JBM Auto FY26 Annual Report: Revenue Rises 11%, EBITDA Up 15.5% as Electric Bus Business Gains Momentum

JBM Auto Limited has submitted its 30th Annual Report for FY 2025-26, highlighting continued growth in its automotive components business and a stronger focus on electric mobility. The company operates across electric buses, EV aggregates, e-mobility solutions, auto components, and tooling & dies. Its electric bus business has emerged as a key growth driver, while investments in technology, manufacturing capacity and an integrated EV ecosystem are aimed at supporting long-term expansion.

JBM Auto FY26 Financial Performance

JBM Auto reported consolidated revenue from operations of ₹6,088.37 crore in FY2025-26, compared with ₹5,472.33 crore in FY2024-25, representing growth of 11.3%. Total income increased 12.7% to ₹6,227.30 crore from ₹5,525.91 crore. Consolidated EBITDA rose 15.5% to ₹843.83 crore, compared with ₹730.39 crore in the previous year. Profit before tax increased 13.6% to ₹310.28 crore, while consolidated profit after tax rose 10.9% to ₹238.07 crore. EPS improved 8.4% to ₹9.25, while other equity increased 14.1% to ₹1,514.62 crore.

The company’s consolidated financial statements also show revenue from operations of ₹6,088.37 crore and profit after tax of ₹238.07 crore for FY26, compared with ₹5,472.33 crore and ₹214.63 crore, respectively, in FY25. Profit attributable to owners of the company stood at ₹218.78 crore, compared with ₹201.91 crore in the previous year.

Electric Buses Remain a Major Growth Engine

JBM Auto’s electric mobility business strengthened its position during FY26. The company states that JBM Electric Vehicles has an annual electric-bus manufacturing capacity of around 20,000 buses, among the largest globally. During FY2025-26, JBM sold approximately 1,282 electric buses and captured nearly 24% market share in India, making it the country’s top e-bus manufacturer according to the Annual Report.

The company is pursuing an integrated electric mobility model that combines electric buses with EV aggregates, charging infrastructure, battery systems and digital fleet-management technologies. During the year, JBM expanded deployments across multiple cities and continued integrating its battery and charging ecosystem. The company also highlighted its JBM E Verse platform as an important technology initiative supporting the broader EV ecosystem.

New Electric Bus Models and Technology

JBM expanded its electric-bus portfolio during FY26 with models including the ECOLIFE e12 city bus, Galaxy premium electric coach, Xpress intercity electric bus, e MediLife electric mobile medical unit and e SkyLife airport/tarmac bus. The company also incorporated technologies such as telematics, intelligent transport systems, AI-based fleet monitoring, vehicle-control units, battery-management systems and advanced safety features.

Battery and vehicle technologies remain an important part of JBM’s strategy, with lithium-ion batteries, thermal management, modular battery packs, regenerative braking and fast-charging capabilities being incorporated into its products. The company is also developing EV aggregates such as battery packs, vehicle-control units, electric axles and drivetrains, allowing it to participate across a wider portion of the electric mobility value chain.

Auto Components and Tooling Businesses Continue to Expand

Alongside electric mobility, JBM’s auto-components business continued to benefit from order growth, stronger relationships with global OEMs and increased localisation. The company manufactures products including chassis systems, suspension components, fuel and air tanks, exhaust systems and skin panels. It also continued investing in advanced manufacturing technologies and capacity expansion.

The tooling and dies business also saw capacity expansion, greater adoption of automation and digital engineering tools, and improved design capabilities. These initiatives are intended to reduce lead times, improve precision and support increasing demand from domestic and international OEM programmes.

Segmentally, the consolidated business generated FY26 revenue of approximately ₹3,447.38 crore from the Component Division, ₹338.91 crore from the Tool Room Division and ₹2,307.37 crore from the OEM Division. The corresponding segment results before finance costs were ₹272.18 crore, ₹66.13 crore and ₹251.16 crore respectively.

Strategic Investment Supports E-Bus Deployment

A key development after the close of FY26 was the strategic investment of ₹750 crore secured by JBM Ecolife Mobility Private Limited from Motilal Oswal Alternates, the alternative investment arm of the Motilal Oswal Group. The investment is intended to support the deployment of approximately 2,000 energy-efficient electric buses across India.

