S.J.S. Enterprises Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript S.J.S. Enterprises Ltd filed with BSE on 11 May 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 its highest ever quarterly revenue of INR2,601.2 million in Q4 FY26, up 29.7% year-on-year, along with its highest ever quarterly PAT of INR488.7 million, up 44.9% year-on-year. For full-year FY26, consolidated revenue was INR9,550.7 million, up 25.6%, with EBITDA up 41.7% and PAT up 44.6%. Management discussed capacity expansion at the Bangalore, SDPL and Hosur facilities, a technology licensing agreement with BOE Varitronix for display systems, and export growth plans for FY27 and FY28.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR2,601.2 million (Q4 FY26)
p. 4
“SJS reported its highest ever quarterly revenue in Q4FY26 with a consolidated revenue of INR2,601.2 million, reflecting robust growth across key segments.”
K.A. Joseph, page 4 of the filed PDF · View the filing
PAT: INR488.7 million (Q4 FY26)
p. 4
“The Company also delivered its highest ever PAT of INR488.7 million, supported by an improved product mix, increasing export contribution and a continued focus on operational efficiency.”
K.A. Joseph, page 4 of the filed PDF · View the filing
EBITDA: INR807.6 million (Q4 FY26)
p. 5
“The Company delivered strong margin performance during the quarter, with EBITDA growing by 53% Y-o-Y to INR807.6 million, resulting in an EBITDA margin of 30.3%.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
Automotive segment growth: 41.1% (Q4 FY26)
p. 4
“Notably, the Company achieved a Y-o-Y growth of 41.1% in the automotive segment in Q4 FY26, exceeding the automotive industry production volume growth of 18.9% by more than 2x.”
K.A. Joseph, page 4 of the filed PDF · View the filing
Full-year consolidated revenue: INR9,550.7 million (FY26)
p. 5
“For the full-year FY26, SJS reported consolidated revenues of INR9,550.7 million, representing a growth of 25.6% Y-o-Y, significantly outperforming the automotive industry (2-wheeler + passenger vehicle industry) growth of 11.4% Y-o-Y.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
Full-year EBITDA: INR2,879.6 million (FY26)
p. 5
“EBITDA stood at INR2,879.6 million, up 41.7% Y-o-Y, while PAT grew by 44.6% to INR1,718 million.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
Exports: INR255.5 million (Q4 FY26)
p. 5
“In Q4, exports grew by 74.6% Y-o-Y to INR255.5 million.”
Sanjay Thapar, page 5 of the filed PDF · View the filing
Full-year exports: INR 911.4 million (FY26)
p. 7
“On export, FY26 was a record year at INR 911.4 million, witnessing 60.5% Y-o-Y growth.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Free cash flow to the firm: INR1,426.6 million (FY26)
p. 6
“Free cash flow to the firm stood at INR1,426.6 million, with a further improvement in our net cash position, reflecting a strong balance sheet.”
Sanjay Thapar, page 6 of the filed PDF · View the filing
ROE: 19.5% (FY26)
p. 7
“ROE for FY26 stood at 19.5%, an improvement of 226 basis points Y-o-Y and ROCE expanded sharply to 35.5% from 25.3%, a jump of close to 1,014 basis points.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Net cash position: INR 2,437.1 million (FY26 end)
p. 7
“We closed the year with a net cash position of INR 2,437.1 million against just INR 77 million of total debt.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
New generation products share of revenue: around 24% (FY26)
p. 7
“A quick word on the revenue mix. New generation products now contribute around 24% of consolidated revenue, validating our premiumization strategies.”
Mahendra Naredi, page 7 of the filed PDF · View the filing
Final dividend: 35% of face value / INR 3.5 per share (FY26)
p. 7
“Reflecting this, the Board has recommended a final dividend of INR 3.5 per share or 35% of face value.”
Mahendra Naredi, page 7 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 share of consolidated revenue — 14% to 15% · FY28
stated firmly by Sanjay Thapar
p. 8
“We are working towards increasing share of exports in our consolidated revenue to 14% to 15% by FY28, driven by deeper penetration in existing markets, entry into new geographies and the addition of new customers.”
Sanjay Thapar, page 8 of the filed PDF · View the filing
Outperformance vs industry growth — 1.5x to 2x · FY27
stated conditionally by Sanjay Thapar
p. 8
“Based on our current strong performance, execution visibility and the current order book being over 85% of the FY27 forecasted revenue, we expect to outperform underlying industry growth by 1.5x to 2x in FY27.”
Sanjay Thapar, page 8 of the filed PDF · View the filing
EBITDA margin — 27%-28% · long term
stated as an aspiration by Sanjay Thapar
p. 14
“But in the long term, I think that 27% - 28% sort of margins with a high growth trajectory is what you should expect from SJS.”
Sanjay Thapar, page 14 of the filed PDF · View the filing
New generation products share of revenue — 25% to 30% · next 5 years
stated as an aspiration by Sanjay Thapar
p. 13
“So it would be anywhere between 25% to 30% over the next 5 years. That's what my expectations. Premium products, share of purchase.”
Sanjay Thapar, page 13 of the filed PDF · View the filing
Kit value increase — 5x to 8x from DRHP base · early FY28
stated conditionally by Sanjay Thapar
p. 17
“So by early FY28, we should be that 5x to 8x from what we originally said in our DRHP when we went public.”
