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We are optimistic about Jamna Auto Industries Ltd. and expect it to report a strong 49% earnings compound annual growth rate over FY21-FY24E, driven by:
1. a multi-year upcycle in the domestic commercial vehicles industry, which will directly benefit Jamna Auto due to its leadership position in the original equipment manufacturer market,
2. rising share of value-added products due to a structural shift from conventional springs to parabolic springs amid continued modernisation,
3. opportunity to increase content per vehicle on the back of new launches,
4. focused efforts to increase the share of the replacement market to further diversify its sales mix.
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