S.J.S. Enterprises Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript S.J.S. Enterprises Ltd filed with BSE on 11 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SJS Enterprises reported consolidated revenue of Rs. 2,610 mn for Q1FY27, up 24.5% year-on-year, with EBITDA margin expanding to 30% and PAT growing 115% to Rs. 744.2 mn, including a one-time gain from a facility sale. Management said the automotive business grew 32.4% against industry growth of 21.7%, driven by strength in the passenger vehicle segment and exports. The company also discussed progress on its cover glass and display subsidiary, the new SJS Decoplast facility in Pune, and its Walter Pack and export businesses.
Numbers mentioned
Revenue: Rs. 2,610 mn (Q1FY27)
p. 4
“We delivered our highest-ever quarterly revenue of Rs. 2,610 mn, representing a year-on-year growth of 24.5%.”
K.A. Joseph, page 4 of the filed PDF · View the filing
EBITDA: Rs. 799.6 mn (Q1FY27)
p. 5
“EBITDA increased to Rs. 799.6 mn, with EBITDA margin expanding to 30%, supported by a favorable product mix, higher export contribution and sustained operational excellence.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
PAT: Rs. 744.2 mn (Q1FY27)
p. 5
“Profit after tax reached a record Rs. 744.2 mn, registering a year-on-year growth of 115%, with PAT margin improving to 28.5%.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
Automotive business growth: 32.4% (Q1FY27)
p. 4
“During the quarter, our automotive business registered a year-on-year growth of 32.4%, significantly ahead of the 21.7% growth recorded by the combined passenger vehicle and two-wheeler industry.”
K.A. Joseph, page 4 of the filed PDF · View the filing
Adjusted PAT: Rs. 502.5 mn (Q1FY27)
p. 7
“Excluding this exceptional item, adjusted PAT increased by a healthy 45.2% to Rs. 502.5 mn, translating into an adjusted PAT margin of 19.3%.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Export revenue growth: 83.2% (Q1FY27)
p. 6
“Our export business continued to deliver strong momentum, registering a year-on-year growth of 83.2% and contributing 9.8% of our consolidated revenue.”
Sanjay Thapar, page 6 of the filed PDF · View the filing
Cash flow from operations: Rs. 809 mn (Q1FY27)
p. 7
“Cash flow from operations for the quarter stood at Rs. 809 mn, which is 101.2% of EBITDA, and we generated free cash flow of Rs. 838 mn.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
ROCE (annualized): 37.2% (Q1FY27)
p. 7
“Despite continued investments, we have maintained a robust returns ratio, with annualized ROCE at 37.2% and annualized ROE at 20.3%.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Net cash position: Rs. 3,287.7 mn (As of June 30, 2026)
p. 7
“Cash and cash equivalents as of June 30, 2026 stood at Rs. 3,380.8 mn, resulting in a net cash position of Rs. 3,287.7 mn.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Gross margin: 56.7% (Q1FY27)
p. 9
“So, the gross margin on quarter-on-quarter, I mean, Quarter 4 was 56.6%. And now we are 56.7%.”
Mahendra Naredi, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Export contribution to revenue — 14%-15% of consolidated revenue · FY28
stated firmly by Sanjay Thapar
p. 8
“We continue to focus on scaling our export business and remain committed to achieving export contribution of 14%-15% of consolidated revenue by FY28.”
Sanjay Thapar, page 8 of the filed PDF · View the filing
Outperformance vs automotive industry — 1.5x to 2x · FY27
stated conditionally by Sanjay Thapar
p. 8
“Given our current business visibility, healthy order pipeline, and execution capabilities, we continue to expect SJS to outperform the underlying automotive industry by 1.5x to 2x in FY27.”
Sanjay Thapar, page 8 of the filed PDF · View the filing
Cover glass and display facility sales start — Q2 FY28
stated firmly by Sanjay Thapar
p. 10
“It will be shipped and installed. And sales out of this new plant will come in Q2 of next year.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
SJS Decoplast sales growth — double sales · next 3 to 4 years
stated as an aspiration by Sanjay Thapar
p. 10
“So, what we mentioned was that we hope to double sales in the next 3 to 4 years.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
SJS Decoplast additional revenue from new capacity — Rs. 200 crs to 250 crs
stated firmly by Sanjay Thapar
p. 10
“So, our order book continues to be very strong. So, since the time that we acquired Exotech Plastics, we've already mentioned we've increased sales four times.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
Cover glass/display market share aspiration — at least 10% of the market · by 2030
stated as an aspiration by Sanjay Thapar
p. 15
“And what I said earlier is our aspiration is to be at least 10% of the market by 2030. That is our internal wish list, which we are working towards.”
