Jamna Auto Industries Limited (JAI): Comprehensive Company Profile

Quick Facts / Company Snapshot

• Company Name: Jamna Auto Industries Limited
• Industry: Automotive Components (Suspension Systems)
• Founded: 1954
• Headquarters: Yamuna Nagar, Haryana, India
• Corporate Office: Faridabad, Haryana, India
• Chairman & Executive Director: Mr. Randeep Singh Jauhar
• Managing Director & CEO: Mr. Pradeep Singh Jauhar
• Consolidated Revenue (FY 2024-25): ₹2,270.14 crore
• EBITDA (FY 2024-25): ₹306.38 crore
• Profit After Tax (FY 2024-25): ₹180.32 crore
• Return on Capital Employed (ROCE): 27% (29% net of bill discounting)
• Dividend Payout Ratio (FY 2024-25): 46.45%
• Number of Manufacturing Plants: 8 (excluding upcoming units)
• Key Products: Leaf Springs, Parabolic Springs, Lift Axles, Air Suspensions
• Primary Customers: Original Equipment Manufacturers (OEMs) in Commercial Vehicles
• Aftermarket Network: 300+ Distributors, 20,000+ Retailers, 25,000+ Mechanics
• Export Reach: 17 Countries
• Market Share (Parabolic Springs): 85% in India
• Upcoming Facilities: Adityapur (Jharkhand) and Indore (Madhya Pradesh)
• Strategic Vision: Lakshya RISE 5000 (Target ₹5,000 Cr Revenue)

Company Overview

Jamna Auto Industries Limited (JAI) is a prominent leader in the Indian automotive suspension landscape, specializing in the design, manufacture, and distribution of high-performance suspension solutions for commercial vehicles. With a legacy spanning over six decades, JAI has cemented its position as the largest manufacturer of tapered leaf and parabolic springs in India. The company plays a critical role in the automotive ecosystem, providing essential components that ensure vehicle stability, safety, and efficiency across diverse terrains.

The company operates with a vision to become a global leader in automotive suspension solutions, expanding its customer base across all markets. JAI’s operations are deeply integrated with major Original Equipment Manufacturers (OEMs), supported by manufacturing facilities strategically located near key production hubs. This proximity enables efficient delivery and strengthens JAI’s role as a trusted partner in the commercial vehicle industry.

Beyond manufacturing, JAI has established a robust presence in the aftermarket segment, catering to the replacement needs of commercial vehicle operators across India. The company leverages an extensive distribution network comprising distributors, retailers, and authorized mechanics to ensure widespread product availability. JAI is also expanding its global footprint, currently exporting products to over 17 countries.

Driven by a commitment to innovation, JAI continuously adapts to emerging technologies. The company’s product portfolio has evolved from traditional leaf springs to advanced solutions like parabolic springs, air suspensions, and lift axles. With a focus on sustainability, operational excellence, and customer-centricity, Jamna Auto Industries is poised to drive the future of mobility.

Business Segments

Jamna Auto Industries Limited operates primarily within the automotive component sector, specifically focusing on suspension systems. While the company functions as a single reporting business segment—Automotive Suspension Products—its operational scope is divided into distinct market channels: Original Equipment Manufacturers (OEMs), the Domestic Aftermarket (New Markets), and Exports.

Original Equipment Manufacturer (OEM)

• Operational Scope: This segment involves the direct supply of suspension components to leading commercial vehicle manufacturers. JAI collaborates closely with OEMs during the vehicle design and development phase to engineer customized suspension solutions.
• Revenue Contribution: ₹1,71,483.38 Lakhs
• Percentage of Total Revenue: 75.54%

The OEM segment remains the backbone of JAI’s revenue stream. The company supplies a wide array of products, including conventional leaf springs, parabolic springs, and air suspension systems, directly to vehicle assembly lines. JAI’s manufacturing units are strategically located in proximity to OEM plants—such as those of Tata Motors, Ashok Leyland, and Volvo—to facilitate Just-In-Time (JIT) delivery and reduce logistics costs. The company maintains strong, long-term relationships with virtually every major commercial vehicle manufacturer in India.

