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ICICI Direct Report
Jamna Auto Industries Ltd. is a manufacturer of suspension products (leaf and parabolic) for commercial vehicles (largely medium and heavy commercial vehicle space) and was established in 1965. It has eight manufacturing plants in India, each in close proximity to commercial vehicle original equipment manufacturers, with installed capacity of ~3,00,000 metric tonnes.
Key triggers for future price performance:
Outsized beneficiary of cyclical upswing in the M&HCV space with dominant supplier of suspension system and ambitious targets of diversifying product basket as well as client profile. We build 29.6% sales compound annual growth rate over FY22-24E.
With increasing share of parabolic springs versus the traditional product, cooling off in steel prices as well as operating leverage at play, we see Ebitda margins inching up to ~14.5% mark in FY24E versus 13.2% in FY22.
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