SJS Enterprises (SJS) Q3 24/25 earnings summary

Executive summary

• Achieved 31 consecutive quarters of outperformance, with Q3 FY25 revenue growth of 11.2% YoY to INR 1,785.6 million, led by strong passenger vehicle segment performance and new customer wins in both domestic and export markets.

• PAT grew 32.9% YoY to INR 277.1 million, with margin expansion driven by higher sales, operational efficiencies, and lower finance costs.

• Domestic business grew 12.3% YoY, led by 22.4% YoY growth in the passenger vehicle segment.

• Strong operational cash flows and net cash balance at INR 754.4 million, with free cash flow of INR 1,003 million for 9M FY25.

• Continued expansion of Exotech capacity, development of a cover glass manufacturing facility, and strategic investments in subsidiaries and ESOPs.

Financial highlights

• Consolidated EBITDA grew 16.9% YoY to INR 482 million, with margin improvement to 26.6% (+102 bps YoY).

• PAT increased 32.9% YoY to INR 277.1 million, with PAT margin at 15.5% (+253 bps YoY), driven by higher EBITDA margins, lower finance costs, and increased other income.

• Q3 FY25 consolidated revenue was INR 1,785.62 million, up from INR 1,605.85 million YoY.

• Export revenue for 9M FY25 grew 20.3% YoY to INR 421.6 million.

• Basic EPS for Q3 FY25 was INR 8.83 (consolidated).

Outlook and guidance

• Targeting export share of 14%-15% of consolidated sales by FY28, supported by large orders from Stellantis and Whirlpool.

• CapEx of INR 100 crore for chrome plating/painting in Pune and INR 40 crore for cover glass facility at Hosur to enhance production and address global demand.

• Expects to outperform industry growth by over 1.5x in FY25, driven by premiumization, mega OEM accounts, exports, and WPI acquisition.

• Focus on new product development, capacity expansion, and global market penetration.

• Confident of maintaining double-digit growth and superior margins, driven by premiumization and new product launches.