BSE: 537254
JTL DEFENCE LIMITED
Manufactures non-ferrous metal products, including copper and brass alloy strips, foils, and stainless steel products, from its facility in Baddi, Himachal Pradesh. Output is supplied into defence, electrical, and industrial applications. Revenue in FY26 was ₹19.29 crore, against a net profit of ₹0.27 crore and EBITDA margin of 30.83%. Earnings come from two activities: direct sales of its own manufactured products and job work for third parties. In Q1 FY27, total processing volume was 300 MT, of which 209 MT was sold and 91 MT was processed as job work, a roughly 38% rise from the 217 MT handled in Q4 FY26. The cost structure is dominated by raw materials, reported at 170.5% of FY26 revenue, which points to a thin spread on metal inputs. Depreciation accounts for 24.9% of revenue and capex for 40.8%, indicating an asset-heavy setup with significant reinvestment. Total assets stood at ₹330.47 crore at FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of manufactured products, Job work. Small-cap, asset-heavy non-ferrous metal manufacturer supplying defence and industrial applications.
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 71 | 60 | 2 | 1 | 19 |
| EBITDA (ex other income) | (147) | (61) | (2) | (1) | 4 |
| margin % | (207.3) | (101.6) | (98.5) | (117.9) | 21.8 |
| Owners' profit | (157) | (72) | 0 | 0 | 0 |
| EPS, as reported (₹) | (100.12) | (45.71) | 5.88 | 4.11 | 0.19 |
| ROE % · ROCE % | 312.9 · 493.1 | 59.0 · 69.1 | 6.2 · 7.7 | 4.2 · 4.8 | 0.1 · 0.4 |
| Debt / equity (x) | (4.65) | (1.92) | (1.59) | (1.53) | 0.30 |
| Cash from operations | 1 | (72) | 5 | (8) | (15) |
| Capex | (4) | — | 0 | 0 | (8) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 0 | 0 | 0 | 4 | 0 | 15 |
| Profit before tax | (3) | (5) | (1) | (2) | (3) | 2 | (0) | 1 |
| Net profit | (2) | (5) | (1) | (2) | (3) | 2 | (0) | 2 |
| EPS (₹) | 1.51 | 2.91 | 0.88 | 1.31 | 1.89 | 1.00 | 0.02 | 1.21 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Newspaper publication of September 2026 quarterly results | compliance | minimal | — | — |
| 24 Oct 2026 · Revenue jumps to Rs 1,971 lakh in Q2, but JTL Defence posts a net loss | results | high | — | — |
| 24 Oct 2026 · Revenue rebounds sharply, but JTL Defence posts losses | results | high | — | — |
| 17 Oct 2026 · Board meeting on Oct 24, 2026 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 14 Oct 2026 · Raise funds via Rights Issue up to Rs 24.60 cr; CFO and CS resign | management changes | medium | — | — |
| 14 Oct 2026 · CFO and Company Secretary resign; replacements appointed; INR 2,460 Lakhs rights issue | management changes | high | — | — |
| 14 Oct 2026 · JTL Defence: CFO and CS resign, rights issue of Rs 24.6 cr approved | management changes | medium | — | — |
| 12 Oct 2026 · Net proceeds from fractional share sale disbursed to shareholders | regulatory legal | medium | — | — |
| 10 Oct 2026 · Board meeting on Oct 14 to consider Rights Issue fund raising | corporate actions | low | — | — |
| 10 Oct 2026 · Compliance Certificate under Regulation 74(5) for Sep 2026 Quarter | 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.