**Jay Bharat Maruti Limited (JBML)**, incorporated in **1987**, is the flagship entity of the **US$3.3 billion JBM Group**. Operating as a strategic **Joint Venture** with **Maruti Suzuki India Limited (MSIL)**, JBML is a premier Tier-1 automotive systems manufacturer. The company provides "art-to-part" engineering solutions, functioning as a dedicated partner to India’s largest passenger vehicle manufacturer through high-precision component manufacturing and integrated supply chain solutions. --- ### **Strategic Partnership & Market Positioning** JBML’s business model is built upon its deep-rooted integration with **Maruti Suzuki (MSIL)** and **Suzuki Motor Gujarat (SMG)**. This relationship is governed by significant related-party transaction frameworks, with limits for **FY 2025-26** set at **₹2,185 Crores** for MSIL and **₹1,220 Crores** for SMG. * **Mobility 2.0 Strategy:** Under the theme **"Legacy at the core, Agility at the forefront,"** JBML is transitioning toward the next generation of automotive manufacturing, focusing on **Electric Vehicles (EVs)**, lightweighting, and **Industry 4.0**. * **Joint Venture Synergy (JODT):** JBML holds a **49%** stake (increased from **39%** in **March 2025**) in **JBM Ogihara Die Tech Private Limited**. This JV is critical for localizing the production of large skin panels and ultra-high-tensile dies, reducing reliance on imports. * **Market Drivers:** The company is pivoting to capture the **SUV boom**, with utility vehicles projected for double-digit growth in **FY 2025-26**, and the accelerating **EV transition** supported by the **PLI Scheme** and **PM E-DRIVE**. --- ### **Core Product Portfolio & Technical Capabilities** JBML operates in a single primary segment: the manufacturing of automotive components. Its portfolio is engineered for durability, safety, and weight optimization. * **Body-in-White (BIW):** High-tensile assemblies (up to **1180 MPa**), cross-car beams, and skin panels. * **Chassis & Suspension:** Rear axles, front frames, lower control arms, and engine mountings. * **Exhaust & Fuel Systems:** Complete muffler assemblies, fuel fillers, and fuel pipes. * **Precision Tooling:** Specialized production of large panel dies and ultra-high-tensile dies. **Technology Absorption & IP:** The company has successfully absorbed Japanese manufacturing standards through strategic collaborations: * **Yorozu Corporation (Japan):** Rear Axle technology for the Dzire CNG. * **SNIC Corporation (Japan):** Fuel Neck Filler technology. * **Intellectual Property:** JBML published its **1st patent** in **2023** for a contactless laser sensor system to measure axle toe and camber angles, with a second patent application currently in progress. --- ### **Manufacturing Footprint & Expansion Roadmap** JBML operates **seven state-of-the-art facilities** strategically located near MSIL’s production hubs. | Plant Location | Key Focus / Recent Developments | Status | |:---|:---|:---| | **Gurgaon (Plant I)** | MSIL JV Complex; Axle lines and BIW. | Operational | | **Khandsa (Plant II)** | High-tensile parts; 1200T Servo Press lines. | Operational | | **Manesar (Plant III)** | Robotic tandem lines for skin panels. | Operational | | **Pathredi (Plant IV)** | Relocated spare parts business for MSIL. | Operational | | **Vithalpur (Plant V)** | **11,580 sq.m**; Solar plant (**998 kW**). | Operational | | **Hansalpur (Plant VI)** | Dedicated to **MSIL EV models**; 100% robotized. | Commissioned | | **Kharkhoda (Plant VII)** | **25,200 sq.m**; Next-gen **1180 MPa** components. | **Phase I: July 2025** | **Capital Expenditure (CAPEX):** * **Plant J7 (Kharkhoda):** **₹213.63 Crore** invested in Phase I; Phase II (**₹170 Crore**) approved for **FY 2025-26**. * **Gujarat Expansion:** Part of a **₹300-350 Crore** total capex to support MSIL’s EV roadmap. --- ### **Financial Profile & Capital Structure** JBML maintains a stable financial foundation with a focus on long-term capacity building. In **September 2023**, the company executed a **stock split** (face value **₹5 to ₹2**) to enhance market liquidity. **Consolidated Financial Summary:** | Particulars (₹ in Crores) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Total Income** | **2,295.86** | **2,345.48** | | **EBITDA** | **170.26** | **174.57** | | **Profit After Tax (PAT)** | **31.36** | **37.90** | | **Net Debt to Equity** | **0.81** | **0.65** | | **Dividend per Share (₹)** | **0.70** | **-** | * **Credit Ratings:** Rated **A+ (Long-term)** and **A1 (Short-term)** by **ICRA**. * **Fundraising:** Shareholders approved raising up to **₹750 Crore** via **NCDs, QIP, or Rights Issues** to fund future growth. * **Incentives:** Recognized **₹25.48 Crores** in FY25 as operating revenue under the **Gujarat Industrial Policy 2015**. --- ### **Operational Excellence & Industry 4.0** JBML utilizes the proprietary **'Panchtatva'** framework to drive resource optimization and environmental stewardship. * **Smart Manufacturing:** Implementation of **AI-based** defect tracking, **E-Kanban** for material management, and **WICS** (Weld Information Control System) for real-time monitoring. * **Quality Standards:** All plants are certified under **IATF 16949:2016**, **ISO 14001:2015**, and **ISO 45001:2018**. * **Digital Transformation:** Partnering with **Deloitte** to implement **Oracle EPBCS** and **FCCS** for advanced financial planning and consolidation. --- ### **Sustainability & ESG Commitments** The company is aligned with the **JBM Group’s** goal of **Net Zero by 2040**. * **Renewable Energy:** **998 kW** solar plant in Gujarat; additional rooftop solar at Kharkhoda (operational **August 2025**). * **Sustainable Sourcing:** **99.97%** of inputs are sourced sustainably, with **99%** of procurement from local suppliers (including **4% from MSMEs**). * **Regulatory Alignment:** Engineering components to meet **CAFE III (2027-2032)** and **BS-VII** standards through lightweighting with **Advanced High-Strength Steel (AHSS)**. --- ### **Risk Management Framework** JBML employs a **4T approach (Terminate, Treat, Transfer, Tolerate)** to navigate a **VUCA** environment. * **Customer Concentration:** High reliance on MSIL is mitigated by aligning capacity directly with MSIL’s goal to double production by **2031**. * **Supply Chain:** Monitoring volatility in **steel, nickel, and lithium** prices; addressing semiconductor shortages through strategic sourcing. * **Financial Risks:** Managing **USD** fluctuations and interest rate risks through a mix of fixed and floating rate borrowings (linked to **6-month LIBOR**). * **Regulatory/Legal:** Finalizing the delisting from the **Calcutta Stock Exchange** (expected **FY 2024-25**) and preparing for the **Code on Social Security, 2020**.