Jullundur Motor Agency (Delhi) Ltd (JMA) AI Stock Analysis

• Market Cap: ₹1.82B
• Dividend Yield: 2.59%
• Average Volume (3M): 10.35K
• Price to Earnings (P/E): 5.1
• Beta (1Y): 0.97
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 547
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 3.84
• Shares Outstanding: 22,841,055
• 10 Day Avg. Volume: 8,730
• 30 Day Avg. Volume: 10,348
• PEG Ratio: 14.94
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.31
• P/FCF Ratio: 28.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹87.00 ▲(9.09% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is driven primarily by attractive valuation (low P/E with a dividend) and a financially conservative, debt-free balance sheet. Offsetting these positives are weaker cash-flow quality/consistency and margin pressure in the latest year, while technicals remain in an uptrend but look overextended based on RSI/Stoch.

Positive Factors

Debt-free balance sheet

A zero-debt balance sheet materially reduces financial risk and provides durable financial flexibility. Over a 2–6 month horizon this supports consistent operations, funds capex or working-capital needs without external financing, and preserves the ability to pursue opportunistic investments or weather industry cyclicality.

Steady revenue growth trend

Sustained top-line growth indicates persistent demand and market position in auto-parts. This steady revenue base supports operational planning, helps absorb cost fluctuations, and underpins medium-term earnings stability, making underlying business performance more predictable over the coming months.

Consistent capital productivity (ROE)

Consistent low-double-digit ROE shows management extracts reasonable returns from equity, supporting reinvestment and shareholder distributions. Over 2–6 months, this steady capital efficiency indicates a durable ability to convert invested capital into earnings, aiding long-term value creation.

Negative Factors

Volatile and weak cash generation

Irregular cash conversion and a prior negative free cash flow year reduce confidence in internal funding. Over a multi-month horizon this volatility can constrain capex, inventory funding, and dividend sustainability, increasing reliance on cash reserves and limiting strategic flexibility.

Margin compression in 2025

Material margin decline lowers operating leverage and reduces net cash generation. If driven by structural input-costs or pricing pressure in auto parts, sustained compression would erode profitability and free cash flow, forcing tougher pricing or cost-management actions over coming quarters.

Softening incremental returns

A trend of declining returns on incremental capital suggests diminishing effectiveness of new investments. Over the medium term this can limit growth potential and pressure ROE, necessitating stricter capital-allocation discipline to avoid diluting long-term shareholder returns.

Jullundur Motor Agency (Delhi) Ltd Business Overview & Revenue Model

Company Description

Jullundur Motor Agency (Delhi) Limited trades and distributes automobile parts, accessories, and petroleum products primarily in India. The company offers diesel exhaust fluids; fly wheel rings; engine and cylinder head gaskets and seal kits; radiators, surge tanks, condensers, evaporators, and inter coolers; engine thin valve bearings, and bushes and thrust washers; brakes and clutch master cylinders, slave and wheel cylinders, and brake parts and repair kits; and turbo energy chargers. It also provides fan and timing belts and kits, modular reservoir assys, half shafts, condensers, fuel pump motors, and other products; shock absorbers, strut dampers, suspension kits, window balancer/dickey shockers, and drive shafts; gas springs/window balancers/dickey shockers; wheel rims; filters and radiator coolants; complete silencers, silencer pipes, mufflers, and spring pipes; and steering suspension parts, suspension ball joints, lower and upper ball joints, control arms, tie rod ends, draglink ends, tiered and draglink assys and kits, and steering assys. In addition, the company offers steering racks and pinions, and steering parts; brake lining, brake shoes, disc pads, clutch facings, clutch buttons, and aluminum/brass rivets; engine valves and valve tapets; power steering assys, seal kits and power steerings, pump parts, and power steering fluids; transmission products, clutch sets, drive plates, cover assys, bearings, timing kits, and lubricants; UJ kits and crown wheel pinions; and rubber parts, engine mountings, cabin mountings, suspension bush kits, oil seals, high tensile screws, bolts and nuts, and sockets. Further, it provides water pump assys and kits; air brake parts, air compressor, brake chambers, and diaphragms; gears, transmission products, and hydraulic oils; greases; and clutches, hubs, tapers, center, king pins, and ball bearing piston sleeves. The company was founded in 1927 and is based in New Delhi, India.

