1. Brazil export ramp - Dispatch of manual gear to JTEKT Brazil starts May 2026, with \~70,000 units in the current year scaling to 100,000-150,000 units next year (\~₹50-60 crore), and a lifetime order book of \~₹200 crore. Management states export profitability is "far better" than domestic sales, and the Brazil order alone can add 6-7% growth while lifting export share to 8-10%.
2. Maruti EV model pipeline - JTEKT is the 100% supplier of manual gear, CEPS and CVJ for Maruti's e Vitara and Victoris, which contributed \~₹173-174 crore in FY26 on partial-year production. A Maruti MPV EV launches from Gujarat in October 2026 and another e Vitara variant in August 2026, both with JTEKT supplying the complete set, driving utilisation of recently added capacity toward 100% over the next 1-1.5 years.
3. Gujarat composite plant - A new 30-acre facility near the Suzuki plant in Gujarat is under construction with \~₹130 crore already spent and another \~₹100 crore to be deployed over 1-2 years, targeting completion by early 2028. The plant will localise production of manual gears, CEPS, CVJ and potentially hub bearings for Western-region customers, improving lead times and reducing logistics costs.
4. CVJ forging backward integration - An in-house forging facility for CVJ components (JPL 90 Joint Plunj) is being set up with capacity of \~4-5 lakh units, covering the current total requirement, and an additional 850-ton die-casting machine is being installed. Prior localisation of the CVJ mid-shop already delivered \~₹375 per unit in profitability improvement (6-7% of bill of material), and bringing forging in-house extends that margin capture further.
5. Honda SUV EV supply - Honda is launching an SUV EV from its Tapukara plant around December 2026, and JTEKT expects this to be a \~₹100 crore business at an estimated \~40,000 units. This would partly offset Honda's declining share of JTEKT sales, which fell from 8% to 5% in FY26.
6. Manufacturing rationalisation - Post-merger with JTEKT Fuji Kiko, jacket assembly has been shifted to the CPS location and the machine-building division is being moved into freed-up space, with 10 rationalisation projects already completed and 7 more underway. Management expects this one-time activity to complete within a year, after which the related expenditure drops out of the cost structure, directly improving operating margins.