3 Electric Buses, Suspension Springs and Heavy Forgings Stocks With a Strong Future Roadmap: JBM Auto, Jamna Auto Industries and Bharat Forge
- October 22, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
JBM Auto, Jamna Auto Industries and Bharat Forge: ROE of 11.3% to 20.1% and FY22 to FY26 revenue CAGR of 11.1% to 18.0%. Prices as of 21 Oct 2026.
Quick Answer
The three heavy vehicle component stocks to watch are JBM Auto, Jamna Auto Industries and Bharat Forge. Their return on equity ranges from 11.3% to 20.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 18.0%. Jamna Auto Industries has the highest return on equity at 20.1%, while JBM Auto has the fastest revenue growth at 18.0% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Heavy vehicle component stocks let investors follow the makers of parts and vehicles that carry goods and people. JBM Auto, Jamna Auto Industries and Bharat Forge cover electric buses and sheet metal parts, suspension springs and heavy forgings.
This list covers three heavy vehicle component stocks with complete current figures: JBM Auto, Jamna Auto Industries and Bharat Forge. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Heavy Vehicle Component Stocks?
Heavy vehicle component stocks are listed manufacturers that supply springs, forgings, sheet metal parts and complete buses to commercial vehicle makers and public transport buyers. Their earnings depend on truck and bus demand and the pace of fleet upgrades.
Heavy Vehicle Component Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| JBM Auto | 511.25 | 12,533 | 51.5 | 36.9 | 14.2 | 1.97 |
| Jamna Auto Industries | 133.92 | 5,570 | 23.8 | 36.9 | 20.1 | 0.01 |
| Bharat Forge | 1,774 | 87,540 | 122.4 | 50.7 | 11.3 | 0.76 |
On valuation, Jamna Auto Industries trades at a P/E below the industry P/E, while JBM Auto and Bharat Forge trade above it, which reflects the growth the market already expects. Readers comparing heavy vehicle component stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in heavy vehicle component stocks can use the coming numbers to test whether growth is holding.
Why Do Heavy Vehicle Component Stocks Have a Strong Roadmap in India?
Heavy vehicle component stocks have a strong roadmap in India because freight growth, fleet renewal and the push for electric public transport are lifting demand for trucks, buses and their parts.
- Freight growth. More goods on the road lifts truck and trailer demand.
- Electric buses. Cities are adding electric fleets through large tenders.
- Fleet renewal. Older trucks and buses are being replaced.
Why JBM Auto Features Among These Heavy Vehicle Component Stocks
Among the heavy vehicle component stocks on this list, JBM Auto makes sheet metal components, tooling, and buses, and is a significant supplier of electric buses and sheet metal parts to leading vehicle makers.
In the June 2026 quarter, revenue grew 13.9% year on year to Rs 1,474 crore, while net profit rose 13.4% to Rs 44.3 crore. Revenue rose from Rs 3,214 crore in FY22 to Rs 6,227 crore in FY26, a compound annual growth rate of 18.0%.
Net profit grew from Rs 156 crore in FY22 to Rs 238 crore in FY26, which works out to a compound annual growth rate of 11.1%. The company has a return on equity of 14.2%, a debt to equity ratio of 1.97 and a market capitalisation of Rs 12,533 crore. The stock trades at a P/E of 51.5, above the industry P/E of 36.9.
Roadmap: The company has secured large orders for electric buses under city transport programmes and supplies body and chassis components to passenger vehicle and commercial vehicle makers. Its manufacturing scale supports growth in both businesses.
What to watch: Track electric bus deliveries and the progress of orders under city bus programmes.
Why Jamna Auto Industries Features Among These Heavy Vehicle Component Stocks
Among the leaf spring and bus shares on this list, Jamna Auto Industries makes leaf and parabolic springs for commercial vehicles, trailers and buses, and holds a leading position in India’s suspension springs.
The company has a return on equity of 20.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 5,570 crore. The stock trades at a P/E of 23.8, below the industry P/E of 36.9.
Revenue rose from Rs 1,723 crore in FY22 to Rs 2,621 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 141 crore in FY22 to Rs 231 crore in FY26, which works out to a compound annual growth rate of 13.2%. In the June 2026 quarter, revenue grew 6.8% year on year to Rs 614 crore, while net profit rose 6.1% to Rs 48.5 crore.
Roadmap: The company benefits from replacement demand and from the shift to lighter, parabolic springs that carry higher margins. A fleet upgrade cycle and infrastructure spending drive commercial vehicle volumes, and Jamna also sells to the aftermarket.
What to watch: Monitor commercial vehicle production trends and steel price movements.
Why Bharat Forge Features Among These Heavy Vehicle Component Stocks
Among the three companies on this list, Bharat Forge is a Pune-based maker of forgings, axles and chassis components for automotive and industrial customers, and it has a growing defence and aerospace business that includes artillery systems and components.
Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%.
In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7.
