SJS Enterprises Q1 FY26 Concall Decoded: – 23rd quarter of outperformance, revenue up 11.2%, Hero MotoCorp added, margins flex at 27.6%

1. Opening Hook

When the auto industry barely crawled at 1.2% growth, SJS showed up like a street artist at an auto expo—painting 23 straight quarters of outperformance. Revenue up, margins up, and new marquee customer Hero MotoCorp in the bag. Only Walter Pack coughed, proving even aesthetic suppliers have ugly quarters.

Keep reading—because the cover glass dream and export ambitions might just be the real plot twist.

2. At a Glance

• Revenue up 11.2% – Auto crawling, SJS sprinting.
• Automotive biz up 22.8% – Industry grew 1.2%; talk about outclassing your peers.
• 2W growth 32.7% – Hero MotoCorp ramp-up did the heavy lifting.
• Passenger vehicles up 13.8% – Premium trims = premium margins.
• EBITDA margin 27.6% – Lean ops + scale = fat margins.
• PAT margin 16.5% – Profits prettier than their decals.
• ROCE 29.5% / ROE 19.1% – Decorative business, decorative returns.
• Net Cash ₹1,311 Cr – Balance sheet shining brighter than chrome plating.

3. Management’s Key Commentary

Joseph (MD): “23rd consecutive outperformance, revenue up 11.2%, auto only 1.2%.”
(Translation: Competitors need binoculars to even spot us.)

Thapar (CEO): “Hero MotoCorp added; expect significant wallet share.”
(Translation: Hero ke stickers = Heroic growth ahead.)

CFO Naredi: “101% of EBITDA converted to cash flow.”
(Translation: Paisa hi paisa, literally.)

On Walter Pack: “Softness due to model concentration.”
(Translation: When one fancy fridge model tanks, so does the order book.)

On cover glass: “Ambition now larger than just cover glass; assembly possible.”
(Translation: From stickers to entire digital dashboards—SJS wants the whole frame.)

4. Numbers Decoded