Sanjay Thapar, page 15 of the filed PDF · View the filing
EBITDA margin — 27%-28% · FY27
stated firmly by Sanjay Thapar
p. 9
“The guidance really was in the range of 27%-28% because we have a lot of new products and new technologies coming on stream this year.”
Sanjay Thapar, page 9 of the filed PDF · View the filing
Decoplast capacity utilization — 85%-90% · in three years
stated firmly by Mahendra Naredi
p. 16
“Regarding utilization ratio, we already have explained in the current call that in a period of three years, one can expect to reach at a level of 85%-90%.”
Mahendra Naredi, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA margin actually improved and gross margin was flat to slightly up, with cost pass-through negotiations ongoing and a lag of one to two quarters.
Answered by Mahendra Naredi
Asked by Chandramouli: What is the timeframe to pass on higher input costs to customers given margin pressure?
p. 9
“Somewhere we have a lag for one quarter, or maybe two quarters. But we were able to maintain our gross margin with the lot of operational efficiency and the export and also the richer product mix.”
Mahendra Naredi, page 9 of the filed PDF · View the filing
Management said the new capacity would add Rs 200-250 crore of revenue with an asset turn of 2 to 2.5 times, versus current turn of around two times.
Answered by Mahendra Naredi
Asked by Chandramouli: What additional capacity and asset turn does the new Decoplast facility provide?
p. 10
“You rightly said we are currently around two times. In the new facility, we expect to be between 2 to 2.5 times.”
Mahendra Naredi, page 10 of the filed PDF · View the filing
Management confirmed equipment is on order and sales from the new plant will start in Q2 of next year, and explained the rationale for a wholly-owned subsidiary.
Answered by Sanjay Thapar
Asked by Pranay Roop Chatterjee: What is the status of the cover glass subsidiary and equipment installation?
p. 10
“So, we had already mentioned last time that look, this new facility that we are setting up for Cover glass and Display, equipment is on order.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
Management estimated the display market at Rs 500-1000 crore currently, growing to Rs 5,000-7,000 crore by 2030, with an aspiration to capture at least 10% share.
Answered by Sanjay Thapar
Asked by Nitin Agrawal: What is the total addressable market for cover glass in India and SJS's aspiration?
p. 15
“Look, the display business, not just the cover glass, the cover glass is a part of the display. So, the display business at the moment in India is roughly about 500 crs to 1000 crs and is expected to grow by 2030.”
Sanjay Thapar, page 15 of the filed PDF · View the filing
Management attributed the sequential decline to a broader industry slowdown in Q1 and lower offtake following a Q4 sales push, calling it seasonal.
Answered by Sanjay Thapar
Asked by Pooja Sheth: Why did the PV segment revenue decline quarter-on-quarter?
p. 17
“Lower offtake in the final market, I mean, customers like you and me did not buy car or there was a sales push in Q4.”
Sanjay Thapar, page 17 of the filed PDF · View the filing
Management said the non-compete runs until January 2027 for BMW and Mercedes-Benz, after which they would evaluate options, while preferring cooperative arrangements with Walter Pack Spain.
Answered by Sanjay Thapar
Asked by Aditya Dayal: When does the Walter Pack Spain non-compete agreement expire and can SJS pursue export markets independently?
p. 19
“We have an agreement with Walter Pack Spain on non-compete till January of 2027.”
Sanjay Thapar, page 19 of the filed PDF · View the filing
Management indicated breakeven would occur at an asset turn of roughly 1 to 1.25 times.
Answered by Sanjay Thapar
Asked by Darshan Shah: At what utilization level will the new Decoplast capacity break even on EBITDA?
p. 17
“We will be break even somewhere 1-1.25 times asset turn.”
Sanjay Thapar, page 17 of the filed PDF · View the filing
Risks flagged
Higher input/commodity costs affecting margins with a lag in customer recovery
p. 9
“That would be somewhere between 0.5% to 0.6%.”
Mahendra Naredi, page 9 of the filed PDF · View the filing
Industry-wide decline in passenger vehicle segment sequentially
p. 17
“So, the PV industry from Quarter 1, Q4 of last year to Q1 of this year, in the absolute numbers has declined.”
Sanjay Thapar, page 17 of the filed PDF · View the filing
Low EV volumes limiting near-term content growth opportunity
p. 18
“But the only challenge here in EVs is that the volumes are still low, though they are increasing quite rapidly.”
Sanjay Thapar, page 18 of the filed PDF · View the filing
Customer purchase orders delayed until plant installation and PPAP qualification are complete
p. 11
“But yes, once the plant gets installed and there will be PPAP runs that do, that is the typical qualification process of an OEM for local assembly in India, that would require customer approval.”
Sanjay Thapar, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.