RATING RATIONALE

31Mar2026

JMW India Pvt. Ltd.

Brickwork Ratings assigns the long-term ratings of "BWR BBB-/Stable" for the Bank Loan Facilities of Rs. 98.38 Crs. of JMW India Pvt. Ltd.

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	98.38	Long Term	BWR BBB - /Stable Assignment
Grand Total	98.38	(Rupees Ninety Eight Crores and Thirty Eight lakhs Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK

Brickwork Ratings has assigns a long-term rating of BWR BBB-/Stable to the bank loan facilities of JMW India Pvt, Ltd, with the total sanctioned exposure aggregating to Rs. 98.38 crore.

The rating is supported by the company’s experienced promoters, who bring a proven track record of operations, along with its diversified product portfolio comprising copper wire, copper bus bars, copper strips, copper Foil, copper cables, and insulated conductors. Additional strength is derived from a well‑diversified customer base, which includes supply arrangements with government entities such as Indian Railways as well as other reputed manufacturing companies. The company’s total operating income witnessed a notable increase, rising to Rs. 636.38 crore in 9MFY26 from Rs. 527.88 crore in 9MFY25. The growth was largely driven by a strategic shift in its business model, with greater focus on the sale of value-added products such as oxygen-free copper wire, copper bus bars, copper strips, copper cables, and insulated conductors.

The rating outlook is assigned as “Stable,” reflecting BWR’s expectation that JMW Indian Private Limited’s business risk profile will remain steady over the medium term. A stable outlook indicates a low probability of a rating change during this period. The outlook may be revised to “Positive” if the company achieves sustained improvement in revenue and profitability margins, while it may be revised to “Negative” in the event of a deterioration in its financial risk profile.

KEY RATING DRIVERS

Credit Strengths:

Established Management with Decades of Copper Industry Experience :
JMW is supported by a promoter group with a multi-generational track record in the copper sector. The company’s founder, Mr. Sushil Kumar Jain, brings over 40 years of industry experience. His elder son, Mr. Manoj Kumar Jain, who holds ~83.85% shareholding, manages overall operations with around 21 years of experience. The management team is further strengthened by experienced senior staff, providing robust operational support across key functions.
Wide Geographic Reach and Strong Customer Base :
JMW India Private Limited has established a strong operational presence and diversified customer base over two decades in the copper products industry. It operates a consolidated manufacturing facility in Bhiwadi, Rajasthan, benefiting from proximity to key industrial hubs for efficient distribution. The company maintains long-standing relationships with government bodies, PSUs, and leading private players. It is an approved supplier to Indian Railways for copper wire and cables, and serves reputed clients such as Havells India Ltd, HPL Electric & Power Ltd, and Auto Ignition Ltd across power, electrical, and automotive sectors.
Diversified Product Portfolio :
JMW India Private Limited is primarily engaged in the manufacturing of copper products and offers a well-diversified product portfolio. Its range includes copper strips, paper-covered copper strips, and copper cables, catering to a wide spectrum of applications in the electrical and equipment industries.

The company has recently commenced production of copper foil, which is being supplied to clients such as RR Kabel, Polycab, Diamond Power Infrastructure, Dynamic Cables Limited, Laser Power & Infra Limited, Shriram, and Universal Cables Limited. Copper strips represent the second-largest revenue contributor and are mainly used in industrial transformers for heavy power applications. Additionally, the company manufactures copper cables, which are largely supplied to the railway sector.
Stable Financial Position with Moderate Leverage :
JMW India Private Limited’s financial risk profile remains comfortable, supported by steady net worth accretion, which increased to approximately Rs. 82.26 crore as on March 31, 2025, from Rs. 77.45 crore in the previous year. The company’s limited reliance on external debt and creditors has resulted in a stable capital structure, reflected in a gearing ratio of 1.24 times and a total outside liabilities to adjusted net worth ratio of 2.11 times as on March 31, 2025 (compared to 1.54 times and 2.21 times, respectively, in the previous year). Backed by a comfortable capital structure and moderately healthy profitability, the company maintains adequate debt protection metrics, with an ISCR of 1.44 times. Overall, JMW’s financial risk profile is expected to remain comfortable over the medium term.

Credit Risks:

Moderate working capital requirement :
JMW India’s operations are moderately working capital intensive, with a Gross Current Assets (GCA) cycle of 109 days as of March 31, 2025, and an operating cycle of 78 days compared to 75 days in the previous year. This is largely due to high inventory levels of around 82 days, maintained to ensure uninterrupted production and timely delivery to customers. Receivables remain relatively low at about 21 days, as the company adopts a cautious approach new customers are generally served on a cash basis, while only long-standing customers with established relationships are granted limited credit.
Stable but Low Profitability Due to Limited Value Addition :

JMW India’s operations are significantly exposed to volatility in key raw material prices, particularly copper, a globally traded commodity with market-driven prices that are prone to frequent fluctuations. The company partly mitigates this risk through a natural hedge by purchasing quantities of copper equivalent to sales on the same day. In addition, the metal products industry is highly fragmented and competitive, with numerous organized and unorganized players. As copper is cyclical and sensitive to economic conditions, interest rates, and seasonal demand-supply shifts, producers act largely as price-takers. This limits bargaining power, keeps margins under pressure, and directly exposes cash flows and profitability to fluctuations in metal prices.
Exposure to Raw Material Price Volatility and Industry Competition :
JMW India’s operations are significantly affected by fluctuations in key raw material prices, which is a globally traded commodities subject to frequent market-driven price changes. To partially manage this risk, the company employs a natural hedging strategy by purchasing copper quantities equivalent to its sales on the same day. Additionally, the metal products industry is highly fragmented and intensely competitive, comprising both organized and unorganized players. Given that copper is a cyclical commodity influenced by economic conditions, interest rates, and seasonal demand–supply dynamics, producers typically function as price-takers. This reduces their bargaining power, keeps margins under pressure, and makes cash flows and profitability highly sensitive to movements in metal prices.

