Jay Ushin Ltd

AGM Details

• AGM held 30 Sep 2026 at 11:00 IST via VC/OAVM; voting cut-off 18 Sep 2026.

Dividend

• Dividend of Rs 4.00 per equity share approved.

Key Resolutions

• Resolution 1: Audited financial statements and reports approved; passed with 99.99% in favor.
• Resolution 2: Dividend declared at Rs 4.00 per equity share; passed.
• Resolution 3: Re-appointment of Mr. Anirudh Minda as director; passed.
• Resolution 4: Approval for Related Party Transactions; passed.
• Resolution 5: Remuneration of Cost Auditors approved; passed.

Director Changes

• Re-appointment of Mr. Anirudh Minda as director; liable to retire by rotation.

Auditor Arrangements

• Remuneration of Cost Auditors approved; tenure not disclosed.

Related Party Transactions

• Approval for Related Party Transactions granted; counterparty and value not disclosed.

Other Material Approvals

• Five ordinary resolutions approved; no other material business disclosed.

AGM Details

• 40th AGM held Sept 30, 2026 at 11:00 A.M. via VC/OAVM; concluded at 11:10 A.M.

Key Resolutions

• Adopt standalone Audited Financial Statements for the financial year ended March 31, 2026.
• Declare dividend of Rs. 4.00 per equity share for FY 2025-26.
• Re-appoint director by rotation – Anirudh Minda.
• Approve related party transactions.
• Ratify remuneration of Cost Auditors.

Dividend

• Dividend approved: Rs 4.00 per equity share for FY 2025-26.

Director Changes

• Director re-appointment by rotation: Anirudh Minda to be considered.

Auditors

• Remuneration of Cost Auditors to be ratified.
• Statutory Auditors remain unchanged.

Material Related Party Transactions

• Approval for related party transactions with identified counterparty; value not disclosed.

Jay Ushin Ltd – Trading window closure

Financial highlights

• Revenue from operations: 96,907.32 Lakhs, up 13.32% YoY.
• PAT: 1,777.26 Lakhs; EPS: 45.99.
• EBITDA: 4,941.86 Lakhs; down from FY25.
• Finance costs: 1,393.46 Lakhs; lower than prior year.
• Dividend per share: Rs 4; total payout Rs 154.58 Lakhs.

Geography and customers

• Domestic revenue: 96,698.49 Lakhs; Overseas: 208.83 Lakhs; Total: 96,907.32 Lakhs.
• Two customers exceed 10% of FY2025-26 revenue.

Dividend & capital

• Dividend of Rs 4 per share recommended, subject to AGM.
• Total dividend payout: Rs 154.58 Lakhs.
• Dividend record and book closure details provided in AGM notice.

Capital structure & liquidity

• Total borrowings: 12,769.72 Lakhs; current 7,603.97; non-current 5,165.75.
• Net debt: 12,749.15 Lakhs; gearing 48%.
• Cash and cash equivalents: 20.57; bank balances: 92.25; total liquidity ~112.82 Lakhs.
• Undrawn facilities: 3,094.48 Lakhs.
• Current ratio: 1.13.

Related party transactions

• Material related party transactions with JNS Instruments Limited; aggregate Rs 20,120 Lakhs for FY2026-27.
• Transactions are at arm's length and approved by Audit Committee and Board.
• Directors with interests include Ashwani Minda, Vandana Minda, Anirudh Minda.

Governance

• Board size seven; Anoop Chaturvedi appointed Independent Director w.e.f. Aug 13, 2025.
• Audit Committee re-constituted on Aug 13, 2025; four meetings held.
• Statutory auditor NSBP & Co; Cost auditor Ahuja Sunny & Co; Secretarial auditor RSM & Co.

CSR

• CSR spend: Rs 35.00 Lakhs; projects include healthcare and education.
• CSR obligation: Rs 33.55 Lakhs; spend exceeds requirement.

Outlook and risks

• FY27 automotive market expected to grow; EV adoption rising.
• Risks include regulatory changes, supply chain, and exchange rate volatility.

Audit & controls

• Independent auditor's report is unqualified; internal controls adequate.
• Governance disclosures and risk management align with SEBI LODR requirements.

Rating Action

• Crisil withdrew long-term BBB-/Stable and short-term A3 ratings on Jay Ushin Limited's bank facilities at company request.
• Total bank loan facilities rated: Rs 125 crore.
• Material change: ratings withdrawn at issuer's request with no-objection certificate from banker.

Rationale and Financials

• Strengths: reputed clientele and established market position in auto components.
• Weaknesses: low profitability and modest financial risk profile.
• Liquidity remains adequate with annual cash accruals around Rs 31 crore.
• Debt obligations estimated around Rs 16.8 crore annually.
• Revenue rose to Rs 969 crore in FY2026; projected Rs 1,018 crore in FY2027.
• Gearing 0.97x; TOL/ANW 2.1x as of Mar-2026; interest coverage about 2.5x.

Outlook and Sensitivities

• Outlook: Stable (as prior rating).
• Since ratings withdrawn, sensitivities are not applicable; future actions depend on new assessment.

Unaudited results and auditor review

• Board approved unaudited quarterly results for quarter ended 30 June 2026; Limited Review report enclosed.
• Independent auditor NSBP & Co issued an unmodified review report on the results.
• Results are prepared in accordance with Ind AS 34 and SEBI LODR Regulation 33.
• Company has a single operating segment for manufacturing automobile components, mainly in India.
• Audit Committee reviewed and approved the results prior to Board approval.

Action summary

• Reaffirmed long-term and short-term ratings for Rs 63.49 crore bank facilities; withdrawn due to non-cooperation.
• Issuer Not Cooperating status retained; rating withdrawn with immediate effect.

Instruments and ratings

• Long-term: BWR BB-; Short-term: BWR A4; both under Issuer Not Cooperating.

Facility totals

• Total facilities Rs 63.49 crore; LT 8.49, ST 55.00.

Rationale & liquidity

• Non-cooperation limits availability of information; rating based on best available data.
• Liquidity indicators described as adequate; information access remains limited.

Outlook & changes since last

• Outlook: Stable.
• Withdrawal is a material change from prior June 2026 reaffirmation.

Financial highlights

• FY24-25 revenue Rs 855.20 crore; PAT Rs 12.26 crore.
• FY25-26 revenue Rs 969.07 crore; PAT Rs 17.77 crore.
• Current ratio improved from 0.94 to 1.13.

Shareholder and certificate details

• Folio HOO0404; Haridas M Nayak; 100 shares; Dist 1941301-1941400; transmission and duplicate to Pushpa Haridas Nayak; action initiated.