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.
| ₹ 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) |
| ₹ 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 31 Aug 2026 · Jai Balaji Industries files BRSR for FY 2025-26 with sustainability targets | compliance | minimal | — | — |
| 31 Aug 2026 · Notice of 27th AGM on 24 Sep 2026 along with FY25-26 Annual Report | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Notice of 27th AGM published in newspapers | compliance | minimal | — | — |
| 26 Aug 2026 · 27th AGM scheduled for 24 September 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · JBIL Q1 FY27 earnings call transcript filed with BSE | investor communications | medium | — | — |
| 17 Aug 2026 · Jai Balaji Q1 FY27 results: Revenue up 23%, Profit after tax up 21% YoY | compliance | minimal | — | — |
| 14 Aug 2026 · Board appoints new WTD Babu Swadesh Sharma; Bimal Choudhary to step down | management changes | high | — | — |
| 14 Aug 2026 · Jai Balaji Industries Q1 FY27 Investor Presentation, Revenue Up 24%, PAT Up 21% | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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