Jay Ushin Ltd is a manufacturer of the parts you touch but never think about - the lock you turn, the latch that holds a door shut, the switch that adjusts the cabin temperature - built into nearly every major car and motorcycle sold in India. It was born in 1986 as a joint venture with Japan’s U-Shin Ltd, which still holds a 26% stake, and began production in 1989. The recurring approach that explains the business is a single-minded focus on mechatronic access and control components, supplied directly to vehicle makers on multi-year programmes, with technology support from its Japanese partner and a manufacturing footprint that sits close to its customers’ assembly lines. # Business segments A single engine - automotive locks, latches, switches and HVAC control panels - built on a joint-venture technology backbone and sold almost entirely to Indian vehicle makers. ## 1. Automotive mechatronic components: the parts that control access and comfort inside every vehicle **Jay Ushin makes the lock-and-key sets, door latches, heater control panels and switches that go into four-wheelers and two-wheelers, supplying them directly to OEMs on long-running programmes - a powertrain-agnostic portfolio that fits petrol, diesel and electric vehicles equally.** - **Locks are the anchor** - lock sets and components contributed 56% of revenue in FY25, making them the largest single product line; door latches added another 17% and switches (including HVAC control panels) 21%. The mix has been broadly stable for years - in FY20, locks were 53% of turnover, latches 14% and switches 17%. - **Four-wheelers dominate, two-wheelers diversify** - roughly 70-75% of sales go to the four-wheeler segment and 20-25% to two-wheelers. The company makes lock sets for both, door latches and heater control panels for four-wheelers, and combination switches for two-wheelers. - **Powertrain-agnostic by design** - none of the products care what moves the vehicle, so the shift to electric vehicles does not threaten the portfolio; the company already supplies key sets and switches for EV programmes. - **Domestic demand, with a thin export thread** - about 99% of revenue comes from within India; the remaining 1% is exported to Suzuki Japan, with the joint-venture partner U-Shin Ltd acting as the supplier. In FY23, overseas revenue was Rs. 355.60 lakhs against domestic revenue of Rs. 73,091.49 lakhs. - **Customer concentration is real** - three customers individually accounted for more than 10% of revenue in FY22, FY21 and FY20, reflecting the structure of the Indian auto industry where a handful of OEMs dominate volumes. Long-term tie-ups with these established OEMs support stable order volumes. # Group structure and partners **Jay Ushin is a standalone company with no subsidiaries, anchored by a 26% Japanese joint-venture partner that provides technology and sales support, and controlled by the promoter Minda family.** - **The U-Shin connection** - U-Shin Ltd, Japan (part of the MinebeaMitsumi Group) holds a 26% equity stake and supplies technical, sales support and consultancy under licence and technical assistance agreements. In August 2020, MinebeaMitsumi and U-Shin together launched an open offer that left their combined holding at 26.05%. - **No subsidiaries** - the company has no subsidiary, associate or joint venture of its own; a former wholly owned subsidiary in Singapore was struck off in March 2020. - **Promoter group and related-party fabric** - the Board is led by Mr Ashwani Minda (Chairman, Managing Director & CEO), with Mrs Vandana Minda and Mr Anirudh Minda as promoter Directors. Related-party transactions flow with JNS Instruments Limited (a leading OEM supplier with manufacturing capability), U-Shin entities in Japan, Thailand, Shanghai and Europe, and other group companies - covering purchases of raw materials and components, sales of finished goods, services, and property leases both taken and given. - **Credit standing** - CRISIL rates the company BBB-/Stable for long-term facilities and A3 for short-term facilities, upgraded in August 2023 from an earlier CARE rating.