JAIBALAJI
Jai Balaji Industries share price & financials
- Price
- ₹64.4
- Market cap
- ₹6.4k Cr
- Sector
- Metals & Mining
- Calls analysed
- 2
Jai Balaji Industries Limited Q1 FY27
What went well
- Revenue grew 24% year-on-year to INR1,683 crores, reflecting a resilient performance.
- Adjusted EBITDA increased by 46% year-on-year to INR154 crores, driven by price normalization and operational efficiencies.
- PAT increased by 21% year-on-year to INR85 crores, benefiting from improved product mix.
What to watch
- The ductile iron pipes market remains subdued in the near term due to slow government ordering and project execution.
- DI pipe capacity utilization was only 30-33% in Q1 FY27, leading to high competitive intensity and pricing pressure.
What Jai Balaji Industries Limited does
Jai Balaji Industries is a fully integrated iron and steel manufacturer, established in 1999, operating a backward-integrated chain from raw material (iron ore, coal) through sponge iron, pig iron, sinter and billets to finished products including TMT bars, Ductile Iron (DI) Pipes and Specialized Ferro Alloys. It earns by selling this product mix domestically and via exports, with management steering the revenue mix toward the higher-margin DI Pipes and Specialized Ferro Alloys segments. The company also runs captive power plants that supply its manufacturing operations and reduce reliance on grid power.
Segments
- Ductile Iron (DI) Pipes
- Specialized Ferro Alloys
- Steel long products (TMT bars, billets)
- Intermediate products (sponge iron, pig iron, sinter)
- Power
- Manufacturing plants
- 4 integrated steel plants (West Bengal & Chhattisgarh)
- Overall steel manufacturing scale
- 1.1 MT fully integrated Greenfield steel manufacturing
- DI Pipes installed capacity
- 504,000 TPA (expanding to 600,000 TPA)
- Specialized Ferro Alloys installed capacity
- 166,000 TPA (expanding to 190,000 TPA)
- Sinter capacity (backward integration)
- 908,000 TPA
- Captive power generation capacity
- 101.1 MW
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 1 delivered 6 missed 10 open- Revenue Growth went quiet said Q4 FY25 Promised: targeting revenue growth of around 25% to 30% Q1 FY27: The target period of FY26 has passed, and management did not comment on the final revenue growth achieved for the year.
- Ferro Alloys Capacity Expansion delayed said Q4 FY25 Promised: rise from the current 1.66 lakh tons to 1.9 lakh tons within the expansion scheduled for completion in Q1 '27 Q1 FY27: The completion timeline has been further pushed. Management now expects commissioning by Q3 FY27, a delay from the previously revised Q1 FY27 target.
- Enhanced Capacities Commissioning (DI Pipe, Ferroalloy, Blast Furnace, Sinter) open said Q1 FY27 Promised: Enhanced capacities (DI Pipe, Ferroalloy, Blast Furnace, Sinter) are expected to be commissioned by Q3 FY27. Q1 FY27: New timeline provided for multiple delayed expansion projects, consolidating previous targets.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 24.0%, net profit up 19.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,557 | 1,486 | 1,590 | 1,357 | 1,353 −13% | 1,329 −11% | 1,745 +10% | 1,683 +24% |
| EBITDA | 228 | 190 | 133 | 127 | 72 −68% | 54 −72% | 92 −31% | 151 +19% |
| Net profit | 153 | 120 | 75 | 71 | 26 −83% | 12 −90% | 21 −72% | 85 +20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −35.0% 1Y
1Y: ₹100.04 on 10 Sept 2025 → ₹65.07. High ₹104.29 (15 Sept 2025), low ₹54.14 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.5%
- 14 Aug
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.9% a year over 3 years, FY23 to FY26. Operating margin widened to 6.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.1k Cr | ₹6.4k Cr | ₹6.4k Cr | ₹5.8k Cr |
| Operating profit | ₹256 Cr | ₹906 Cr | ₹867 Cr | ₹345 Cr |
| Operating margin | 4.2% | 14.1% | 13.7% | 6.0% |
| Interest | ₹89 Cr | ₹73 Cr | ₹63 Cr | ₹67 Cr |
| Depreciation | ₹99 Cr | ₹86 Cr | ₹93 Cr | ₹126 Cr |
| Net profit | ₹58 Cr | ₹880 Cr | ₹557 Cr | ₹130 Cr |
| Net margin | 0.9% | 13.7% | 8.8% | 2.2% |
| Cash from operations | ₹321 Cr | ₹839 Cr | ₹311 Cr | — |
| Free cash flow | ₹229 Cr | ₹459 Cr | ₹-43 Cr | — |
| ROCE | 18.0% | 62.0% | 36.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹110 Cr | ₹110 Cr | ₹145 Cr | ₹164 Cr | ₹182 Cr | ₹182 Cr |
| Reserves | ₹-1.8k Cr | ₹-1.8k Cr | ₹411 Cr | ₹1.3k Cr | ₹2.0k Cr | ₹2.1k Cr |
| Borrowings | ₹3.4k Cr | ₹3.2k Cr | ₹860 Cr | ₹473 Cr | ₹459 Cr | ₹417 Cr |
| Other liabilities | ₹1.3k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Total liabilities | ₹3.0k Cr | ₹3.0k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹3.9k Cr | ₹4.1k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.6k Cr |
| Capital work in progress | ₹102 Cr | ₹52 Cr | ₹69 Cr | ₹116 Cr | ₹191 Cr | ₹294 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹1.7k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Total assets | ₹3.0k Cr | ₹3.0k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹3.9k Cr | ₹4.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.86 pp while FIIs trimmed −0.85 pp. The shareholder count grew 28% to 47,451.
