Key Metrics of Jai Suspensions Limited
About Jai Suspensions Limited
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 20 Apr 2026 (from AA-)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 20 Apr 2026 | ICRA | Upgraded (from AA-) | AA | A1+ | Stable | ₹75.0 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Strong business position with CV OEMs
JAI is the distant market leader in the M&HCV segment for leaf springs, with healthy business derived from its leading OEM clients, including TML, ALL, Daimler India Commercial Vehicles, and VE Commercial Vehicles Limited (VECV).
+ Favourable shift in sales mix towards higher value-accretive products supports growth prospects
JAI has witnessed a steady increase in revenue contribution from higher value-accretive products, particularly parabolic springs, which offer better margins.
+ Strategic proximity to OEMs provides competitive advantage
JAI has 10 manufacturing facilities in India, which are all located near its customer units.
+ Comfortable credit profile with healthy profitability and coverage metrics
JAI, at a consolidated level, maintains a comfortable credit profile, as evident from its healthy coverage indicators and capital structure, with an interest coverage of 59.2 times in FY2025 (33.2 times in 9M FY2026) and TOL/TNW of 0.5 times as on March 31, 2025.
Credit challenges
− High dependence on CV segment exposes JAI to cyclicality associated with the industry
JAI is significantly dependent on the domestic M&HCV segment, which exposes it to the inherent cyclical nature of the underlying industry.
− Exposure to customer concentration risks
ICRA notes that TML and ALL continue to be JAI’s major customers, generating around 60% of its revenues in 9M FY2026.
Could lead to an upgrade
ICRA could upgrade the long-term rating in case of a sustained improvement in the company’s earnings while maintaining healthy
Could lead to a downgrade
ICRA could downgrade the ratings if there is a material slowdown in the CV industry, resulting in a deterioration in the Group’s cash accruals and credit profile. Specific credit metrics that may trigger a downgrade include T otal Debt/OPBDITA over 1.0 times on a sustained basis.
Agency-reported financials (ICRA, 20 Apr 2026)
| Metric | FY2024 | FY2025 | 9M FY26 |
|---|---|---|---|
| Operating income (OI) | ₹2,430 Cr | ₹2,273 Cr | ₹1,772 Cr |
| PAT | ₹205 Cr | ₹180 Cr | ₹144 Cr |
| OPBDIT/OI | 13.6% | 13.5% | 14.6% |
| PAT/OI | 8.5% | 7.9% | 8.1% |
| Total outside liabilities/Tangible net worth (times) | 0.50× | 0.50× | — |
| Total debt/OPBDIT (times) | 0.90× | 1.20× | — |
| Interest coverage (times) | 63.40× | 59.20× | 33.20× |
| Revenue growth (YoY) | — | −6.5% | — |
| EBITDA (margin × income) | ₹330 Cr | ₹307 Cr | ₹259 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹297 Cr | ₹368 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹5.21 Cr | ₹5.18 Cr | ₹7.79 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term Long-term/short-term –fund-based () outlookrevised to non-fund based working capital Short-term | Non-fund based limits | ₹75.0 Cr | ₹75.0 Cr | 0.0% | AA / A1+ (Stable) | Upgraded | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 75% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 75% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 33.2×
Rated limits by facility
Timeline
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.