This development is important because JBM is moving beyond simply manufacturing electric buses toward an integrated mobility model involving deployment, charging infrastructure and operations. The additional capital could support the company’s ability to scale projects as India’s public-transport electrification market expands.

Government Policies Provide a Tailwind for Electric Buses

JBM’s Annual Report highlights the growing policy support for electric public transportation. The PM e-Bus Sewa programme is aimed at deploying 10,000 electric buses in Tier-2 and Tier-3 cities, while city-level initiatives are also supporting fleet modernisation. The report notes that India’s e-bus procurement increasingly uses gross-cost-contract and public-private-partnership structures, which can facilitate larger procurement volumes by reducing the upfront financial burden on state transport undertakings.

The report also points to the broader long-term opportunity in electric buses, with the Bharat Urban Megabus Mission targeting 100,000 e-buses by 2030 and significant investment in charging infrastructure, depots and fleet electrification.

Another potential tailwind identified by JBM is the reduction in GST on buses from 28% to 18%. According to the company, this can improve fleet procurement economics for state transport undertakings and strengthen the cost competitiveness of electric buses.

R&D and Product Development Remain Key Priorities

JBM continued to increase its focus on research and development across electric mobility, auto components and tooling. The company’s EV development programme is focused on improving safety, connectivity, battery performance and passenger experience. In auto components, JBM is developing lightweight and high-strength products while adopting advanced materials, stamping and precision-manufacturing technologies. Its tooling division is using CAD/CAM and simulation technologies to improve development cycles and manufacturing efficiency.

Dividend and Shareholder Return

The Board has recommended a final dividend of ₹0.85 per equity share, representing 85% of the ₹1 face value share. The dividend is subject to shareholder approval at the company’s upcoming AGM, with 9 September 2026 specified as the record date for determining eligible shareholders.

₹1,500 Crore Fund-Raising Proposal

One of the important items proposed for shareholder approval at the 30th AGM is authorisation for the company to raise up to ₹1,500 crore through the issue of securities. The proposed resolution provides flexibility to issue equity shares, GDRs, ADRs, FCCBs, convertible securities, preference shares, debentures and other permitted securities through public offerings, private placements, preferential allotments or qualified institutional placement, subject to applicable regulations and approvals.
The proposed fund-raising authority gives JBM additional financial flexibility at a time when the company is expanding its electric-mobility ecosystem and manufacturing capabilities. However, the resolution itself is an authorisation to raise funds and should not be interpreted as confirmation that the entire ₹1,500 crore will necessarily be raised immediately.

Management and Leadership

The Annual Report highlights management’s focus on expanding JBM’s international presence and developing advanced technology businesses. Nishant Arya has been associated with the company’s international expansion and technology initiatives and has also held the position of Chairman of Linde-Wiemann GmbH, Germany.

Shareholders will also consider his re-appointment as Vice-Chairman and Managing Director for a further three-year period from 18 May 2027 to 17 May 2030. The proposed remuneration includes a basic salary of ₹65 lakh per month, along with applicable perquisites and allowances, subject to the terms set out in the AGM notice.

AGM on September 16, 2026

JBM Auto’s 30th Annual General Meeting is scheduled for September 16, 2026 at 11:30 AM through video conferencing/other audio-visual means. Shareholders will consider the audited FY26 financial statements, dividend, director re-appointment and several special resolutions, including the proposed securities issue and management re-appointment.

Outlook for JBM Auto

JBM Auto enters FY27 with a combination of improving financial performance, a growing electric-bus business, manufacturing capacity, EV technology capabilities and increasing policy support for electric public transportation. FY26 revenue increased 11.3%, EBITDA grew 15.5%, and PAT rose 10.9%, while the company continued to strengthen its position in electric buses.

The bigger opportunity lies in JBM’s transition from a conventional automotive-component manufacturer toward an integrated mobility company. Its presence across electric buses, batteries and EV aggregates, charging infrastructure, e-mobility services, components and tooling gives it exposure to multiple stages of the electric-mobility value chain. The ₹750 crore strategic investment in JBM Ecolife Mobility and planned deployment of around 2,000 additional e-buses provide further support to the company’s expansion plans.

For investors, the key factors to monitor going forward will be the pace of electric-bus order conversion and deployment, utilisation of manufacturing capacity, profitability of the e-mobility business, capital requirements, the proposed fund-raising, working capital and finance costs, and the company’s ability to scale its integrated EV ecosystem while maintaining returns.