SJS zooms 101% from March low; what's driving smallcap auto part stock?

SJS Enterprises stock rose 4% in Thursday's trade. Analysts believe SJS is set to benefit from premiumization in PVs, 2Ws and appliances with an addressable market set to double to ₹11,900 cr by FY28E

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Share price of SJS Enterprises today

 

Shares of SJS Enterprises hit a new high of ₹1,625.90, as they rallied 4 per cent on the BSE in Thursday’s intra-day trade on expectations of healthy earnings. The stock price of the auto parts company was quoting higher for the third straight day, surging 9 per cent during the period. In comparison, the BSE Sensex was down 0.51 per cent at 84,561.49 at 10:51 AM.

 

The stock of the smallcap company has more-than-doubled or zoomed 101 per cent from its 52-week low of ₹809.50, touched on March 17, 2025.

 

What's driving SJS Enterprises stock price?

 

SJS Enterprises is a leading manufacturer of aesthetic components for automotive (PVs and 2Ws), consumer appliances, and electronics domains, playing at the intersection of premiumization, smart-surface adoption, and import substitution. Its customer base spans nearly all major domestic OEMs, global tier-1 suppliers (Visteon), and top consumer brands (Whirlpool, Samsung, Panasonic). The product portfolio features decals, overlays, chrome trims, illuminated logos, and IMD/IME panels, with optical cover glass to be added via future capex. 

 

SJS has continued its strong momentum in April to June 2025 quarter (Q1FY26) and delivered its 23rd consecutive quarter of outperformance with a strong year-on-year (Y-o-Y) growth of 22.8 per cent in the automotive business. It significantly surpassed the industry's growth of 1.2 per cent in the automotive 2-wheeler and passenger vehicle production volume.

 

In Q1FY26, SJS reported a consolidated revenue of ₹210 crore, up 11.2 per cent Y-o-Y, led by strong growth in the 2W and passenger vehicle segments. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 16.3 per cent YoY to ₹58.7 crore, with EBITDA margins expansion of 160 bps at 27.6 per cent.

 

SJS said they added Hero MotoCorp as a marquee customer and commenced supplies to them. The company won export business in the US market from Autoliv and Fiat Chrysler Automobiles and added Yazaki as a customer for domestic automotive business. The company is consistently making efforts towards expanding its footprint in the North American market and the recent order wins from Stellantis, Whirlpool, FCA and Autoliv are a testament to this, the management said.

 

Elara Securities India sees more upside in SJS stock price

 

Analysts at Elara Securities India value SJS on 30x one-year forward EPS of ₹56.9, with target price at ₹1,710. The premium multiple echoes differentiated aesthetics, industry-leading return ratios (FY28E ROCE/ROE: 23.5 per cent/19.4 per cent), and capital-efficient expansion into high-value, export-ready verticals. Despite better earnings visibility/ margin leadership, SJS trades at a discount to premium peers at 11.3x FY28E EV/EBITDA and 18x FY28E P/E; thus, a strong re-rating opportunity, as integration gains and export scale-up unfold. Risks are concentrated in the customer base, and missteps in scaling export and integrating acquisitions, the brokerage firm had said in its June 2025 report.

 

Structurally, SJS is set to benefit from premiumization in PVs, 2Ws, and appliances, with total addressable market (TAM) set to double from ₹5,800 crore in FY24 to ₹11,900 crore by FY28E. Growth will be led by kit value inflation, adoption of smart surfaces, and rising penetration of new-generation products (up from 16 per cent in FY22 to 33 per cent by FY28E). 

 

The ₹160 crore capex in FY26 will expand chrome, decal, and optical interface capacity to monetize richer content and export demand. Revenue mix is shifting from 58 per cent 2W, 17 per cent PV and 25 per cent consumer durables (CD) in FY21 to 33 per cent 2W, 37 per cent PV and 25 per cent CD by FY28E, enhancing ASPs, export exposure, and cycle resilience, the brokerage firm said.