JTEKT India Ltd

- The company completed a maiden rights issue during the year, which was highly successful with full participation from promoters (JTEKT Corporation Japan and Maruti Suzuki) and overwhelming public shareholder response (Page 4). - No specific mention of planned or upcoming equity fundraisings was made during the call (Pages 14-18). - On debt, a slight increase was noted recently, primarily to fund ongoing capital expenditure, especially the Gujarat plant setup (INR 250 crores committed, about INR 130 crores spent) (Page 14). - Future capex is expected to be lower than the last two years but ongoing, mainly for Gujarat plant completion (Page 14). - No explicit announcements about new fundraising through debt or equity were disclosed in the transcript. Further inquiries were suggested to be handled offline (Page 18).

- JTEKT India has completed major capex related to line setups in the last 2 years. - Current major ongoing capex: Setting up a new Gujarat plant with a committed investment of about INR 250 crores. - As of now, INR 130 crores spent on Gujarat plant, with another INR 100 crores expected over the next 1-2 years. - Other normal capital expenditures will continue but will be lower than previous years. - CWIP (Capital Work in Progress) remains high at INR 411 crores, impacting ratios; this represents unproductive assets currently. - Focus on expanding production lines for MS Gear, CVJ, and CPS products, especially to cater to new EV models by Maruti Suzuki. - Strategy includes expanding capacity to meet expected market growth and export potential, including Brazil and global markets. - No immediate new product launches beyond current CVJ ramp-up; further product introduction expected in 1-1.5 years.

- Achieved INR300 crores additional turnover in the current year from new capacities. - Existing production lines can support approximately INR500 crores incremental sales next year (INR400 crores domestic + INR75-100 crores exports), totaling around INR800 crores additional sales over two years. - Expect 10% growth in sales next year, manageable with current capacity. - CVJ production lines expected to reach 90% utilization with new Maruti Suzuki EV MPV launch in Oct 2026. - Capacity utilization projected to reach 100% within 1 to 1.5 years as new models ramp up. - Export volumes expected to grow, including up to 5 lakh units to Brazil long-term. - Revenue growth aligned with passenger vehicle market growth; target surpassing market growth. - CVJ business anticipated to grow significantly, potentially matching or exceeding manual gear business. - Investments in Gujarat plant will drive further capacity expansion and growth in coming years.

- JTEKT India Limited expects about INR500 crores additional sales next year from existing production capacities, on top of INR300 crores extra turnover achieved this year, totaling INR800 crores incremental business over two years. - The company anticipates 10% market growth, supporting this sales increase, with export growth adding INR75-100 crores. - Full capacity utilization is expected within 12 to 18 months, improving operational efficiency. - EBITDA margins are expected to improve as new EV models (especially for Maruti Suzuki including the upcoming October 2026 MPV EV) ramp up production, fully utilizing CVJ line capacity. - Reduction in testing costs and improved exports (including shipments to Brazil and resumption of US exports with reduced tariffs) will support margin enhancement. - Return on Capital Employed (ROCE) is projected to improve from current ~10-11% back toward historic levels of ~16-17% with increased revenue and stable capital base. - Capital expenditure guidance indicates moderate spending (around INR100 crores next year mainly on Gujarat plant) aiding future growth without burdening margins.

- JTEKT India has secured a significant order from Stellantis for supply to Brazil and nearby countries, starting with 70,000 units this year and expected to grow to 150,000 units next year, with potential for further order increases. - The company is supplying 100% of Maruti Suzuki's EV business, including models like e Vitara and Victoris, and expects capacity utilization on the MS Gear Line 6 to increase from 30% to 80-90% with the launch of Maruti's upcoming MPV EV model. - Honda's new EV SUV launch is anticipated to bring additional business of around INR 100 crores, with expected volumes around 40,000 units. - The company is aiming for full utilization of new production capacities within 1-1.5 years, targeting additional incremental sales of around INR 800 crores over the next 1-2 years. - They are optimistic about expanding exports and supplying to global markets, leveraging the Chennai and Gujarat facilities.