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JTEKT India Ltd

JTEKTINDIA

NSE

₹118.67+2.04%19 Oct 2026

Reports

Auto Gears

JTEKT India Ltd

JTEKTINDIA

NSE

₹118.67

+2.04%

19 Oct 2026

SOICxStockScans Reports

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Auto Gears

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

JTEKT India is a Tier-1 supplier that puts the steering in your car - it makes the complete system that turns the wheels on virtually every major passenger vehicle sold in India. The company was born from a 1985 technology tie-up with Japan’s JTEKT Corporation, the world’s largest steering-systems maker, and became its subsidiary in 2017. Everything it does follows a single recurring pattern: borrow proprietary technology from a global leader, consolidate the entire value chain under one roof, and then localise relentlessly to serve India’s auto factories at scale.

Business segments

One engine at full throttle - a steering-systems cash cow that supplies nearly every carmaker in the country - with a small but fast-growing driveline bet being built on the same factory floors and customer relationships.

1. Steering systems: the company’s core factory

It makes the complete steering assembly - from the column behind the steering wheel to the gear that turns the wheels - for India’s passenger-vehicle giants, using technology from the company that invented electric power steering.

Complete system supplier, not a parts maker - for new car models, JTEKT integrates the manual gear, the electric power-steering unit and the column into a single supply contract, which is why its revenue grew faster than the industry in FY26.
Technology from the global number one - roughly 81% of what the company sells is made using designs, assembly drawings, manufacturing techniques and quality-control processes provided by JTEKT Corporation, Japan, which holds more than a quarter of the world steering market and pioneered mass-produced electric power steering.
Built for Maruti, and everyone else - Maruti Suzuki is both the largest customer and a co-promoter with a board seat, and JTEKT supplies steering for models spanning the Alto, Brezza, Ertiga and the new e Vitara electric SUV, while also shipping to Toyota, Tata Motors, Mahindra & Mahindra, Honda, Renault-Nissan and Stellantis.
Capacity that chases the market - the company runs seven plants across Gurgaon, Dharuhera, Bawal and Chennai, and has been adding dedicated production lines: a fifth and sixth manual-gear line at Dharuhera (the sixth started in August 2025) and a third electric power-steering line at Bawal that began production in July 2025.

2. Driveline products: the growth bet next door

A small but deliberate push into Constant Velocity Joints - the component that transfers power from the gearbox to the wheels - built on the same factory floors and customer relationships as the steering business.

One of a kind in India - the company describes its CVJ product as “one of its kind in India” and began commercial production only in September 2022, with Maruti Suzuki as the first client.
Chasing a 15% share first - the company’s initial target is to capture 15% of the Indian CVJ market, supplying one set per vehicle, and it is not yet a system supplier in driveline the way it is in steering.
Doubling capacity, then adding more - CVJ capacity was first doubled by 400,000 units; by December 2025 the board evaluated and approved capacity expansion for CVJ line, because utilisation on the existing lines was already around 90%.
Localisation is the profit lever - the company has already localised the drive shaft, a key CVJ component, which improved segment profitability, and it plans to bring forging parts in-house that are currently bought from outside suppliers.

Group structure and partners

A Japanese parent supplies the technology, an Indian carmaker supplies the demand, and a merged subsidiary supplies the columns - the structure is designed to keep the entire steering value chain inside one tent.

JTEKT Corporation, Japan, owns 68.33% of the equity and is the source of technology for the majority of products; it also provides a corporate guarantee for the company’s bank borrowings in India.
Maruti Suzuki India Limited is a co-promoter with a nominee director on the board, and both JTEKT Corporation and Maruti Suzuki participated fully in a rights issue during FY26.
The former subsidiary JTEKT Fuji Kiko Automotive India Limited - which made steering columns and jacket assemblies entirely for captive consumption - was amalgamated into JTEKT India effective January 2024, consolidating the full steering value chain.
Two sister concerns operate separately in India under the JTEKT Group: JTEKT Bearings India (hub units, tapered roller bearings) and JTEKT Micromatic Machinery India (machine tools and after-sales support) - neither is a subsidiary of JTEKT India.