ANALYTICAL APPROACH - Standalone

Standalone - for arriving at its ratings, BWR has considered the standalone performance of JMW India Pvt. Ltd. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Positive Factors

Sustained operating income with improvement in PBILDT margins above 4.00%.
Improvement in Total Debt/TNW to below 1.00x on a sustained basis.
Efficient working capital management leading to reduced reliance on external borrowings and stronger liquidity.

Negative Factors

Decline in PBILDT margins below 3.00% on a sustained basis.
Higher-than-expected debt-funded capex or acquisitions, leading to Total Debt/TNW exceeding 1.50x.
Significant increase in working capital requirements, resulting in pressure on liquidity.

LIQUIDITY INDICATORS - Adequate

The company maintains an adequate liquidity position, supported by healthy cash accruals, a moderate cash balance of Rs. 1.67 crore, and prudent utilization of working capital limits at 67%. In FY25, net cash accruals of Rs. 8.98 crore comfortably covered debt repayments, and for FY26, projected accruals of Rs. 12.37 crore are expected to exceed debt obligations of Rs. 6.60 crore. Short-term liquidity remains satisfactory, with a current ratio of 1.31 times and receivable days of 21, reflecting effective collection efficiency. Debt protection metrics are comfortable, and leverage has improved, with the Total Debt to Tangible Net Worth ratio strengthening to 1.24 times in FY25, indicating reduced dependence on external debt and a stronger capital structure.

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Industrials	Capital Goods	Industrial Products	Aluminium, Copper & Zinc Products

JMW India Private Limited (JMW) is a premier manufacturer and supplier of copper and copper-based products, headquartered at its advanced production facility in Bhiwadi. As one of India's fastest-growing companies in the copper and cable manufacturing sector, JMW operates with an impressive annual production capacity of 30,000 MT. The company's diverse product portfolio spans oxygen-free copper rods, copper wire, copper bus bars, copper strips, copper cables, and insulated conductors.

ESG Profile

The company demonstrates a Adequate ESG profile based on its environmental, social, and governance practices.

Environmental: The company operates in a pollution‑free environment, with processes that generate no air, water, or noise pollution. Through its commitment to sustainability, it ensures that operations remain environmentally responsible while upholding the highest standards of social accountability.

Social: The company actively organizes community camps for diverse causes such as blood donation, health check-ups, safety awareness, and education. In addition, it makes regular contributions to charitable initiatives and supports educational opportunities for underprivileged individuals.

Governance: The company maintains full compliance with all applicable laws and regulations, ensuring that its governance practices meet the highest standards of accountability and integrity.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 22 - 23 (Audited)	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)
Operating Revenue	Rs.Crs.	812.72	752.89	706.03
EBITDA	Rs.Crs.	27.36	21.28	22.12
PAT	Rs.Crs.	10.28	3.31	4.82
Tangible Net Worth	Rs.Crs.	74.14	77.45	82.26
Total Debt / Tangible Net Worth	Times	1.61	1.54	1.24
Current Ratio	Times	1.31	1.32	1.31

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

RATING HISTORY FOR LAST THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2026 (History)		2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	98.38	BWR BBB-/Stable (Assignment)	24Feb2026	BWR B+ Stable (ISSUER NOT COOPERATING/Reaffirmed and withdrawn)	09Apr2025	BWR B+ Stable (ISSUER NOT COOPERATING* /Downgrade)	16Jan2024	BWR BB- Stable (ISSUER NOT COOPERATING* /Downgrade)	NA	NA
Fund Based	ST	0.00	NA	24Feb2026	BWR A4 (ISSUER NOT COOPERATING/Reaffirmed and withdrawn)	09Apr2025	BWR A4 (ISSUER NOT COOPERATING* /Downgrade)	16Jan2024	BWR A4 (ISSUER NOT COOPERATING* /Downgrade)	NA	NA
Non Fund Based	ST	0.00	NA	24Feb2026	BWR A4 (ISSUER NOT COOPERATING/Reaffirmed and withdrawn)	09Apr2025	BWR A4 (ISSUER NOT COOPERATING* /Reaffirmation)	16Jan2024	BWR A4 (ISSUER NOT COOPERATING* /Reaffirmation)	NA	NA
Grand Total		98.38	(Rupees Ninety Eight Crores and Thirty Eight lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Manu C V Ratings Analyst cv.manu@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 \| media@brickworkratings.com	Customer Support \| CustSupport@brickwrokratings.com

JMW India Pvt. Ltd.

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Axis Bank Ltd.	Term Loan - Out-standing	1.75	_	1.75	Simple##
2	Axis Bank Ltd.	Cash Credit - Sanctioned	36.00	_	36.00	Simple##
3	Axis Bank Ltd.	GECL - Out-standing	2.53	_	2.53	Simple##
4	HDFC Bank	Cash Credit - Sanctioned	35.00	_	35.00	Simple##
5	State Bank Of India (SBI)	Cash Credit - Sanctioned	15.00	_	15.00	Simple##
6	State Bank Of India (SBI)	GECL - Out-standing	0.98	_	0.98	Simple##
7	State Bank Of India (SBI)	Term Loan - Out-standing	7.12	_	7.12	Simple##
Total			98.38	0.00	98.38
TOTAL (Rupees Ninety Eight Crores and Thirty Eight lakhs Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

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