JBM Auto on the NSE has priced its FY27 revenue at ₹7,000‑7,500 crore, 45% from EVs, while the stock slid 2.65% to ₹541.75.
The company flagged a 274‑bus registration in September, topping all rivals and grabbing 33% of the month’s 832 electric bus registrations, and 892 buses between April and September, a 24% slice of India’s 3,771 registrations.
Running a 20,000‑bus annual capacity plant in the National Capital Region, JBM’s fleet has logged 450 million km, ferried over 2 billion passengers and cut roughly 1 billion kg of CO₂.
Arya said EBITDA margins would hold steady at FY26 levels, with raw‑material pressure easing; a 500‑crore debt cut in Q1 FY27 and a 9,000‑bus order backlog over 2½ years underpin the outlook.
Analysts expect margin recovery in the second half of FY27, and the firm’s net‑zero target for 2040 may boost long‑term valuation; the market will watch the next earnings release for a confirmed guidance lift.