1. At a Glance – Small Cap, Big Cash, Zero Drama?
Here’s a company that sells nuts, bolts, bearings, brakes, filters and lubricants… and somehow quietly prints ₹30 crore PAT on ₹608 crore TTM sales. Meet Jullundur Motor Agency (Delhi) Ltd, trading at ₹89.6 with a market cap of ₹205 crore.
Stock P/E? 6.82.
Price to Book? 0.80.
Dividend Yield? 2.23%.
Debt? ₹0.
ROCE? 14.8%.
ROE? 10.8%.
Q3 FY26 (Dec 2025) numbers? Sales at ₹168.59 crore, up 19.5% YoY. PAT at ₹8.93 crore, up 31% YoY.
Annualised EPS (Q3 average method as per rule) =
Average of Jun, Sep, Dec FY26 EPS = (2.41 + 2.57 + 3.84) / 3 = 2.94
Annualised EPS = 2.94 × 4 = ₹11.76
CMP ₹89.6 / ₹11.76 ≈ P/E of ~7.6x (near reported 6.82 on TTM).
Zero debt. Strong dividend record. But 5-year sales growth of just 9%.
Is this a sleepy cash machine… or an auto spare parts uncle who refuses to grow beyond Karol Bagh mindset?
Let’s open the bonnet.
2. Introduction – The Spare Parts Mafia You Never Noticed
Auto spare parts distribution isn’t glamorous. Nobody makes movies about bearings. No one posts Instagram reels about clutch plates.
But someone is supplying 75,000 dealers across India. That someone is Jullundur Motor Agency (Delhi) Ltd (NSE: JMA).
Founded in 1998, JMAL trades and distributes automobile parts, accessories, and petroleum products. It’s not manufacturing. It’s not inventing EV batteries. It’s not promising AI-powered turbochargers.
It’s doing old-school distribution.
And doing it profitably.
88 branches.
7 regional offices.
75,000 dealers.
That’s not a startup. That’s a nationwide supply machine.
Yet, stock price sits below book value. Why?
Is it growth? Margins? Or just market boredom?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine India’s entire auto aftermarket ecosystem.
Car breaks down. Mechanic needs a clutch plate.
Truck needs a bearing.
Scooter needs brake pads.
Workshop needs lubricants.
JMAL is the middleman between OEM suppliers and 75,000 dealers.
They deal in:
- Brakes
- Bearings
- Clutches
- Cooling systems
