JTLIND

JTL Industries share price & financials

Price
₹79.23
Market cap
₹2.9k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 05 Aug 2026

JTL Industries Limited Q1 FY27

Revenue from Operations ₹722 cr EBITDA ₹59 cr EBITDA Margin 8.1% PAT ₹35 cr

What went well

  • Achieved highest ever quarterly revenue from operations of INR 722 crores in Q1 FY27.
  • Recorded highest ever quarterly EBITDA of INR 59 crores with an 8.1% margin.
  • Sales volume grew 17.8% year-on-year to 1,18,513 metric tons.

What to watch

  • Export component dipped to 5% this quarter due to container shortages.
  • JTL Defence EBITDA margin was 12% in Q1, lower than the long-term target of 15%.
Read the full call →

What JTL Industries Limited does

JTL Industries manufactures structural steel tubes, pipes and hollow sections at five manufacturing facilities in Punjab, Maharashtra and Chhattisgarh, selling under in-house brands (JTL Ultra, Hulk, Aqua, Harvest and others) into infrastructure, water supply, agriculture, solar, construction and oil & gas applications. It runs backward-integrated operations producing HR coils and phosphorous-bronze/copper/brass alloys, and has entered the defence-alloys business through its JTL Defence unit (formerly RCI Industries, acquired FY26) making ultra-thin foils and bullet-shell inputs. Products reach customers through a pan-India distributor/retailer network and exports to over 20 countries across five continents, backed by Three Star Export House recognition.

Segments

  • Steel Tubes & Pipes
  • JTL Defence (alloys)
Installed pipe manufacturing capacity
~9,36,000 MTPA
Backward-integrated capacity
~3,00,000 MTPA
Manufacturing facilities
5 (Derabassi & Mandi Gobindgarh x2, Punjab; Mangaon, Maharashtra; Raipur, Chhattisgarh)
Geographic reach
20+ countries across 5 continents
Distribution network
1,000+ distributors and retailers
Product SKUs
1,500+
Founded 1991Headquarters Chandigarh Company website

Guidance record · Q1 FY27

what the last two calls moved 37 tracked 2 delivered 10 missed 25 open
  • Total Installed Capacity delivered said Q3 FY25 Promised: 1 million tonnes by end of FY25 Q1 FY27: Historical promise for a completed period. No new update.
  • FY26 Sales Volume missed said Q3 FY25 Promised: 5.5 lakh to 6 lakh tonnes Q1 FY27: Historical promise for a completed period. No new update.
  • FY27 EBITDA per tonne revised up said Q3 FY26 Promised: Rs.4,500-5,000 Q1 FY27: Achieved INR 4,954 consolidated EBITDA/ton in Q1. Management guided for INR 5,000 in coming quarters, effectively revising guidance up to the top end of the original target range.

All 37 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.3%, net profit up 81.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue480 452 466 504 371 −23%423 −6%500 +7%536 +6%
EBITDA30 35 17 21 29 −3%35 +0%39 +129%43 +105%
Net profit26 25 17 16 20 −23%26 +4%26 +53%29 +81%
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 +11.2% 1Y

₹40.0₹60.0₹80.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 23 Jan 2026Q4 FY26 — 11 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹79.76 on 10 Sept 2025 → ₹88.68. High ₹92.4 (2 Sept 2026), low ₹40.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.9%
5 Aug
Q4 FY26
+0.2%
11 May
Q3 FY26
−1.2%
24 Jan

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 grew 5.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.9%.

