1. At a Glance – The EV Rockstar with a Debt Hangover
JBM Auto today is like that overachieving IIT topper who also maxed out three credit cards. On paper, everything screams future-ready: ₹13,329 Cr market cap, ₹45,000 Cr order book, 30–35% market share in e-buses, and a shiny integrated EV ecosystem that management proudly calls the largest outside China. In Q3 FY26, the company clocked ₹1,613.98 Cr revenue (+15.6% YoY) and ₹59–60 Cr PAT (+15.8% YoY). Sounds solid, right?
Now zoom out. The stock trades at ~61.5× P/E, 9.4× book value, and an EV/EBITDA of ~21.7×, while carrying ₹3,181 Cr of debt and an interest coverage of just ~2×. Returns? –15% in 3 months, –25% in 1 year. The market is basically saying: “Boss, EV story mast hai, but EMI bhi toh bharni padegi.”
So what is JBM really today?
- A legacy auto component supplier funding
- an aggressive EV bus scale-up,
- supported by PSU tenders, IFC funding, and government schemes,
- but priced like a clean, asset-light EV SaaS company.
Is this confidence… or caffeine overdose? Let’s break it down.
2. Introduction – From Sheet Metal to Shock Therapy (Electric One)
Founded in 1983, JBM Auto didn’t wake up one fine morning and decide to become an EV unicorn. For decades, it lived a respectable middle-class life making sheet metal parts, BIW, chassis, tooling, and dies for OEMs like Tata Motors, Ashok Leyland, Mahindra, Daimler, Toyota and half the auto universe.
Then came EVs.
Then came government tenders.
Then came PM e-Bus Seva, CESL, state STUs, and suddenly JBM wasn’t just bending metal—it was bending balance sheets.
The company vertically integrated hard:
- Electric buses
- Battery packs & BMS
- Charging infra
- Energy storage systems
- Electronics manufacturing
Basically, JBM looked at Tata Motors and said: “Hold my welding torch.”
This transition wasn’t cheap. New plants, new tech, new subsidiaries, global ambitions (hello Frankfurt HQ), and
suddenly borrowings tripled over a few years. The bet is simple: scale fast, dominate early, worry about margins later.
Classic growth story. Also classic heartburn for conservative investors.
3. Business Model – WTF Do They Even Do?
Think of JBM as three businesses stitched together with ambition and bank loans.
A) Component Division – The Boring ATM (68% of Q1 FY25 revenue)
This is the bread-and-butter segment:
- BIW structures
- Chassis & suspension systems
- Safety-critical components
- Tubular products
- Pedal boxes
Clients include everyone from M&M to Toyota. In FY24:
- Added Case Construction as a customer
- Started exports to South Korea & USA
- Ramped up capacity for Tata & M&M
But here’s the irony: component revenue fell ~3% in FY24. The “safe” business isn’t growing fast enough to comfortably fund the “sexy” EV dreams.
Still, without this division, lenders would’ve already started sending Diwali greeting cards with reminders.
B) OEM / Electric Bus Division – The Bollywood Hero (25% of Q1 FY25 revenue)
This is where all the drama lives.
- 30–35% market share in Indian e-buses
- 9 platforms, 16 variants
- City, intercity, school, staff, tarmac, luxury coaches
- Dedicated EV aggregates plant (battery, BMS, ESS)
- Charging infra included
FY24 growth? +216% YoY.
Order wins? 6,390 e-buses in FY24 alone.
Flagship orders include:
- 1,390 buses worth
