SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
06 May 2026
Companies Updates
SJS’ 4QFY26 performance was beat to our estimates due to better than expected growth in 2W revenues. SJS maintained its leading profitability with margins > 28% due to ramp up in exports, premiumization and operating leverage. The only laggard was WPI due to the product rationalization in consumer segment, which is expected to iron out in medium term. The collaboration with BOE Varitronix is progressing well, with orders placed for the equipment and commercial production expected to start in 1QFY28E. We expect the outperformance to continue due to various drivers like rising content per vehicle, increasing wallet share, addition of customers in domestic & export markets and entry into new business having much larger addressable market. We have upward revised our earnings for FY27E/28E by 3.2%/ 0.6% resp. to account for margin expansion, partly offset by increase in depreciation (capex spent pushed to FY27E & FY28E). This along with valuation roll forward has led to upward revision in target price at Rs 2,320 (previously Rs 2,190). Re-iterate BUY.
SJS Enterprises Ltd. Stock Price Chart
Delivers robust growth on revenue:
Legacy business revenues (decals, logos, dials, etc.) surged 41% yoy to Rs 1.4bn, driven by ramp up of dispatches to Hero and exports. Amongst subsidiaries, SJS Decoplast reported strong 31% yoy increase in revenue to Rs 713mn, while WPI delivered revenue of Rs 466mn (+3% yoy, +9% qoq), impacted by a product rationalization in consumer segment. On a consol. basis, revenue grew by 30% yoy to Rs 2.6bn (MNCL estimates of Rs 2.5bn). The automotive segment of SJS delivered 41% yoy growth, sharply outperforming the 19% yoy growth in the base industry (2W + PV) production volumes, while the consumer segment declined 9% yoy. For FY26, SJS delivered 26% yoy growth in revenues at Rs 9.6bn.
Margins strength persists:
SJS reported consol. margins at 28.7%; +330bps yoy, primarily attributable to better product mix, operational efficiencies and increasing share of exports. This translated into consol. EBITDA of Rs 747mn; +46% yoy. Consol. PAT grew by 48% yoy to Rs 485mn, aided by higher other income. For FY26, SJS delivered a strong 38% yoy growth in EBITDA at Rs 2.7bn and a 260bps margin expansion at 28.3%. SJS closed FY26 with a 45% yoy jump in PAT at Rs 1.7bn, strong supported by high other income.
Outperformance outlook constructive:
We expects SJS’s outperformance to industry growth to continue, supported by premiumization trend, increasing wallet share among existing customers, and progressive scale-up with new domestic and overseas clients, targeting ~14–15% export contribution by FY28E. The signing of a Technology License and Supply Agreement with BOE Varitronix for automotive display assembly and optical bonding strengthens SJS’s position in higher-value aesthetic and electronics-adjacent components, providing medium-term optionality to further increase kit value and enter a high TAM (total addressable market). Commercial production is expected to start in 1QFY28E. Capacity expansion is on track, as the Pune chrome plating facility is in final stages of commissioning, with trials underway and business wins already secured for FY27. The capacity expansion at Bangalore plant (running at more than 95% utilisation) is expected to be commissioned in 1QFY27E. We have upward revised our earnings estimates for FY27/28E by 3.2%/ 0.6% resp. to account for margin expansion, partly offset by the increased depreciation charge (capex spent pushed to FY27E & FY28E). Potential acquisition to further penetrate overseas markets, remains an optionality to our estimates. Remain positive on SJS.
Valuation and risks:
With visibility on outperformance, we factor in Revenue/EBITDA/PAT CAGR of 18%/18%/19% respectively over FY26-28E. We value SJS at 30x (unchanged) FY28E earnings to arrive at target price of Rs 2,320 (vs. Rs 2,190 earlier) and maintain a BUY rating. The increase in TP is due to upward revision in earnings and valuation rollover. Risks: Poor recovery in consumer segment, slowdown in exports.
Company website: https://www.sjsindia.com/
| Rating | BUY |
|---|---|
| CMP* | INR 1,950 |
| Target Price | INR 2,320 |
| Upside | 19% |
*CMP is as per report published date
Click to download the full SJS Enterprises Ltd. Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on SJS Enterprises Ltd. Q4FY26 Company Update
What drove SJS Enterprises’ strong Q4FY26 performance?
Strong growth in automotive revenues, export ramp-up, premiumization trends, and operational efficiencies supported performance.
Why are margins remaining strong for SJS Enterprises?
Improved product mix, rising exports, and operating leverage have helped the company sustain industry-leading profitability.
What are the key future growth drivers?
Growth will be supported by premium vehicle content, export expansion, new customer additions, and automotive display opportunities.
What risks should investors monitor?
Risks include slower recovery in the consumer segment, export demand weakness, and delays in scaling new business initiatives.
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We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
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....
