NSE: JAIBALAJI · BSE: 532976
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ductile Iron (DI) Pipes, Ferro Alloys, OPVC Pipes. Asset-heavy, capacity-driven manufacturer of DI pipes and ferro alloys, exposed to government capex cycles.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 2,785 | 4,644 | 6,125 | 6,414 | 6,351 |
| EBITDA (ex other income) | 95 | 208 | 256 | 906 | 867 |
| margin % | 3.4 | 4.5 | 4.2 | 14.1 | 13.6 |
| Owners' profit | (76) | 48 | 58 | 880 | 558 |
| EPS, as reported (₹) | (6.86) | 4.35 | 4.49 | 55.80 | 6.25 |
| ROE % · ROCE % | 4.4 · (1.1) | (2.9) · (13.6) | 10.4 · 16.0 | 58.5 · 55.9 | 26.3 · 36.0 |
| Debt / equity (x) | (1.98) | (1.91) | 1.55 | 0.31 | 0.26 |
| Cash from operations | 154 | 463 | 321 | 839 | 311 |
| Capex | (42) | (127) | (92) | (381) | (358) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,539 | 1,846 | 1,718 | 1,557 | 1,486 | 1,590 | 1,357 | 1,353 |
| Profit before tax | 235 | 357 | 287 | 213 | 170 | 108 | 95 | 40 |
| Net profit | 235 | 273 | 209 | 153 | 120 | 75 | 71 | 26 |
| EPS (₹) | 14.72 | 16.95 | 12.10 | 8.42 | 1.32 | 0.83 | 0.77 | 0.29 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Newspaper notice on special window for physical share transfers | compliance | minimal | — | — |
| 7 Oct 2026 · Jai Balaji Industries receives ESG rating of 53 for FY 2026 | business updates | low | — | — |
| 25 Sept 2026 · AGM voting results: all 8 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window closure from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · 27th AGM held on 24 Sept 2026; 8 resolutions tabled | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Analyst meeting scheduled with GIA Metals Day Group on Sep 29, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · CRISIL downgrades Jai Balaji Industries rating on Rs 995 Cr bank loans | credit debt | medium | — | — |
| 21 Sept 2026 · CRISIL downgrades ratings on Rs 995 Cr bank loan facilities | credit debt | high | — | — |
| 9 Sept 2026 · Analyst meeting with JM Financial PCG on 11 Sep 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Notice of 27th AGM and e-voting details published in newspapers | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.