JTEKT India Limited stands as India's largest manufacturer of steering systems for passenger cars, utility vehicles, and light commercial vehicles. The company operates as a subsidiary of JTEKT Corporation Japan and functions as part of the JTEKT Group India. Originally established as Sona Koyo Steering Systems Limited, the company was renamed to JTEKT India Limited on April 7, 2018, following its integration into the JTEKT Group.
JTEKT India operates from seven strategically located manufacturing plants across Gurgaon, Bawal, Dharuhera, Sanand and Sriperumbudur. This extensive footprint enables the company to cater to key customers across India and major automotive clusters throughout the country. The company employs 3,264 people and has established itself as a tier-1 supplier in the Indian automotive industry.
JTEKT India is primarily engaged in manufacturing steering systems and other auto components for passenger car and utility vehicle manufacturers in the automobile sector. The company's product portfolio primarily consists of Steering & Columns, which accounts for approximately 96% of its business. These products include:
- High-performance rack and pinion manual steering gear
- Hydraulic power steering systems
- Recirculating ball screw assembly
- Column type electric power steering for passenger vehicles
- Tilt & telescopic steering columns
- Intermediate shaft
- Advanced columns
Under the JTEKT Group India umbrella, the company manufactures Rack and Pinion Steering systems for manual operations, Hydraulic Power Steering, Driveline products, and Column type Electric Power Steering, which represents next-generation technology for automobiles. JTEKT Group India maintains presence across four major product technologies: Steering systems, Bearings, Driveline components and Machine tools.
Maruti Suzuki India serves as the company's biggest client, with sales to Maruti Suzuki India accounting for 50%-60% of the company's overall sales. The company's major customers include large vehicle manufacturers in India such as Maruti Suzuki, Toyota, Honda, Tata Motors and Mahindra & Mahindra. JTEKT India also exports high quality precision products to USA, Europe and Japan, both independently and through its network of overseas joint-venture partners.
As of May 16, 2025, JTEKT India Limited has a market capitalization of ₹3,532.46 crores. The company reported an operating revenue of ₹2,382.23 crores on a trailing 12-month basis. The company demonstrates an annual revenue growth of 8%, with a pre-tax margin of 7% and return on equity of 13%. The company maintains a reasonable debt to equity ratio of 7%, indicating a healthy balance sheet.
Recent quarterly performance shows mixed results. Net profit declined 31.54% to ₹16.26 crores in the quarter ended December 2024 compared to ₹23.75 crores in the previous year quarter. However, sales increased 7.23% to ₹591.93 crores in the quarter ended December 2024 versus ₹552.00 crores in the corresponding period of the previous year.
- Market Capitalization: ₹3,532.46 crores (as of May 16, 2025)
- Operating Revenue (TTM): ₹2,382.23 crores
- Annual Revenue Growth: 8%
- Pre-tax Margin: 7%
- Return on Equity: 13%
- Debt to Equity Ratio: 7%
- Q3 FY2024-25 Net Profit: ₹16.26 crores (down 31.54% YoY)
- Q3 FY2024-25 Sales: ₹591.93 crores (up 7.23% YoY)
- Promoter Holding: 74.98% (as of December 2024)
- 52-week High: ₹225.70
- 52-week Low: ₹106.06
- Price-to-Earnings (P/E) Ratio: 33.05
- Price-to-Book (P/B) Ratio: 4.30
- Current Dividend Yield: 0.43%
The company is experiencing a mixed landscape, with 9% sales growth in the first half of the fiscal year, outpacing the passenger vehicle market, yet facing challenges from a recent vehicle recall and rising manufacturing costs. Management remains optimistic about future growth, supported by strategic capital investments of ₹250 crores aimed at expanding production capacity and enhancing operational efficiency, particularly in the CEPS (Column Electric Power Steering) segment, which has shown resilience.
While inflationary pressures and quality control issues have impacted profitability, management is actively pursuing cost reduction strategies and exploring export opportunities, particularly in Brazil, to increase revenue contributions. ICRA reaffirmed JTEKT India's long-term [ICRA]AA and short-term [ICRA]A1+ credit ratings on July 4, 2025.
JTEKT India Limited belongs to the Consumer Discretionary sector and Auto Parts sub-sector. The company's position as a leading manufacturer in the automotive components space, combined with its strong relationships with major OEMs and ongoing capacity expansion initiatives, positions it well within India's growing automotive market.
