Jyoti CNC Automation Limited (JYOTICNC)
Small CapIndustrials stocks · Small cap · NSE
Jyoti CNC Automation Limited is a leading manufacturer of CNC machines with 200+ product variants. It has 2 plants in India and 1 in France (Huron subsidiary), with 140,000+ machines installed globally. The company focuses on innovation and serves diversified industries like Aerospace, Auto, and EMS.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +24% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹508 Cr | +23.9% | -15.2% |
| EBITDA | ₹109 Cr | +9.0% | -25.9% |
| Operating margin | 21.0% | -300 bps | -400 bps |
| PAT | ₹57 Cr | -19.7% | -37.4% |
| PAT margin | 11.2% | -610 bps | -397 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Consolidated Q4FY26 revenue grew 4% YoY to Rs. 599.2 Cr, impacted by a Rs. 67 Cr revenue reversal at Huron. Excluding this, Q4 revenue growth would be ~16%. FY26 revenue grew 15.2% YoY to Rs. 2,093.1 Cr. Consolidated Q4 EBITDA fell 17% YoY to Rs. 147.4 Cr, and PAT fell 16.9% YoY to Rs. 90.6 Cr, due to the revenue reversal and associated costs.
Consolidated Q4FY26 results were significantly impacted by a revenue reversal at the Huron subsidiary, leading to a 17% YoY decline in EBITDA and PAT. While management states this is a deferment, the immediate profitability hit and ongoing investigation warrant caution. Full-year growth was decent, but Q4 raises concerns about execution and accounting clarity.
Revenue Mix from End User Industries (FY26 Consolidated)
Latest issuer-disclosed distribution across 6 reported categories.
Electric Vehicles
Global EV market expected to reach ~USD 2109 bn by 2033 (23.42% CAGR); India EV market to grow at 29% CAGR (2024–2030).
EMS
Indian EMS industry potential CNC Machine demand over 1,00,000 machines in next 5 years.
Semiconductor
Indian Semiconductor market to grow from USD 52 bn (FY24-25) to USD 103.4 bn by 2030 (13% CAGR).
Aerospace & Defence
Global Aerospace and Defence market expected to reach ~USD 1388 bn (@ 8.2% CAGR) by 2030 due to increased spending.
India Capacity Expansion
Capacity enhancement of 6,000 machines p.a. already completed. Further production capacity enhancement of additional 10,000 machines p.a. to be completed by September 2026.
Strong Domestic Demand
Domestic demand outlook remains strong, supported by healthy order inflows across key sectors.
Government Support for EVs
GOI has reaffirmed its commitment towards EVs and its mission for 30% Electric Mobility by 2030.
Increased Global A&D Spending
Increase in Aerospace and Defence spendings globally due to Geo-Political circumstances, modernization and increased spending budgets.
Huron Subsidiary Accounting
Revenue reversal of ~Rs. 67 crores in Huron subsidiary due to ongoing investigation and accounting treatment under Percentage of Completion Method.
Profitability Impact from Reversal
EBITDA and PAT impacted as costs associated with revenue reversal were not proportionately reversed and continued to be recognized.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY is crucial for assessing overall growth and comparing against previous periods, especially for a business that might have some seasonality. QoQ is important to understand sequential momentum and the immediate impact of events like the Huron revenue reversal, which significantly affected Q4FY26.
Order Book
Total Order Book: INR 4,732 Cr as of March 31, 2026.
Order Intake
Order Intake Q4FY26: 703 Cr.
Revenue Cover
Order book of INR 4,732 Cr against FY26 revenue of INR 2,093.1 Cr implies a revenue cover of ~2.26x.
EBITDA Margin
Consolidated Q4FY26 EBITDA Margin: 24.6% (vs 30.9% Q4FY25); FY26 EBITDA Margin: 25.2% (vs 27.0% FY25).
Revenue Deferment
The Huron revenue reversal does not represent a loss of revenue, but rather a deferment to future periods.
Operational Efficiencies
FY26 EBITDA margin expansion driven by operational efficiencies.
Execution Strength
PAT for Q4 and FY26 grew by 10.8% and 26.2% respectively, reflecting improved operating leverage and execution strength (Standalone).
Product Development
Leveraging R&D strength to design and develop new product variants in line with global industry demands.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Huron Revenue Recognition | Rs. 67 Cr revenue reversal in Q4FY26. | Re-recognition of deferred revenue and resolution of the ongoing investigation at Huron. |
| Capacity Ramp-up | Additional 10,000 machines p.a. capacity by Sep 2026. | Timely commissioning and utilization ramp-up of new capacity. |
| Order Book Execution | Total Order Book: INR 4,732 Cr. | Consistent order execution and conversion to revenue, especially from the diversified order book. |
| Working Capital Management | Inventories and Trade Receivables increased significantly YoY. | Improvement in working capital cycle and reduction in inventory/receivable days. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company is scaling its production capacity from 6,000 machines per annum to 16,000 machines per annum.
"scaling our production capacity from 6,000 machines per annum to 16,000 machines per annum by September '2026"
The company expects Q3 and Q4 FY'26 to have the highest executions, maintaining the traditional 40-60 H1-H2 revenue ratio.
"always the third and fourth quarter is going to be the highest executions we are looking in terms of numbers"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
The company expects larger EMS revenue execution from Q4 FY'26.
"the larger we are expecting from the last quarter execution will be there"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
Revenue conversion from the Huron facility will largely kick in from Q4 FY'26 and will reach full-fledged utilization in the next year (FY'27).
"revenue kicking in from the last quarter of this year, it means the next quarter and then following the next year completely"
Outcome check: Revenue YoY averaged 28.0% across 1 later quarter(s).
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +15.9% / mo · MACD − · near 52W high
Technical chart
JYOTICNCdaily · 1Y · AUTO+26.6%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 62.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~13.7% over last month) — short-term momentum positive.
- RSI(14) at 62 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 5% off 52W high · 73% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 28.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -79.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 78th percentile of the scored universe and 76th percentile within Industrials. No major sub-score weakness stands out.
High Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 76th pctile, median 68 · Small: 80th pctile, median 66
3/4 claims checked. Use as directional, not final.
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.6%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 21.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 71.00
- P/B
- 11.41
- EV/EBITDA
- 40.28
- Market Cap
- 22831.00Cr
Profitability
- ROE
- 18.20%
- ROCE
- 21.30%
- ROA
- 8.91%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 112.50%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 6.52×
- Altman Z
- 7.90
- Book Value
- 88.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 54.00 Cr
- EPS TTM
- 14.14
Shareholding
- Promoter Hold
- 62.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 89%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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