Synopsis: A homegrown auto components maker has stepped outside India for the first time, buying into a decades-old British spring brand. The move ties directly into an ambitious five-year revenue target the company laid out earlier this year.
Growth targets often stay on paper for years before a company takes real steps toward them. This time, within weeks of posting its strongest-ever quarterly numbers, the company followed up with a cross-border acquisition aimed squarely at one part of that plan – building a bigger presence outside India.
Shares of Jamna Auto Industries Limited, with a market capitalization of Rs.5,314 Crore, is trading at Rs.133 i.e. around 0.25% above its previous closing price of Rs.132.67.It trades at a P/E ratio of 22.97.
Jamna Auto Makes Its First Overseas Move
Jamna Auto Industries Ltd, India’s largest maker of leaf and parabolic springs for commercial vehicles, has announced the acquisition of Owen Springs Limited, a UK-based spring maker headquartered in Rotherham, South Yorkshire. This is Jamna Auto’s first-ever acquisition, and it gives the company a ready-made, wholly-owned platform in the UK’s leaf spring aftermarket.
Owen Springs was established in 2004 and has built itself into one of Britain’s leading spring brands over two decades. It carries more than 350 stock keeping units (SKUs) spanning light and heavy commercial vehicles, heritage rail locomotives, agricultural equipment, and classic vehicles. The company serves around 250 distributors, retailers, and garages across the UK, backed by local warehousing. It holds an estimated 8% share of the UK aftermarket spring business, according to Owen’s own estimates, leaving meaningful room to grow.
Deal Terms and Financials
The purchase consideration for 100% ownership stands at £2.00 million (approximately ₹25 crore), which includes £735,000 (approximately ₹9.2 crore) of net current assets and no debt on Owen Springs’ books. This works out to an EV/EBITDA multiple of 8.2 times on Owen Springs’ reported CY2025 EBITDA, or 6.1 times on an adjusted basis that strips out management charges paid to its erstwhile parent, which will not be payable after the acquisition.
Owen Springs’ revenue moved between £2.76 million in CY25 and £3.85 million in CY22 (approximately ₹34.5 crore to ₹48 crore), while its EBITDA fluctuated, including a loss in CY2024 before recovering to £244,000 (approximately ₹3 crore) in CY2025. On an adjusted basis, EBITDA for the same year stood at £330,000 (approximately ₹4.1 crore). Importantly, the entire deal is being funded from Jamna Auto’s internal accruals – there is no external debt involved and no dilution for existing shareholders.
Fitting Into the Lakshya RISE 5000 Plan
The acquisition is being positioned as a building block toward Jamna Auto’s Lakshya RISE 5000 strategy, under which the company aims to grow revenue to ₹5,000 crore, with new markets – the Indian aftermarket and exports combined – making up 40% of that revenue, alongside a 40% return on capital employed (ROCE) and a 50% dividend payout ratio.
Owen Springs gives Jamna Auto an established distribution network and a trusted British brand to sell its own suspension and allied products through, including axles and stabilizer bars, along with rubber products the company plans to introduce later. The local presence is also expected to speed up delivery timelines for Jamna Auto’s products in the UK market.
A Strong Quarter Backs the Expansion
The acquisition comes on the back of Jamna Auto’s best-ever quarterly performance. For Q4 FY26, consolidated net sales came in at ₹840 crore, up 32% year-on-year and 26% sequentially. EBITDA rose 62% year-on-year to ₹138 crore, translating into a margin of 16.5%. Profit before tax grew 61% to ₹116 crore, while profit after tax jumped 74% to ₹87 crore.
For the full year FY26, net sales stood at ₹2,612 crore, up 15% over the previous year, with EBITDA at ₹394 crore, up 28%. The company attributed the performance to a broad-based recovery across the medium & heavy commercial vehicle and light commercial vehicle segments, disciplined cost control, and steady aftermarket momentum.
Bottom Line
The Owen Springs deal is small in size but strategically significant – it’s Jamna Auto’s first overseas acquisition and a direct step toward its Lakshya RISE 5000 target of 40% revenue from new markets. Funded entirely through internal accruals with no debt or dilution, the financial risk stays limited. The record Q4 and FY26 numbers add further support to the growth story. What investors will watch next is how fast the company scales Owen Springs’ UK network to cross-sell its broader product range.
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