Johnsoncab FY26 sales remained 71% concentrated in Gujarat

Johnsoncab’s FY26 sales remained 71% concentrated in Gujarat: the state generated Rs 149.24 crore, or 70.91%, of revenue from operations for the year ended March 31, 2026. Gujarat’s share was 70.50% in FY25, while West Bengal, the next-largest FY26 state market, supplied only Rs 12.76 crore, or 6.06%.

Why did Johnsoncab’s FY26 sales remain concentrated in Gujarat?

Johnsoncab’s FY26 sales remained concentrated in Gujarat because the state accounted for more than seven of every 10 rupees of revenue from operations. Gujarat generated Rs 149.24 crore in FY26, against Rs 209.84 crore reported in the state-wise sales table, while West Bengal contributed Rs 12.76 crore. The difference between Gujarat and West Bengal was Rs 136.48 crore.

The concentration remained substantial even after adding the next four largest states. Gujarat, West Bengal, Rajasthan, Andhra Pradesh and Karnataka represented 88.54% of FY26 revenue from operations based on the disclosed state shares. The remaining disclosed states represented 11.18% of revenue, using the 99.72% total coverage reported in the state-wise table.

How did Johnsoncab’s geographic concentration change from FY24?

Johnsoncab’s reliance on Gujarat declined from 77.43% in FY24 but was broadly unchanged at about 71% in FY25 and FY26. Gujarat sales rose from Rs 68.40 crore in FY24 to Rs 98.55 crore in FY25 and Rs 149.24 crore in FY26. Revenue reported in the state-wise table increased from Rs 88.34 crore in FY24 to Rs 139.57 crore in FY25 and Rs 209.84 crore in FY26.

The change in sales mix came from a limited number of states rather than evenly distributed national sales. West Bengal’s share increased from 0.72% in FY24 to 2.78% in FY25 and 6.06% in FY26. Andhra Pradesh moved from 0.35% in FY24 to 0.28% in FY25 and then 3.61% in FY26, while Rajasthan declined from 9.64% to 7.61% and then 5.40% over the same three fiscal years.

Uttar Pradesh demonstrates that a presence in several states does not necessarily create a stable diversified sales base. Its share increased from 1.13% in FY24 to 6.22% in FY25, before falling to 2.18% in FY26. Maharashtra also declined from 2.54% in FY25 to 1.07% in FY26, whereas Karnataka increased from 2.12% to 2.56%.

Which states supported Johnsoncab outside Gujarat in FY26?

Johnsoncab’s largest non-Gujarat FY26 markets were West Bengal and Rajasthan, but neither contributed more than 6.06% of revenue from operations. West Bengal generated Rs 12.76 crore and Rajasthan generated Rs 11.36 crore, followed by Andhra Pradesh at Rs 7.60 crore and Karnataka at Rs 5.39 crore. Each of these state contributions was below one-tenth of Gujarat’s Rs 149.24 crore.

The period ended August 31, 2026 showed a different state mix, although it is a partial-period disclosure rather than a full-year comparison. Gujarat supplied Rs 86.33 crore, or 76.37%, of the Rs 113.04 crore reported in the state-wise table. Andhra Pradesh was second at Rs 9.17 crore and 8.11%, Karnataka supplied Rs 6.87 crore and 6.08%, and Bihar supplied Rs 4.03 crore and 3.56%.

The August 31, 2026 figures also show material changes in markets that were significant in FY26. West Bengal recorded Rs 1.06 lakh, or 0.01%, in the period ended August 31, 2026, after contributing Rs 12.76 crore in FY26. Uttar Pradesh recorded Rs 14.27 lakh, or 0.13%, after Rs 4.59 crore in FY26, while Rajasthan recorded Rs 1.64 crore, or 1.45%, after Rs 11.36 crore in FY26.

What could keep Johnsoncab’s geographic concentration in place?

Johnsoncab’s geographic concentration could persist if sales outside Gujarat remain uneven and if conditions in other states restrict expansion. Johnsoncab states that its experience in Gujarat, Rajasthan, West Bengal and Uttar Pradesh may not apply to other parts of India because competition, regulatory frameworks, business practices, industry requirements and local conditions differ. The company also identifies national and local competitors with established operations, local familiarity and greater financial resources as a risk in other markets.

Johnsoncab’s operating sites are also concentrated in Gujarat. Its two manufacturing land parcels in Mahesana, Gujarat are leased from promoters through December 31, 2035, with a right to renew for a further 20 years through December 31, 2055, subject to lease terms and notice requirements. Johnsoncab had not identified specific alternative land as of the Red Herring Prospectus date, though it said nearby land parcels or factory sheds could be considered if the leases are not renewed.

Customer concentration overlaps with the state-level dependence. Johnsoncab’s top 10 customers accounted for Rs 139.41 crore, or 66.24%, of FY26 revenue from operations, compared with Rs 72.50 crore, or 51.87%, in FY25. The company has no long-term or exclusive arrangements with customers, so retaining sales in Gujarat and other states depends on continued orders from these customers.

Conclusion

Johnsoncab’s FY26 state mix shows that revenue growth did not materially reduce its reliance on Gujarat. Gujarat’s sales increased to Rs 149.24 crore while its share stayed at 70.91%, compared with 70.50% in FY25. West Bengal, Rajasthan, Andhra Pradesh and Karnataka added revenue, but their combined contribution remained below Gujarat’s share and several state markets recorded different patterns in the period ended August 31, 2026.

The next state-wise disclosure will indicate whether Andhra Pradesh, Karnataka and Bihar can maintain their August 31, 2026 contributions and whether West Bengal, Rajasthan and Uttar Pradesh recover from their lower partial-period levels. Johnsoncab does not disclose a state-wise diversification target or timetable in the supplied risk-factor discussion, leaving the durability of non-Gujarat expansion unresolved.