How the Company Makes Money

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Jullundur Motor Agency (Delhi) Ltd Financial Statement Overview

Summary

Financials show a strong, low-risk balance sheet with zero debt (high stability), but recent margin compression in 2025 and weaker/volatile cash conversion (including a negative free cash flow year in 2023 and low operating cash flow vs earnings in 2024–2025) temper the overall quality of performance.

Income Statement

Revenue has grown steadily over the last several years, with a modest increase in the latest year (2025). Profitability remains positive, but margins have compressed materially in 2025 versus 2024 (gross profit and operating profitability both down as a percent of sales), suggesting higher costs or pricing pressure. Net profit is relatively stable year over year, which supports earnings resilience, but the declining margin trend is a key watch item.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across the periods provided, which materially reduces financial risk and gives flexibility through cycles. Equity has grown over time alongside asset growth, and returns on equity are consistently in the low double-digits (roughly 10%–14%), indicating decent capital productivity. The main limitation is that returns have softened from earlier years, implying incremental capital is earning slightly less than before.

Cash Flow

Cash generation is the weakest area. While free cash flow is positive in most years and nearly matches net income in the latest year (2025), operating cash flow is relatively low versus reported earnings in both 2024 and 2025, pointing to weaker cash conversion and potential working-capital drag. Cash flows have also been volatile (including a negative free cash flow year in 2023), which reduces confidence in the consistency of underlying cash generation.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.81B	5.56B	5.34B	5.03B	4.36B	3.87B
Gross Profit	635.61M	450.55M	736.00M	723.93M	628.24M	561.14M
EBITDA	350.09M	366.55M	359.36M	376.60M	292.11M	322.63M
Net Income	279.24M	257.47M	255.97M	270.12M	242.38M	228.53M
Balance Sheet
Total Assets	3.30B	3.45B	3.26B	2.94B	2.70B	2.41B
Cash, Cash Equivalents and Short-Term Investments	141.91M	119.59M	195.48M	766.72M	828.90M	792.33M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	707.50M	930.95M	964.56M	869.75M	864.61M	765.21M
Stockholders Equity	2.56B	2.49B	2.28B	2.05B	1.82B	1.62B
Cash Flow
Free Cash Flow	128.40M	59.18M	110.18M	-22.03M	108.56M	241.32M
Operating Cash Flow	132.19M	62.63M	119.37M	25.53M	115.78M	243.36M
Investing Cash Flow	-62.50M	-98.04M	-66.77M	3.63M	-23.01M	41.97M
Financing Cash Flow	-46.83M	-46.25M	-46.25M	-46.98M	-46.91M	-347.61M

Jullundur Motor Agency (Delhi) Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JMA	72 Outperform	₹1.82B	5.12	―	2.59%	―	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
PRITIKAUTO	58 Neutral	₹1.87B	11.02	―	―	26.03%	-10.27%
RML	57 Neutral	₹18.76B	18.11	―	1.07%	54.17%	1117.99%
AUTOIND	55 Neutral	₹2.55B	18.66	―	―	3.93%	-55.16%
PPAP	55 Neutral	₹2.68B	1,133.42	―	1.17%	2.75%	―
SHIVAMAUTO	45 Neutral	₹2.00B	-3.18	―	―	-11.18%	-22.17%

Jullundur Motor Agency (Delhi) Ltd Corporate Events

Jullundur Motor Agency Files SEBI-Compliant Report on Physical Share Transfer Requests

Jullundur Motor Agency (Delhi) Ltd has informed the National Stock Exchange that it has received and submitted a report from its registrar and share transfer agent, MAS Services Limited, detailing the re-lodgement of requests for transfer of physical shares in accordance with a Securities and Exchange Board of India (SEBI) circular dated 2 July 2025. The report, covering re-lodgement requests received during December 2025, has been filed with the exchange and made available on the company’s website, underscoring JMA’s compliance with evolving SEBI regulations on physical share transfers and its effort to maintain transparency and proper record-keeping for shareholders still holding physical securities.