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Aftermarket (New Markets)

• Operational Scope: This segment caters to the replacement market for suspension components. It includes sales through a vast network of distributors and retailers to vehicle owners, fleet operators, and mechanics. The company classifies the Indian Aftermarket under “New Markets” in its strategic reporting.
• Revenue Contribution: ₹46,538.33 Lakhs
• Percentage of Total Revenue: 20.50%

The Aftermarket business is a key driver of JAI’s de-risking strategy, reducing dependence on the cyclical OEM market. In FY 2024-25, this segment achieved its highest-ever sales, registering a 13% year-on-year growth. The company has focused on expanding its product range in this segment, increasing the share of non-spring products to 6%. JAI supports this segment with digital initiatives like a Distributor Management System and loyalty programs for mechanics and retailers.

Exports (New Markets)

• Operational Scope: This segment involves the sale of suspension products to international markets. JAI exports to over 17 countries, targeting both OEM and aftermarket customers globally.
• Revenue Contribution: ₹4,373.47 Lakhs
• Percentage of Total Revenue: 1.93%

The export segment is a growing focus area for JAI as part of its “New Markets” strategy. The company utilizes its Hosur plant exclusively for export production to meet international quality standards and demand. Recent initiatives include broadening the product range within existing distribution channels and appointing new distributors in additional countries. The export turnover increased from ₹40 crores in the previous year to ₹47 crores in FY 2024-25.

History and Evolution

Jamna Auto Industries Limited traces its origins back to 1954, beginning as a humble local manufacturer of leaf springs. Over the past six decades, the company has transformed into a globally recognized engineering powerhouse.

• 1954: Inception of the business.
• 1957: The company began manufacturing multi-leaf springs, marking its entry into mass production for the automotive sector.
• 1965: The company was formally incorporated on September 30, 1965.
• 1988: A significant technological milestone was achieved with the launch of Parabolic Leaf Springs in India. This move positioned JAI as a pioneer in introducing advanced suspension technology to the Indian market.
• 2016: The company diversified its portfolio by introducing Bus Air Suspension and Lift Axles, catering to the modern requirements of the commercial vehicle industry for better comfort and load management.
• 2018: JAI expanded its offerings to include Spring Allied and Lift Axle Allied components, strengthening its position as a comprehensive solution provider.
• 2020: The product range was further widened with the introduction of Trailer Air and Mechanical Suspensions and Trailer Allied components.
• 2021: Stabilizer Bars were added to the portfolio, initially developed for Tata Motors and later supplied to Mahindra & Mahindra.
• 2025: The company commenced the manufacturing of U-Bolts and began supplying Slipper Suspensions to Ashok Leyland.

Throughout its history, JAI has evolved from a component manufacturer to a provider of integrated sub-systems. The company has consistently invested in technology, setting up state-of-the-art manufacturing facilities and R&D centers. Today, JAI celebrates over 60 years of “Driving Progress,” reflecting a legacy built on engineering strength, innovation, and trust.

Products and Services

Jamna Auto Industries offers a comprehensive range of suspension solutions designed for commercial vehicles. The portfolio caters to various load-bearing requirements, terrains, and vehicle types.

Conventional Leaf Springs

• Profile: These are traditional multi-leaf springs used widely in commercial vehicles for their high load-carrying capacity and durability. They consist of several layers of steel strips (leaves) of varying lengths clamped together.
• Application: Heavy commercial vehicles, trucks, and buses.
• Status: A core legacy product that continues to generate significant volume, particularly in the replacement market.

Parabolic Leaf Springs

• Profile: Parabolic springs are advanced suspension components with fewer leaves that are tapered. They offer superior ride comfort, reduced weight, and better durability compared to conventional springs.
• Market Position: JAI holds a dominant 85% market share in this category in India. Parabolic springs now represent approximately 30% of total spring demand in the CV segment.
• Application: Modern trucks, buses, and light commercial vehicles (LCVs).

Air Suspension Systems

• Profile: These systems use air bellows instead of steel springs to support the vehicle’s weight. They provide superior ride quality, protect cargo from road shocks, and allow for adjustable ride height.
• Application: Luxury buses and specialized cargo trucks requiring high stability and comfort.
• Components: Bus Air Suspension, Trailer Air Suspension.

