Any current/future new fundraising through debt or equity?

There is no explicit mention of any immediate or planned fundraising through debt or equity in the provided content. The company is generating strong free cash flow (around 80% of EBITDA converted to cash flow) and expects to maintain a good financial position by the end of FY26 despite ongoing capex. They are currently conserving cash by leasing facilities instead of building new ones. The management is actively looking at acquisition opportunities once market conditions stabilize, likely targeting the U.S. market by next year, but no fundraising plans are detailed for this purpose. Overall,

Any current/future capex/capital investment/strategic investment?

**Exotech (SJS Decoplast) Expansion:** Rs. 100 crores allocated; Rs. 30 crores spent so far; remaining Rs. 70 crores to be utilized in FY26. Expected commissioning by H1 FY26. **Cover Glass Business:** Rs. 40-45 crores capex planned over FY26 and FY27 for leased building modifications and capacity setup. Commissioning expected by end of FY26; strategy being optimized for broader display market opportunities. **Ongoing Capacity Expansion:** Rs. 15-20 crores annual maintenance capex; total capex guidance around Rs. 150 crores for FY26 and approximately Rs. 220 crores over three years. **St

Future growth expectations in sales/revenue/volumes?

SJS targets to double sales in the next three years, building on a 2.5x increase over the last three years (Page 13). The company expects to outperform industry growth by about 2x in the current year (Pages 7, 10). Premiumization is a key growth driver with expanding product portfolios and new generation products now contributing ~28% of revenues (Page 7). Two-wheeler volumes expected to grow in high single-digits, passenger vehicle volumes in mid single-digits (Page 10). Growth in EV-related products is forecasted as EV market share in two-wheelers in India is expected to rise to 25-40% by 20

Future growth expectations in earnings/operating earnings/profits/EPS?

SJS expects to achieve sustained growth driven by strong financial performance and clear future vision (Page 6). Focus on premiumization and new product launches supports growth; new generation products now contribute ~28% of total revenue, up from 13% in FY21 (Page 7). The company targets to outperform industry volume growth by about 2x in the current year (Page 10). Expansion plans include increased capacity with Rs. 40-45 crores capex for FY26, supporting higher sales and margins (Pages 5, 16). SJS Decoplast (formerly Exotech) aims to double sales in the next three years, with targeted turn

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at around 85% of the forecasted FY26 revenues. The company has a robust order book supporting ongoing capacity expansion plans. There are promising ongoing negotiations with customers influencing investment plans, particularly for the new shed of about 97,000 sq. ft. New orders from mega accounts like Hero MotoCorp and other marquee names have been secured and are ramping up. The addition of Walter Pack and expansion at Exotech targets doubling turnover to around Rs. 320 crores. Growth drivers are expected from both domestic and export markets with exports p

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S J S Enterprises LtdQ1 FY25Auto Components

S J S Enterprises Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,144P/E: 35.7Market Cap: ₹6.1K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→SJS targets to double sales in the next three years, building on a 2.5x increase over the last three years (Page 13).
→The company expects to outperform industry growth by about 2x in the current year (Pages 7, 10).
→Premiumization is a key growth driver with expanding product portfolios and new generation products now contributing ~28% of revenues (Page 7).
→Two-wheeler volumes expected to grow in high single-digits, passenger vehicle volumes in mid single-digits (Page 10).
→Growth in EV-related products is forecasted as EV market share in two-wheelers in India is expected to rise to 25-40% by 2030; current sales from EV are about 3-5% but are positioned to grow with product readiness (Page 20).
→Expansions in cover glass, IML/IMD, and other higher value-added products are expected to contribute to sustained growth (Pages 9-11, 16).
→Export share targeted to increase to 14-15% of consolidated revenues by FY28 (Page 7).

Margin guidance

Category 3

→SJS expects to achieve sustained growth driven by strong financial performance and clear future vision (Page 6).
→Focus on premiumization and new product launches supports growth; new generation products now contribute ~28% of total revenue, up from 13% in FY21 (Page 7).
→The company targets to outperform industry volume growth by about 2x in the current year (Page 10).
→Expansion plans include increased capacity with Rs. 40-45 crores capex for FY26, supporting higher sales and margins (Pages 5, 16).
→SJS Decoplast (formerly Exotech) aims to double sales in the next three years, with targeted turnover of Rs. 320 crores by FY27 (Pages 7, 13).
→Strong PAT growth: FY25 PAT increased 39.2% YoY with margin improvements; amortization impact expected to reduce post FY27, improving profitability (Pages 6, 13).
→ROCE currently at 25.7%; free cash flow generation will support continued investment and margin expansion (Page 6).

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Fundraise plans

→There is no explicit mention of any immediate or planned fundraising through debt or equity in the provided content.
→The company is generating strong free cash flow (around 80% of EBITDA converted to cash flow) and expects to maintain a good financial position by the end of FY26 despite ongoing capex.
→They are currently conserving cash by leasing facilities instead of building new ones.
→The management is actively looking at acquisition opportunities once market conditions stabilize, likely targeting the U.S. market by next year, but no fundraising plans are detailed for this purpose.
→Overall, the emphasis is on strong internal cash flow generation to support growth and strategic investments without indicating a need for debt or equity fundraising at present.

Order book

Yes

→Current order book stands at around 85% of the forecasted FY26 revenues.
→The company has a robust order book supporting ongoing capacity expansion plans.
→There are promising ongoing negotiations with customers influencing investment plans, particularly for the new shed of about 97,000 sq. ft.
→New orders from mega accounts like Hero MotoCorp and other marquee names have been secured and are ramping up.
→The addition of Walter Pack and expansion at Exotech targets doubling turnover to around Rs. 320 crores.
→Growth drivers are expected from both domestic and export markets with exports projected to increase to 14-15% of consolidated revenues by FY28.
→Overall, the company is confident in continued strong order inflows aligned with its strategic growth and premiumization plans.

Capex plans

Yes

→**Exotech (SJS Decoplast) Expansion:** Rs. 100 crores allocated; Rs. 30 crores spent so far; remaining Rs. 70 crores to be utilized in FY26. Expected commissioning by H1 FY26.
→**Cover Glass Business:** Rs. 40-45 crores capex planned over FY26 and FY27 for leased building modifications and capacity setup. Commissioning expected by end of FY26; strategy being optimized for broader display market opportunities.
→**Ongoing Capacity Expansion:** Rs. 15-20 crores annual maintenance capex; total capex guidance around Rs. 150 crores for FY26 and approximately Rs. 220 crores over three years.
→**Strategic Acquisitions:** Actively evaluating acquisition opportunities, especially targeting the U.S. market; plans to pursue acquisitions are likely post FY26 when additional clarity emerges.
→**Capex Focus:** All capital investments are aligned towards capacity expansion, new product development, and leveraging global market opportunities.

How does S J S Enterprises Ltd rank vs peers in Auto Components?

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1S J S Enterprises Ltd

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