.8%.
High return on capital employed
ROCE of 25.8% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 30.9x the stock trades 21% below its own median of 39.4x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Receivables growing faster than sales
Receivables are up 147% against revenue growth of 120% — customers are taking longer to pay.

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 2.64x — earnings must service borrowings before shareholders see anything.
🟡Receivables growing faster than salesFinancial
Receivables up 147% against revenue up 120% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 25.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 25.7% to 29.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 24% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 21% 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 32% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 2.64x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 147% against revenue up 120%. 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
Small 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

1Revenue growth stays above 23% a year✓ 30.1% CAGR
Latest reported year was 24.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 28%✓ 29.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹141 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 23%✓ 25.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 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
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹6,450 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

30.9x

Fair

Fairly valued against the generic band

P/B Ratio

7.37x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹64.65

Profitable

Profitable on a per-share basis

ROE

19.7%

Strong

Strong capital efficiency

ROCE

25.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

2.64x

High

High leverage

Revenue Growth (YoY)

24.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

111.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.18%

Modest

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

Free Cash Flow

₹141 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹2,000

P/E (Forward)

24.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

24.1%

Good

Healthy core-business profitability

Net Margin

20.9%

Good

Strong bottom-line conversion

Current Ratio

2.95

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.43

Defensive

Steadier than the market

52W Range Position

48%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2154.6 / 2316.6

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

24.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹432 Cr	₹608 Cr	₹758 Cr	₹952 Cr	+30.1%
EBITDA	₹111 Cr	₹157 Cr	₹200 Cr	₹281 Cr	+36.4%
EBITDA Margin	25.7%	25.8%	26.4%	29.6%	—
PAT (Net Profit)	₹67 Cr	₹85 Cr	₹118 Cr	₹171 Cr	+36.4%
EPS	₹21.81	₹26.87	₹36.88	₹53.06	+34.5%
ROE	15.7%	15.4%	17.4%	19.7%	—
ROCE	21.0%	18.8%	21.6%	25.8%	—
Total Debt	₹30 Cr	₹84 Cr	₹37 Cr	₹23 Cr	-8.6%
Free Cash Flow	₹56 Cr	₹78 Cr	₹124 Cr	₹141 Cr	+35.8%

🟢 Revenue has grown at 30.1% a year over 3 years.

🟢 EBITDA has grown at 36.4% a year over 3 years.

🟢 EBITDA Margin has risen from 25.7% to 29.6% over 3 years (+3.9 pts).

🟢 PAT (Net Profit) has grown at 36.4% a year over 3 years.

🟢 EPS has grown at 34.5% a year over 3 years.

🟢 ROE has risen from 15.7% to 19.7% over 3 years (+4.0 pts).

🟢 ROCE has risen from 21.0% to 25.8% over 3 years (+4.8 pts).

🟢 Total Debt has shrunk at 8.6% a year over 3 years.

🟢 Free Cash Flow has grown at 35.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,112 Cr

Total Liabilities

₹231 Cr

Total Debt

₹23 Cr

Cash & Equivalents

₹24 Cr

Operating Cash Flow

₹224 Cr

Capex

-₹83 Cr

Shareholding (proxy)

Institutional Holding

44.1%

Insider Holding

23.8%

Corporate Actions

Dividend Rate

₹3.5

Ex-Dividend Date

25 Jun 2026

Analyst Consensus

Recommendations

5 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹2,768

+38.4% vs CMP

Target Range

₹2,650 – ₹2,950

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 positive3 mixed2 general

S.J.S. Enterprises (NSEI:SJS) Stock Forecast & Analyst Predictions

Simply Wall Street, 13 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

SJS Enterprises Share Price Fall Streak Versus Peers

Univest, 05 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.

SJS Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

SJS Enterprises stock: Is premiumisation already priced in?

Value Research, 01 Sept

SJS Enterprises - Multibaggers: 12 stocks with profit margins above 10% for 8 straight quarters. Do you own any?

The Economic Times, 21 Aug

S J S Enterprises consolidated net profit rises 114.58% in the June 2026 quarter

Business Standard, 06 AugResults

🟢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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong14.5/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong12.6/15

🟡ValuationFair7.9/15

🟡RiskModerate4.8/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 23% a year30.1% CAGR
✓EBITDA margin holds above 28%29.6%
✓Free cash flow remains positive₹141 Cr
✓Debt / EBITDA stays below 2x0.1x
✓ROCE stays above 23%25.8%