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Balance Sheet

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Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹3,273Cr

Close Price

₹118.00

Industry

Auto Gears

Price To Earnings

45.04

Price To Sales

1.16

Revenue

₹2,818Cr

Rev Gr TTM

Revenue Growth TTM

16.79%

PAT Gr TTM

PAT Growth TTM

1.53%

Upcoming Results on

4 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	584	552	632	553	605	592	649	566	639	680	780	718
Growth YoY Revenue Growth YoY%	0.7	17.2	19.2	15.8	3.7	7.2	2.7	2.4	5.6	14.9	20.2	26.9
Expenses ExpensesCr	524	501	562	516	558	548	593	535	593	628	709	680
Operating Profit Operating ProfitCr	60	51	70	37	47	44	57	31	46	52	71	38
OPM OPM%	10.3	9.2	11.0	6.8	7.8	7.4	8.7	5.5	7.2	7.7	9.1	5.3
Other Income Other IncomeCr	2	1	4	5	2	2	2	9	4	5	2	4
Interest Expense Interest ExpenseCr	1	1	2	2	2	3	3	4	2	4	5	5
Depreciation DepreciationCr	20	20	23	20	21	20	22	21	23	26	29	28
PBT PBTCr	42	31	49	20	26	22	34	15	25	27	38	9
Tax TaxCr	11	7	15	5	7	6	9	4	7	7	11	2
PAT PATCr	30	24	34	15	19	16	25	11	18	20	27	6
Growth YoY PAT Growth YoY%	1.4	55.3	31.0	-20.3	-35.4	-31.5	-28.1	-27.3	-6.4	25.2	11.5	-42.5
NPM NPM%	5.2	4.3	5.4	2.7	3.2	2.8	3.8	1.9	2.9	3.0	3.5	0.9
EPS EPS₹	1.2	0.9	1.3	0.6	0.8	0.6	0.9	0.4	0.7	0.7	1.0	0.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	584	552	632	553	605	592	649	566	639	680	780	718
Growth YoY Revenue Growth YoY%	0.7	17.2	19.2	15.8	3.7	7.2	2.7	2.4	5.6	14.9	20.2	26.9
Expenses ExpensesCr	524	501	562	516	558	548	593	535	593	628	709	680
Operating Profit Operating ProfitCr	60	51	70	37	47	44	57	31	46	52	71	38
OPM OPM%	10.3	9.2	11.0	6.8	7.8	7.4	8.7	5.5	7.2	7.7	9.1	5.3
Other Income Other IncomeCr	2	1	4	5	2	2	2	9	4	5	2	4
Interest Expense Interest ExpenseCr	1	1	2	2	2	3	3	4	2	4	5	5
Depreciation DepreciationCr	20	20	23	20	21	20	22	21	23	26	29	28
PBT PBTCr	42	31	49	20	26	22	34	15	25	27	38	9
Tax TaxCr	11	7	15	5	7	6	9	4	7	7	11	2
PAT PATCr	30	24	34	15	19	16	25	11	18	20	27	6
Growth YoY PAT Growth YoY%	1.4	55.3	31.0	-20.3	-35.4	-31.5	-28.1	-27.3	-6.4	25.2	11.5	-42.5
NPM NPM%	5.2	4.3	5.4	2.7	3.2	2.8	3.8	1.9	2.9	3.0	3.5	0.9
EPS EPS₹	1.2	0.9	1.3	0.6	0.8	0.6	0.9	0.4	0.7	0.7	1.0	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,077	1,165	1,525	1,773	1,531	1,350	1,611	2,073	2,245	2,399	2,666	2,818
Growth Revenue Growth%	-0.1	8.1	31.0	16.2	-13.7	-11.8	19.3	28.7	8.3	6.8	11.1	16.8