Lift Axles

• Profile: Lift axles are auxiliary axles that can be raised when the vehicle is not fully loaded, reducing tire wear and rolling resistance. When lowered, they increase the vehicle’s load-carrying capacity.
• Application: Multi-axle trucks and haulers.

Trailer Suspensions

• Profile: Specific suspension systems designed for trailers, including both mechanical and air suspension variants.
• Sub-products: Trailer Mechanical Suspension, Trailer Air Suspension with Lift Axle.
• Strategy: JAI is launching a dedicated nationwide service network for trailer products to capture market growth.

Allied Components

• Profile: A range of ancillary parts essential for the functioning of suspension systems.
• Products: U-Bolts, Center Bolts, Bushes, Spring Pins, Hanger Shackle, Stabilizer Bars, Z-Springs.
• Strategic Note: The company is expanding in-house manufacturing for items like U-Bolts and rubber components to control quality and value.

Aftermarket Products (Non-Spring)

• Profile: To diversify revenue, JAI distributes high-consumption automotive parts in the aftermarket.
• Products: Brake Linings, Clutches, Water Pumps, Bearings, Jack Rods, Universal Joint Crosses.
• Performance: The share of non-spring products in Aftermarket India doubled to 6% in FY 2024-25.

Brand Portfolio

Jamna Auto Industries primarily operates under its corporate brand JAI, which is synonymous with reliability and advanced suspension technology in the commercial vehicle sector.

JAI (Corporate Brand)

• Scope: The umbrella brand for all OEM and aftermarket suspension products.
• Reputation: Recognized for “Technology That Drives Stability.” The brand is registered in 16 countries globally.
• Market Presence: The JAI brand commands significant trust among OEMs like Tata Motors, Ashok Leyland, and Volvo, as well as thousands of mechanics and retailers across India.

JAI Shoppee

• Scope: A dedicated retail initiative and experience center.
• Purpose: Part of the new service network strategy, JAI Shoppee serves as an exclusive outlet to showcase and sell JAI’s comprehensive range of products, enhancing brand visibility and customer engagement in the aftermarket.

Geographical Presence

Jamna Auto Industries has a pan-India manufacturing footprint strategically aligned with major automotive hubs. The company also maintains a growing international presence.

India (Domestic Operations)

• Revenue Contribution: ₹2,18,012.99 Lakhs
• Percentage of Total Revenue: 96.04%
• Manufacturing Plants:
  • Yamuna Nagar (Haryana): Dedicated to aftermarket production. Also serves SML Isuzu.
  • Malanpur (Madhya Pradesh): Significant production capacity.
  • Chennai (Tamil Nadu) – Spring Plant: Serves Ashok Leyland and Daimler.
  • Pillaipakkam (Tamil Nadu) – Suspension Plant: Focuses on suspension systems.
  • Jamshedpur (Jharkhand): Serves Tata Motors.
  • Hosur (Tamil Nadu): Designated exclusively for export production. Serves Volvo, Ashok Leyland, Scania.
  • Pune (Maharashtra): Serves Tata Motors, Mahindra, Force Motors.
  • Pant Nagar (Uttarakhand): Operates under a subsidiary. Serves Tata Motors, Ashok Leyland.
• New/Upcoming Plants:
  • Adityapur (Jharkhand): For Leaf Springs (Commencing Q2 FY 2025-26).
  • Indore (Madhya Pradesh): For U-Bolts (Q2 FY 2025-26) and Leaf Springs (Q4 FY 2025-26).
• Corporate Office: Faridabad, Haryana.
• Registered Office: Yamuna Nagar, Haryana.

International (Exports)

• Revenue Contribution: ₹4,382.19 Lakhs
• Percentage of Total Revenue: 1.93%
• Footprint: The company exports to 17 countries.
• Strategy: The Hosur plant is dedicated to exports to ensure compliance with global standards. JAI is actively appointing new distributors in international markets to expand this footprint.

Financial Performance Analysis

Jamna Auto Industries demonstrated resilience in FY 2024-25, navigating a challenging commercial vehicle market that saw a slight de-growth. Despite market headwinds, the company maintained a robust financial position with strong profitability margins and a debt-free long-term status.

