In , S J S Enterprises Ltd (Auto Ancillaries - Diversified) is outperforming Nifty 500 with +15.9% relative strength. Fundamentals: Strong.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Export Revenue Growth: 146.2% YoY
Impact: 14-15% of total revenue by FY28
“SJS targets increasing export contribution to 14% to 15% of our overall revenues by FY28, driven by deeper penetration in existing markets.”
What: Kit Value Increase: 5x to 8x
Impact: ₹3,000 - ₹4,000 Cr TAM
“Our initial estimate is that the size of this market by FY 30 could be close to about Rs. 3,000 crores to Rs.4,000 crores.”
What: EBITDA Margin: 30.5%
Impact: 396 bps expansion
“So this operating leverage at play. So the reason that I've grown from 24% EBITDA to 30% EBITDA last quarter is primarily a result of better product mix.”
What: Quarterly Export Revenue of ₹283.1 million
“During Q3 FY26, exports recorded their highest ever quarterly revenue of Rs. 283.1 million, growing 146.2% Y-o-Y and 22.1% Q-o-Q.”
What: 26% to 27% → 28% to 29%
“So yes, we are today operating at about 28% - 29% sort of margins. That sort of profile is something that I think we can look forward to.”
Earnings deceleration risks from management commentary
Trigger: Implementation of new labor codes announced by the Government of India in November 2025.
Impact: PAT impact: ₹18.1 million
Management view: Treated as a non-recurring impact; underlying performance remains strong.
Monitor: labor
Trigger: General market pressure on raw materials.
Management view: Focus on day-to-day buying, reduction of rejection and scrap, and pricing refreshes during product updates.
Monitor: commodity
Key quotes from recent conference calls
“And as I said earlier, we expect to grow 2.5x of the industry growth for this FY 26. [Previous Revenue Growth vs Industry guidance]”
“Intrinsically, I mean, maybe this year from FY25-26, our expectations are higher, so maybe about 27%, maybe 1% higher. [Previous EBITDA Margin guidance]”
“As a result, the future kit value for passenger vehicles will increase to 5 to 8 times as against 4 to 6 times of our legacy kit value earlier. [Initiative: BOE Varitronix Technology License]”
“It is important to note that during the quarter, there was a onetime impact of Rs. 18.1 million under employee benefit expenses due to the implementation of the new labor codes. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
₹2,435.3 million
Why: Growth was driven by strong execution across 2-wheeler and passenger vehicle segments, continued premiumization, and a growing contribution from export and new generation products.
The company achieved its highest ever quarterly revenue, outperforming the underlying automotive industry growth of 15.7% by approximately 3x.
EBITDA
₹756.4 million
Why: Margins expanded due to favorable product mix, higher gross margins, increased export contribution, and sustained operational efficiencies, despite a one-time labor code impact.
This represents the highest quarterly profitability margin since the IPO, even after accounting for a ₹18.1 million one-time employee benefit expense.
PAT
₹450.4 million
Why: Profitability was bolstered by lower finance costs, disciplined cost management, and strong operating leverages across business segments.
The company surpassed its full-year FY25 PAT within the first nine months of FY26.
Other Highlights
• Net cash position of ₹2,030.1 million as of December 31, 2025.
• New generation products contributed over 23% of consolidated revenue.
• One-time impact of ₹18.1 million due to new labor code implementation.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Export Revenue % of Total
11.6%
Why: Strong traction with global OEMs and highest ever quarterly export revenue.
New Generation Products Revenue %
23%
Why: Increasing adoption of advanced aesthetic solutions among OEM customers.
Passenger Vehicle Kit Value Multiplier
5x - 8x
Why: Expected increase due to entry into advanced display systems and optical bonding.
SJS Decoplast Capacity Utilisation
95%
Why: High demand leading to near-full utilization, necessitating greenfield expansion.
Walter Pack Capacity Utilisation
75%
Why: Stable utilization with headroom for growth.
Net Cash Position
₹203.01 Cr
Why: Healthy operating cash flows generating free cash close to 76% of EBITDA.
R&D Spend % of Revenue
2%
Why: Consistent investment in new technology and product development.
Revenue Share - 2 Wheelers
38.8%
Why: Strong growth in the 2-wheeler segment, outperforming industry volumes.
Revenue Share - Passenger Vehicles
42.3%
Why: Driven by premiumization and new model launches by key customers like Mahindra and Tata.
Forward-looking targets from management for FY26
OPM Guidance
28–29%
Capex Plan
₹230 Cr
2.5x industry growth
RAISED
₹220 - 230 crores
Strategic investments in SJS Decoplast, Bangalore facility expansion, and cover glass project.
Guidance Changes
EBITDA Margin: 26% to 27% → 28% to 29%
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +29% | +30% | Stable |
| PAT (Net Profit) | +44% | +37% | Stable |
| OPM | 29.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
S J S Enterprises Ltd's latest quarterly results (Mar 2026) show
S J S Enterprises Ltd's profit is growing with an stable trend.
S J S Enterprises Ltd's revenue growth trend is stable.
S J S Enterprises Ltd's operating margin is volatile.
S J S Enterprises Ltd's long-term compounding rates
S J S Enterprises Ltd's earnings growth is stable with positive momentum on a sequential basis.
S J S Enterprises Ltd's trailing twelve month (TTM) performance
S J S Enterprises Ltd appears significantly undervalued based on our fair value analysis.
S J S Enterprises Ltd's current PE ratio is 37.7x.
S J S Enterprises Ltd's current PE is 37.7x.
S J S Enterprises Ltd's price-to-book ratio is 7.4x.
S J S Enterprises Ltd is rated Strong with a fundamental score of 67.66/100. This score is calculated from objective financial metrics
S J S Enterprises Ltd has a debt-to-equity ratio of N/A.
S J S Enterprises Ltd's return ratios over recent years
S J S Enterprises Ltd's operating cash flow is positive (FY2026).
S J S Enterprises Ltd's current dividend yield is 0.12%.
S J S Enterprises Ltd's shareholding pattern (Mar 2026)
S J S Enterprises Ltd's promoter holding has decreased recently.
S J S Enterprises Ltd has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
S J S Enterprises Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
S J S Enterprises Ltd has 5 key growth catalysts identified from recent earnings analysis
S J S Enterprises Ltd has 2 key risks worth monitoring
In Q3 FY26, S J S Enterprises Ltd's management highlighted
S J S Enterprises Ltd's management has provided the following forward guidance for FY26
S J S Enterprises Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why S J S Enterprises Ltd may be worth studying
S J S Enterprises Ltd investment thesis summary:
S J S Enterprises Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
