JTEKT India Limited submitted its unaudited financial results for the quarter ended September 30, 2026, to the BSE and NSE. The presentation covers financial performance for Q2 FY27 and H1 FY27 (April-September 2026).

Financial Performance Highlights

H1 FY2026-27 Performance:

  • Revenue growth of 28.8% in H1 FY26-27, exceeding industry growth of 23%
  • Better-than-industry growth attributed to strong performance in specific vehicle models and new vehicle models with Start of Production (SOP) during FY2025-26
  • Additional sales support from introduction of new Drive Shaft (CVJ) product
  • Currently supplying CVJ for 4 models of Maruti and Toyota
  • Ready to start supplies for another model during current financial year

EBITDA Analysis H1 FY2026-27:

  • EBITDA margin declined to 6.11% in H1 FY27 compared to 7.50% in FY26 (139 basis points decrease)
  • Major factors impacting profitability:
  • Raw material cost increases due to timing of customer price recovery: -0.51% impact (temporary, expected to be compensated as per schedule)
  • Scrap price reduction: +0.10% impact (temporary, same as average)
  • Increase in minimum wages and process costs: -0.24% impact (structural increase expected to continue)
  • One-time loss from customer business: -0.94% impact
  • Export sales improvement: +0.12% impact (duly sustained improvement)
  • Increase in administrative expenses: -0.06% impact (due to uncategorized customer requests)
  • Increase in employee costs: -0.66% impact (due to uncategorized customer requests)

Quarterly Financial Results (₹ in millions)

| Particulars | Q2 FY26 | Q2 FY27 | QoQ % | Q1 FY27 | QoQ % |

| Sales Revenue | 6,391 | 8,347 | 31% | 7,180 | 16% |

| Material Cost | 6,284 | 6,291 | 0.1% | 3,051 | 106% |

| Manufacturing Cost | 396 | 595 | 50% | 944 | -37% |

| Selling Cost | 61 | 215 | 252% | 117 | 84% |

| Employee Cost | 687 | 967 | 41% | 801 | 21% |

| Admin Cost | 124 | 130 | 5% | 121 | 7% |

| EBITDA | 460 | 569 | 24% | 381 | 49% |

| Depreciation | 230 | 314 | 36% | 283 | 11% |

| Operating Profit | 230 | 255 | 11% | 98 | 160% |

| Finance Cost | 19 | 56 | 195% | 52 | 8% |

| Other Income | 36 | 28 | -22% | 39 | -28% |

| PBT | 247 | 226 | -8% | 85 | 166% |

| PAT | 180 | 166 | -8% | 61 | 172% |

Key Ratios Quarterly:

  • EBITDA margin: Q2 FY26: 7.2%, Q2 FY27: 6.8%, Q1 FY27: 5.3%
  • Operating profit margin: Q2 FY26: 3.6%, Q2 FY27: 3.1%, Q1 FY27: 1.4%
  • PAT margin: Q2 FY26: 2.8%, Q2 FY27: 2.0%, Q1 FY27: 0.9%

Half-Yearly Financial Results (₹ in millions)

| Particulars | H1 FY26 | H1 FY27 | YoY % |

| Sales Revenue | 15,151 | 21,557 | 42% |

| Material Cost | 8,759 | 11,520 | 32% |

| Manufacturing Cost | 752 | 958 | 27% |

| Selling Cost | 192 | 242 | 26% |

| Employee Cost | 1,353 | 1,606 | 19% |

| Admin Cost | 233 | 251 | 8% |

| EBITDA | 627 | 949 | 51% |

| Depreciation | 440 | 597 | 36% |

| Operating Profit | 323 | 353 | 9% |

| Finance Cost | 61 | 108 | 77% |

| Other Income | 215 | 67 | -69% |

| PBT | 386 | 311 | -19% |

| PAT | 284 | 227 | -20% |

Key Ratios Half-Yearly:

  • EBITDA margin: H1 FY26: 6.3%, H1 FY27: 6.1%
  • Operating profit margin: H1 FY26: 2.7%, H1 FY27: 2.3%
  • PAT margin: H1 FY26: 2.4%, H1 FY27: 1.5%

Financial Position and Ratios

Debt Equity ratio has increased due to major investments in increasing production capacity including:

  • MS Gear Line 6 and CVJ Line 3 at Dharuhera-2 facility
  • MS Gear Line 4 at Chennai
  • CEPS Line 3 at Bawal-1
  • Forging facility at Dharuhera-3

These capacities are not fully utilized at present, resulting in a decline in Fixed Asset Turnover Ratio (FATR).

Company Background

JTEKT India Limited was established in 1984 and manufactures steering systems for passenger cars, utility vehicles, and light commercial vehicles in India. The company gets its technology from JTEKT Corporation, Japan, the largest producer of passenger vehicle steering systems globally.

Customer Base: Maruti Suzuki, Toyota, Tata Motors, Mahindra & Mahindra, Isuzu Motors, Honda, and Renault Nissan.

Operations: 7 plants across India (1 in Gurgaon, 3 in Dharuhera, 1 in Chennai, 2 in Bawal).

Product Portfolio: High performance Rack and Pinion Manual Steering Gear, Hydraulic power steering System, Recirculating Ball Screw Assembly, Column type Electric Power Steering for passenger Vehicle, Tilt & telescopic steering column, intermediate shaft, Advanced column & telescopic Intermediate shaft for Commercial Vehicles, Rear Axle Assy and CVJ Driveline products.

JTEKT Corporation was established in January 2006 through the merger of Koyo Seiko Co. Ltd. and Toyoda Machine Works, Ltd. The company has 150 subsidiaries and affiliates in 30 countries with approximately 50,000 employees and annual revenue of 1,884 billion yen.

Company Philosophy: "Seek to contribute to the happiness of people and the abundance of society through product manufacturing that wins the trust of society."