Consolidated Performance (Multi-Year Trend)

• Analysis: Consolidated revenue decreased by approximately 6.4% year-on-year, reflecting the broader industry slowdown. However, EBITDA margins remained healthy at around 13.5%, demonstrating operational efficiency. The company continues to generate strong free cash flows, self-funding its capital expenditures.

Profit and Loss Analysis (Consolidated FY 2024-25)

Key Ratios:

• EBITDA Margin: 13.49%
• PAT Margin: 7.94%
• Interest Coverage Ratio: 74.6 times

The company managed its raw material costs effectively, although employee expenses saw a slight increase. The finance cost remains negligible relative to operating profit, underscoring the company’s low leverage.

Balance Sheet Analysis (Consolidated as at March 31, 2025)

Analysis:

• Net Worth: ₹99,317 Lakhs.
• Liquidity: The company holds substantial cash and cash equivalents of ₹13,969 Lakhs.
• Debt: The company has no long-term debt. Short-term borrowings decreased significantly from ₹15,850 Lakhs to ₹12,742 Lakhs.
• Capital Efficiency: ROCE stands at a healthy 27%.
• Expansion: A significant increase in Capital Work-in-Progress (from ₹12,099 Lakhs to ₹27,538 Lakhs) indicates aggressive capacity expansion and new project execution.

Cash Flow Analysis (Consolidated FY 2024-25)

Insights:

• Operating: JAI generated robust operating cash flows of nearly ₹289 Crores, driven by efficient working capital management.
• Investing: The company invested heavily (approx. ₹196 Crores) in capital expenditure, funding new plants and upgrades entirely through internal accruals.
• Financing: Cash outflows were primarily for dividend payments and debt reduction, reflecting a shareholder-friendly capital allocation policy.

Board of Directors and Leadership Team

The Board of Jamna Auto Industries comprises experienced professionals who provide strategic oversight and governance.

• Mr. Randeep Singh Jauhar (Chairman & Executive Director): A Promoter of the company, he leads the Board and provides strategic direction. He has been instrumental in the company’s growth and diversification.
• Mr. Pradeep Singh Jauhar (Managing Director & CEO): Also a Promoter, he oversees the day-to-day operations and execution of business strategies. He was re-appointed for a further term of three years effective August 01, 2024.
• Mr. S.P.S. Kohli (Executive Director): An Executive Director involved in operational leadership.
• Ms. Rashmi Duggal (Independent Director): Serves as the Chairperson of the Audit Committee, CSR & ESG Committee, and Risk Management Committee. She brings independent oversight to financial and governance matters.
• Mr. Gautam Mukherjee (Independent Director): Serves as the Chairman of the Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Compensation Committee.
• Lt Gen Ravin Khosla (Retd.) (Independent Director): Appointed effective November 14, 2024, for a term of five years. He brings diverse experience and leadership perspective to the Board.

Note: Mr. Rakesh Kalra retired as an Independent Director on February 2, 2025, upon completion of his second term.

Subsidiaries

Jamna Auto Industries has three wholly-owned/majority-owned subsidiaries that are integral to its expansion plans.

1. Jai Suspension Systems Private Limited (JSSPL)

• Ownership: 99.9985% held by JAI
• Activity: Manufacturing of tapered leaf springs, parabolic springs, lift axles, and trailer suspensions.
• Revenue: ₹17,754.49 Lakhs
• Profit After Tax: ₹503.35 Lakhs
• Profile: This is the largest subsidiary by revenue. It operates the Pant Nagar facility and is a material subsidiary for the group. It is deeply integrated into the parent company’s supply chain.

2. Jai Automotive Components Limited

• Ownership: 100% held by JAI
• Activity: Setting up new plants for manufacturing leaf springs, parabolic springs, and U-bolts.
• Revenue: ₹377.39 Lakhs
• Profit After Tax: (₹1,628.75) Lakhs (Loss)
• Profile: This subsidiary is spearheading the new greenfield project in Indore, Madhya Pradesh. The plant is expected to commence U-Bolt production in Q2 FY 2025-26.

3. Jai Suspensions Limited

• Ownership: 100% held by JAI
• Activity: Setting up a new plant for manufacturing parabolic springs.
• Revenue: Nil (Turnover reported as “-“)
• Profit After Tax: (₹43.29) Lakhs (Loss)
• Profile: This subsidiary is establishing the Adityapur (Jharkhand) facility, which is expected to commence commercial production in Q2 FY 2025-26.

