WE REPORTED A 21.1% YOY GROWTH IN CONSOLIDATED REVENUE, WITH EXPORTS
CONTRIBUTING 7.5%. OUR STRATEGIC ACQUISITIONS - SJS DECOPLAST AND WALTER PACK INDIA (WPI)
FURTHER STRENGTHENED OUR PRODUCT PORTFOLIO, IMPROVED ORDER BOOK VISIBILITY, AND UNLOCKED
NEWER OPPORTUNITIES.
Dear Shareholders,
I am extremely delighted to present our Annual Report for FY25.
India remains a bright spot in the global economy with Gross Domestic
Product (GDP) at 6.5% in FY25, reinforcing its position as the world's fastest-growing
major economy. Growth was primarily driven by strong consumer demand, rising disposable
incomes, controlled inflation, and sustained government investments. Policy frameworks,
such as Make in India 2.0 and the Production Linked Incentive (PLI) Scheme, further
bolstered economic momentum.
The Indian automotive sector delivered a strong performance in FY25,
supported by positive consumer sentiment, rising premiumisation, new product
introductions, and macroeconomic stability. Two-wheeler domestic sales grew by 9.1% YoY,
reaching 19.61 Mn units, while passenger vehicle sales stood at 4.3 Mn units, growing 2.0%
YoY. Demand for premium decorative aesthetics was product upgrades by OEMs focussed on
differentiation and design.
The decorative aesthetics industry is undergoing a clear shift towards
premiumisation, innovation, and digital integration. OEMs and consumer brands are
increasingly embracing next- generation solutions such as optical plastics, touch-based
systems, and high-end IMD/IML parts to meet evolving consumer demands.
In FY25, SJS delivered a strong performance across all operational and
financial parameters, surpassing industry benchmarks. We reported a 21.1% YoY growth in
consolidated revenue, with exports contributing 7.5%. Our strategic acquisitions - SJS
Decoplast and Walter Pack India (WPI) further strengthened our product portfolio, improved
order book visibility, and unlocked newer opportunities.
As of 31st March, 2025, SJS has built a comfortable cash and cash
equivalent position of Rs. 1,150.1 Mn, with net cash at Rs. 991.7 Mn and a positive cash
flow. Our free cash flow to EBITDA ratio stands at a healthy 60.7%, ROCE at 25.7%, and ROE
at 17.2%. Our upgraded AA- (Stable) credit rating reflects our solid financial foundation.
Our Board of Directors has recommended a final dividend of 25% on the face value as a
reward to our long-term shareholders.
Looking ahead, we remain committed to innovation-led growth - focussed
on premiumisation, technology integration, and kit value enhancement. By expanding our
product portfolio, strengthening OEM collaborations, and scaling our export footprint, we
aim to diversify revenue streams and become a preferred global supplier of decorative
aesthetic solutions. Our strategic acquisitions, ongoing capacity expansion initiatives,
and new product developments will position us to seize emerging opportunities and drive
sustainable growth.
As I conclude, I would like to express my heartfelt gratitude to our
shareholders, customers, employees, and other stakeholders for their unwavering trust and
confidence, empowering us to grow and achieve new milestones.
Warm Regards,
Ramesh C Jain
Chairman & Lead Independent Director