01 — At a Glance
The Spring That Launched a Thousand Trucks
- 52-Week High / Low₹153 / ₹69.7
- Q3 FY26 Revenue₹668 Cr
- Q3 FY26 PAT₹58.2 Cr
- Q3 FY26 EPS₹1.46
- Annualised EPS (Q3×4)₹5.84
- Book Value₹26.0
- Price to Book4.58x
- Dividend Yield1.80%
- Debt / Equity0.01x
- Market Share (Leaf Springs)62–65%
The Auditor’s Take: Jamna Auto closed Q3 FY26 with ₹668 crore revenue (+26% QoQ, +19% YoY), ₹58.2 crore PAT (+47% QoQ, +33% YoY), and EBITDA margins at 17.5% — the highest in recent quarters. The company carries almost zero debt, holds 62–65% market share in leaf springs for commercial vehicles, and is quietly ramp-up parabolic spring production while investors obsess about meme stocks. The recent 20% jump in M&HCV volumes? That’s already baked into these numbers, and management says there’s more in H2. Everyone’s looking at EV startups. JAI is printing cash from trucks that will run for another decade.
02 — Introduction
From A Yamuna Nagar Workshop to India’s Suspension Monopoly
Jamna Auto Industries has been quietly dominating India’s commercial vehicle suspension market since 1954. Not 2024. Nineteen fifty-four. While your grandpa was learning to drive, Pradeep Singh Jauhar’s father was building spring factories. And 71 years later, the family is still winning.
The company manufactures leaf springs, parabolic springs, lift axles, and suspension systems for Tata Motors, Ashok Leyland, Volvo, Scania, and pretty much every major CV OEM in India. It’s the kind of business that doesn’t generate billion-rupee headlines because it’s not disrupting anything — it’s just dominating. Leaf springs. Year after year. Truck after truck.
Q3 FY26 delivered a masterclass in execution. Revenue jumped to ₹668 crore (highest in many quarters), EBITDA expanded to ₹117 crore with a 17.5% margin, and PAT hit ₹58.2 crore — a 47% QoQ jump that would make any startup blush. The company added capacity at Adityapur, sanctioned a ₹170 crore mega-plant in Indore, and is already exporting to 20+ countries. Management’s guidance: “Lakshya Rise 5000” — a plan to hit ₹5,000 crore revenue by 2030 while pivoting 40% of sales to aftermarket and exports.
The stock? Barely moved. Because apparently the Indian market reserves its excitement for companies that have never made a rupee of profit, while rewarding leaf spring makers with a 23.4x P/E and a pat on the shoulder.
From the Feb 2026 Concall: “Q3 saw broad-based recovery across automotive segments, disciplined execution, and momentum in aftermarket.” Management sounded more confident about H2 FY26 than they have in two years. New OEM programs from Stellantis. Digital transformation live. U-Bolt manufacturing in-house. The CEO wasn’t hyping. He was reporting facts.
03 — Business Model: WTF Do They Even Make?
Springs. World-Class Springs. For Every Truck on Indian Roads.
Jamna Auto makes suspension systems for commercial vehicles. Not luxury cars. Not EVs (yet). Not metaverse tokens. Trucks. The kind of vehicles that carry 25 tons of goods across Indian highways at 2 AM, driven by a guy who’s had three cups of chai but zero hours of sleep. Those trucks have Jamna springs underneath them. They’ve been rolling on Jamna springs since 2005.
The business splits into two streams: OEM (77% of revenue) and aftermarket (23% of revenue). Tata Motors and Ashok Leyland account for ~60% of sales. If one of them sneezed, Jamna would feel it in Q1. But that risk is offset by market leadership — 62–65% market share in the leaf spring category, with zero credible competition. Gulf Oil has a fraction of this. Everyone else is niche.
The company operates 10 manufacturing plants across strategic locations — Yamuna Nagar, Malanpur, Chennai, Jamshedpur, Pantnagar, Hosur, Pune, and newer facilities in Indore and Adityapur. Each plant is placed within 50–100 km of a major OEM hub, cutting logistics costs and delivery times to near-zero. That’s the competitive moat: not brand, not patents, but geography and volume.
Leaf Spring~55%Core Product
Parabolic Spring~38%Growth Driver
New Products47%Rev Mix Q3
Market Share62–65%Leaf Springs
Strategic Shift in Action: Conventional leaf springs were 95% of revenue in FY18. Parabolic springs were a novelty. By Q3 FY26, new products (parabolic springs + allied components) hit 47% of revenue. This is intentional. OEMs are shifting to parabolic because fuel efficiency and payload are king. Jamna is riding that wave, and the margins on parabolic are better. This isn’t disruption — this is evolution.
💬 Have you ever noticed the brand of suspension springs under a truck? No? That’s because nobody thinks about springs until they break at 110 km/h on a highway. Jamna’s job is to make sure they never break. Drop a comment: Does this matter to you as an investor?
04 — Financials Overview
Q3 FY26: The Numbers Don’t Lie
Result type: Quarterly Results | Q3 FY26 EPS: ₹1.46 | Annualised EPS (Q3×4): ₹5.84 | FY25 Full Year EPS: ₹4.52
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 668 | 562 | 531 | +18.9% | +25.8% |
| EBITDA | 117 | 78 | 72 | +50% | +62.5% |
| EBITDA Margin % | 17.5% | 13.9% | 13.6% | +360 bps | +390 bps |
| PAT | 58.2 | 44 | 40 | +32.3% | +45.5% |
| EPS (₹) | 1.46 | 1.10 | 1.00 | +32.7% | +46% |
What Just Happened: Q3 delivered a beat across all metrics. EBITDA of ₹117 crore is the highest in years because: (a) M&HCV volumes jumped 20% YoY, (b) OEM utilisation rates recovered, (c) new plant capacity came online (Adityapur), and (d) pricing was firm. The margin expansion from 13.9% to 17.5% is partly one-time (wage code benefit of ₹12 crore was absent in Q3), but the underlying 14.2% PBT margin is still the highest in 8 quarters. Management guided that Q4 will see the Indore spring plant come online, adding 21,600 MT of capacity. The concall made it clear: this is not a one-quarter blip. This is a cycle turning.
05 — Valuation: Is This Thing Cheap or Just Average?
Three Approaches. One Conclusion.
