NSE: JAYNECOIND · BSE: 522285
JAYASWAL NECO INDUSTR LTD
Makes steel and iron castings through an integrated route, with steel as the dominant business. In FY26, the Steel segment generated Rs 6,643.01 crore (92.6% of segment revenue) with EBIT of Rs 1,042.62 crore, while Iron and Steel Castings contributed Rs 520.43 crore (7.3% of segment revenue) with EBIT of Rs 10.56 crore. Q1 FY27 revenue from operations rose 27.7% YoY to Rs 2,107 crore, with PAT doubling to Rs 194 crore from Rs 93 crore; EBITDA was Rs 407 crore, up 27.5%. Blast furnace capacity was enhanced to 1.00 MnTPA in Q1 FY27. The cost structure is led by materials at 37.2% of revenue and other operating expenses at 36.8%, with depreciation at 4.2% and employees at 5.4%. Secured debt fell to Rs 1,884 crore in Q1 FY27 (with a Rs 160 crore cash sweep), and finance costs dropped 45.1% YoY to Rs 66 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (93%), Iron and Steel Castings (7%), Others (0%). Cyclical, asset-heavy integrated steelmaker with a smaller castings business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,959 | 6,343 | 5,934 | 6,000 | 7,132 |
| EBITDA (ex other income) | 3,024 | 731 | 1,008 | 940 | 1,318 |
| margin % | 50.8 | 11.5 | 17.0 | 15.7 | 18.5 |
| Owners' profit | 2,247 | 227 | 210 | 113 | 463 |
| EPS, as reported (₹) | 28.40 | 2.34 | 2.16 | 1.16 | 4.77 |
| ROE % · ROCE % | 122.6 · 51.9 | 11.0 · 23.3 | 9.3 · 14.2 | 4.7 · 13.8 | 16.3 · 24.2 |
| Debt / equity (x) | 2.10 | 1.66 | 1.42 | 1.15 | 0.74 |
| Cash from operations | 860 | 739 | 681 | 1,388 | 1,367 |
| Capex | (30) | (66) | (190) | (244) | (116) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,230 | 1,657 | 1,675 | 1,649 | 1,781 | 1,727 | 1,974 | 2,107 |
| Profit before tax | (45) | 53 | 137 | 125 | 143 | 99 | 236 | 265 |
| Net profit | (34) | 77 | 102 | 93 | 105 | 74 | 191 | 194 |
| EPS (₹) | (0.35) | 0.79 | 1.05 | 0.96 | 1.08 | 0.76 | 1.97 | 2.00 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel | 6,643 | 92.6 |
| Iron and Steel Castings | 520 | 7.3 |
| Others | 11 | 0.1 |
| Total, before eliminations | 7,174 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.4 | 15.4 | 53 of 105 | 50% |
| P/B | 3.0 | 1.5 | 76 of 101 | 24% |
| ROCE | 14.2 | 9.1 | 31 of 115 | 74% |
| ROE | 16.3 | 8.6 | 15 of 103 | 86% |
| Debt / Equity | 0.7 | 0.2 | 87 of 101 | 14% |
| EBITDA margin | 19.3 | 11.0 | 27 of 100 | 74% |
| Revenue growth | 27.7 | 13.7 | 28 of 97 | 72% |
| Profit growth | 108.5 | 29.3 | 27 of 105 | 75% |
| Market cap | 8676 | 216 | 9 of 122 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Special window opens for transferring and dematerialising physical shares | compliance | minimal | — | — |
| 17 Oct 2026 · Newspaper Publication of Q2 and H1 FY27 Financial Results | compliance | minimal | — | — |
| 17 Oct 2026 · Strong Q2 results, profit more than doubles year-on-year | results | high | — | — |
| 16 Oct 2026 · JNIL Q2FY27 Results: PAT up 311% YoY, debt down sharply | compliance | low | — | — |
| 16 Oct 2026 · Jayaswal Neco Q2 FY26 PAT more than doubles on strong revenue growth | results | high | — | — |
| 12 Oct 2026 · RTA files Regulation 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Jayaswal Neco board to consider Q2 FY26 results on Oct 16 | results | low | — | — |
| 6 Oct 2026 · Promoter group entity alloted 2.26 percent warrants via preferential issue | ownership changes | high | — | — |
| 1 Oct 2026 · Appointment of Shri Rana Das as President (Materials Management) | management changes | medium | — | — |
| 1 Oct 2026 · Pellet plant expansion project achieves financial closure with lender approvals | capex operations | high | — | — |
How to read this document
| 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 |
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.