Year endingFY23FY24FY25FY26
Revenue₹1.5k Cr₹2.0k Cr₹1.9k Cr₹1.8k Cr
Operating profit₹129 Cr₹153 Cr₹122 Cr₹124 Cr
Operating margin8.3%7.5%6.4%6.9%
Interest₹6 Cr₹5 Cr₹4 Cr₹10 Cr
Depreciation₹4 Cr₹6 Cr₹9 Cr₹15 Cr
Net profit₹90 Cr₹112 Cr₹99 Cr₹88 Cr
Net margin5.8%5.5%5.2%4.9%
Cash from operations₹7 Cr₹-24 Cr₹-215 Cr₹-10 Cr
Free cash flow₹-11 Cr₹-121 Cr₹-364 Cr₹-131 Cr
ROCE32.0%23.0%13.0%9.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹13 Cr₹17 Cr₹35 Cr₹39 Cr₹39 Cr
Reserves₹86 Cr₹184 Cr₹390 Cr₹739 Cr₹1.2k Cr₹1.3k Cr
Borrowings₹63 Cr₹94 Cr₹105 Cr₹20 Cr₹150 Cr₹203 Cr
Other liabilities₹49 Cr₹47 Cr₹49 Cr₹49 Cr₹106 Cr₹56 Cr
Total liabilities₹209 Cr₹339 Cr₹562 Cr₹843 Cr₹1.5k Cr₹1.6k Cr
Fixed assets₹28 Cr₹49 Cr₹65 Cr₹106 Cr₹193 Cr₹221 Cr
Capital work in progress₹0 Cr₹3 Cr₹4 Cr₹6 Cr₹116 Cr₹154 Cr
Investments₹0 Cr₹12 Cr₹16 Cr₹6 Cr₹50 Cr₹62 Cr
Other assets₹181 Cr₹275 Cr₹476 Cr₹725 Cr₹1.1k Cr₹1.1k Cr
Total assets₹209 Cr₹339 Cr₹562 Cr₹843 Cr₹1.5k Cr₹1.6k 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, DIIs trimmed −3.22 pp while the public added +2.47 pp.

Promoters
49.3%
FIIs
4.8%
DIIs
0.1%
Public
45.8%

Since Jun 2025

  • DIIs −3.22 pp
  • Public +2.47 pp
  • FIIs +0.40 pp

How it drifted, 12 quarters

Over this window promoters fell from 55.8% to 49.3% — −6.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.8%, FIIs 2.4%, DIIs 1.1%, Public 40.8%.Dec '23: Promoters 56.0%, FIIs 1.6%, DIIs 0.8%, Public 41.5%.Mar '24: Promoters 54.3%, FIIs 4.5%, DIIs 0.1%, Public 41.1%.Jun '24: Promoters 54.2%, FIIs 5.8%, DIIs 0.3%, Public 39.6%.Sep '24: Promoters 48.9%, FIIs 5.6%, DIIs 1.6%, Public 43.9%.Dec '24: Promoters 48.9%, FIIs 5.0%, DIIs 2.2%, Public 43.9%.Mar '25: Promoters 48.9%, FIIs 4.9%, DIIs 3.0%, Public 43.2%.Jun '25: Promoters 48.9%, FIIs 4.4%, DIIs 3.4%, Public 43.3%.Sep '25: Promoters 48.9%, FIIs 3.4%, DIIs 2.2%, Public 45.5%.Dec '25: Promoters 49.3%, FIIs 3.3%, DIIs 0.0%, Public 47.4%.Mar '26: Promoters 49.3%, FIIs 3.4%, Public 47.3%.Jun '26: Promoters 49.3%, FIIs 4.8%, DIIs 0.1%, Public 45.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of JTL Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nikita Singla 13.35%unchanged
Madan Mohan 13.28%unchanged
Rakesh Garg (HUF) 7.78%unchanged
Rakesh Garg 6.69%unchanged
Pranav Singla 3.61%unchanged
Zenith Multi Trading Dmcc Corporate2.81%unchanged
Dhruv Singla 2.41%unchanged
Peanence Commercial Pvt Limited 1.96%unchanged
Laxmi Kant Swami 1.09%unchanged
Biztropolis Tradelinks Private Limited 1.09%unchanged
Madan Mohan (HUF) 0.75%unchanged
Prem Kumar and Sons HUF 0.38%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.

What the price assumes

Growth trap

To justify its price of ₹89, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-1%. At that growth it is worth ₹24 — downside of 73%.

Growth the price implies
23.8% a year
for 7 years, fading to 4%
It has actually compounded at
-0.7% a year
net profit, FY23–FY26
The gap
0.2 pp
-73% downside if it only repeats history
Price today ₹88.68 Value at the reference growth ₹24.16

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse JTL Industries Limited

Guides on how to read this kind of business and the numbers that matter.