JTLIND: JTL INDUSTRIES LIMITED has informed the Exchange about Transcript of the Earnings Call held on July 17, 2025
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JTL Industries reported Q1 FY26 total income of INR 5,496 million, EBITDA of INR 233 million (4.3% margin), and PAT of INR 165.5 million (3% margin) on sales volume of 1,08,406 metric tons. Value-added products (mainly galvanized) contributed 20% of sales mix at 22,000 tons, while new DFT (drawn finished tube) product contributed 7,500-8,000 tons. EBITDA per ton was impacted by approximately INR 1,000 per ton inventory loss due to HR coil price volatility in June, and temporary margin suppression from pushing DFT into new markets. Management reiterated FY26 volume guidance of 5 lakh tons with EBITDA per ton of INR 4,000, and guided for 30%+ volume growth in FY27. New ASTM/API-grade pipe plant and ultra-thin 0.04mm brass foil production (defense, aerospace) were highlighted as future value-accretive initiatives. Capex guidance stands at INR 240-250 crores for FY26, with capacity expanding from 20 lakh to 22.5 lakh tons. Q2 volume target set at minimum 1,20,000 tons. Trump tariffs have delayed entry into US/Canada DFT markets.
Reiterated FY26 guidance of 5 lakh ton volume and INR 4,000/ton EBITDA provides some comfort, but weak Q1 EBITDA per ton execution raises near-term concerns. The 30%+ FY27 volume growth guidance and multi-product expansion (API-grade, brass foil, DFT) support a longer-term growth story, though management acknowledged they cannot quantify FY27 EBITDA per ton at this stage. Investors should watch for DFT margin ramp-up and resolution of US tariff overhang as key catalysts.