JAI BALAJI INDUSTRIES LTD

Manufactures Ductile Iron (DI) pipes used in water supply, irrigation and river-linking projects, alongside specialised ferro alloys. DI Pipe capacity stands at 5.04 lakh tons, with an additional 96,000 tons being commissioned in FY26 and a target of 6 lakh tons by FY26 end; ferro alloys capacity is slated to reach 1.9 lakh tons by Q1 FY27. The main customer base is government water schemes such as Jal Jeevan Mission (extended to 2028), AMRUT 2 (INR10,000 cr allocated), Ken-Betwa and other irrigation projects, with management noting that only 12-15 lakh tons of incremental industry DI capacity is expected over the next 2-3 years. FY26 revenue was Rs 5,784.27 crore, down about 9% from Rs 6,350.80 crore in FY25, with net profit falling to Rs 129.95 crore from Rs 557.88 crore on lower government ordering in H2 FY25 and higher input costs. Materials (iron, steel, coking coal) accounted for 72.0% of revenue, employees 3.0%, other opex 19.5%, depreciation 2.2% and capex 4.3%. DI Pipe EBITDA per ton was Rs 19,000 in FY25, with management targeting Rs 23,000-24,000 as demand revives. Net term debt was cut from Rs 871 crore (FY23) to Rs 221 crore (FY25), leaving net debt/EBITDA at 0.25x; a further ~INR175 cr capex for FY26 is fully funded from internal accruals. A small OPVC pipe foray is on the table with capex under Rs 25 crore.