Roadmap: The company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
What to watch: Check order inflow in defence and aerospace and the share of non-automotive sales.
JBM Auto vs Jamna Auto Industries vs Bharat Forge on Key Financials
The table below sets the three heavy vehicle component stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| JBM Auto | 3,214 | 6,227 | 18.0% | 238 | 3.8% |
| Jamna Auto Industries | 1,723 | 2,621 | 11.1% | 231 | 8.8% |
| Bharat Forge | 10,657 | 17,010 | 12.4% | 1,089 | 6.4% |
Jamna Auto Industries posts the highest return on equity in this group at 20.1%. Bharat Forge has the largest FY26 revenue at Rs 17,010 crore, and JBM Auto shows the fastest revenue growth with a 18.0% compound annual rate. A useful habit with heavy vehicle component stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| JBM Auto | 1,294 | 1,474 | 13.9% |
| Jamna Auto Industries | 575 | 614 | 6.8% |
| Bharat Forge | 3,958 | 4,697 | 18.7% |
Key Risks to Check Before Investing in Heavy Vehicle Component Stocks
Every theme carries risks that deserve a check before any decision. For these heavy vehicle component stocks, the main points are: Long-term leaf spring and bus shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Cyclical demand. Commercial vehicle sales can rise and fall with the economy.
- Tender timing. Bus orders depend on government tender schedules.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter heavy vehicle component stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Heavy Vehicle Component Stocks
Heavy vehicle component stocks reward investors who follow truck and bus demand, order books and margins together. JBM Auto, Jamna Auto Industries and Bharat Forge each serve heavy vehicle makers in a different way. Based on the 21 October 2026 close, JBM Auto trades at Rs 511.25, Jamna Auto Industries at Rs 133.92 and Bharat Forge at Rs 1,774. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these heavy vehicle component stocks to a watchlist.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are heavy vehicle component stocks?
Ans. Heavy vehicle component stocks are listed manufacturers that supply springs, forgings, sheet metal parts and complete buses to commercial vehicle makers and public transport buyers. Their earnings depend on truck and bus demand and the pace of fleet upgrades. This list looks at three of them, JBM Auto, Jamna Auto Industries and Bharat Forge, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which heavy vehicle component stocks are covered in this list?
Ans. This list covers JBM Auto, Jamna Auto Industries and Bharat Forge. Based on the 21 October 2026 close, JBM Auto traded at Rs 511.25, Jamna Auto Industries at Rs 133.92 and Bharat Forge at Rs 1,774. Their return on equity ranges from 11.3% to 20.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 18.0%.
Why do heavy vehicle component stocks have a strong future roadmap in India?
Ans. Heavy vehicle component stocks have a strong roadmap in India because freight growth, fleet renewal and the push for electric public transport are lifting demand for trucks, buses and their parts. The main drivers are as follows. Freight growth. More goods on the road lifts truck and trailer demand. Electric buses. Cities are adding electric fleets through large tenders. Fleet renewal. Older trucks and buses are being replaced. Together these factors give the companies on this list a visible path for growth over the coming years.
How has JBM Auto performed financially?
Ans. Revenue rose from Rs 3,214 crore in FY22 to Rs 6,227 crore in FY26, a compound annual growth rate of 18.0%. Net profit grew from Rs 156 crore in FY22 to Rs 238 crore in FY26, which works out to a compound annual growth rate of 11.1%. In the June 2026 quarter, revenue grew 13.9% year on year to Rs 1,474 crore, while net profit rose 13.4% to Rs 44.3 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 1.97 and a market capitalisation of Rs 12,533 crore. The stock trades at a P/E of 51.5, above the industry P/E of 36.9. Looking ahead, the company has secured large orders for electric buses under city transport programmes and supplies body and chassis components to passenger vehicle and commercial vehicle makers. Its manufacturing scale supports growth in both businesses.
How has Jamna Auto Industries performed financially?
Ans. Revenue rose from Rs 1,723 crore in FY22 to Rs 2,621 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 141 crore in FY22 to Rs 231 crore in FY26, which works out to a compound annual growth rate of 13.2%. In the June 2026 quarter, revenue grew 6.8% year on year to Rs 614 crore, while net profit rose 6.1% to Rs 48.5 crore. The company has a return on equity of 20.1%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 5,570 crore. The stock trades at a P/E of 23.8, below the industry P/E of 36.9. Looking ahead, the company benefits from replacement demand and from the shift to lighter, parabolic springs that carry higher margins. A fleet upgrade cycle and infrastructure spending drive commercial vehicle volumes, and Jamna also sells to the aftermarket.
How has Bharat Forge performed financially?
Ans. Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%. In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7. Looking ahead, the company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
What risks should investors check before buying heavy vehicle component stocks?
Ans. Investors should check a few risks before buying heavy vehicle component stocks. Cyclical demand. Commercial vehicle sales can rise and fall with the economy. Tender timing. Bus orders depend on government tender schedules. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of heavy vehicle component stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
