Absolute High Financial Performance

- Revenue ₹261 Cr (+24.5% YoY).

- Highest-ever quarterly revenue.

- EBITDA ₹80 Cr.

- EBITDA Margin 30% (+239 bps YoY).

- Adjusted PAT ₹50.3 Cr (+45.2% YoY).

- Reported PAT ₹74.4 Cr (+115% YoY).

- One-time gain ₹24.2 Cr.

- Passenger Vehicle revenue +45.4% YoY.

- Two-Wheeler revenue +19.5% YoY.

- Exports +83.2% YoY.

- Exports contributed 9.8% revenue.

Business Highlights

- SJS Decoplas Pune facility operational.

- Commercial operations commenced August 2026.

- Pune facility adds ₹200–250 Cr revenue potential.

- Walter Pack India at ~75% utilization.

- Net cash position ~₹329 Cr.

Display & Cover Glass

- Technical licensing agreement signed with BOE.

- Agreement covers four-wheeler automotive displays.

- New wholly owned display subsidiary planned.

- Commercial supplies targeted from Q2 FY28.

- Targeting 10%+ Indian automotive display market share by 2030.

- EVs offer higher aesthetic content opportunity.

Management Outlook

- FY27 growth targeted at 1.5–2x auto industry.

- Export contribution targeted 14–15% by FY28.

- SJS Decoplas revenue targeted to double.

- Target period 3–4 years.

- EV content value 1.5–2x ICE vehicles.

- Net cash supports acquisition opportunities.

Growth Drivers

- Passenger vehicle premiumisation.

- EV adoption.

- Higher content per vehicle.

- Automotive display penetration.

- Cover glass opportunity.

- Chrome plating cross-selling.

- Export expansion.

- New facility ramp-up.

Key Updates

- Raw-material inflation passed through with 1–2 quarter lag.

- Walter Pack non-compete restrictions expire January 2027.

- More global OEM opportunities thereafter.

- Chrome plating gaining traction in two-wheelers.

- EVs expected to increase display content.

Key Positives

- Record quarterly revenue.

- Strong EBITDA margin.

- Robust adjusted PAT growth.

- Strong export growth.

- New Pune capacity operational.

- Net cash balance sheet.

- BOE technology partnership.

- Large automotive display opportunity.

- EV premiumisation tailwind.

Key Concerns

- Raw-material pass-through lag.

- New facility ramp-up execution.

- Automotive demand cyclicality.

- Display business approval timelines.

Key Monitorables

- Pune facility utilization.

- Display business commercialization.

- BOE partnership execution.

- Automotive display market share.

- Export contribution.

- Decoplas revenue growth.

- EV content expansion.

Impact

- Highly Positive.

- Strong core business momentum.

- Multiple new growth opportunities.

- Display business adds optionality.

- Net cash enables expansion.

Key Takeaway

- S.J.S. Enterprises delivered another record quarter with 24.5% revenue growth, 30% EBITDA margins and 45% adjusted PAT growth. The Pune capacity expansion, BOE partnership, upcoming automotive display business, strong exports and net cash position create multiple growth levers, while rising EV content provides an attractive long-term structural opportunity.