Jullundur Motor Agency (Delhi) Ltd.

•

jmaindia.comBSE: -NSE: JMA

Market Cap₹ 207 Cr.

Current Price

High / Low₹ 104 / 70

Stock P/E6.5

Book Value₹ 124

Price to Book0.63

Dividend Yield3.31 %

ROCE15.4 %

ROE11.5 %

Face Value₹ 2

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AI Sector View

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Oil Gas & Consumable Fuels

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Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 41.7% YoY, showing strong momentum
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Offers a healthy dividend yield of 3.3%

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.26x)
Company has delivered a poor profit growth of 5.5% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIENT	2936.00	53.39	397452.96	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	998.00	27.21	45304.36	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1270.55	35.64	44596.31	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3705.90	91.86	43840.96	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	371.40	17.07	29035.10	1.62	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.75	61.67	15347.59	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	74.20	100.87	11327.02	0.20	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	826.10	83.74	10411.77	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	64.18	21.52	9627.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1827.20	63.41	7952.54	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	342.50	24.69	7724.69	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	JMA	90.58	6.46	206.89	3.31	7.96	41.72	160.47	15.41	15.44	5.46

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	118	127	136	153	129	127	141	159	139	142	169	173	160
	113	121	129	142	124	122	134	148	134	135	158	162	152
Operating Profit	5	6	7	11	5	4	8	11	5	6	10	11	9
OPM %	4.44%	4.81%	5.14%	7.25%	4.18%	3.46%	5.35%	7.21%	3.88%	4.46%	6.01%	6.29%	5.32%
	1	2	2	2	2	2	2	2	2	2	2	2	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	6	7	8	13	7	6	9	13	8	8	12	13	11
Tax %	25.89%	27.11%	25.06%	24.52%	26.19%	29.85%	25.90%	25.35%	26.15%	26.35%	25.38%	23.78%	25.32%
Net Profit	0	0	0	0	5	4	7	10	6	6	9	10	8
	2.06	2.34	2.71	4.10	2.21	1.82	2.93	4.31	2.41	2.57	3.84	4.18	3.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	387	327	356	362	388	438	503	534	556	622	643
	370	312	337	347	362	409	471	505	527	589	607
Operating Profit	18	15	19	15	26	29	32	29	29	33	36
OPM %	4.56%	4.65%	5.22%	4.15%	6.58%	6.53%	6.37%	5.49%	5.18%	5.26%	5.57%
	4	4	6	6	7	5	6	7	8	9	8
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	20	18	23	19	31	33	37	35	36	40	43
Tax %	35.74%	35.66%	33.01%	26.70%	26.09%	25.64%	25.53%	25.43%	26.41%	25.24%	25.08%
Net Profit	13	12	16	14	23	25	27	26	26	30	33
EPS	0.00	0.00	0.00	4.70	7.86	10.61	11.83	11.21	11.27	13.01	—
Dividend Payout %	17.31%	18.56%	14.85%	21.28%	19.99%	18.85%	16.91%	17.85%	17.74%	23.07%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 10%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 8%
5 Years:: 5%
3 Years:: 3%

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 8%
3 Years:: 4%
1 Year:: -1%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 13%
3 Years:: 12%
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	6	6	5	5	5	5	5	5
Minority Interest	1	1	1	1	2	2	2	2	3	3
	132	144	154	167	158	178	200	223	244	270
Trade Payables	53	61	74	62	70	77	77	88	85	65
	10	7	12	10	8	10	10	8	8	9
Total Liabilities	202	220	247	246	242	270	294	326	345	353
	10	9	12	12	11	11	15	15	14	14
	25	29	15	6	6	2	3	4	4	6
	52	54	68	67	63	68	82	92	103	99
	0	0	0	0	0	0	0	91	97	94
Cash & Bank	19	15	15	23	16	20	19	21	12	21
	96	113	138	139	146	169	175	104	114	118
Total Assets	202	220	247	246	242	270	294	326	345	353

