GOLDMAN SACHS ON SJS ENTERPRISES
Maintains BUY with a target price of ₹3,080
• Expects 27-30% EBITDA margins to remain sustainable, supported by its niche aesthetic components business
• Sees pricing power from proprietary ink formulations and strong quality control
• Aesthetic components account for less than 1% of OEM BOM cost, making quality more important than price
• Cover glass business to leverage SJS Enterprises' existing dial-printing expertise, with supplies expected from FY28
• Exports contribute around 9.5% of revenue, while the new Pune chrome-plating plant is expected to support growth
• Sees China supply-chain diversification and disciplined M&A as key growth drivers
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