Physical Properties (Plants and Factories)

Jamna Auto Industries boasts a manufacturing footprint that spans across India’s key automotive belts.

1. Yamuna Nagar (Haryana): The registered office and a key manufacturing unit dedicated to aftermarket production. It features a specialized line for small-quantity production.
2. Malanpur (Madhya Pradesh): A major manufacturing hub for the company.
3. Chennai (Tamil Nadu): Specifically the Maraimalai Nagar unit, focusing on springs.
4. Pillaipakkam (Tamil Nadu): A dedicated Suspension Plant.
5. Jamshedpur (Jharkhand): Located strategically to serve Tata Motors.
6. Hosur (Tamil Nadu): A dedicated Export Unit serving global clients like Volvo and Scania.
7. Pune (Maharashtra): Serves clients like Tata Motors, Mahindra, and Force Motors.
8. Pant Nagar (Uttarakhand): Operated under the subsidiary Jai Suspension Systems Private Limited.

Upcoming Plants:

• Adityapur (Jharkhand): Under Jai Suspensions Limited.
• Indore (Madhya Pradesh): Under Jai Automotive Components Limited.

Segment-Wise Performance

Since the company operates as a single business segment (Automotive Suspension Products), the performance is analyzed based on product categories and markets.

• New Products: Revenue contribution from new products (Parabolic springs, Lift Axles, Air Suspensions, etc.) stood at 46% in FY 2024-25. This reflects the successful adoption of advanced technology by customers.
• New Markets: Revenue from “New Markets” (Aftermarket India + Exports) contributed approximately 23% to the total revenue.
• Aftermarket India: Sales grew by 13% YoY, achieving the highest-ever sales figure. The share of non-spring products in this segment doubled to 6%.
• Exports: Turnover increased to ₹47 Crores from ₹40 Crores in the previous year.

Founders

Jamna Auto Industries was founded by Mr. Bhupinder Singh Jauhar in 1954. Starting as a small leaf spring manufacturing unit in Yamuna Nagar, his vision and resilience laid the foundation for what is today a global leader in suspension solutions. The legacy is carried forward by his sons, Mr. Randeep Singh Jauhar and Mr. Pradeep Singh Jauhar, who currently lead the company. Mr. Bhupinder Singh Jauhar continues to hold a significant stake (1.78%) in the company as a Promoter.

Shareholding Pattern

As of March 31, 2025, the shareholding structure of Jamna Auto Industries is as follows:

• Promoters: 49.94%
  • Map Holdings Ltd: 33.84%
  • Mr. Pradeep Singh Jauhar: 6.48%
  • Mr. Randeep Singh Jauhar: 4.39%
  • S.W. Farms Private Limited: 3.13%
• Individuals (Public): 35.01%
• Mutual Funds/UTI: 5.52%
• Foreign Portfolio Investors (FPI): 2.76%
• Bodies Corporate: 2.13%
• IEPF: 1.39%
• Others (NRIs, Trusts, etc.): Remaining percentage.

Total shares outstanding: 39,89,79,885 equity shares of ₹1 each.

Parent Company

Jamna Auto Industries Limited does not have a holding or parent company. It is the flagship entity of the group. However, Map Holdings Ltd (formerly Map Auto Ltd) holds a significant 33.84% stake in the company and is classified as an entity having significant influence over the company.

Investments and Capital Expenditure Plans

JAI is in an aggressive expansion phase, funding its growth through internal accruals.

• Capex Allocation: In FY 2024-25, the company incurred capital expenditure of approximately ₹196 Crores (Cash outflow for PPE and Intangibles).
• Strategic Priorities:
  • New Plants: Significant investment is directed towards the new units in Adityapur and Indore to expand capacity for leaf springs and U-bolts.
  • Technology: Setting up technologically advanced warehouses with Automated Storage and Retrieval Systems (ASRS).
  • Integration: Planning an integrated suspension system plant with in-house axle manufacturing to capture 60% of the system’s value.
  • Rubber Components: Investing in in-house production capabilities for rubber components (bushes, bolsters) which are currently sourced externally.

