There may be many reasons for pledging of share with Banks or FI’s, we never know what purpose it would have been done for.
My take, may be a personal reason might be there for promoters doing that. Not linked to business operations.
Just analysing based on logic
@Thomala_Sainath - Yeah even I was thinking of Personal reasons mostly, which ideally is not a good sign from investor perspective. I guess with just 4.3% pledged, it might be ok for now. But might need to monitor further
You’re right, around Dec 2024 promoter KA Joseph had pledged about 4.3% of shares. But as per the Q1 FY26 shareholding report, those shares have now been fully unpledged. Looks like it was just a short-term arrangement.
@vikasreddy - I still see the pledge as 4.29% in Screener. Can you please cross-check? Also can you provide a link to the shareholding report where you saw it as unpledged?
SJS Enterprises 1Q FY26 concall notes:
• targeting 2x industry volume growth
• delivered 22.8% growth in automotive sector vs 1.2% industry volume growth
• focus on premiumization and new customer additions
• 25% revenue from new technology products in 1Q26
• hero motocorp added as marquee customer; 250 cr addressable market with hero
• Export target of 14%-15% of consolidated revenue by FY28 (currently 6.7%)
• Export business wins from Stellantis, Whirlpool, Autoliv, FCA
• walter pack faced challenges this quarter due to concentration risk with legacy customers and model changes
• capacity expansion projects underway at pune and bangalore
• 100cr capex at SJS Decoplast - chrome plating and painting lines; operational by 3Q
• technology partnership discussions underway for display business
• cover glass revenue start expected in FY27
• new greenfield project at SJS Bangalore and optical display facility at Hosur
• New business from mahindra’s born electric vehicle range
• Walter Pack product development lead time 7-9 months; new mega businesses expected in ~1 year
• Asset turnover target of 3-4x for new facilities
• premiumization and cross-selling driving content per vehicle growth
• stellantis and whirlpool deliveries from 2Q
Heyy Paras,
What are the factors/growth levers behind a 45 percent growth for FY’27 in your assumption?
Disc: Invested
Management has said their capex of 100 CR goes with asset turnover of 3-4x is going to show impact in FY 27, so if we add nominal growth of 10-15% on regular base + this new capex going live it could fuel in growth for the year.
Disc: Not invested currently used to own but now track the business.
This is what we call double counting. The nominal growth requires the capex.
Without the capex the nominal growth won’t happen. Maybe because of capex the growth will be slightly more than nominal growth
Humbly disagree, the business also grows on better capacity utilization, margin expansion, product mix change, interest cost reduction, etc so it’s not that growth = capex in all the scenarios.
The goal of the analysis is to take probabilistic approach towards where the company might head to if the company plays it’s card right, rest nobody knows the future and we can only position ourselves 
