Automobile and Auto Components · NSE/BSE: JBMA
JBM Auto Limited
Auto Components & Equipments
Market Cap ₹0.16L Cr
Verdict: Average
Quality Scores
Multi-Bagger
74/100
Compounder Quality
64/100
Management Credibility
70/100
Governance
85/100
Cash Flow Quality
38/100
AI Summary
JBM Auto Limited (JBMA) has successfully pivoted from a traditional sheet metal component manufacturer to a leading player in India's electric bus (e-bus) ecosystem, capturing a 30-35% market share. While revenue has scaled significantly from ₹1,557 Cr in FY15 to ₹6,088 Cr in FY26, the transition has been heavily funded by debt, with borrowings surging from ₹502 Cr to over ₹3,029 Cr in the same period. The business model is currently in a high-growth, high-capex phase, prioritizing volume and market positioning over cash flow generation. Operating margins have remained relatively stable…
Top Opportunities
- 35% CAGR profit growth over 5 years
- Market leader in Indian E-bus segment (30-35% share)
- Integrated EV ecosystem avoiding dependence on external electronics
Top Risks
- Negative Free Cash Flow in 6 out of last 10 years
- Sharp rise in Debtor Days (82.4 to 131 days)
- Aggressive debt accumulation to fund EV expansion
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