Jamna Auto Industries - M&HCV In Uptrend, Upbeat Outlook For Springs: Dolat Capital
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Dolat Capital Report
Jamna Auto Industries Ltd. Q2 FY22 numbers were broadly in line estimates.
Consolidated Ebitda stood at Rs 444 million with margin at 12.6% (+68 basis points quarter-on-quarter).
Impact of higher RM cost was offset by cost control measures.
OEM: Aftermarket mix stood at 77:23 in Q2 FY22.
We believe that a fresh M&HCV cycle has begun which is poised for 3-5 years of upcycle led by traction in ecommerce, infra, real estate and mining activities.
JAI is an ideal play on revival on M&HCV cycle given its 70% market share in leaf spring.
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