Expenses ExpensesCr	961	1,036	1,330	1,572	1,413	1,258	1,499	1,907	2,030	2,215	2,465	2,610
Operating Profit Operating ProfitCr	116	128	195	201	118	93	111	166	215	185	200	208
OPM OPM%	10.8	11.0	12.8	11.3	7.7	6.8	6.9	8.0	9.6	7.7	7.5	7.4
Other Income Other IncomeCr	16	6	7	13	11	8	4	9	19	10	19	14
Interest Expense Interest ExpenseCr	28	24	21	16	10	5	4	5	6	10	15	16
Depreciation DepreciationCr	72	75	92	91	87	78	66	68	81	83	99	107
PBT PBTCr	32	36	89	107	33	18	45	103	146	102	105	99
Tax TaxCr	7	11	31	39	5	5	12	23	40	27	28	27
PAT PATCr	25	25	58	69	28	12	33	80	107	75	77	72
Growth PAT Growth%	39.0	0.4	129.2	19.2	-59.9	-55.2	169.0	140.8	33.9	-29.6	2.2	1.5
NPM NPM%	2.3	2.1	3.8	3.9	1.8	0.9	2.1	3.9	4.8	3.1	2.9	2.6
EPS EPS₹	1.2	1.2	2.4	2.7	1.1	0.5	1.3	3.5	4.1	2.8	2.8	2.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,077	1,165	1,525	1,773	1,531	1,350	1,611	2,073	2,245	2,399	2,666	2,818
Growth Revenue Growth%	-0.1	8.1	31.0	16.2	-13.7	-11.8	19.3	28.7	8.3	6.8	11.1	16.8
Expenses ExpensesCr	961	1,036	1,330	1,572	1,413	1,258	1,499	1,907	2,030	2,215	2,465	2,610
Operating Profit Operating ProfitCr	116	128	195	201	118	93	111	166	215	185	200	208
OPM OPM%	10.8	11.0	12.8	11.3	7.7	6.8	6.9	8.0	9.6	7.7	7.5	7.4
Other Income Other IncomeCr	16	6	7	13	11	8	4	9	19	10	19	14
Interest Expense Interest ExpenseCr	28	24	21	16	10	5	4	5	6	10	15	16
Depreciation DepreciationCr	72	75	92	91	87	78	66	68	81	83	99	107
PBT PBTCr	32	36	89	107	33	18	45	103	146	102	105	99
Tax TaxCr	7	11	31	39	5	5	12	23	40	27	28	27
PAT PATCr	25	25	58	69	28	12	33	80	107	75	77	72
Growth PAT Growth%	39.0	0.4	129.2	19.2	-59.9	-55.2	169.0	140.8	33.9	-29.6	2.2	1.5
NPM NPM%	2.3	2.1	3.8	3.9	1.8	0.9	2.1	3.9	4.8	3.1	2.9	2.6
EPS EPS₹	1.2	1.2	2.4	2.7	1.1	0.5	1.3	3.5	4.1	2.8	2.8	2.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	20	20	20	24	24	24	24	24	25	25	28
Reserves ReservesCr	255	279	504	549	549	553	582	652	796	854	1,158
Current Liabilities Current LiabilitiesCr	326	322	362	395	233	278	291	296	379	493	574
Non Current Liabilities Non Current LiabilitiesCr	172	144	120	65	30	31	48	44	74	89	212
Total Liabilities Total LiabilitiesCr	773	765	1,010	1,034	837	886	946	1,016	1,275	1,463	1,971
Current Assets Current AssetsCr	250	259	453	514	367	464	461	516	625	547	703
Non Current Assets Non Current AssetsCr	524	506	557	519	469	422	485	500	650	916	1,268
Total Assets Total AssetsCr	773	765	1,010	1,034	837	886	946	1,016	1,275	1,463	1,971