- Promoters
- 64.8%
- FIIs
- 2.8%
- DIIs
- 0.1%
- Public
- 32.3%
Since Jun 2025
- Public +0.86 pp
- FIIs −0.85 pp
- DIIs −0.01 pp
How it drifted, 12 quarters
Over this window the public fell from 39.3% to 32.3% — −7.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.0%, FIIs 0.7%, Public 39.3%.Dec '23: Promoters 60.0%, FIIs 2.6%, Public 37.4%.Mar '24: Promoters 60.8%, FIIs 3.0%, DIIs 0.1%, Public 36.1%.Jun '24: Promoters 63.9%, FIIs 2.9%, DIIs 0.1%, Public 33.1%.Sep '24: Promoters 64.8%, FIIs 3.0%, DIIs 0.1%, Public 32.0%.Dec '24: Promoters 64.8%, FIIs 3.2%, DIIs 0.1%, Public 31.8%.Mar '25: Promoters 64.8%, FIIs 3.6%, DIIs 0.1%, Public 31.5%.Jun '25: Promoters 64.8%, FIIs 3.6%, DIIs 0.1%, Public 31.4%.Sep '25: Promoters 64.8%, FIIs 3.5%, DIIs 0.1%, Public 31.6%.Dec '25: Promoters 64.8%, FIIs 3.7%, DIIs 0.1%, Public 31.3%.Mar '26: Promoters 64.8%, FIIs 3.0%, DIIs 0.1%, Public 32.0%.Jun '26: Promoters 64.8%, FIIs 2.8%, DIIs 0.1%, Public 32.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Shrishoora Green Innovations Steel Pvt Ltd newly disclosed 0.00% held
- Jaikapeesh Steel Tech Pvt Ltd newly disclosed 0.00% held
- Balaji Speciality Alloys Pvt Ltd newly disclosed 0.00% held
- Aeindri Industries Pvt Ltd newly disclosed 0.00% held
- Jai Balaji Vyavasay Pvt Ltd newly disclosed 0.00% held
- Ramrupai Balaji Industries Pvt Ltd newly disclosed 0.00% held
- Shrianjaneya Tech Steel Pvt Ltd newly disclosed 0.00% held
- Jbg Hexa Tech Pvt Ltd newly disclosed 0.00% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Jai Balaji Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hariaksh Industries Private Limited | 17.54% | unchanged |
| Jai Salasar Balaji Industries Private Limited | 13.77% | unchanged |
| Shri Mahatejas Vinimay Private Limited | 8.22% | unchanged |
| Shri Keshrinandan Trade Private Limited | 8.22% | unchanged |
| Enfield Suppliers Limited | 6.15% | unchanged |
| Mahananda Securities Ltd. | 4.97% | −0.06 pp |
| Hari Management Limited | 3.86% | unchanged |
| Mahesh Kumar Keyal | 3.50% | unchanged |
| Ocl Iron & Steels Limited | 3.03% | unchanged |
| Aditya Jajodia | 1.94% | unchanged |
| Aryan Mining & Trading Corpn Private Limited | 1.77% | unchanged |
| Sanjiv Jajodia | 1.52% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse Jai Balaji Industries Limited
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