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	1	16	15	32	20	11	12	-2	11
Cash from Investing	6	4	-2	-0	4	-2	0	-7	-2	-4
Cash from Financing	-3	-0	-6	-0	-35	-5	-5	-5	-5	-5
	-2	-1	1	7	-6	5	-2	1	-8	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	23.11	21.55	26.94	4.70	10.01	10.61	11.83	11.21	11.27	13.01
Book Value (₹)	232.64	253.73	270.21	58.10	71.09	79.75	89.74	99.62	108.89	120.26
Dividend per Share (₹)	4.00	4.00	4.00	1.00	2.00	2.00	2.00	2.00	2.00	3.00
Cash EPS (₹)	4.73	4.33	5.68	5.17	10.50	11.03	12.39	11.87	11.93	13.66
PROFITABILITY
Operating Margin %	5.47%	5.94%	6.91%	5.69%	8.33%	7.69%	7.49%	5.49%	5.18%	5.26%
Net Margin %	3.34%	3.60%	4.42%	3.93%	5.96%	5.60%	5.44%	4.87%	4.72%	4.86%
ROE %	9.80%	8.17%	10.14%	8.54%	13.78%	14.23%	14.15%	12.03%	11.01%	11.54%
ROCE %	15.27%	12.76%	15.15%	11.65%	18.74%	19.14%	19.00%	16.13%	14.96%	15.44%
	6.57%	5.57%	6.73%	5.76%	9.46%	9.56%	9.71%	8.38%	7.81%	8.66%
EFFICIENCY
Debtor Days	52	62	65	66	58	58	58	60	62	56
Inventory Days	52	59	62	68	61	55	54	59	64	60
Payable Days	57	73	81	79	73	72	65	66	66	51
	47	47	47	54	46	41	47	53	60	64
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	2057.27x	198.07x	791.52x	0.00x	185.35x	0.00x	0.00x	0.00x	0.00x	0.00x
	2.43x	2.35x	2.25x	2.77x	2.85x	2.78x	2.90x	3.15x	3.40x	3.78x
GROWTH
Revenue Growth %	-6.67%	-15.55%	8.74%	1.73%	7.17%	12.87%	14.97%	6.05%	4.10%	11.91%
Operating Profit Growth %	0.71%	-8.36%	26.57%	-16.28%	56.98%	4.09%	12.03%	-4.57%	1.90%	12.95%
Net Profit Growth %	-2.08%	-9.13%	33.65%	-9.56%	62.55%	6.02%	11.74%	-5.06%	0.78%	15.26%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.24%	0.59%	15.38%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.75x	6.59x	5.84x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.98x	0.68x	0.63x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.04%	2.69%	3.95%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.66x	4.31x	3.68x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.00	51.00	51.00	51.00	51.00	51.00	51.00	51.00	51.00
	0.05	0.14	0.05	0.05	0.05	0.05	0.05	0.05	0.05
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	48.95	48.85	48.95	48.95	48.95	48.95	48.95	48.95	48.95

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-25

Shareholders meeting

2026-08-25 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 25, 2026

2026-08-25

Shareholders meeting

2026-08-25 - Jullundur Motor Agency (Delhi) Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-25

Appointment

2026-08-25 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange regarding Appointment of Mr Varoon Malik as Managing Director of the company w.e.f. September 01, 2026.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Outcome of Board Meeting

2026-08-13 - Jullundur Motor Agency (Delhi) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-31

Copy of Newspaper Publication

2026-07-31 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange about Copy of Newspaper Publication of Notice of 77th Annual General Meeting, Record Date and e-voting information

2026-07-31

Record Date

2026-07-31 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 18-Aug-2026.

2026-07-31

Shareholders meeting

2026-07-31 - Jullundur Motor Agency (Delhi) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 25, 2026

2026-07-08

Reply to Clarification- Financial results

2026-07-08 - The Exchange had sought clarification from Jullundur Motor Agency (Delhi) Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

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