Sanjay Thapar, page 17 of the filed PDF · View the filing
Capex across 3 divisions — INR260-270 crores over 3 years from FY26 · FY26-FY28
stated firmly by Mahendra Naredi
p. 17
“So put together, there is an investment close to INR220 crores.”
Mahendra Naredi, page 17 of the filed PDF · View the filing
Capex completion for Bangalore, SDPL, Hosur — FY27
stated firmly by Sanjay Thapar
p. 19
“So, all these 3 initiatives, we should complete capex in FY27.”
Sanjay Thapar, page 19 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 this breakup is not typically given due to the complexity and variety of products and customers.
Answered by Sanjay Thapar
Asked by Pritesh Chheda: Can management split the 2-wheeler and passenger vehicle outperformance into market-share-led versus content-led growth?
p. 9
“We traditionally don't give you that breakup because it's a complex mix.”
Sanjay Thapar, page 9 of the filed PDF · View the filing
Management attributed it to winning business with existing customers, particularly one marquee customer, and efforts to sweat assets and improve throughput.
Answered by Sanjay Thapar
Asked by Hitesh Goel: What is driving the strong Q-o-Q increase in Exotech/SDPL revenue without new plant capacity coming online?
p. 9
“And our efforts to sweat our assets. So, we have a very keen eye on how to eliminate waste and improve throughput in our plants, and that has led to this very strong growth at SDPL.”
Sanjay Thapar, page 9 of the filed PDF · View the filing
Management explained they rationalized the product mix at WPI, shedding low-margin business and winning higher-margin business currently in ramp-up.
Answered by Sanjay Thapar
Asked by Hitesh Goel: Why did WPI see a year-on-year decline despite Tata Motors doing well, and what steps are being taken to return to growth?
p. 10
“We took a strategic decision to rationalize our product mix at WPI, and that happened to be a consumer durable Company.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
Management said FY26 was a record year for the industry and April continued to be strong, with customers gearing up for high growth.
Answered by Sanjay Thapar
Asked by Pranay Roop Chatterjee: What is the current demand and supply-side macro picture for the automotive industry?
p. 10
“So, what we are hearing from customers at this moment is all of them are gearing up for high growth. And we are accordingly gearing up.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
Management said aesthetic products get repriced annually and chrome plating has a back-to-back cost pass-through arrangement with a quarter's lag.
Answered by Sanjay Thapar
Asked by Pranay Roop Chatterjee: How comfortable is the pass-through of input cost inflation to customers?
p. 11
“In addition to that, there are some businesses like chrome plating where there are input cost increases, and we have a back-to-back arrangement with customers that they get passed on.”
Sanjay Thapar, page 11 of the filed PDF · View the filing
Management confirmed active pursuit of bite-size acquisitions, with North America, Southeast Asia and India as target geographies, funded by cash reserves.
Answered by Sanjay Thapar
Asked by Nilesh Jain: Is the company actively pursuing inorganic acquisitions, and in which geographies?
p. 14
“So, we are looking at targets. We already have a few in mind, which we are in discussions with.”
Sanjay Thapar, page 14 of the filed PDF · View the filing
Management clarified the 2.5x figure last year was specific to the addition of Hero as a customer and large export wins, while 1.5x-2x is the consistent baseline guidance.
Answered by Sanjay Thapar
Asked by Prateek Giri: Is the reduction in outperformance guidance from 2x-2.5x to 1.5x-2x a downgrade?
p. 15
“So, 2.5x last year was specific because we had won some very large export businesses, and we've got Hero on board as a customer.”
Sanjay Thapar, page 15 of the filed PDF · View the filing
Management said a product rationalization and some order timing shifts due to tariff uncertainty affected the quarter, with growth expected to recover in the next 1-2 quarters.
Answered by Sanjay Thapar
Asked by Sahil Sanghvi: Why has the consumer segment underperformed, and how will it perform going forward?
p. 16
“But in the next 1 or 2 quarters, you will see that growth trajectory coming back.”
Sanjay Thapar, page 16 of the filed PDF · View the filing
Management gave a combined capex figure for the glass and display investments.
Answered by Sanjay Thapar
Asked by Khush Nahar: What is the total capex for the display/optical glass plant?
p. 20
“So, we said that glass is about INR40 crores. And for the display, we added another INR25 crores. So, roughly ballpark number about INR65 crores on that investment.”
Sanjay Thapar, page 20 of the filed PDF · View the filing
Risks flagged
Global uncertainty including multiple ongoing wars affecting business outlook
p. 10
“On a global view, we still have challenges of multiple wars going on. We don't know, which way they will go.”
Sanjay Thapar, page 10 of the filed PDF · View the filing
Input cost increases such as crude oil impacting polymer prices
p. 11
“Now the input cost increase, for example, crude oil increasing, a lot of these are impacting polymer prices.”
Sanjay Thapar, page 11 of the filed PDF · View the filing
Tariff-related uncertainty affecting order timing in the consumer segment
p. 16
“Also for the quarter, there was some amount of global uncertainty that happened.”
Sanjay Thapar, page 16 of the filed PDF · View the filing
Outperformance guidance depends on macroeconomic conditions during the year
p. 15
“So it depends on how the year pans out in terms of the macroeconomic challenges that there are.”
Sanjay Thapar, page 15 of the filed PDF · View the filing
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