SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
27 Nov 2025
Blog
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperformance, driven by the ramp-up of dispatches to the newly added Hero account, robust traction in the chrome plating business, and a healthy export performance. While the near-term outlook at WPI remains cautious, we believe the legacy business and SJS Decoplast would continue to exhibit strong growth momentum. SJS deserves premium multiple given its robust performance (24 consecutive quarters of outperformance), impressive financial metrics – evident in RoE/RoCE at 18-20%, EBITDA margins at 24%+, and healthy OCF/EBITDA conversion of ~75% (five-year average). Our estimates currently exclude any contribution from potential acquisition and the collaboration with BOE Varitronix, which remains optionality. While we remain positive on the company’s earnings consistency and execution strength, we move to Accumulate following the sharp rally.
Revenue beats expectations:
Legacy business revenues (decals, logos, dials, etc) increased by 36% yoy to Rs1.43bn, driven by ramp up of dispatches to Hero and improved exports. Amongst subsidiaries, SJS Decoplast reported 20% yoy increase in revenue to Rs563mn, while WPI delivered revenue of Rs418mn (+4% yoy, +20% qoq), reflecting a gradual sequential recovery while largely remaining flattish versus its average run-rate over the past five quarters. On a consol. basis, revenue grew by 25.4% yoy to Rs2.41bn (MNCL estimates of Rs2.27bn). The automotive segment of SJS delivered 29.5% yoy growth, sharply outperforming the 9.5% yoy growth in the base industry (2W + PV) production volumes, while the consumer segment grew 16% yoy.
Margins further improve:
SJS reported consol. margins at 28.3%; +236bps yoy. The margin expansion was primarily attributable to better product mix and operational efficiencies. Effectively, SJS reported consolidated EBITDA of Rs684mn; +36.8% yoy. Consolidated PAT grew by 48.4% yoy to Rs430mn, aided by higher other income and lower finance cost.
Staunch outperformer, trend to persist:
SJS continues to outpace industry growth, supported by the premiumization trend, increasing wallet share among existing customers, and progressive scale-up with new domestic and overseas clients. We believe the company is well placed to sustain its outperformance. The addition of Nissan as a client reinforces management’s focus on export and is expected to support the target of achieving 15% revenue contribution from exports by FY28E. We maintain a positive outlook on the long-term prospects of SJS, supported by (i) preferred premiumization play, underpinned by its integrated one-aesthetic-shop capability, (ii) demonstrated track record of consistent outperformance versus industry, and (iii) strong earnings visibility at both SJS standalone and Exotech. Capacity expansion is on track, with the Pune chrome plating facility and capex in standalone business expected to be operational by 3QFY26. We have revised our earnings estimates for FY26/27E by 9%/ 11% resp. to account for higher revenue/ margin. Potential acquisition and revenue from collaboration with BOE Varitronix remain optionality to our estimates.
Valuation and risks:
With robust earnings visibility, we factor in revenue/EBITDA/PAT CAGR of 18%/21%/24% respectively over FY25-28E. We now value SJS at 30x (vs. 28x earlier) 2QFY28E earnings to arrive at TP of Rs1,930 (vs. Rs1,530 earlier). The increase in TP is due to valuation rollover, upward adjustment to our revenue and margin estimates as well as increase in target multiple. Recommend BUYING in dips. Risks: Poor exports recovery, slowdown in premiumization.
Company website: https://www.sjsindia.com/
| Rating | Accumulate |
|---|---|
| CMP | INR 1,729 |
| Target Price | INR 1,930 |
| Upside | 12% |
Click to download the full SJS Enterprises Ltd Company Update
Analyst:
- Smit Shah - Research Analyst, Institutional Equities (NISM-202300068297)
Disclaimer: - You are advised to read our disclaimer here: https://www.mnclgroup.com/disclaimers
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We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