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	20	20	20	24	24	24	24	24	25	25	28
Reserves ReservesCr	255	279	504	549	549	553	582	652	796	854	1,158
Current Liabilities Current LiabilitiesCr	326	322	362	395	233	278	291	296	379	493	574
Non Current Liabilities Non Current LiabilitiesCr	172	144	120	65	30	31	48	44	74	89	212
Total Liabilities Total LiabilitiesCr	773	765	1,010	1,034	837	886	946	1,016	1,275	1,463	1,971
Current Assets Current AssetsCr	250	259	453	514	367	464	461	516	625	547	703
Non Current Assets Non Current AssetsCr	524	506	557	519	469	422	485	500	650	916	1,268
Total Assets Total AssetsCr	773	765	1,010	1,034	837	886	946	1,016	1,275	1,463	1,971

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	89	150	164	170	108	83	96	83	172	194	99
Investing Cash Flow Investing Cash FlowCr	-65	-61	-117	22	-25	-22	-114	-84	-172	-272	-470
Financing Cash Flow Financing Cash FlowCr	-23	-91	-50	-83	-149	-42	15	-24	28	18	392
Net Cash Flow Net Cash FlowCr	2	-2	-3	108	-67	19	-3	-25	29	-59	22
Free Cash Flow Free Cash FlowCr	11	91	127	124	83	60	-22	3	-8	-78	-339
CFO To PAT CFO To PAT%	356.8	597.4	285.6	247.6	391.0	676.1	289.0	103.6	161.4	258.4	129.2
CFO To EBITDA CFO To EBITDA%	76.6	117.0	84.2	84.5	91.1	90.0	86.1	49.8	80.2	105.2	49.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	89	150	164	170	108	83	96	83	172	194	99
Investing Cash Flow Investing Cash FlowCr	-65	-61	-117	22	-25	-22	-114	-84	-172	-272	-470
Financing Cash Flow Financing Cash FlowCr	-23	-91	-50	-83	-149	-42	15	-24	28	18	392
Net Cash Flow Net Cash FlowCr	2	-2	-3	108	-67	19	-3	-25	29	-59	22
Free Cash Flow Free Cash FlowCr	11	91	127	124	83	60	-22	3	-8	-78	-339
CFO To PAT CFO To PAT%	356.8	597.4	285.6	247.6	391.0	676.1	289.0	103.6	161.4	258.4	129.2
CFO To EBITDA CFO To EBITDA%	76.6	117.0	84.2	84.5	91.1	90.0	86.1	49.8	80.2	105.2	49.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	924	1,624	1,958	2,683	982	2,059	1,814	2,525	4,474	3,151	3,269	3,273
Price To Earnings Price To Earnings	40.1	64.8	34.1	39.2	35.5	168.4	54.6	31.7	41.9	41.9	42.5	45.0
Price To Sales Price To Sales	0.9	1.4	1.3	1.5	0.6	1.5	1.1	1.2	2.0	1.3	1.2	1.2
Price To Book Price To Book	3.4	5.4	3.7	4.7	1.7	3.6	3.0	3.7	5.5	3.6	2.8	2.8
EV To EBITDA EV To EBITDA	9.7	14.1	10.5	13.5	8.4	22.1	16.4	15.4	21.0	17.8	17.6	16.8
Profitability Ratios Profitability Ratios
GPM GPM%	28.1	27.6	28.0	26.3	24.9	23.6	22.4	21.8	24.0	22.4	22.1	22.1
OPM OPM%	10.8	11.0	12.8	11.3	7.7	6.8	6.9	8.0	9.6	7.7	7.5	7.4
NPM NPM%	2.3	2.1	3.8	3.9	1.8	0.9	2.1	3.9	4.8	3.1	2.9	2.6
ROCE ROCE%	12.5	12.5	15.8	17.3	6.8	3.6	7.2	14.6	16.3	10.9	7.9	7.9
ROE ROE%	9.1	8.4	11.0	12.0	4.8	2.1	5.5	11.8	13.0	8.6	6.5	6.5
ROA ROA%	3.2	3.3	5.7	6.6	3.3	1.4	3.5	7.8	8.4	5.2	3.9	3.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	924	1,624	1,958	2,683	982	2,059	1,814	2,525	4,474	3,151	3,269	3,273
Price To Earnings Price To Earnings	40.1	64.8	34.1	39.2	35.5	168.4	54.6	31.7	41.9	41.9	42.5	45.0
Price To Sales Price To Sales	0.9	1.4	1.3	1.5	0.6	1.5	1.1	1.2	2.0	1.3	1.2	1.2
Price To Book Price To Book	3.4	5.4	3.7	4.7	1.7	3.6	3.0	3.7	5.5	3.6	2.8	2.8
EV To EBITDA EV To EBITDA	9.7	14.1	10.5	13.5	8.4	22.1	16.4	15.4	21.0	17.8	17.6	16.8
Profitability Ratios Profitability Ratios
GPM GPM%	28.1	27.6	28.0	26.3	24.9	23.6	22.4	21.8	24.0	22.4	22.1	22.1
OPM OPM%	10.8	11.0	12.8	11.3	7.7	6.8	6.9	8.0	9.6	7.7	7.5	7.4
NPM NPM%	2.3	2.1	3.8	3.9	1.8	0.9	2.1	3.9	4.8	3.1	2.9	2.6
ROCE ROCE%	12.5	12.5	15.8	17.3	6.8	3.6	7.2	14.6	16.3	10.9	7.9	7.9
ROE ROE%	9.1	8.4	11.0	12.0	4.8	2.1	5.5	11.8	13.0	8.6	6.5	6.5
ROA ROA%	3.2	3.3	5.7	6.6	3.3	1.4	3.5	7.8	8.4	5.2	3.9	3.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHANTIGEAR	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING
Market CapitalizationMkt CapCr	4,024	3,594	3,273	2,209	1,736	989	614
Close PriceClose₹	524.50	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	63.12	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	8.06	0.89	1.16	126.93	3.33	1.06	1.06
RevenueRevenueCr	499	4,024	2,818	17	522	931	581
Revenue Growth TTMRev Gr TTM%	-16.9%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%
PAT Growth TTMPAT Gr TTM%	-34.3%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%

	SHANTIGEAR	RML	JTEKTINDIA	SAPL	RACLGEAR	HITECHGEAR	ZFSTEERING
Market CapitalizationMkt CapCr	4,024	3,594	3,273	2,209	1,736	989	614
Close PriceClose₹	524.50	1,300.30	118.00	4,635.40	1,472.40	525.25	676.30
IndustryIndustry	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears	Auto Gears
Price To EarningsPE	63.12	30.19	45.04	2,401.76	34.39	49.98	31.02
Price To SalesPS	8.06	0.89	1.16	126.93	3.33	1.06	1.06
RevenueRevenueCr	499	4,024	2,818	17	522	931	581
Revenue Growth TTMRev Gr TTM%	-16.9%	16.0%	16.8%	39.9%	28.2%	5.5%	16.5%
PAT Growth TTMPAT Gr TTM%	-34.3%	186.4%	1.5%	283.3%	78.1%	-38.6%	70.8%

FY2026

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FY2026

Jun 26