Financial Performance (Consolidated)

Quarterly (Q2 FY26-27):

  • Net Sales: ₹786 crore, up 28% QoQ from ₹612 crore and up 48% YoY from ₹531 crore
  • EBITDA: ₹108 crore (Margin: 13.8%), up 23% QoQ from ₹88 crore and up 51% YoY from ₹72 crore
  • PBT: ₹84 crore (Margin: 10.6%), up 27% QoQ from ₹66 crore and up 49% YoY from ₹56 crore
  • PAT: ₹56 crore (Margin: 7.2%), up 17% QoQ from ₹49 crore and up 42% YoY from ₹40 crore

Half-Yearly (H1 FY26-27):

  • Net Sales: ₹1,397 crore, up 27% YoY from ₹1,104 crore
  • EBITDA: ₹196 crore, up 31% YoY from ₹150 crore
  • PBT: ₹149 crore, up 24% YoY from ₹121 crore
  • PAT: ₹105 crore, up 23% YoY from ₹85 crore

Dividend Declaration

The Board of Directors approved payment of an interim dividend of ₹1 per equity share. The company indicated it may consider share buy-back and/or dividend as part of future shareholder payout strategies.

Operational and Strategic Updates

Industry Context: The Indian commercial vehicle industry recorded its strongest-ever second quarter with domestic CV sales growing 34% YoY. The medium and heavy commercial vehicle (M&HCV) segment grew 37% YoY, supported by festive demand, improved affordability following GST reforms, and sustained infrastructure investment.

Cost Settlement: Commercial settlement with customers regarding steel and energy cost increases reported in the first quarter has been completed.

New Business Award: The company has been awarded the stabilizer bar business by Daimler India Commercial Vehicles.

Production Readiness - Indore: First-phase assembly operations for the Trailer Suspension and Axle projects at Indore are ready. Commencement of production awaits requisite administrative approval, which the company expects to receive during November 2026.

Owen Springs Limited Acquisition: The acquisition of Owen Springs Limited, approved by the Board on July 24, 2026, was completed on September 1, 2026. The business is consolidated with effect from that date and is reflected in the Q2 results.

Expansion Plan Revision: The proposed 1,500 MT per month conventional leaf spring production line, previously announced for Adityapur under subsidiary Jai Suspensions Limited, is being relocated to the company's existing Malanpur facility. The capacity remains unchanged at 1,500 MT per month. This brownfield expansion leverages existing land and utilities to optimize capital expenditure and operating efficiency. Malanpur offers access to a wider customer base across North, Central and West India.

Strategic Roadmap - Lakshya RISE 5000

The company has a five-year growth framework targeting:

  • Revenue: ₹5,000 crore
  • New Markets (Aftermarket India + Exports): 40% contribution
  • ROCE: 40%
  • Dividend Payout: 50%

Corporate Governance and Shareholding

Shareholding Pattern (as of September 30, 2026):

  • Promoters: 45% (vs 50% as of June 30, 2026)
  • Institutional Investors: 22% (vs 13% as of June 30, 2026)
  • Bodies Corporate: 2% (unchanged)
  • Individual & Others: 31% (vs 35% as of June 30, 2026)

ESG Initiatives

The company reported various environmental and social initiatives including:

  • Planted & distributed 2,265+ saplings
  • Installed 35 tree guards in Chennai
  • Prepared and sowed 2,500 seed balls at Malanpur
  • Produced 2,200 liters of bio-fertilizers & 800 kg vermi compost
  • Renovated and restored 3 ponds for water conservation
  • Awarded scholarships to 4 meritorious students
  • Gifted laptops, smartphones, and bicycles to 35 students
  • Distributed 1,375 dental kits in government schools
  • Trained 316 rural youth and women in computer and sewing courses

Innovation and IP Portfolio

The company highlighted its R&D capabilities with:

  • 140+ copyrighted designs across springs and suspension products
  • Patents for air suspension systems (including trailer applications)
  • "JAI" trademark registered in 16 countries