Future Strategy: Lakshya RISE 5000

JAI has unveiled its 5-Year strategic blueprint titled “Lakshya RISE 5000” to drive the next phase of growth.

• Revenue Target: Achieve ₹5,000 Crores revenue.
• Market Mix: Increase the contribution of New Markets (Indian Aftermarket + Exports) to 40% of total revenue.
• Profitability: Deliver a 40% Return on Capital Employed (ROCE).
• Shareholder Value: Maintain a 50% Dividend Payout ratio.
• Product Expansion: Transition from a component manufacturer to a provider of integrated system solutions (e.g., complete trailer suspension systems with axles).
• Digitalization: Further rollout of digital tools for distributors and retailers to enhance supply chain efficiency.

Key Strengths

• Market Dominance: World’s third-largest and India’s largest manufacturer of tapered leaf and parabolic springs. Holds 85% market share in parabolic springs in India.
• Robust Financials: Debt-free long-term status, healthy cash reserves, and strong ROCE (27%).
• Customer Relationships: Deep-rooted partnerships with all major CV OEMs in India (Tata, Ashok Leyland, Volvo, etc.).
• Extensive Network: Unmatched aftermarket reach with 25,000+ touchpoints.
• Strategic Manufacturing: 8 plants located near OEM hubs ensuring JIT delivery and cost efficiency.
• R&D Capabilities: In-house R&D centers validated by DSIR, capable of designing advanced suspension systems.

Key Challenges and Risks

• Cyclical Industry: The commercial vehicle industry is highly cyclical. A de-growth of 1.2% was observed in the CV segment in FY 2024-25, impacting revenue.
• Raw Material Volatility: Steel prices significantly impact production costs. While the company has pass-through arrangements, volatility remains a risk.
• Cybersecurity: The company faced a ransomware incident in July 2024. Although fully recovered with no data loss, cybersecurity remains a critical operational risk.
• Technology Shifts: The rapid transition to EVs and alternative fuels requires constant technological adaptation in suspension systems.

Conclusion and Strategic Outlook

Jamna Auto Industries Limited stands at a pivotal point in its journey. With a solid foundation built over 60 years, the company has successfully navigated industry cycles while maintaining financial discipline. The “Lakshya RISE 5000” strategy outlines a clear roadmap for doubling revenue and significantly diversifying its market mix. By expanding into complete suspension systems, increasing its aftermarket depth, and entering new export markets, JAI is reducing its dependency on the cyclical OEM business.

The company’s commitment to self-funded expansion, evident in its new plants in Indore and Adityapur, combined with its debt-free status, positions it strongly to capitalize on the long-term growth story of India’s infrastructure and logistics sector. As JAI pivots from being a parts supplier to a comprehensive solutions provider, it is well-equipped to deliver sustained value to its stakeholders.

Official Site: https://www.jaispring.com

FAQ Section:

1. What is the revenue target for Jamna Auto Industries under Lakshya RISE 5000?Under the “Lakshya RISE 5000” strategy, Jamna Auto Industries targets to achieve a revenue of ₹5,000 Crores over the next 5 years.
2. Does Jamna Auto Industries have any long-term debt?No, Jamna Auto Industries is a long-term debt-free company. It funds its capital expenditure primarily through internal accruals.
3. What is Jamna Auto’s market share in parabolic springs?Jamna Auto Industries holds a dominant market share of approximately 85% in the parabolic springs category for commercial vehicles in India.
4. Where are Jamna Auto’s new manufacturing plants located?The company is setting up new manufacturing facilities in Adityapur (Jharkhand) for leaf springs and Indore (Madhya Pradesh) for U-bolts and leaf springs.
5. What was the dividend payout ratio for Jamna Auto in FY 2024-25?For the financial year 2024-25, Jamna Auto Industries reported a dividend payout ratio of 46.45%.
6. Who are the key OEM customers of Jamna Auto Industries?Key OEM customers include Tata Motors, Ashok Leyland, Volvo, Daimler, Mahindra & Mahindra, and VE Commercial Vehicles.
7. What is the contribution of New Markets to Jamna Auto’s revenue?In FY 2024-25, New Markets (Aftermarket India and Exports) contributed approximately 23% to the total revenue of the company.